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I agree, "The USD/American economy will crash!" and "China will implode!" are perhaps the two textbook examples of yokels yapping baselessly about doomsdays I'v
by Dalewyn 2y ago
I agree, "The USD/American economy will crash!" and "China will implode!" are perhaps the two textbook examples of yokels yapping baselessly about doomsdays I've consistently heard and turn out wrong over my entire lifetime.
Entire foreign countries (read: most of the world worth caring about) invest in and hold the US, whether that's stocks or bonds (Treasury bonds especially) or literal USD. The only way the US crashes at this point is if the entirety of humanity has shit the bed, it's otherwise a force of nature only going up up up.
- AnimalMuppet 2y agoWell, I'm not quite that optimistic. The only way the US crashes is if it stops being the best option out there. If the EU and the euro, or China and the yuan, or India and the rupee become better options than the US and the dollar, then people will stop holding so many dollars, and the US will be in trouble. That is a thing that can happen, even though it hasn't in 80 years.
- kylebenzle 2y agoExactly, I really like your style and thinking, AnimalMuppet. My fear for 10+ years has been that another county or block will start a gold, commody or electronic based currency and the world will flood to the backed currency dumping USD as fast as possible. Bitcoin ALMOST became that black hole of USD before Adam Back's Blockstream was able to sucessfully hijack the BTC GitHub repo and inject hacks like SegWit and RBF that essentially killed BTC as a currency. USD doesn't have to die, just something slightly better has to come along.