I hope. Maybe Euro, maybe PRC’s renminbi. We’ll see.
I just wondered, give how US dollars is world’s ‘reserve currency’ (since 1944 Bretton Woods pact), how its crash might affect the whole of global trade (it must hurt more than failure of a national currency like Zimbabwe’s since it is a reserve currency and has a special role in the world). Will we get another reserve currency or has the world economy changed so much that we will get a new way of doing business with no reserve currency or multiple competing reserve currencies? I think we are in uncharted territory so its hard to predict…
I doubt it’ll be any of the BRICS currencies, although my only knowledge of that stuff is what I get from Peter Zeihan vids on YT. His rather amusing take on that is that each nation only wants to be in it if they can run it, which obviously isn’t going to work. The Euro is already proven to work across multiple nations and 32% more people than the USA, it’s only idiots like us Brits that won’t use it “bEcAuSe SoVeReIgNtY”.
Watching the dollar crash will certainly be interesting…
I hope. Maybe Euro, maybe PRC’s renminbi. We’ll see.
I just wondered, give how US dollars is world’s ‘reserve currency’ (since 1944 Bretton Woods pact), how its crash might affect the whole of global trade (it must hurt more than failure of a national currency like Zimbabwe’s since it is a reserve currency and has a special role in the world). Will we get another reserve currency or has the world economy changed so much that we will get a new way of doing business with no reserve currency or multiple competing reserve currencies? I think we are in uncharted territory so its hard to predict…
I doubt it’ll be any of the BRICS currencies, although my only knowledge of that stuff is what I get from Peter Zeihan vids on YT. His rather amusing take on that is that each nation only wants to be in it if they can run it, which obviously isn’t going to work. The Euro is already proven to work across multiple nations and 32% more people than the USA, it’s only idiots like us Brits that won’t use it “bEcAuSe SoVeReIgNtY”.
Watching the dollar crash will certainly be interesting…
Isn’t that a old Chinese curse? ‘May you live in interesting times…’ Hold on to your hat!
It would probably work out ok for the UK if they used the Euro, but it’s still useful to be able to dictate fiscal policy.