Yup. US dollar is not the reserve currency because it's attractive. It is the reserve currency because there simply is no alternative. There simply is no asset that can hold hundreds of trillions of dollar.
kokolowlander
joined 3 weeks ago
TIL About the Smoot-Hawley Act, Which was the 20% Across the Board Tariff That Deepened the Great Depression and Resulted in the Largest Senate Seat Loss in History
TIL About the Smoot-Hawley Act, Which was the 20% Across the Board Tariff That Deepened the Great Depression and Resulted in the Largest Senate Seat Loss in History
Tariff is a consumption tax. The poorest spends most of their income on consumption like groceries, clothing, car parts, etc. The price of all of that is going up.
Next stockmarket wipeout reduces wealth of middle class the most, who in turn reduces spending on services that employee working class people.
Poorest always gets hit the hardest in any negative economic event because they are poor.
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Only thing American voters cared about was American soldiers dying. Majority of Americans didn't even remember or cared that a million Iraqis died.