Posted on 04/02/2023 11:43:18 AM PDT by volunbeer
The future of the dollar and other US/Euro news from Palki Sharma - Indian journalist on geopolitics
At 2:50 is a different take on the future supremacy of the dollar than what you here in the US. Her monologue is only a few minutes but it cites pretty accurate figures on how much world trade is in dollars and points out (correctly) the dollars supremacy but also the desire by many to get away from dollars.
We often have misconceptions about how the world views us or we dismiss world opinion as not important. While this show is a blend of news/opinion (in my estimation) it is generally pretty consistent with mainstream thought in India. She is very anti-China in most of her coverage.
It reinforces the risks that our lack of fiscal discipline and international adventurism is bringing about - attempts to deleverage from the dollar. While I don't see a replacement on the horizon or even any time soon, I don't think it would take as long as others do to decouple and we may leave the world no choice.
Our prolific spending and lack of fiscal discipline impacts the entire world economy (not just average Americans). When we tank the dollar via fiscal impropriety it is going to cause massive harm around the world and we will be blamed. It always amazes me that more people don't see this OR they simply don't care but take the "misery" from inflation domestically and multiply it because most nations trade in dollars and many even hold reserves of dollars to backstop their own currencies.
What a way to make friends, but at least our welfare class and elites will get theirs!
This is the BRICs vs Dollar war of central banks
I don’t think our government has realized the full ramifications of a dollar collapse due to ridiculous spending. When (not if) our government collapses our currency we will throw the entire world into economic chaos and we will be blamed for it.
The world will change immediately (not in a good way) because our government can’t stop spending our childrens money, Wall Street is addicted to free money from the Fed, and we have useful idiots in charge of the nation.
There’s a reason why, say, the government of Venezuela can’t simply print money indefinitely. There may be only one reason why the US government can. How is it that they can rack up unpayable debt to the tune of $31 Trillion?
As far back as the 1960s the French president DeGaulle called it an “exorbitant privilege” for the US government to be party to the reserve currency status of the dollar. At the time he showed up with a warship to take French gold bullion back to France. Much of the world’s monetary gold was kept in a vault deep beneath the streets of Manhattan, sent there by many nations for safekeeping during World War II.
It angers me enough because it will impact our children and grandchildren, but stop and think of the pandemonium and chaos is may cause world-wide.
It sometimes feels like we are the Titanic and they are purposely aiming at the icebergs!
Unfortunately, the idiots in charge took advantage of the fact that the dollar was the global reserve currency, and they were able to live large both politically and personally because of it. The crash, I am afraid, will be harsh. When holding U.S. debt becomes less desirable, the interest rates will inevitably go up. The cost of borrowing will become more expensive, and the economy will be negatively impacted. I fear that the decline will not be sudden, but spread out over decades.
I have a much more sinister take. I think that the ones pulling the strings of our government not only fully know and understand the ramifications but actually WANT it to happen.
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