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posted by martyb on Tuesday February 05 2019, @04:31AM   Printer-friendly
from the hello-ruble dept.

https://www.truthdig.com/articles/goodbye-to-the-dollar/

The inept and corrupt presidency of Donald Trump has unwittingly triggered the fatal blow to the American empire—the abandonment of the dollar as the world’s principal reserve currency. Nations around the globe, especially in Europe, have lost confidence in the United States to act rationally, much less lead, in issues of international finance, trade, diplomacy and war. These nations are quietly dismantling the seven-decade-old alliance with the United States and building alternative systems of bilateral trade. This reconfiguring of the world’s financial system will be fatal to the American empire, as the historian Alfred McCoy and the economist Michael Hudson have long pointed out. It will trigger an economic death spiral, including high inflation, which will necessitate a massive military contraction overseas and plunge the United States into a prolonged depression. Trump, rather than make America great again, has turned out, unwittingly, to be the empire’s most aggressive gravedigger.


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  • (Score: 3, Insightful) by HiThere on Tuesday February 05 2019, @05:38AM (8 children)

    by HiThere (866) Subscriber Badge on Tuesday February 05 2019, @05:38AM (#796501) Journal

    If you want to say "you should have seen this coming", then yes. But blaming Trump isn't wrong, because his actions have been such that it was essentially forced to happen.

    OTOH, in the long term this may turn out to be for the best. I hope that long term isn't too long in getting here, though.

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  • (Score: 1, Interesting) by Anonymous Coward on Tuesday February 05 2019, @05:57AM (1 child)

    by Anonymous Coward on Tuesday February 05 2019, @05:57AM (#796509)

    Trump has zero to do with this. They laugh at his power at the fed (at ~15:25): https://www.youtube.com/watch?v=okAIf5-BDAQ [youtube.com]

    Also, the death of the dollar has been in the works for a long time: https://bitcoin.com.au/1988-economist-magazine-prediction-come-true/ [bitcoin.com.au]

    • (Score: 0) by Anonymous Coward on Wednesday February 06 2019, @08:06PM

      by Anonymous Coward on Wednesday February 06 2019, @08:06PM (#797350)

      do all these people really not understand that this is all part of the larger plan for the new world odor? i mean wtf is wrong with these people?

  • (Score: 2) by MichaelDavidCrawford on Tuesday February 05 2019, @06:35AM

    by MichaelDavidCrawford (2339) Subscriber Badge <mdcrawford@gmail.com> on Tuesday February 05 2019, @06:35AM (#796530) Homepage Journal

    During economic downturns, there will be no way to infuse cash into the economy.

    During times of high interest rates, there will be no way to lower them, because there will be no central banks to sell off bonds at lower rates.

    Now, I _do_ strongly support crypto, and even own an ASIC rig, but mostly for privacy as it's clear that paper currency's days are numbered.

    --
    Yes I Have No Bananas. [gofundme.com]
  • (Score: 4, Insightful) by DeathMonkey on Tuesday February 05 2019, @05:04PM (3 children)

    by DeathMonkey (1380) on Tuesday February 05 2019, @05:04PM (#796747) Journal

    If you're hurtling towards a cliff and you refuse to hit the brakes then you no longer get to blame the fall on gravity.

    • (Score: 2, Insightful) by fustakrakich on Tuesday February 05 2019, @07:19PM (1 child)

      by fustakrakich (6150) on Tuesday February 05 2019, @07:19PM (#796853) Journal

      Yeah well, the driver has a parachute, what does he care about the passengers? He'll go back up and fill the bus with another bunch of suckers who will believe he "really did try to save them". There's a parable in there :-)

      --
      La politica e i criminali sono la stessa cosa..
      • (Score: 0) by Anonymous Coward on Wednesday February 06 2019, @05:38AM

        by Anonymous Coward on Wednesday February 06 2019, @05:38AM (#797072)

        The Lemmings and the Orange?

    • (Score: 3, Insightful) by dwilson on Tuesday February 05 2019, @09:08PM

      by dwilson (2599) Subscriber Badge on Tuesday February 05 2019, @09:08PM (#796911) Journal

      What if you loudly proclaim to your loyal voters that "Gravity is only a scientific Theory", mumble something about Alternative Facts, and then stomp on the accelerator?

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      - D
  • (Score: 2) by loonycyborg on Tuesday February 05 2019, @07:49PM

    by loonycyborg (6905) on Tuesday February 05 2019, @07:49PM (#796872)

    We can't really "see anything coming" as far as economics is concerned. The World's understanding of economics is currently on cargo cult level, everything tends to be seen in simplified way, purely in terms of money. But money are very subjective, same sum can buy totally different amount of wares depending on circumstances. Yet only flows of actual goods and services actually make economy work, and not enough effort is put into understanding them directly without money intermediary. This really can add some biases, both for scientists and actual participants of the economic relations.