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It seems like both Americans and non-Americans overestimate the importance of the US dollar being the dominant reserve currency and petroleum trade currency in
by 0xDEF 3y ago
It seems like both Americans and non-Americans overestimate the importance of the US dollar being the dominant reserve currency and petroleum trade currency in the world.
I would say the S&P500 and the long-term economic productivity it represents is a far more important economic asset of the US than their currency. Many European pension funds would have little to show for if they didn't hold trillions in US stocks.
- deleted 3y ago[deleted]
- lotsofpulp 3y agoUSD being a desirable currency to do business in is a function of the trust people have in the US’s long term economic productivity. And being able to apply force to anyone who messes with the currency such as counterfeiting it.