We're just not seeing a pronounced dedollarization trend. That's largely a political narrative.
I'm pro-dedollarization, by the way. I think the US needs to repatriate its supply chains from China as a matter of grave interest to America. But the USD's status as reserve currency means the US has to maintain a structural account deficit with the world in perpetuity.
The rise of industrial policy in the US, is actually the most likely way in which the dollar retreats. Which would be happening as a matter of domestic economic policy.
As for a competing BRICS currency, I think the chances of that happening are actually laughable. India and China are on the brink of war with each other and they've literally had shootouts on their frontiers in recent months, and anybody who thinks they're going to hand together on creating a new currency together is very gullible. And I have 21 million bitcoins to tell them, as well.
brockm / Mike Brock
npub1hy…wk7cp
2023-06-04 22:06:46
in reply to nevent1q…ycmm
Author Public Key
npub1hyqrsvl6hle8r5rc9cpshesm0mpcee75tgde4p5lhke5h83dyqqqdwk7cpPublished at
2023-06-04 22:06:46Event JSON
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