You can’t replace something with nothing. A favorite saying for currencies traders is “The dollar is the prettiest dog in an ugly dog contest.”. “But,but,but the yaun...”. It’s been a reserve currency for about 7 years and is still only about 3%. Ask yourself why.
China has no chance to replace the buck as reserve currency.
I fully expect to see digital bucks. We may be looking at some sort of hybrid two buck system. One internal and one external like China.
How to coordinate a digibuck with the other digibucks is my question. What will be par? What will be the mechanism to trade? And of course, WHO gets to decide value and holds the reins?
“You can’t replace something with nothing.”
Those are the old rules.
You are not ready for the new ones.
What are the new rules?
There will be no rules.
Fasten your seat belt—anything is possible at this point.
“You can’t replace something with nothing.”
They’re trying. Isn’t that what the great reset is all about? We’ll own nothing, equally with the rest of the world’s “commoners”, and be happy about it.
I think Powell is talking about a digital currency, not losing status to another currency. Then they can determine how much meat and gasoline we can purchase and give us social credits.