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179 sats \ 1 reply \ @elvismercury OP 2 Nov 2023 \ on: _Broken Money_ book club, part 3 bitcoin
Lyn compares the US under the petrodollar system to a boxer who doesn't feel pain, but who nonetheless keeps taking damage, to eventual catastrophic result.
However, it's useful to keep in mind that pundits have been predicting the downfall of the dollar, or of fiat, since the moment it first came onto the scene.
Do you have thoughts on the hit that will finally bring the boxer down? And then what happens?
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0 sats \ 0 replies \ @Undisciplined 2 Nov 2023
Do you have thoughts on the hit that will finally bring the boxer down?
It won't necessarily be something directly related to US monetary policy. The phrase "gradually, then suddenly" always comes to mind when people bring up this topic.
The dollar's market share has been declining, as has confidence in it. We see major dollar holders taking steps towards being less dependent (codependent?) on it.
At some point it will be less painful to abandon the dollar than it is to hold it and things will spiral rapidly.
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