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I agree and disagree. The USA and the US Dollar aren't going to evaporate any time soon. People have been predicting that ever since we left the gold standard.
by obviouslynotme 3y ago
I agree and disagree. The USA and the US Dollar aren't going to evaporate any time soon. People have been predicting that ever since we left the gold standard. The USA may not be a unilateral superpower anymore, but it's still the largest military and has only recently been knocked off its place as the largest economy. The supremacy of the USA and US Dollar aren't going away anytime soon, even if it is in decline.
De-dollarization has been attempted for decades. It's not a new thing. Governments around the world have tried to switch away from the dollar only to be squashed in the name of democracy. You only need to look at Gadaffi with his Gold Dinar and pan-African currency push and how that turned out. Only large governments with real militaries like Russia and China can openly defy the Petrodollar, and even then only between themselves and with great ire from the US State Department.
That being said, the continued proxy wars are wearing down the US Military and the US Government's ability to get backing for war. Even if the USA wins the current Ukranian proxy war, it no longer has the political will to declare war on BRICS directly. We are likely going to throw people into the meat grinder until both parties are exhausted. What I see as the final compromise is a new UN CBDC used for international settlements, which will still be a US win since the UN is a US puppet currently.
- user_named 3y agoThe USD will lose reserve status first slowly, then suddenly. You dispute the slowly part, but you will not be able to dispute the sudden part.