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Don't forget FDR's banning private ownership of gold and then changing the value of the dollar from around $20 and ounce to $35 and ounce.
by njarboe 2y ago
Don't forget FDR's banning private ownership of gold and then changing the value of the dollar from around $20 and ounce to $35 and ounce.
- dralley 2y agoThe USD didn't really become the world reserve currency until after WWII when the European empires fell apart and the US was a clear superpower.
- marcus_holmes 2y agoThis. The US Dollar could have crises and be flaky because Sterling was the global reserve currency (and everyone on the gold standard, obviously). It'll be interesting to see what happens now. I suspect the Russians will play silly buggers because they seem to enjoy that. And they have significant oil to play silly buggers with.
- deleted 2y ago[deleted]
- baetylus 2y agoThere's an active de-dollarization effort from BRICS. Unsure how effective it'll be with the LIO
- pas 2y agoHow active and serious that effort is? https://www.noahpinion.blog/p/brics-is-fake https://www.noahpinion.blog/p/brics-is-fake
- ethbr1 2y agoBrazil, India, and South Africa seem odd bedfellows with increasingly authoritarian China and Russia. I have no doubts they'll all increase trade together, including military hardware, but establishing a reserve currency requires trust and dependency. Those seem heavy loads for the ties of pragmatism and convenience that bind BRICS together.