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Comment by rayiner

16 days ago

Doesn’t that seem fake to you? To me it sounds like a scam that’s destined to collapse in spectacular fashion.

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rayiner

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wesapien  16 days ago

Fake, no not at all. Look around your where live. Think about who, where, and how those things were made. Scam? From whose perspective? There is only one global reserve currency. For all intents and purposes, that is the crown and heavy is the head that wears it. Sure it feels like a scam for anyone outside of the 1% or the political class or the plutocracy.

The world followed the lead and it just wanted reciprocity (exclude the enemies of course). What seems fake to you and who is getting scammed by who?

  • rayiner  16 days ago

    I’m saying it seems like a scam when we consume more than we make by giving other countries pieces of paper. Why doesn’t the EU make the world’s reserve currency if that’s so great? Why doesn’t China try to make the Yuan the world’s reserve currency?Why did Angela Merkel cry when Obama tried to get Germany to engage in deficit spending? https://www.express.co.uk/news/world/1084075/EU-news-Angela-...

    And why do other countries keep doing it if we are the ones getting the better end of the deal?

    • wesapien  16 days ago

      Read up on 1900s world history and what path dependency is. The dollar is the reserve currency because the USA won the title of world power near the end of the first of half of the 1900s. It was formalized in the Bretton Woods agreement in 1944. The US helped win the war and gained enormous trust and goodwill around the world which it has slowly been squandering since then. POTUS hit the turbo button just a few months ago.

      The PRC has strict controls of their money because that is how they can became the factory of the world. They played the hand that were dealt with and battled adversity and they are reaping the rewards.

      The president said today that the US trade partners and allies/friends have been taking advantage. You can easily verify if that is true or false. US capitalists moved production overseas to make more money at the expense of the local workers. That's the scam.

    • _DeadFred_  15 days ago

      The PRC were subsistence farmers when they pegged their money.

      Ths USA was the number one economy when Trump pegged us.