I think there’s a pretty good chance US isn’t going to be around within the next 50 years. The hegemony started unravelling as soon as US tried to sanction Russia and an alternate economic system sprung up as a result. Financial coercion is the primary weapon that US uses, and now it’s been rendered ineffective because countries can operate outside US financial system. This directly shrinks the size of the dollar based economy as well as global demand for dollars which is what allowed US to do unlimited money printing up to this point. There’s a good interview about this with Radhika Desai and Michael Hudson and Pepe Escobar.
Dollar economy isn’t going away, but the world economy will become increasingly bifurcated going forward. My point wasn’t that the dollar was going to disappear, but rather that dollar based economy is already shrinking. One of the main reasons dollar was in constant demand was that you had to buy energy in dollars. Every country needs oil and gas to operate, and since the dollar was the only currency you could get them with that made dollar as good as gold. Now that Russia started trading energy outside the dollar this is no longer the case, and we’re seeing Saudis follow suit which is a complete disaster for US.
This is one problem money can’t fix. US financial capitalism is running into a wall of material reality here.
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I think there’s a pretty good chance US isn’t going to be around within the next 50 years. The hegemony started unravelling as soon as US tried to sanction Russia and an alternate economic system sprung up as a result. Financial coercion is the primary weapon that US uses, and now it’s been rendered ineffective because countries can operate outside US financial system. This directly shrinks the size of the dollar based economy as well as global demand for dollars which is what allowed US to do unlimited money printing up to this point. There’s a good interview about this with Radhika Desai and Michael Hudson and Pepe Escobar.
deleted by creator
Dollar economy isn’t going away, but the world economy will become increasingly bifurcated going forward. My point wasn’t that the dollar was going to disappear, but rather that dollar based economy is already shrinking. One of the main reasons dollar was in constant demand was that you had to buy energy in dollars. Every country needs oil and gas to operate, and since the dollar was the only currency you could get them with that made dollar as good as gold. Now that Russia started trading energy outside the dollar this is no longer the case, and we’re seeing Saudis follow suit which is a complete disaster for US.