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Probably nowhere. Despite what crypto maximalists, Sino-apologists or Eurofetishists will have you believe, there is nothing like the USD in terms of function.

Probably nowhere. Despite what crypto maximalists, Sino-apologists or Eurofetishists will have you believe, there is nothing like the USD in terms of function. That isn't to say that gold won't go higher in USD terms or that USD won't further weaken against some other currencies, but we are still decades away from the end of king dollar. As bad of a president as trump is, he will not destroy America. Things have been bad before, and they got better. We will see better times again. Edit: And, yes, central banks have as of late been increasing gold reserves. Expect some of those gold reserves to be liquidated in the event that those countries currencies need support. Gold can have amazing periods like we've just witnesses and then just sit there for ten years. It's good for diversification though and from what I've heard from smarter people than me, something like 10% of your portfolio in gold isn't a terrible idea. Just DCA into it instead of panic buying at a potential top. Oh and this is HN. Most of us have no clue when it comes to economics and are merely parroting our favorite twitter guru or Peter Zeihan. Trust us when we talk about software but take everything you hear in these economic related threads with a huge grain of salt.

csomar 2y ago
> there is nothing like the USD in terms of function. This might have been true 10 years ago but that's not the case today. I was in Chengdu last week and I paid at a store market with a TnG wallet using Malaysia MYR. Sure this is only South East Asia, but many countries now have their own ewallet thing and they can be ready in a short time to move.
- lores 2y ago
  "Only SE Asia" is you being modest here, SE Asia to Chengdu is like a quarter of all humans!
- audunw 2y ago
  How is that relevant? Countries don’t hold reserves in e-wallets. You don’t get a business loan in an e-wallet. What you pay with as a consumer has nothing to do with the dollars reserve currency status. One of the most important aspects of the dollars role is the “Eurodollar”, and how debt can be issued by international banks. There is no alternative to the dollar in that regard.
  - 01100011 2y ago
    This is why it's best to avoid discussing economics on hackernews :D
- IAmBroom 1y ago
  "Sure, the US has the largest GDP that's ever existed, but look at this cool SnapChat meme I can use to pay for street vendor trinkets from my smart ring! China is way ahead in those!"
ben_w 2y ago
> As bad of a president as trump is, he will not destroy America. Things have been bad before, and they got better. We will see better times again. You sure about that? Lincoln almost managed it just by getting elected, given secession happened between election and inauguration. I can't tell how bad Trump really is. If he's what he looks like, then he's purging anyone who won't butter up his ego. With that in mind: What would have happened if nobody had been willing to tell him it was a bad idea to open the northern California dams to solve the fire in Los Angeles, and they'd all been drained?
- 01100011 2y ago
  > What would have happened if nobody had been willing to tell him it was a bad idea to open the northern California dams to solve the fire in Los Angeles, and they'd all been drained? You see this as an existential threat to the United States and the dollar's dominant role in world finance?
  - ben_w 1y ago
    From what I've seen estimated, it would reduce US calorie production by something like 5-10%, dairy by 20%, vegetables by 60%, and nuts by 80%. The damage would last multiple years given what some of those crops are like. Federal intervention would be required to avoid western states suffering food shortages, because the current logistics presume they can get it from CA. Mishandling food could end the USA, never mind merely the dollar. "For Want of a Nail", as the verse goes: https://en.wikipedia.org/wiki/For_Want_of_a_Nail https://en.wikipedia.org/wiki/For_Want_of_a_Nail

csomar 2y ago

> there is nothing like the USD in terms of function. This might have been true 10 years ago but that's not the case today. I was in Chengdu last week and I paid at a store market with a TnG wallet using Malaysia MYR. Sure this is only South East Asia, but many countries now have their own ewallet thing and they can be ready in a short time to move.

lores 2y ago
"Only SE Asia" is you being modest here, SE Asia to Chengdu is like a quarter of all humans!
audunw 2y ago
How is that relevant? Countries don’t hold reserves in e-wallets. You don’t get a business loan in an e-wallet. What you pay with as a consumer has nothing to do with the dollars reserve currency status. One of the most important aspects of the dollars role is the “Eurodollar”, and how debt can be issued by international banks. There is no alternative to the dollar in that regard.
- 01100011 2y ago
  This is why it's best to avoid discussing economics on hackernews :D
IAmBroom 1y ago
"Sure, the US has the largest GDP that's ever existed, but look at this cool SnapChat meme I can use to pay for street vendor trinkets from my smart ring! China is way ahead in those!"

ben_w 2y ago

> As bad of a president as trump is, he will not destroy America. Things have been bad before, and they got better. We will see better times again. You sure about that? Lincoln almost managed it just by getting elected, given secession happened between election and inauguration. I can't tell how bad Trump really is. If he's what he looks like, then he's purging anyone who won't butter up his ego. With that in mind: What would have happened if nobody had been willing to tell him it was a bad idea to open the northern California dams to solve the fire in Los Angeles, and they'd all been drained?

01100011 2y ago
> What would have happened if nobody had been willing to tell him it was a bad idea to open the northern California dams to solve the fire in Los Angeles, and they'd all been drained? You see this as an existential threat to the United States and the dollar's dominant role in world finance?
- ben_w 1y ago
  From what I've seen estimated, it would reduce US calorie production by something like 5-10%, dairy by 20%, vegetables by 60%, and nuts by 80%. The damage would last multiple years given what some of those crops are like. Federal intervention would be required to avoid western states suffering food shortages, because the current logistics presume they can get it from CA. Mishandling food could end the USA, never mind merely the dollar. "For Want of a Nail", as the verse goes: https://en.wikipedia.org/wiki/For_Want_of_a_Nail https://en.wikipedia.org/wiki/For_Want_of_a_Nail