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The US was the most prosperous country in the world in the mid 20th century. It was also the free'est market in the world at the time.
by WalterBright 2y ago
The US was the most prosperous country in the world in the mid 20th century. It was also the free'est market in the world at the time.
- TeaBrain 2y agoOnce again, regardless of how free the US market was in the mid-20th century, this is not the most unique privilege about the US today, as you put it in your previous comment. Any country could institute the same market regulations and degrees of freedom as the US, but only one country can have the position of having the dominant reserve currency and dominant trade currency.
- WalterBright 2y agoAs countries that have turned to free markets have shown, they enjoy great prosperity from it. The reserve currency thing is irrelevant.
- TeaBrain 2y ago>The reserve currency thing is irrelevant. The little "thing" or status of having reserve currency has allowed the US to enjoy lower international borrowing costs than anywhere else in the world. This has immensely benefited the US, in facilitating ease of borrowing with relatively low interest rates and by facilitating lower exchange rate risk in borrowing than any other nation.