news
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This could break the US financial powers. Correct?
Yes, this will eventually break our reserve currency status which would plunge the US into a fiscal nightmare situation. Our debt would finally matter and inflation would be seen like never before.
They are purposely plunging it imo because the tech bros who backed Trump have a ton of crypto and their value isn’t denominated in USD, it’s denominated in assets. They also don’t give a shit about a functioning US because they can flee and go anywhere. The USD failing will not impact their wealth, and, at least in the short term, it will give them more. This is a perfect scenario in which the world might shift to a “currency” they already have a massive stake in. It’s essentially the equivalent to bringing a company they own a huge stake in, public, except at a currency level. It’s extremely dangerous and the USD is kind of the main obstacle. Even if Bitcoin is never actually used as a currency (and it’s not which means its intrinsic value imo is even less than a single dollar) as long as the charade keeps up, they can capture a large amount of wealth that they can translate to real assets over time
If an oil-rich country breaks from the petrodollar and aligns with another currency, I think that would mark a very obvious end to US hegemony. Otherwise just a slow shift in what trade is denominated in