This was a good piece, very clear and helpful explanation re: dollar supremacy and global shifts off of the us system.
O7
How can we take advantage of this decline? Is there a way to bet against the dollar or something and actually make money from understanding this?
Without the petrodollar to sop up all the excess currency, the U.S. will find itself in a position where it has to actually compete for value rather than just printing its way out of debt. [...] The United States has finally entered a new phase in which it must, like everyone else, balance its budget.
Good article overall, but I don't think it accounts for what xhs frequently explains about how the dollar's power isn't chiefly due to the petrodollar but rather to the fact that the US is basically the world's consumer base, and so is the single most essential market for exporting economies, at least so long as China also remains an exporting economy (I hope I understand correctly xhs' point). However I'm unsure how much this impacts the tendencies discussed in the article? Does the US really need to balance its budget, given that it's role as the global consumer base still isn't threatened by any country?
That's demonstrably no longer true because if it was then Trump's tariff war would've crushed China. The fact that China was able to diversify its trade and grow it despite the tariff war demonstrates beyond all doubt that the US is no longer world's essential consumer base. Xhs is simply wrong on this point.
In that case I will continue to breathe in hopium then. Thank you for the clarification comrade!
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