I feel like I've posted a half-dozen of these articles in recent months. The journo intelligentsia (#890832) really is coordinating an ideological push of sorts.
But The Economist brought out the big guns (#921437) for a change:
Mr. Rogoff, widely known in the finance/money/econ world as the (co)author of This Time is Different and The Curse of Cash is neither a friend of bitcoin nor, it would seem, the dollar.
It’s what you think you know that ain’t so. Nothing could better describe the numb-skulled thinking behind the havoc that President Donald Trump and his trade Rasputin, Peter Navarro, have wrought on the global economy. Among the likely casualties will be the supreme status of the dollar.
Uh-hu, it's not the sanctions regime, the waning military and economic hegemony (though, there's no competitor... #972101), the FX runaway among foreign central banks and gold's vicious appreciation... it's Mr. Trump's tariffs.
I don't know, man.
The biggest challenges to dollar dominance come from within, including America’s unsustainable debt trajectory. It is already under strain from the inevitable ending of a period of very low long-term real interest rates
Truth... but then dude goes
Although the greenback will almost certainly remain the world’s dominant currency for at least a couple more decades, it will probably fall several notches.
If that's the case, WHY ARE WE TALKING?!
At least here he's overly optimistic (for the rivaling currencies) and incredibly pessimistic (for bitcoin)
Expect the yuan and the euro to encroach on the dollar in the legal economy. Cryptocurrencies will do the same in the underground economy, which is roughly a fifth of global GDP
even so, I'll take it... 20% of GDP running on BTC (and, perhaps) shitcoins? Fuck is that success if I ever saw some. ("The dollar has beaten back one challenger after another, from the Soviet Union to Japan to Europe, and now perhaps China and crypto.")
THIS bit, I very much liked (#972831)
Don’t think, though, that Fed independence would have been entirely secure under progressives, who want the Fed to focus more on the environment, inequality and social justice, and ultimately to create a central-bank digital currency to suck money out of the private banking system and redirect credit towards government-favoured sectors.
"Mr Trump did not start the dollar’s decline, but he is likely to prove a powerful accelerant"
I guess the future will tell!
non-paywalled here: https://archive.md/UDgk8