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it's going to be pretty cool when the USD is annihilated by this
they really boned themselves by concentrating all of it among themselves and basing its value off of fake proof of work factories
If the USD is annihilated the great depression will look like nothing. Breton Woods ended but America is still smack dab in the middle of everybody's economy. It's why no one is calling in their debt, but keep buying it. It's a fucking global ponzi scheme.
Edit: I just looked it up and 88% of global currency trades involve the dollar.
Its the reserve currency of the world. The only thing that could replace it today is the yuan, which China is absolutely prepared for when that day comes.
The euro could also replace it, but would need additional changes from the governing body of the EU first as its meant to be an amalgamated currency and cant produce enough to be a reserve currency at the moment.
Neu-tronenbommenstickers op m'n nieuwe tas gaan plakken
Ya know I get tell this is some variant of a Germanic language but for the life of me all I'm seeing is the tongue of Rlyeh.
What about The BRICS currency that's being worked on?
Nothing like the most corrupt, competing autocracies try to make a currency that will be stable and mutually beneficial to all party’s and the world! What a dream for the future.
BRICS is in many ways a relationship of convenience… there are too many competing interests to truly make a whole currency the global reserve
The rest of the world is unfortunately not immune to US problems. What inevitably happens is the bubble pops, the government prints money to bail out the gamblers who benefitted from the bubble, then insist on austerity for regular people to get the resulting inflation under control
Yeah, but if that wild money printing turns out to be the coup de grace on the status of the USD as the World's Reserve Currency, it will just make things worse as such an event comes with its own "bubble bursting" that will massively fuck up holders of USD (such as Americans, but also anybody who didn't exit the USD on time).
The status of the USD as Reserve Currency is already pretty shaken as the EUR and other currencies have increasingly become part of the currency reserves in most countries, replacing the USD, and Trump's antics have convinced other countries to accelerate their plans to move away from using the Dollar in international trade, most notably China.
The technique of printing lots of Dollars is nowhere as safe now as it was back when it was used to paper over the problems from the 2008 Crash.
Also depending on how bad the whole situation could get it could legit implode the federal government as a whole. I really don't see the feds under Trump doing even the bare minimum that was Hoovers anti-depression policy which while the absolute minimum was enough to keep the states from effectively becoming completely autonomous, and even then California, Louisiana, and the Alaska territory were effectively independent in a lot of ways.
Yeah, all manner of otherwise unthinkable outcomes are possible with that mix of an Economic shit-storm due to the USD losing its Reserve Currency status and rule by an ultra-Cronyist Loyalty-above-all extremely incompetent Administration.
It's like a kindergarten: if there's a fire and the teacher is in, it will get sorted out (or at least nobody is likely to be hurt), if the teacher has stepped out of the room so there's only 3-year-olds "in charge" but there's no fire, it would be ok, but if the teacher has stepped out of the room so there's only 3-year-olds "in charge" and there's a fire, the outcome is almost certainly going to be very very bad.
Some kind of ultra nasty outcome is highly likely, though I wouldn't bet on which specific ultra nasty outcome will be the one that happens.
I'm sorry that i must inform you that the world today is one big pot. The 2008 crisis created by the USA housing bubble, affected the whole world. An USD annihilation today after a big bubble burst, means total collapse.