America was in practice running an empire that collected tribute from the rest of planet earth in exchange for entries in a database denominated in a currency they controlled and that was accepted everywhere. Really the only way it could go wrong is putting it under the control of someone who doesn't understand the kayfabe...
One less conspiratorial but more pernicious angle, is that attacking things that are good but complex is a great strategy for troll politicians who don't care about the success of their country but just like the attention.
See Brexit, and free trade in general.
It's a good way to get "the establishment" to gang up on you and defend something complicated while you present simple but wrong alternatives and promise the world.
I also think he's up for sale (as are all the other similar politicians) to a multitude of buyers, foreign and domestic.
Being a reserve currency puts a gun to your economy's head. It creates an asymmetry where domestic production of material goods has to jump a gap created by favorable exchange rates in PPP terms. Its great for the day to day life style of your citizens, as other economy's do indeed pay tribute, in a sense, to their consumption of goods produced overseas. However, being paid to do nothing becomes a real problem when the checks stop coming. We're basically the national equivalent of a middle manager who's forgotten all the skills that got him there, and we can voluntarily move back down and start to work in earnest again, or wait to get laid off with no severance.
It's as much a gun to adversaries' heads if they hold lots of your bonds (China used to hold over $1T in USTs) so they would have an interest in not having that blow up by not annoying the US so much they refuse to pay foreign bonds.
It's also kind of neat as a financial MAD instrument, because China obviously can't just get everyone to go into their brokerage and market sell a trillion in USTs so they get a lever to pressure the US with but they can't go nuclear without also vaporising their own value. So it works as a melting ice block on which diplomacy is forced on both sides.
The death of the UST as a reserve instrument would be a catastrophically bad loss, the only silver lining is that the melting ice block might still be enough by the end of this admin that the new admin might have enough to stand on to rebuild it should they realise the value of it.
> It's as much a gun to adversaries' heads if they hold lots of your bonds (China used to hold over $1T in USTs)
There is a complicated dynamic at play to consider there. Treasuries and the strength of the dollar only matter to wrt international trade, for both China and the US. You have to ask yourself if the value of the dollar went to 0 for that use case, who would be in a worse position, the one that sells dollars to support consumption, or the one that buys them as a tool for trade with 3rd parties?
> by not annoying the US so much they refuse to pay foreign bonds.
The problem with this is that a country can only refuse to pay their foreign bonds once. But the buyer can always dump them and scoop them up later for cheap when shit hits the fan.
As someone who lives a day to day life, I’m pretty happy for things that are good for my day to day life. Some abstract quasi moralistic reason that things should be tougher so we compete harder feels a little out of touch. I’d note that it’s not the case the US produces nothing, or that it’s lost its capacity to innovate. Effectively most technology, especially software, but hardware as well, is concentrated in the US. Some aspects of the heavy manufacturing and assembly line happens elsewhere but I’d level the middle manager more at the EU.
No, we are taking our advantages and lighting them on fire for no obvious reason. Backing into a rationale doesn’t make it rational. Its Christian nationalism fueling raging narcissism made malignant due to senility. Theres no experts, no adults, no experienced people - they’ve all be fired and replaced with sycophantic photogenic personalities. This is not good, there is no upside, it’s Nero hosting UFC while the empire burns.
The only out I see is nature helping end this or a total seismic change in Congress and removal from office. Then rebuilding can start and maybe there’s something to salvage. But I doubt it, and I expect the next generations will exist in the rubble of the colosseum.
I'm not going to take a side in the broader discussion here, however your response fails to engage with what was previously written.
> Some abstract quasi moralistic reason
What was presented was neither abstract nor moralistic. The argument was one of driving towards a cliff and taking preemptive action before reaching it.
No, it was driving towards a cliff and deciding to jump out of the car instead of pressing the breaks. If you're costing at work, worried about being laid off some day, the last thing you do is just quit; you job hunt and try to change habits. Pretending like we have to feel immense pain to strengthen the economy is the quasi moralistic reasoning of a moron
> Some abstract quasi moralistic reason that things should be tougher so we compete harder feels a little out of touch.
I don't see how any of those descriptions fit what I've said. Also, note, things should indeed not be tougher. A consequence of our economy being so focused on financialization of overseas productivity is that the wealth created from that activity tends to be much more concentrated than that produced from manufacturing, at least historically. Though, who knows if that would hold if onshoring took off in earnest.
> I’d note that it’s not the case the US produces nothing, or that it’s lost its capacity to innovate
Never said either of those things. I only stated that it makes domestic production harder/less profitable. Though, I'd also like to point out that that the largest companies in our economy are wholly dependent on the output of an island with grave geopolitical risks hanging over its head. China could collapse our economy overnight due to unchecked offshoring. That's not quasi, abstract, or moralistic, just a state we've created.
> No, we are taking our advantages and lighting them on fire for no obvious reason. Backing into a rationale doesn’t make it rational. Its Christian nationalism fueling raging narcissism made malignant due to senility.
I mean, I have named several, and all of which were put forth prior to Trump's term starting. I'm not a fan of Trump, but it would seem to me you are creating a narrative for yourself that doesn't fit history.
> Theres no experts, no adults, no experienced people - they’ve all be fired and replaced with sycophantic photogenic personalities.
I think Bessent is pretty good.
> This is not good, there is no upside, it’s Nero hosting UFC while the empire burns. The only out I see is nature helping end this or a total seismic change in Congress and removal from office. Then rebuilding can start and maybe there’s something to salvage. But I doubt it, and I expect the next generations will exist in the rubble of the colosseum.
Idk about rubble, but corruption does need to be curbed IMO. The current administration has not been good for the rule of law, in spirit. I do think some level of that is unavoidable however, as the judicial branch and executive branches have been sucking power from the legislature for going on 50 years, which also needs correcting.
The fact that he has done countless things that are harmful to the US and not a single thing that is in the country's best interests tells me all I need to know. Either he's aligned with an enemy or he just hates the country and wants to destroy it.
I disagree with probably the majority of Trump's main policy ideas, but I think a strong case can be made that his immigration policies are in the country's best interests. Not all of them, but as a whole.
Illegal immigration brings masses of people from more corrupt, disordered, and perhaps lower average intelligence societies into the US in conditions that make it hard for even the ones who are capable of assimilation to assimilate. It also constitutes a massive flouting of the law for the benefit of business, which sets a bad precedent and lowers public trust in institutions. It also contributes to rising racial tensions that encourage the growth of ethnic tribalism and weaken trust in liberalism.
If you really want to get rid of illegal immigrants, you don't need ICE doing sweeps.
Just make them unemployable. Setup an effective employment eligibility system, and require that employers verify the workers in the system before any payment over $100. Collect biometrics from workers and verify against IRS records. Employers that flout this get fines of 10x wages paid, up to N% of revenue, and maybe jailtime for owners and managers that knowingly violate.
What we have in the U.S. is a bunch of people and politicians loudly decrying illegal immigration and illegal employment, but enjoying the fruits of that illegal employment while paying a fraction of what legal workers would have to be paid.
There's huge appetite for a police state against the little guy, and no appetite for that same police state against business owners and managers.
I agree that your idea would be better. That said, it is still quite possible that even Trump's immigration approach is overall more good than bad for the country.
It's really not. They're deporting less people than Biden did during the same time[1]. They're spending record amounts of money per person deported as well.
I don't disagree that we should be deporting people faster, but this is not the way to accomplish that goal at all. Nor should we be building huge detention facilities. We should be making the process go smoother and faster, not holding people.
Even if Trump's approach is worse than Biden's, which I'm not sure of, that still does not mean it is bad for the country.
Counting deportations alone does not count people who decide not to come at all.
Also, note that I did not say that we should necessarily be deporting more people. I am actually pretty neutral on illegal immigration. But I am trying to address the question of what is good for the country, which is a different thing from what my personal preferences are.
Trump's immigration approach is not an approach - it's just an excuse for him to create his own Gestapo.
What was the point of sending ICE, a "domestic" agency, to the Winter Olympics, or letting them take over duties from the TSA? What does an "Immigration and Customs Enforcement" agency have anything to do at a foreign country? What's the point of the Secret Service then?
US will have to refinance $ 10T of debt next year. That's a gargantuan amount of money and I see no scenario in which this won't have quite higher yields than the expiring one, remnant of the low rate decade.
With foreigners and hedge funds less prone to buy US debt right now it's going to be quite interesting to see what will happen.
> More importantly, in the context of this discussion, every president since Bush's first term has had larger deficits than any previous president, regardless of party.
Taking on long term debt at or below the risk free rate _is the point._ It didn't devalue the currency because the global economy was structured around buying that debt. You just need to not jeopardize that second point.
And yet the current administration is fixated with trade balance (which conveniently ignores the most important US export that's not accounted: services).
Look at them countries sending food, cars, machinery for pieces of paper. They taking advantage of us!
The events of the last year certainly have a role to play, but the overall effect is just the result of trendlines that have been in play for quite a while.
> Gold has always been stable, because it is physically limited.
Incorrect. Physical scarcity matters, but it’s not the main driver. Gold’s price is far more sensitive to interest rates, dollar strength, sentiment and fear, speculative flows.
The stability it’s historically shown was mostly the result of fixed monetary systems, and those are long gone.
The real price of gold has been deflated by paper gold/futures trading, which has the effect of multiplying the perceived amount of gold in circulation without a necessary counterpart in physical gold. Financial institutions can within limits manipulate the price of gold so that it remains lower than it should be if the physical material had to be delivered.
its because you are measuring stable Gold in volatile fiat which is being printed every day depending on the factors you mentioned (interest rates, expectations of future growth, sentiment etc).
because you are getting paycheck in fiat, you are psychologically programmed to think of fiat as something stable, and Gold as volatile.
You're wrong; the prices of precious metals have never been stable, which is why bimetallic systems have always had a lot of problems papering over the notionally fixed exchange rate between coins of different metals.
That said, I agree that e.g. gold under a regime where most things for sale are priced in gold is more stable than gold as a novelty investment under a fiat currency regime.
When things are priced in gold, most of the demand for gold comes from the fact that it's useful as currency. All of the phenomena we have now still exist, and they disturb the price, but they're small effects compared to the demand for currency.
In the fiat regime, that source of demand is gone. All of the same random effects still push the price of gold around, but because the price is so much lower (due to much lower demand), the price swings are wilder.
You're seeing the result of something that's been decades in the making. You can see a simple table of dollar reserves here. [1] They've been consistently falling year over year for the past 27 years. And it's not like 1999 was anything particular. Rather the uptake leading up to 1999 as a peak was a result of shenanigans that happened in 1971 [2]. That's when the USD became completely unbacked by anything, enabling the government to start going arbitrarily far into debt. That had short to mid-term positive impacts and long-term catastrophic ones, as is the typical strategy in modern times.
People always exaggerate the impact of geopolitical things, because it feels like the biggest thing ever, especially when you're relatively young. But in reality we're always onto nonsense after nonsense. Countries have the wisdom and view to appreciate this, and so respond to geopolitical stuff (in action, not rhetoric) far more gradually than people do. They're certainly not going to just dump all their dollar reserves because of a single misguided war or even misguided president, or they'd have been gone long ago.
I hear you, the world is always ending. But, I am well past mid-life, I am a huge beneficiary of Pax Americana, and 47 feels like something truly different. Maybe it's just the end of a long pattern, but it is still the end. US-led NATO is dead, and the stability of the USA is dead, therefore the dollar's dominance is weakening.
Don't take my word for it. Listen to Mark Carney at Davos.
I think there is a realization that (1) US' checks and balances do not work, (2) Trump is not a "mistake" of voters and can repeat again.
This is the main reason that things are different. Most presidents were reasonable in their hegemony, and Trump's naked aggression makes everyone to hedge against US.
How can you reconcile the rest of your comment with:
> That had short to mid-term positive impacts and long-term catastrophic ones, as is the typical strategy in modern times.
Is the catastrophe still coming from the 70s to now? 50 years later? This is the most repeated quip that makes no sense. Same with companies, everyone just repeats "omg they only care about short term" and then years after years the company trots on.
But I guess it's easy to say since the defense is "oh just wait". As if the online commenter is able to see N+1 moves more than whoever they comment about, but that person just simply cannot. Like come on.
It’s not a self decapitation exactly. I think Trump, his family, his corporate donors, and other friends are all willing to sacrifice everyone else - including the lead America had - to make themselves rich and powerful. Every single decision to spend - defense, ICE contracts, AI, approvals of anticompetitive acquisitions, changes to regulations, etc - is making that circle richer at our expense.
They don’t care if American supremacy is lost or if the dollar crashes or if the national debt becomes a crisis. As long as they have their wealth. The public is being decapitated, not them.
True. In that sense the voters have self decapitated. I can’t understand how the Trump administration still has support from 40% of the country (per polls). I could understand voting for him due to some issue a voter has strong feelings about. But now we have seen it all play out and it’s a disaster leading to national ruin. And there is no talk of impeachment, trials, and accountability for everyone in his circle. So I guess that 40% DOES choose to self decapitate.
Media that is never critical towards one side is what started all of this. A politician's kryptonite is when their voters find out that they lied or were hypocrites. That is a universal truth.
Single party media outlets like News Corp, Sinclair, Euronews, and so many others have broken that system entirely.
My test to see if someone is a shill/moron is to simply ask them to say one obvious bad thing about "their side." If they cannot, it becomes clear that they are not worth listening to.
> and all the conservative news tells them what to believe
And most traditional news is conservative now.
The idea that the mainstream media was ever leftest was always wrong, but these days its absolutely laughable and yet a lot of people still parrot this like it is the truth.
The US lead over the EU in per capita productivity has massively grown over the last 20 years. There's no indication of waning American power.
America has produced 70 times more stock market wealth if you look only at companies created within the last 50 years than the EU. And this is not all paper wealth. If you look at technological sophistication, whether that's frontier AI models, leading-edge pharmaceutical drugs, total amount of compute, or the space industry, the U.S. has grown its lead over the EU over the last 50 years.
It's because the EU has largely fixated itself on reducing wealth inequality by punishing those who succeed. It's safety-maximalist approach to private industrial action has also hamstringed industry — see Germany closing all 17 of its nuclear power plants. The US doesn't really need to do much except not sabotage itself to maintain its lead. Like in all nations, laissez-faire (French for "leave it alone") allows the private sector to do the rest.
> It's because the EU has largely fixated itself on reducing wealth inequality by punishing those who succeed.
It's actually because America pivoted[1] from manufacturing to higher-margin services (financial, tech[2]), and generations of American Diplomats had negotiated trade deals that ensure American services are never shut-out or hobbled in most countries. American companies won't look so special,or be nearly as profitable, once they lose their default status that allow them to siphon money from all over the globe -including Europe
2. Silicon valley caught lightning in a bottle. Other American locales repeatedly tried and failed to replicate it - so it rules out American legislative attitudes as the vital ingredient.
Weakening your own domain to get powerful sounds clearly contradictory, yet there are so many examples of elites doing exactly that despite the fact that doing so must've required foresight and planning elaborate enough to not blind them from the consequences.
basically make decisions that make no sense but benefit you financially. Sample. you run a printing business. you dont own it just run it. you sell your main printer and assign a performance bonus to your self. next month your business is closed because you dont have equipment to print, but you also have your bonus in pocket.
Not really. It has more to do with gold is now worth almost 3x what it was 2 years ago.
And before you get too excited, this "news" from the World Gold Council. A consortium of gold mining corporations. Clearly it's a pump article "have you bought gold yet? everyone else is! why not you!?!?"
Not really. It has more to do with gold is now worth almost 3x what it was 2 years ago.
It's not like we've suddenly found new and exciting uses for gold though. The reason the price has gone up is because the demand for it has gone up, and the reason why demand has gone up is because people want an alternative to U.S bonds. A bunch of pump articles wouldn't be enough to lead to a 3x price increase.
I am actually convinced that the last year started the descent of the U.S. as the world’s super power. No wonder U.S. treasuries lost trust. It’s only going to get worse. It doesn’t matter what some billionaires do/get from their ability to manipulate some powers be. The rest of the investment community understands that free markets are strengthened by rule of law and adherence to the law and deploying a self styled socialistic distribution of economic capital is not signaling strength but weakness to the world.
Of course they can. You're pointing out that federal law currently prohibits it? I already understood that to be the case when I made my point.
> they're all going wherever the nation goes on this one.
Unless they all collectively decide on a different course of action. The constitution was left amendable. It has been done several times already. A simple option is to repeal the 17th and to return to a state assembly controlled federal senate.
That’s interesting. Hadn’t thought of it that way. I can’t for the life of me figure out why more blue states aren’t taxing their wealthy occupants to cover the gap in lost federal funding from DOGE. If they were smart they would start stretching that muscle.
The union of states arrangement has the side effect of putting the states in competition with each other for things like new/expanding businesses and residents. It's relatively easy to relocate (or even remain in a state while legally "residing" elsewhere). So there are diminishing returns to raising the tax rates significantly on the upper brackets at the state level. I'm not a believer in the trickle down theory but beyond a certain marginal rate many people would just move to a state with a lower rate.
this somehow excludes such human concept as sense of belonging. might be in usa it has atrophied already but sense of home is really important in some places. place where you spend most of your life, where you have you real social network, neighbors and childhood friends. sometimes its lower tax is not worth loosing it all. its not everything about money (for some)
ps im talking about real persons here, not corporations
You're talking about people who aren't ultra wealthy there. Once the tax bill gets high enough relative to elsewhere it doesn't make sense not to jump through the hoops to change your place of residence.
Too tired to write a novel like I usually would here, but we control the printing and, in large part, the distribution of USD. We don't control anything about gold. Then the USD was king, it entailed tremendous power and control in many ways beyond the obvious like the ability to try to kick people out of the 'global' economy. This is the not-so-secret purpose behind BRICS and dates back to issues starting in 1971.
That's only true if he's actually "your guy". There's an alternative where it's not stupidity that I think more people should be mulling over.
See Brexit, and free trade in general.
It's a good way to get "the establishment" to gang up on you and defend something complicated while you present simple but wrong alternatives and promise the world.
I also think he's up for sale (as are all the other similar politicians) to a multitude of buyers, foreign and domestic.
It's also kind of neat as a financial MAD instrument, because China obviously can't just get everyone to go into their brokerage and market sell a trillion in USTs so they get a lever to pressure the US with but they can't go nuclear without also vaporising their own value. So it works as a melting ice block on which diplomacy is forced on both sides.
The death of the UST as a reserve instrument would be a catastrophically bad loss, the only silver lining is that the melting ice block might still be enough by the end of this admin that the new admin might have enough to stand on to rebuild it should they realise the value of it.
There is a complicated dynamic at play to consider there. Treasuries and the strength of the dollar only matter to wrt international trade, for both China and the US. You have to ask yourself if the value of the dollar went to 0 for that use case, who would be in a worse position, the one that sells dollars to support consumption, or the one that buys them as a tool for trade with 3rd parties?
The problem with this is that a country can only refuse to pay their foreign bonds once. But the buyer can always dump them and scoop them up later for cheap when shit hits the fan.
No, we are taking our advantages and lighting them on fire for no obvious reason. Backing into a rationale doesn’t make it rational. Its Christian nationalism fueling raging narcissism made malignant due to senility. Theres no experts, no adults, no experienced people - they’ve all be fired and replaced with sycophantic photogenic personalities. This is not good, there is no upside, it’s Nero hosting UFC while the empire burns.
The only out I see is nature helping end this or a total seismic change in Congress and removal from office. Then rebuilding can start and maybe there’s something to salvage. But I doubt it, and I expect the next generations will exist in the rubble of the colosseum.
> Some abstract quasi moralistic reason
What was presented was neither abstract nor moralistic. The argument was one of driving towards a cliff and taking preemptive action before reaching it.
I don't see how any of those descriptions fit what I've said. Also, note, things should indeed not be tougher. A consequence of our economy being so focused on financialization of overseas productivity is that the wealth created from that activity tends to be much more concentrated than that produced from manufacturing, at least historically. Though, who knows if that would hold if onshoring took off in earnest.
> I’d note that it’s not the case the US produces nothing, or that it’s lost its capacity to innovate
Never said either of those things. I only stated that it makes domestic production harder/less profitable. Though, I'd also like to point out that that the largest companies in our economy are wholly dependent on the output of an island with grave geopolitical risks hanging over its head. China could collapse our economy overnight due to unchecked offshoring. That's not quasi, abstract, or moralistic, just a state we've created.
> No, we are taking our advantages and lighting them on fire for no obvious reason. Backing into a rationale doesn’t make it rational. Its Christian nationalism fueling raging narcissism made malignant due to senility.
I mean, I have named several, and all of which were put forth prior to Trump's term starting. I'm not a fan of Trump, but it would seem to me you are creating a narrative for yourself that doesn't fit history.
> Theres no experts, no adults, no experienced people - they’ve all be fired and replaced with sycophantic photogenic personalities.
I think Bessent is pretty good.
> This is not good, there is no upside, it’s Nero hosting UFC while the empire burns. The only out I see is nature helping end this or a total seismic change in Congress and removal from office. Then rebuilding can start and maybe there’s something to salvage. But I doubt it, and I expect the next generations will exist in the rubble of the colosseum.
Idk about rubble, but corruption does need to be curbed IMO. The current administration has not been good for the rule of law, in spirit. I do think some level of that is unavoidable however, as the judicial branch and executive branches have been sucking power from the legislature for going on 50 years, which also needs correcting.
Just make them unemployable. Setup an effective employment eligibility system, and require that employers verify the workers in the system before any payment over $100. Collect biometrics from workers and verify against IRS records. Employers that flout this get fines of 10x wages paid, up to N% of revenue, and maybe jailtime for owners and managers that knowingly violate.
What we have in the U.S. is a bunch of people and politicians loudly decrying illegal immigration and illegal employment, but enjoying the fruits of that illegal employment while paying a fraction of what legal workers would have to be paid.
There's huge appetite for a police state against the little guy, and no appetite for that same police state against business owners and managers.
I don't disagree that we should be deporting people faster, but this is not the way to accomplish that goal at all. Nor should we be building huge detention facilities. We should be making the process go smoother and faster, not holding people.
[1] https://en.wikipedia.org/wiki/Deportation_in_the_second_Trum...
Counting deportations alone does not count people who decide not to come at all.
Also, note that I did not say that we should necessarily be deporting more people. I am actually pretty neutral on illegal immigration. But I am trying to address the question of what is good for the country, which is a different thing from what my personal preferences are.
What was the point of sending ICE, a "domestic" agency, to the Winter Olympics, or letting them take over duties from the TSA? What does an "Immigration and Customs Enforcement" agency have anything to do at a foreign country? What's the point of the Secret Service then?
With foreigners and hedge funds less prone to buy US debt right now it's going to be quite interesting to see what will happen.
Taking on long term debt at or below the risk free rate _is the point._ It didn't devalue the currency because the global economy was structured around buying that debt. You just need to not jeopardize that second point.
Look at them countries sending food, cars, machinery for pieces of paper. They taking advantage of us!
Here's a world gold council (i know...) review/survey of central banks gold holdings from mid 2025 (https://www.gold.org/goldhub/research/central-bank-gold-rese...). It notes that gold purchases (by mass) have been elevated going back to ~2023.
Gold prices have also been on an upward trajectory ever since 2023 (https://goldprice.org/gold-price-history.html)
Whatever is happening now is bigger than actions over the last year.
It is the fiat currency debasement via unlimited money printing that makes the gold chart go up.
Imagine being in Zimbabwe or Weimar Germany and watching your stock portfolio and gold going up...
Incorrect. Physical scarcity matters, but it’s not the main driver. Gold’s price is far more sensitive to interest rates, dollar strength, sentiment and fear, speculative flows.
The stability it’s historically shown was mostly the result of fixed monetary systems, and those are long gone.
because you are getting paycheck in fiat, you are psychologically programmed to think of fiat as something stable, and Gold as volatile.
while in reality prices expressed in Gold ounces remained fairly stable for example: https://i.redd.it/1b5mfrqkxxef1.jpeg
That said, I agree that e.g. gold under a regime where most things for sale are priced in gold is more stable than gold as a novelty investment under a fiat currency regime.
When things are priced in gold, most of the demand for gold comes from the fact that it's useful as currency. All of the phenomena we have now still exist, and they disturb the price, but they're small effects compared to the demand for currency.
In the fiat regime, that source of demand is gone. All of the same random effects still push the price of gold around, but because the price is so much lower (due to much lower demand), the price swings are wilder.
It's like witnessing a self-decapitation.
People always exaggerate the impact of geopolitical things, because it feels like the biggest thing ever, especially when you're relatively young. But in reality we're always onto nonsense after nonsense. Countries have the wisdom and view to appreciate this, and so respond to geopolitical stuff (in action, not rhetoric) far more gradually than people do. They're certainly not going to just dump all their dollar reserves because of a single misguided war or even misguided president, or they'd have been gone long ago.
[1] - https://en.wikipedia.org/wiki/Reserve_currency#Global_curren...
[2] - https://en.wikipedia.org/wiki/Bretton_Woods_system#Nixon_sho...
[2] - https://wtfhappenedin1971.com/
Don't take my word for it. Listen to Mark Carney at Davos.
This is the main reason that things are different. Most presidents were reasonable in their hegemony, and Trump's naked aggression makes everyone to hedge against US.
> That had short to mid-term positive impacts and long-term catastrophic ones, as is the typical strategy in modern times.
Is the catastrophe still coming from the 70s to now? 50 years later? This is the most repeated quip that makes no sense. Same with companies, everyone just repeats "omg they only care about short term" and then years after years the company trots on.
But I guess it's easy to say since the defense is "oh just wait". As if the online commenter is able to see N+1 moves more than whoever they comment about, but that person just simply cannot. Like come on.
They don’t care if American supremacy is lost or if the dollar crashes or if the national debt becomes a crisis. As long as they have their wealth. The public is being decapitated, not them.
Single party media outlets like News Corp, Sinclair, Euronews, and so many others have broken that system entirely.
My test to see if someone is a shill/moron is to simply ask them to say one obvious bad thing about "their side." If they cannot, it becomes clear that they are not worth listening to.
It turns out that progressives are just as easily fooled as any other group, by a slick turn of phrase. For example, "Genocide Joe."
I once thought my group was more thoughtful. But, it turns out that ALL of us are easily programmed meat machines.
Voted for Obama, he totally messed up with Russia and Crimea.
I could go on, and on. I believe that the only -ism I can believe in is fallibilism.
And most traditional news is conservative now.
The idea that the mainstream media was ever leftest was always wrong, but these days its absolutely laughable and yet a lot of people still parrot this like it is the truth.
America has produced 70 times more stock market wealth if you look only at companies created within the last 50 years than the EU. And this is not all paper wealth. If you look at technological sophistication, whether that's frontier AI models, leading-edge pharmaceutical drugs, total amount of compute, or the space industry, the U.S. has grown its lead over the EU over the last 50 years.
It's because the EU has largely fixated itself on reducing wealth inequality by punishing those who succeed. It's safety-maximalist approach to private industrial action has also hamstringed industry — see Germany closing all 17 of its nuclear power plants. The US doesn't really need to do much except not sabotage itself to maintain its lead. Like in all nations, laissez-faire (French for "leave it alone") allows the private sector to do the rest.
It's actually because America pivoted[1] from manufacturing to higher-margin services (financial, tech[2]), and generations of American Diplomats had negotiated trade deals that ensure American services are never shut-out or hobbled in most countries. American companies won't look so special,or be nearly as profitable, once they lose their default status that allow them to siphon money from all over the globe -including Europe
1. https://americanbusinesshistory.org/2022-updated-largest-com...
2. Silicon valley caught lightning in a bottle. Other American locales repeatedly tried and failed to replicate it - so it rules out American legislative attitudes as the vital ingredient.
if American political system allows President to do that and allows such President to be elected, than such system deserves to die.
US voters were so worried that South America would come to them, that they have become the worst of South America.
this is what trump is doing: selling America short
And before you get too excited, this "news" from the World Gold Council. A consortium of gold mining corporations. Clearly it's a pump article "have you bought gold yet? everyone else is! why not you!?!?"
It's not like we've suddenly found new and exciting uses for gold though. The reason the price has gone up is because the demand for it has gone up, and the reason why demand has gone up is because people want an alternative to U.S bonds. A bunch of pump articles wouldn't be enough to lead to a 3x price increase.
Are you saying that the price of gold just spontaneously went up?
From over hear it seems like the age of Pax Americana is over, and gold at ~$4,600 is one of the results.
Ofc those with an incentive of higher priced gold will tell to buy gold. Only time will tell if they were right.
States can't issue their own currency, they're all going wherever the nation goes on this one.
Of course they can. You're pointing out that federal law currently prohibits it? I already understood that to be the case when I made my point.
> they're all going wherever the nation goes on this one.
Unless they all collectively decide on a different course of action. The constitution was left amendable. It has been done several times already. A simple option is to repeal the 17th and to return to a state assembly controlled federal senate.
ps im talking about real persons here, not corporations
Source: https://tradingeconomics.com/country-list/gold-reserves