This will have far larger long term consequences than most people realize. This could cripple our economy if the dollar loses reserve currency status.
this post was submitted on 12 Jun 2025
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Do you mean reserve currency status? There's no changing the fact the dollar is a fiat currency.
Thanks. Had terms reversed in my head.
Either that or the project 2025 crippling
Won't matter. Once the world has lost faith in the US currency, it's going to take a really long time for the trust to be built. If America can change their tactics as dramatically as they have this year, and then go back and forth every fourth year, the world won't have it.
You may want to check what fiat currency means
Trump is putting it all on ~~black~~ Bitcoin
Well we know that any power the world gives to the United States can be used by a petulant, insecure man-baby to serve nobody's ends but his own.
So yeah, America, if you had made better decisions, you would still be deserving of the title of the world's reserve currency. But here we are, times are a-changing.
American here, I'm hoping the diminishing of the American empire will finally allow for people's power to take hold in the government. Something about China and crisis and opportunity.
I don't think history supports that prediction. Far more likely that America will follow the trajectory of post-USSR Russia. Not as extreme of course, but I think the normalization of open kleptocracy is already on display.
times are ~~a-changing~~ a-ching-ching 🤑
Keep an eye on Hong Kong. It’s locked within a range to the USD. I expect to see an announcement of a switch to the Yuan soon.
This one would more likely be the result of China cracking down on the Hong Kong freedoms recently
That doesn't surprise me, because Drump's absurd import tariffs are interpreted by numerous economists as a sign that the US is actually bankrupt.
Judging by its national debt and weak economy, the US would probably have been bankrupt years ago if the dollar weren't a reserve currency. That's precisely why it's so absurd.
The so-called Mar-a-Lago Accord, which is anything but an agreement, seems to me to be a desperate attempt at blackmail, playing off the (conventional) military power of the United States against the rest of the world - as far as I know, most economists consider this to be completely bonkers.
I, on the other hand, think that this serves two main purposes: to maintain the illusion among the US population that the US is still the superpower it was in the 1980s (it is not), and to personally enrich the US president and his partners.
Petrodollar has value because its used to purchase petroleum from the Saudis.
If you're not using dollars to buy Saudi petroleum, you need a lot less of them.
Tee Hee. Soon everyone shall realize how futile capitalism is. Tee Hee.
We can only hope