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>Personally, I think this is going to end up making American labor extremely uncompetitive on the global market. As long as most countries depend on the US and

>Personally, I think this is going to end up making American labor extremely uncompetitive on the global market. As long as most countries depend on the US and most international transactions and lending is done in USD, that does not matter. US can buy in dollars and then print some to cover their debts. The only threat to this model is OPEC selling oil in other currencies and BRICS countries establishing a parallel financial system. But then, that's why US has the army and the three letter agencies, to assure against that.

shiroiuma 3y ago
That doesn't make American labor competitive at all, on the global market. It just props up labor prices domestically, so servers can get paid a fortune (in global terms) so they can afford a shitty overpriced apartment and a personal car, whereas servers in other countries just walk or bicycle to work and get inexpensive healthcare and don't need as much money to live. But no one is going to pay American labor rates for manufactured goods, unless it's for F35s. So in the end, most Americans are just working at bullshit jobs, and the whole economy is propped up by its currency being the reserve currency. That's not what I'd consider a good long-term strategy for your society.