The president-elect wrote that the coalition of non-Western countries “should expect to say goodbye to selling into the wonderful U.S. Economy” if it backs a currency other than the U.S. dollar.
The reason for fiat was to take the power of setting global monetary policy from people who had gold mines and give it to people who had big economies. At that time, it was the US because they didn’t fight WWII on their own soil, which was unique at the time.
Realistically, if the dollar crashes, it is in nobody’s interest to go to anything than the next biggest currency, likely the Euro. Except for the US of course, but what are they going to do about it? Start wars?
The reason for fiat was to take the power of setting global monetary policy from people who had gold mines and give it to people who had big economies. At that time, it was the US because they didn’t fight WWII on their own soil, which was unique at the time.
Realistically, if the dollar crashes, it is in nobody’s interest to go to anything than the next biggest currency, likely the Euro. Except for the US of course, but what are they going to do about it? Start wars?
They will definitely do that.