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460 sats \ 7 replies \ @quark 4 Jan \ on: The Day The Dollar Dies? econ
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.
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.
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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.
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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.
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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.
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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.
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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.
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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.
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