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Opinion: Ignore the naysayers. Dollar dominance is here to stay
WP ^ | March 20, 2022 at 1:37 p.m. EDT | Sebastian Mallaby

Posted on 03/25/2022 6:48:11 AM PDT by GonzoII

The shock-and-awe financial sanctions on Russia have rekindled an old trope: that the weaponization of the dollar will end its role as the global reserve currency. Why would foreign countries use dollars, the argument goes, if the dollar can be turned against them? Why wouldn’t China, soon to be the world’s largest economy, build the renminbi into a rival reserve currency? And if not China, what about crypto?

This dollar defeatism is vastly overblown. Russia, China and other U.S. adversaries would love to escape the financial hegemony of Uncle Sam. But they have been trying for years and have little to show for it.

China has railed against the dollar since 2008, when its vast portfolio of U.S. bonds came close to imploding during the great financial crisis. Chinese President Hu Jintao called for “a new international financial order,”....

(Excerpt) Read more at washingtonpost.com ...


TOPICS: Business/Economy; Editorial; Foreign Affairs; News/Current Events
KEYWORDS: china; cianews; dollar; droolingidiots; energyisfree; finance; investment; putin; russia; sebastianmallaby; ukrainicorns
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What happened to the Yuan talk?

1 Chinese Yuan equals 0,14 Euro 25 Mar, 13:44 UTC

1 posted on 03/25/2022 6:48:11 AM PDT by GonzoII
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To: GonzoII

The dollar is the best crappiest money in the world.


2 posted on 03/25/2022 6:50:32 AM PDT by PeterPrinciple (Thinking Caps are no longer being issued but there must be a warehouse full of them somewhere.)
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To: GonzoII

I hope it’s here to stay. How are we supposed to fund a massive deficit if countries move away from the dollar?


3 posted on 03/25/2022 6:55:49 AM PDT by Drew68 (Ron DeSantis for President 2024)
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To: Drew68

I hope it doesn’t and the world moves to currencies not controlled by governments - maybe then we will NOT be able to run these deficits and actually get balanced budgets for a change.


4 posted on 03/25/2022 6:58:07 AM PDT by Clemenza (I have no tolerance for tolerance)
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To: PeterPrinciple

Anyone care to speculate why gold has not yet soared? Some claim that cryptocurrency has become a wealth protector but much of it seems like an electronic Ponzi scheme.


5 posted on 03/25/2022 6:58:31 AM PDT by allendale
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To: GonzoII

WP? Now I know the dollar is doomed.


6 posted on 03/25/2022 6:59:45 AM PDT by JoSixChip (2020: The year of unreported truths; 2021: My main take away from this year? Trust no one.)
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To: GonzoII

I guess the plan is to say ‘sorry’ after we’re no longer King of the Hill.


7 posted on 03/25/2022 7:03:06 AM PDT by BobL (I eat at McDonald's and shop at Walmart, I just don't tell anyone.)
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To: BobL

They will have to pry my cold hard cash from my cold dead hands...


8 posted on 03/25/2022 7:06:48 AM PDT by refermech
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To: allendale

Anyone care to speculate why gold has not yet soared? Some claim that cryptocurrency has become a wealth protector but much of it seems like an electronic Ponzi scheme.


That is a good question. A few thoughts.

1) the gold people haven’t been able to get their bad news in the media because of all the other bad news?

2) The current generation doesn’t know the history of gold. Older people still have echos of the gold standard

3) Most gold trading is still the stock market adn maybe there is worry even the stock market would collapse.

4) physical gold would require bartering skills that aren’t understood anymore?

5) can’t eat or drink gold and people are more worried about basic needs?

6) People don’t understand physical money any more. We don’t use it much.

7) Gold viewed more as industrial metal than storage of wealth.

Which begs the question behind your question. How do we store our wealth for the future?


9 posted on 03/25/2022 7:16:03 AM PDT by PeterPrinciple (Thinking Caps are no longer being issued but there must be a warehouse full of them somewhere.)
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To: GonzoII

I wasn’t all that worried about the loss of the Dollar as the reserve currency until I read in the WP that it wouldn’t happen. Now I am all but certain that it will!


10 posted on 03/25/2022 7:19:39 AM PDT by Jim from C-Town (The government is rarely benevolent, often malevolent and never benign! )
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To: GonzoII

Sebastian Mallaby

Council on Foreign Relations - https://www.cfr.org/expert/sebastian-mallaby

Member of the CFR’s Renew America program - https://www.cfr.org/programs/renewing-america#chapter-title-0-4 - https://www.cfr.org/programs/renewing-america#chapter-title-0-8

More immigration - social justice and equity - blah blah

“It’s a trap”


11 posted on 03/25/2022 7:22:46 AM PDT by Pollard (PureBlood -- https://youtube.com/watch?v=VXm0fkDituE)
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To: PeterPrinciple

Which begs the question behind your question. How do we store our wealth for the future?


Here is one perspective from a high authority:

Luk 16:8 “The rich man had to admire the dishonest rascal for being so shrewd. And it is true that the children of this world are more shrewd in dealing with the world around them than are the children of the light.
Luk 16:9 Here’s the lesson: Use your worldly resources to benefit others and make friends. Then, when your earthly possessions are gone, they will welcome you to an eternal home.

Folks, we may need to invest more in people. During the coming hard times, money in the bank or stock market is not going to do you much good.

But there is considerable risk and much research and testing of the market to do it right. Start now.

How do we invest in people?


12 posted on 03/25/2022 7:22:56 AM PDT by PeterPrinciple (Thinking Caps are no longer being issued but there must be a warehouse full of them somewhere.)
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To: refermech

“They will have to pry my cold hard cash from my cold dead hands...”

Or do what India did with one of their notes, which was to give a deadline for turning them in, else they’re worthless.

They did that due to counterfeiting, I think, but it’s also part of the Great Reset.


13 posted on 03/25/2022 7:23:44 AM PDT by BobL (I eat at McDonald's and shop at Walmart, I just don't tell anyone.)
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Comment #14 Removed by Moderator

To: PeterPrinciple

“How do we store our wealth for the future?”

Storing wealth for the future is a function of civilization.

Western civilization is in the process of crashing and burning.

The original article is whistling past the graveyard.


15 posted on 03/25/2022 7:37:07 AM PDT by cgbg (A kleptocracy--if they can keep it. Think of it as the Cantillon Effect in action.)
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To: GonzoII

The Washington Post.


16 posted on 03/25/2022 7:39:06 AM PDT by Navy Patriot (Celebrate Decivilization)
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To: allendale

Which begs the question behind your question. How do we store our wealth for the future?


And now the next question is, What is wealth?

Adam Smith in the Wealth of Nations has a rather nebulas definition. Wealth generates more wealth. The example given is there is a wet land, you tile it, make it productive and then it grows a crop, etc etc.

Another point in his discussion is he disliked an over abundance of lawyers and politicians. They were a consumption activity , did not generate wealth. They are still essential in small quantitates though for wealth generation.

Wealth is very much philosophical thinking that should involve beer at the local establishment with other great thinkers which is what he did.


17 posted on 03/25/2022 7:39:33 AM PDT by PeterPrinciple (Thinking Caps are no longer being issued but there must be a warehouse full of them somewhere.)
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To: ping jockey

I would like to purchase a blue eyed blond, for domestic duties of course.


A consumption of wealth, not wealth generating?


18 posted on 03/25/2022 7:41:38 AM PDT by PeterPrinciple (Thinking Caps are no longer being issued but there must be a warehouse full of them somewhere.)
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To: PeterPrinciple

Most of the “wealth”, however you wish to define it, is the dollar value that individuals hold or have direct personal control and access. If those dollars, due to poor collective policies, wither in value, history has shown that wealth and people’s access and control of it withers. It should be noted that a nation with individuals holding and having access to such wealth is not consistent with a globalist world order. Americans will come to learn that they either defeat the globalists or they will lose their nation, their real liberty and much more.


19 posted on 03/25/2022 7:53:34 AM PDT by allendale
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To: allendale

Most of the “wealth”, however you wish to define it, is the dollar value


And there is the problem. We think the dollar is wealth,

The dollar is a medium of exchange, it is not wealth.

Spend a little time with Adam Smith.


20 posted on 03/25/2022 8:10:21 AM PDT by PeterPrinciple (Thinking Caps are no longer being issued but there must be a warehouse full of them somewhere.)
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