The Day The Dollar Dies? \ stacker news ~econ

The Day The Dollar Dies?www.zerohedge.com/geopolitical/day-dollar-dies

3435 sats \ 22 comments \ @siggy47 4 Jan econ

This article gives a pretty good history of the dollar as the world reserve currency since the end of World War 2. People interested in the subject will already know most of it, but the author does cover current events including recent Taiwan, Middle East, and Russia/Ukraine issues.

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460 sats \ 7 replies \ @quark 4 Jan

It won't die easily. Lose the reserve status? Sure, because there is bitcoin now. But dying? No. The debt is looking very bad but if the dollar dies, there is no civilization left as we know it. My humble opinion.

133 sats \ 1 reply \ @faithandcredit 4 Jan freebie

Civilization as we know it is breaking down as we speak. Slowly then suddenly.

This is not meant to be fearporn, or an attempt to cause panic. It is simply an objective fact imo.

152 sats \ 0 replies \ @siggy47 OP 4 Jan

I think @kr talked about this a few weeks ago. I have been anticipating Armageddon since the late 1980s. I remember the "Japan will overtake the U.S." fear mongering. I'm not saying it can't happen. I'm just saying that in my lifetime I have witnessed a continual slow decay. I doubt Hemingway's "gradually, then suddenly" will happen. Remember, Hemingway's character went bankrupt without the power to print more money.

289 sats \ 4 replies \ @siggy47 OP 4 Jan

I agree, and I think the author does too. It was a bit of hyperbole, I suspect. His point is mainly about the dollar losing reserve status, and I personally think that's a ways off too.

300 sats \ 2 replies \ @Undisciplined 4 Jan

It's a bit like the "When did Rome fall?" question. I think it's fair to refer to loss of global reserve status as death for the dollar, even if something called the US dollar still exists.

309 sats \ 1 reply \ @siggy47 OP 4 Jan

I agree it's fair. I also think it makes sense to wonder whether something called the U.S. dollar exists. We have the Eurodollar, the petrodollar, and, maybe soon the bitcoin dollar after these etfs pass, as Whitney Webb has been warning about lately.

200 sats \ 0 replies \ @Undisciplined 4 Jan

The only thing I'm pretty confident about is that there will be legal continuity between the current dollar and the post reserve dollar, because their whole grift is paying off dollar denominated obligations with highly depreciated dollars.

0 sats \ 0 replies \ @cyberpunk03 5 Jan

Bitcoin is the only chance of that. What else would be reserve? The yuan? Haha. Pesos? The euro can't even handle Europe. And they are waaay more screwed than the US.

133 sats \ 0 replies \ @elvismercury 4 Jan

This is what a link post should look like, god damn it.

100 sats \ 4 replies \ @grayruby 4 Jan

But something touched me deep inside The day the dollar died

50 sats \ 3 replies \ @siggy47 OP 4 Jan

I picture a dollar bill with stick figure legs sitting next to Richie Valens in the back of the plane.

100 sats \ 2 replies \ @grayruby 4 Jan

Should be sitting with the Euro and other fiat currencies on the plane if you are going to really embrace the bit.

50 sats \ 1 reply \ @siggy47 OP 4 Jan

Agreed, but I still want them all to have stick figure legs. Maybe even arms and a head, with mouths open in an Edvard Munch scream?

100 sats \ 0 replies \ @grayruby 4 Jan

I like it.

233 sats \ 1 reply \ @vindard 5 Jan

Sidenote, these sorts of casual mischaracterisations are always so strange

https://m.stacker.news/10805

100 sats \ 0 replies \ @siggy47 OP 5 Jan

And intentional.

33 sats \ 3 replies \ @faithandcredit 4 Jan freebie

The US must default before the market will truly begin its move towards USD alternatives but who knows.

0 sats \ 2 replies \ @siggy47 OP 4 Jan

It will be a soft default if it happens, and no one may notice. They will devalue the dollar to the point that it looks like they are paying debt service.

100 sats \ 1 reply \ @faithandcredit 4 Jan

I respectfully disagree. The default will come out of nowhere and be instant (The managed decline you seem to speak of has been happening over the last couple of decades. The next step is an instant default). However, this is the optimal outcome. Its like ripping off a bandaid vs pulling it off slowly.

Unfortunately the kind of people that will assume office in the wake of it will implement economic policies that are even worse than the ones that exist currently. And the next great dictator will be American. But lets see!