They’re not even going to stop buying Russian gas & oil lol.
They can’t, the economy would drop into a sinkhole.
It’s been kind of hilarious to watch Europeans talk smack and their leaders pretend how Europe is now independent from Russia, while the only thing that allows European economy to continue to hobble along is buying Russia energy at a markup through third parties.
The US has already demonstrated, by seizing Russian central bank assets denominated in USD, that the USD isn’t worth the paper it’s printed on and can’t be trusted further than you can throw it.
The Euro is already getting hit hard by the growing trade and balance of payments deficit with regards to the USD, showing the world the Euro isn’t a safe and trustworthy currency by unilaterally seizing the assets of a sovereign central bank would only make the problem worse and add longer term consequences.
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USD is based on the extraordinary privilege of global hegemony. That privilege has an expiry date coming up soon.
Meanwhile other countries are starting to trade with their own currencies, which are based off the production within their own borders. They’re dedollarizing and they’re creating new international norms based on the principle of respectful cooperation and mutual benefit.
It’s very clear which model is more stable and sustainable.
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Why do you assume that the USD must be replaced with an equally hegemonic and extraordinarily privileged currency?
Why do you believe what the US government and US billionaires tell you to think about foreign countries?
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It’s hard to say for certain as these things are in constant development and refinement, but the broad themes are clear. It’ll likely be a combination of bilateral currency swap deals, as was common practice pre-WWII, and multilateral institutions governing currency baskets or supranational units of account, similar to Keynes’ proposed Bancor, and thus keeping international balance of payments within healthy and sustainable parameters.
The bilateral agreements are already starting as the US is no longer able to militarily or economically threaten anyone who doesn’t use USD as their international unit of account. The second will take more time, but institutions like the BRICS bank and the Shanghai Cooperation Agreement are working in that direction. These institutions are based on cooperation and mutual benefit of all parties involved, in stark contrast to the US and its Bretton Woods institutions which make sure the US always wins.
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Wait, wait, wait, you seriously think that China is less politically stable than the US? 😂😂😂😂
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That’s the most delusional thing I’ve ever read. Go look up world perception of China outside the western bubble, especially relative to perception of US. The dollar will be used by US and the states US managed to vassalize, everybody else will move on. It’s already happening, but people living in the belly of the beast still can’t see it.
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The fact that you think China isn’t financially stable simply illustrates your ignorance of the subject you’re attempting to debate here.
However, the reality is that you don’t need to have a global reserve currency. Anybody who has any historical literacy would know this. Trade can be done in local currencies the way it is already being done increasingly.
All that said, the reality is that yuan is being increasingly used for trade and even western media openly acknowledges this.
- https://asia.nikkei.com/Business/Markets/Currencies/China-s-yuan-rises-to-4th-most-used-currency-in-global-settlements
- https://finance.yahoo.com/news/chinese-yuan-gives-us-dollar-093000096.html
- https://www.bloomberg.com/opinion/articles/2023-12-07/yuan-shows-some-muscle-increases-share-of-global-trade
Maybe spend more time educating yourself instead of trolling here?
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That’s disappointing
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