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Nice straw man.I've read these nutty articles about how the dollar was going to lose its hegemony for decades now, usually written by some crackpot with no understanding how the global monetary and payments system works. This crazy site is no different. They've been making the argument back when Bush was President, saying Bush was the reason why the dollar would stop being the reserve currency. Guess what? It didn't happen. And it's not going to happen under Trump, or the next President, or the next President, or the President after that.
The simple fact is that there is no alternative, not the euro, not the yuan, not gold, nothing.
I don't believe that the OP or the article linked in the OP gave rise to the premise that the dollar's role as reserve currency was challenged.
I just don't see it. The US has the wise people.Nice straw man.I've read these nutty articles about how the dollar was going to lose its hegemony for decades now, usually written by some crackpot with no understanding how the global monetary and payments system works. This crazy site is no different. They've been making the argument back when Bush was President, saying Bush was the reason why the dollar would stop being the reserve currency. Guess what? It didn't happen. And it's not going to happen under Trump, or the next President, or the next President, or the President after that.
The simple fact is that there is no alternative, not the euro, not the yuan, not gold, nothing.
I don't believe that the OP or the article linked in the OP gave rise to the premise that the dollar's role as reserve currency was challenged.
Here's where we stand>
Why the U.S. Dollar Is the Global Currency
Here's where it could all go>
Will the Yuan Replace the Dollar as a Global Currency?
~S~
All well and good but that is way out in the distance, if ever.Nice straw man.I've read these nutty articles about how the dollar was going to lose its hegemony for decades now, usually written by some crackpot with no understanding how the global monetary and payments system works. This crazy site is no different. They've been making the argument back when Bush was President, saying Bush was the reason why the dollar would stop being the reserve currency. Guess what? It didn't happen. And it's not going to happen under Trump, or the next President, or the next President, or the President after that.
The simple fact is that there is no alternative, not the euro, not the yuan, not gold, nothing.
I don't believe that the OP or the article linked in the OP gave rise to the premise that the dollar's role as reserve currency was challenged.
Here's where we stand>
Why the U.S. Dollar Is the Global Currency
Here's where it could all go>
Will the Yuan Replace the Dollar as a Global Currency?
~S~
That is the American exceptionalism we hear so much about.One thing i'll say that doesn't require much fiscal smarts is, i hope they (the world) continues to need us, more than we need them
Blah blah blah.
I’ve been reading this nonsense for decades.
There are no other alternatives. Not euros - will it even exist in a decade? Not yen - Japan is in terminal decline and runs massive deficits. Not the yuan - China is a closed, command economy. Not gold - lol “gold.” Not SDRs - WTF are they?
No, nothing.
So suck eggs, America haters!
MAGA yet?No, nothing.
So suck eggs, America haters!
For decades the "deep states" of elite capitalist nations assumed the only threat to their continued economic pillage and plunder came from the political left.
And then came Trump.
"FEBRUARY 1, 2019
Trump’s Brilliant Strategy to Dismember U.S. Dollar Hegemony
by MICHAEL HUDSON
"The end of America’s unchallenged global economic dominance has arrived sooner than expected, thanks to the very same Neocons who gave the world the Iraq, Syria and the dirty wars in Latin America.
"Just as the Vietnam War drove the United States off gold by 1971, its violent regime change warfare against Venezuela and Syria – and threatening other countries with sanctions if they do not join this crusade – is driving European and other nations to create their alternative financial institutions..."
"The Neocons who Trump has appointed are accomplishing what seemed unthinkable not long ago: Driving China and Russia together – the great nightmare of Henry Kissinger and Zbigniew Brzezinski.
"They also are driving Germany and other European countries into the Eurasian orbit, the 'Heartland' nightmare of Halford Mackinder a century ago.
"The root cause is clear: After the crescendo of pretenses and deceptions over Iraq, Libya and Syria, along with our absolution of the lawless regime of Saudi Arabia, foreign political leaders are coming to recognize what world-wide public opinion polls reported even before the Iraq/Iran-Contra boys turned their attention to the world’s largest oil reserves in Venezuela: The United States is now the greatest threat to peace on the planet."
"The Neocons who Trump has appointed are accomplishing what seemed unthinkable not long ago: Driving China and Russia together – the great nightmare of Henry Kissinger and Zbigniew Brzezinski."
Am I the ONLY one who caught this?
'What seemed UNTHINKABLE'?
1. Your quote above says Henry Kissinger THOUGHT of it decades ago.
2. I'm no Henry Kissinger, but with a little common sense and knowledge of history I also thought about Russia and China uniting....and I'm sure I am not the only one.
Once upon a time Nazi Germany and Japan, THE world's 'evil' super powers, teamed together to taken not just the United States but also the world.
The United States is the world's current unequaled super power for 'good' (or it used to be before we started helping terrorists take over the govt of sailed nations, helping terrorists who slaughtered 3,000 Americans kill other nation's rulers and take over their countries, and invading sovereign nations).
We are the reason the USSR collapsed and split apart, the one massive regret Putin voiced he had and wants to change. China wants to rule the world. The US stands in the way.
What makes more eventual sense than those 2 getting together one day?
UNTHINKABLE?
Seriously? No one else even THOUGHT this could happen?
For Neocons (and others) of a certain age, the possibility of a Sino-Soviet re-alliance seemed remote, at best, for decades:"The Neocons who Trump has appointed are accomplishing what seemed unthinkable not long ago: Driving China and Russia together – the great nightmare of Henry Kissinger and Zbigniew Brzezinski."
Am I the ONLY one who caught this?
'What seemed UNTHINKABLE'?
The World to Come
Michael Hudson worked as a wall street economist. He worked with the banks and big oil. Interesting guy actually. Grew up in a communist family before getting work on Wall Street.Who the hell is Michael Hudson? Democrats gave us the mess in Korea that remains unstable for more than a half century at a cost of around 50,000 lives lost in three years. Democrats gave us Vietnam and the insane strategy that could win every battle and still lose the freaking war. Bill Clinton bombed Yugoslavia when he was literally caught with his pants down and Barry Hussein destabilized Libya when it was no longer a threat.
If you're unfamiliar with Chris Hedges's writing on these subjects, you might want to correct that.Christ on a cracker George , i'd dismiss this as fantasy,save that i see/read some of what he mentions actually happening
Michael Hudson (economist) - WikipediaWho the hell is Michael Hudson? Democrats gave us the mess in Korea that remains unstable for more than a half century at a cost of around 50,000 lives lost in three years. Democrats gave us Vietnam and the insane strategy that could win every battle and still lose the freaking war. Bill Clinton bombed Yugoslavia when he was literally caught with his pants down and Barry Hussein destabilized Libya when it was no longer a threat.
How long do you expect the US military empire to survive?That's exactly what the OP's article is doing. That's what "dollar hegemony" means.
It's just another regurgitation of old, leftist, anti-American claptrap that has been around for decades
For decades the "deep states" of elite capitalist nations assumed the only threat to their continued economic pillage and plunder came from the political left.
And then came Trump.
"FEBRUARY 1, 2019
Trump’s Brilliant Strategy to Dismember U.S. Dollar Hegemony
by MICHAEL HUDSON
"The end of America’s unchallenged global economic dominance has arrived sooner than expected, thanks to the very same Neocons who gave the world the Iraq, Syria and the dirty wars in Latin America.
"Just as the Vietnam War drove the United States off gold by 1971, its violent regime change warfare against Venezuela and Syria – and threatening other countries with sanctions if they do not join this crusade – is driving European and other nations to create their alternative financial institutions..."
"The Neocons who Trump has appointed are accomplishing what seemed unthinkable not long ago: Driving China and Russia together – the great nightmare of Henry Kissinger and Zbigniew Brzezinski.
"They also are driving Germany and other European countries into the Eurasian orbit, the 'Heartland' nightmare of Halford Mackinder a century ago.
"The root cause is clear: After the crescendo of pretenses and deceptions over Iraq, Libya and Syria, along with our absolution of the lawless regime of Saudi Arabia, foreign political leaders are coming to recognize what world-wide public opinion polls reported even before the Iraq/Iran-Contra boys turned their attention to the world’s largest oil reserves in Venezuela: The United States is now the greatest threat to peace on the planet."
More taxes always equal a worse GDP....Public debt is a major threat to the US economy, but we have seen worse and survived:Can you imagine a day when the US will be on the receiving end of economic sanctions?
Exactly what many said when our GND exceeded our GNP.....~S~
Because we PAID THEM DOWN with big taxes and 5% annual GDP growth.
We now have more tax cuts than ever and can't break 3%
More taxes always equal a worse GDP....Public debt is a major threat to the US economy, but we have seen worse and survived:Can you imagine a day when the US will be on the receiving end of economic sanctions?
Exactly what many said when our GND exceeded our GNP.....~S~
Because we PAID THEM DOWN with big taxes and 5% annual GDP growth.
We now have more tax cuts than ever and can't break 3%
For decades the "deep states" of elite capitalist nations assumed the only threat to their continued economic pillage and plunder came from the political left.
And then came Trump.
"FEBRUARY 1, 2019
Trump’s Brilliant Strategy to Dismember U.S. Dollar Hegemony
by MICHAEL HUDSON
"The end of America’s unchallenged global economic dominance has arrived sooner than expected, thanks to the very same Neocons who gave the world the Iraq, Syria and the dirty wars in Latin America.
"Just as the Vietnam War drove the United States off gold by 1971, its violent regime change warfare against Venezuela and Syria – and threatening other countries with sanctions if they do not join this crusade – is driving European and other nations to create their alternative financial institutions..."
"The Neocons who Trump has appointed are accomplishing what seemed unthinkable not long ago: Driving China and Russia together – the great nightmare of Henry Kissinger and Zbigniew Brzezinski.
"They also are driving Germany and other European countries into the Eurasian orbit, the 'Heartland' nightmare of Halford Mackinder a century ago.
"The root cause is clear: After the crescendo of pretenses and deceptions over Iraq, Libya and Syria, along with our absolution of the lawless regime of Saudi Arabia, foreign political leaders are coming to recognize what world-wide public opinion polls reported even before the Iraq/Iran-Contra boys turned their attention to the world’s largest oil reserves in Venezuela: The United States is now the greatest threat to peace on the planet."
If you understood geopolitics, russia and china arent being driven together. That's what you're told to believe on the surface. Inserting the vietnam war as a precursor to the death of the dollar is another laugher. That was all started with the creation of the fed in 1912/13 under wilson. The next currency reset will be worldwide in digital form.Can you imagine a day when the US will be on the receiving end of economic sanctions?If you understood geopolitics, russia and china arent being driven together. That's what you're told to believe on the surface
Trump’s Economic Sanctions Have Cost Venezuela About $6bn Since August 2017
"Since gaining control over the global reserve currency, first through the Bretton Woods agreement and later through the introduction of the Petrodollar, the U.S. has often used the platform as an economic weapon to cut off nations they do not agree with from having access to dollars and to banking systems.
"However beginning in 2016, first in China and then later in Russia, the two largest banking and energy economies have themselves already implemented their own alternatives to SWIFT, and thus have lessened the effects economic sanctions have had on their countries.
"Should Europe be able to both use the Euro as a primary trade payment currency, and also implement their own SWIFT alternative, the power Washington has over most of the world's monetary systems will have evaporated to the point where one day they themselves could become the victim of economic isolation, and where the dollar simply disappears as the accepted reserve currency."
End of dollar hegemony ramping up as Germany's Foreign Minister calls for independent EU alternative to SWIFT ~ Shotgun Economics
We can make anything we need right here and tell the world to go fuck themselves. True story.
And then some!
I suspect much of the world would find that encouraging, especially if the US gives up its power of unilateral economic sanctions:We can make anything we need right here and tell the world to go fuck themselves. True story.
And then some!
Michael Hudson (economist) - WikipediaWho the hell is Michael Hudson? Democrats gave us the mess in Korea that remains unstable for more than a half century at a cost of around 50,000 lives lost in three years. Democrats gave us Vietnam and the insane strategy that could win every battle and still lose the freaking war. Bill Clinton bombed Yugoslavia when he was literally caught with his pants down and Barry Hussein destabilized Libya when it was no longer a threat.
"Michael Hudson (born March 14, 1939) is an American economist, Professor of Economics at the University of Missouri–Kansas City and a researcher at the Levy Economics Institute at Bard College, former Wall Street analyst, political consultant, commentator and journalist.
"He is a contributor to The Hudson Report, a weekly economic and financial news podcast produced by Left Out. Paul Craig Roberts argues that he is the best contemporary economist.
"Hudson graduated from the University of Chicago(B.A., 1959) and New York University (MA, 1965, PhD, 1968) and worked as a balance of payment economist in Chase Manhattan Bank (1964–1968).
"He was assistant professor of economics at the New School for Social Research (1969–1972) and worked for various governmental and non-governmental organizations as an economic consultant (1980s–1990s).
"Hudson has extensively studied economic theories of many schools, including Physiocracy, classical political economy (Adam Smith, David Ricardo and Karl Marx, among others), neoclassical, Keynesian, post-Keynesian, Modern Monetary Theory and many others.
"He identifies himself as a Marxist economist, though his interpretation of Marx is almost unique to him and differs from other major Marxists."
