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De-Dollarization Is Happening at a ‘Stunning’ Pace, Jen Says (www.bloomberg.com)

submitted 6 months ago by yogthos@lemmy.ml to c/worldnews@lemmygrad.ml

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[–] PostingInternational@lemmygrad.ml 1 points 6 months ago (3 children)

This is an old article. I asked the Marxist economist Michael Roberts for the next recession blog about it, but he said IMF numbers do not confirm what is being said here, so cautious with the optimism.

[–] yogthos@lemmy.ml 2 points 6 months ago (2 children)

I expect that the trend is irreversible now that BRICS is a bigger economy. Everybody understands the risks of using the dollar, but there simply wasn't an alternative before. What's most likely to happen is that we'll have two major economic blocs around BRICS and G7, with the latter being dollar based.

[–] PostingInternational@lemmygrad.ml 2 points 6 months ago (1 children)

Me too, I just hope to see the USD dethroned during my lifetime. If Michael Hudson is right, the entire US military machine that runs on the fact USD is the global reserve currency, would crumble with it.

[–] yogthos@lemmy.ml 2 points 6 months ago

I do think he's correct there. The ability to issue unlimited currency is premised on constant demand for the dollar. Once that demand starts dropping, then dollar based economy starts shrinking.