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The Dollar is Dying—And Trump Killed It! (Financial Times, Martin Wolf)www.ft.com/content/d9656820-0b3e-46e7-97c9-b6684d558776
708 sats \ 15 comments \ @denlillaapan 21h econ
ANOTHER dollar-dead-attack post?! (#932051, #973012, #935109)
Yeah, I know, it's insane. But it's the FT saying stupid dollar shit, clickbaiting their TDS readers (#933308)... I have a moral obligation to the Stackers to read it and filter it for them.
Donald Trump insists that “if we lost the dollar as the world currency . . . that would be the equivalent of losing a war”. Yet he himself could be the cause of such a loss.
Just so the Stackers know, TINA!

"...while outsiders might wish to diversify away from the dollar, they lack a compelling alternative."

But while many regions are "on the rise," America hasn't relatively shrunk the way former empires/issuers of global money did:
Given the rise of China’s economy during that period, this is remarkable. The US also remains at the frontier of world technological development and the foremost military power. Its financial markets are still much the deepest and most liquid.
Share of global reserves (basically central bank holdings) is down from its peaks decades ago... but the decline is slow-af, and there's no good reason (bar bitcoinization of the world...) that it would continue falling much further. Least dirty shirt in the pile, etc.
CHALLENGES:
  • "What if the hegemon uses every economic stick it can, including financial sanctions, to get its way?"
  • "What if the hegemon threatens invasions of friendly countries and encourages invasions of friendly countries by despots?"
  • "What if the hegemon undermines its own fiscal and monetary stability and the institutional foundations of its economic success?" (#984032)
  • "What if its leader is an unprincipled bully?"
In the kingdom of the blind, the one-eyed man is king. Similarly, even a defective incumbent currency might continue to rule the monetary world, given the lack of high-quality substitutes.
As a nice little afterthought we get that "a crypto based world [is] surely inconceivable." (Given that even this clown mentions it, clearly it's not inconceivable, but whatevs)

IF ONLY there was a neutral, unstoppable, perfectly made money available for all the world's enemies

alas, the intelligentsia gotta step aside for that to happen, one would think...
non-paywalled: https://archive.md/a2gf4
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17 sats \ 0 replies \ @Satosora 5h
I like your one eyed quote.
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13 sats \ 1 reply \ @000w2 12h
Is it just me or has the FT been causing buzz lately for saying retarded nonsense. Does anyone know why? What are we being distracted from?
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0 sats \ 0 replies \ @denlillaapan OP 7h
I've been wondering the same thing. Lots of crap coming out of there
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13 sats \ 1 reply \ @Thisdaystacker 14h
If trump killed the dollar, what did Roosevelt do?
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0 sats \ 0 replies \ @denlillaapan OP 7h
Damn good q.
Doesn't do as well in this TDS clickbaity era
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14 sats \ 2 replies \ @Undisciplined 21h
If all of the professionally wrong people are saying the dollar's dead, then we better take it seriously.
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30 sats \ 0 replies \ @denlillaapan OP 20h
by the logic of 180-degree idiots' take... the dollar is winning?!
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101 sats \ 0 replies \ @Solomonsatoshi 19h
If Chinas mixed economy has proven to be more productive and competitive than your crony capitalist highly financialised US economy then you don't have to acknowledge it-
You can simply deny the evidence and continue believing that the nation state and its governance is not a major determining factor in the wealth of nations.
Good luck with that.
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38 sats \ 1 reply \ @SimpleStacker 20h
IF ONLY there was a neutral, unstoppable, perfectly made money available for all the world's enemies
IF ONLY! And it's making me more and more upset that no one has invented this better form of money yet!
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0 sats \ 0 replies \ @Solomonsatoshi 19h
Bitcoin is better money from the point of view of the individual, but from the point of view of the nation state, it is not. Bitcoin does not enable to state power projection that fiat money does. Bitcoin significantly reduces state power projection capacity. If the determining factor that decides who issues/controls the protocol upon which international trace is denominated is state power projection, then Bitcoin is not even in the contest.
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13 sats \ 1 reply \ @wolfsbane 9h
Funny how even the FT can’t avoid brushing up against the idea of Bitcoin even as they try to dismiss it. If the dollar’s biggest threat is bad leadership and weaponized finance, maybe it’s time people took a serious look at money that no one can weaponize.
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0 sats \ 0 replies \ @denlillaapan OP 7h
prexisely.
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0 sats \ 0 replies \ @25c1f70055 1h freebie
It's clear
0 sats \ 0 replies \ @Dkryptoenth 18h
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0 sats \ 0 replies \ @Solomonsatoshi 20h
Bitcoin is either outright banned for use as a MoE in most autocracies, or effectively impractical to use as a MoE even if theoretically not explicitly banned as in nearly all western 'liberal democracies'. Do any SNs participants record all transactions and pay the legally required tax on their zaps? Silence. Unless that situation changes Bitcoin will continue to be slyly shepherded into the cul-de-sac of monetary irrelevance that its designation and use as a speculative commodity determines.
The USD hegemony has outlived its host- China won the trade war at least a decade ago. The USA cannot function without Chinese supply chains. The merchandise of Americas biggest corporates are Made in China. iphones and Teslas are Made in China even if some Teslas are assembled in the US.
CIPS and mBridge already enable a growing portion of global trade payments and while US exceptionalists can console themselves with World Bank/IMF/SWIFT data, they do not have the data for Chinas increasing share of global trade payments.
China is reverse engineering the monetary hegemony that was originally imposed upon it via HongKong.
China already enables trade payments liquidity for Iran, N.Korea and Russia, probably mostly via CIPS but the IMF and other institutional puppets of US hegemony do not know. Now that Saudi Arabia has joined both BRICS and mBridge. Trump can beseech both Russia and the Saudis, but the economic imperatives and trends are not in favour of continued reliance upon the petrodollar...because China has won the trade war.
The only other complicating factor that makes this transition truly different is that the Jewish bankers who have positioned themselves behind the wests serial empires do not have the option of shapeshifting their influence into the CCP.
Bitcoin can likely be a significant safe haven-neutral asset SoV- but it is not credible to assert it can compete in the main contest- for control of the MoE protocol upon which international trade will be settled.
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