Now that Russia and China have ‘bonded;,....
the gig is up.
Well, yes - but there is more to it, naturally.
The article makes a few cogent points. A reserve currency needs to be from a country with a stable, predictable govt. A reserve currency needs to be respected and with no undue international banking pressure challenging it. A reserve currency needs to be the accepted exchange for vital global resources.
A reserve currency might survive failure on one of these foundational issues; it would face serious difficulties dealing with two of these standards. Joe Bitem has forced the dollar to be out of sync on all three foundations!
First, Bitem and the Demo'rats are proudly prosecuting a scheme to utterly change America's political basis for success: capitalism. Further, they have proudly declared that America will no longer survive on energy independence; indeed, its populace will sacrifice (suffer) in order to restructure the whole energy industry away from fossil fuels. Washington D.C. has acquired an odor, a tarnished patina of corruption. All of these factors present an image of instability, unpredictability.
Second, America has run up a highly suspicious level of debt. Further, much of that debt is held by one of its major competitors for status of world's 'reserve currency.' Joe Bitem's determination to splurge by seemingly unending spending on Ukraine has added another global furrowing of eyebrows concerning the dollar. He is not just sending military aid to the Baltic state, he is now committing the US dollar to pay Ukrainian pensions. Further, he has sent, or promised to send, American military weaponry to Ukraine. In combination to the expensive, perhaps secret, military equipment that he abandoned in Afghanistan, some US military leaders or former leaders have questioned the position the country might be in if faced with a serious conflict. A conflict on two global fronts raises serious questions. Bitem's hazy leadership will not escape world leaders, both great and small.
Third, the dollar might maintain its dominant position in regard to a desirable stable currency for one of the world's most vital sought after critical resources - oil, and fossil fuels in general. However, Bitem has sneered at that role for the dollar with contempt. He alienated the leader of one of OPEC's major suppliers of oil, Saudi Arabia, by accusing him of murder and autocratic rule (something Joe is becoming more familiar with!) He has championed all the world to follow his lead in abandoning oil and fossil fuels for 'renewable energy' sources: solar, wind, geothermal - not hydroelectric river dams! . ..not nuclear! World leaders pat him on the back and cheer, "Lead the way! We will follow soon."
Joe Bitem is virtually screaming at the world to abandon the dollar as its reserve currency. He knows that fossil fuels will be ushered out by 2050 and we will all live in utopian peace with electric vehicles, electric military machines and solar powered airplanes.
For some reason China is opening a new coal fired electric generating plant every week and a half or so. For some reason Russia is surviving Joe's sanctions and selling oceans of oil to whoever wishes to buy it. For some reason China is viewing Taiwan with an optimistic eye. For some reason NATO is beginning to hint at cracks in its solidarity. For some reason South America is flirting with Marxist socialism again. For some reason Australia is beginning to question its strategic position in the Asian/Pacific theater.
Well... surely Joe Bitem has a plan for all of those challenges!