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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.
(Score: 3, Insightful) by darkfeline on Tuesday February 05 2019, @06:38AM (2 children)
The US may be irrational, but European nations aren't in any position to point fingers. China's probably the most rational of the large/powerful nations, not that I would want to live there, but I think it's the most likely to weather any global socioeconomic catastrophe, dragging its polluted and corrupted husk toward the future.
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(Score: 1, Interesting) by Anonymous Coward on Tuesday February 05 2019, @11:03AM (1 child)
Nobody wants anything to do with China's currency. The only currency that has any hope of being comparable to USD is EUR. And the Iran fuckup by the Orange Moron has pushed EUR to start to distance itself from USD.
https://fxssi.com/most-liquid-currency-pairs [fxssi.com]
70%+ of volumes involves USD
35% of volumes involves EUR
JPY is not far behind Euro, but it's declining.
(Score: 2) by Runaway1956 on Tuesday February 05 2019, @04:36PM
Americans tend to see short term. You may be doing a little better, seeing medium term future. But, Asia is where it's at, Baby. It may not happen in your lifetime, but China is going to take over, unless something really dramatic happens to head them off.