Close Trump allies like Steve Bannon say "the president is pissed every time he looks at the BRICS dedollarization effort". The US fears the Global South challenge to the dollar's exorbitant privilege
Keep it by storing a tradeable reserve in other currencies. And or gold and silver but that has become less common.
The doller has won purely because it is respected around the world. Because most nations have some desire to trade with the US.
As that desire weakens sovereignty or your own currency is less strong if you are holding less stable currencies. And the doller is looking less and less stable every time trump talks.
When has any global standard ever been elected. What process even exists to do so.
The whole idea that some other nation gaining power post ww2 being more democratic is just crap
The pre WW2 world was far from some democratic ideal. The US just took over from Europe’s fiscal control using exactly the same techniques. Just as the UK took over from Spain etc.
Is it shitty yes. But the idea that if any of these nations sat back. Some peaceful agreement between waring nations would have evolved. Is just fantasy. It is looking back with a modern mindset that simply did not exist in any power regime at the time.
The doller has won purely because it is respected around the world
That is not correct, dollar won because US, being the economical winner of WW2, made all other notable capitalist economies dependent on it in Bretton Woods accords and effectively hegemonised oil trade in much of the world.
Well yes. That is why it was respected. America used it’s delayed entry to build it’s reduction capability. Used that to help win. Then not having exhausted it took advantage.
But while correct. It’s a more accurate way of saying the doller was respected. As a strong trade currency other nations could use.
Countries that value financial sovereignty would still be interested.
Countries that value financial sovereignty.
Keep it by storing a tradeable reserve in other currencies. And or gold and silver but that has become less common.
The doller has won purely because it is respected around the world. Because most nations have some desire to trade with the US.
As that desire weakens sovereignty or your own currency is less strong if you are holding less stable currencies. And the doller is looking less and less stable every time trump talks.
Feared not respected. The dollar standard was imposed, not elected.
When has any global standard ever been elected. What process even exists to do so.
The whole idea that some other nation gaining power post ww2 being more democratic is just crap
The pre WW2 world was far from some democratic ideal. The US just took over from Europe’s fiscal control using exactly the same techniques. Just as the UK took over from Spain etc.
Is it shitty yes. But the idea that if any of these nations sat back. Some peaceful agreement between waring nations would have evolved. Is just fantasy. It is looking back with a modern mindset that simply did not exist in any power regime at the time.
That is not correct, dollar won because US, being the economical winner of WW2, made all other notable capitalist economies dependent on it in Bretton Woods accords and effectively hegemonised oil trade in much of the world.
Well yes. That is why it was respected. America used it’s delayed entry to build it’s reduction capability. Used that to help win. Then not having exhausted it took advantage.
But while correct. It’s a more accurate way of saying the doller was respected. As a strong trade currency other nations could use.
They also fucked up entire Japan economy (and kicked hard several others) with it in Plaza Accords, dollar is a weapon.