Yes but countries don’t have all their reserves in USD, they’re invested to different degrees.
And with alternatives there outside of USD, there should be an ability for countries to protect their people but that’s “in theory”, when the US war machine is your defense umbrella that becomes a very muddy picture hence why I say countries will dollarise - they’ll be forced at the barrel of uncle Sam’s gun.
and yet the people still have to deal with another local money printing game, i'm not sure but to dollarise seems a better option for the people than the much worse currency
Short term it is better to dollarise, medium to long term they’ve just hitched their lifeboat to the titanic.
Not even #Bitcoin will save nation states in the long run - they’re fundamentally incompatible with the new economic structure it enables and they cannot adapt to the economic power going to the edge.
Woah, that last part hit me hard. I have known it a long time, but it was put so succinctly here. When a State is no longer able to steal wealth or intercept the acquision of it, it will cease to be a State, and it will become a seller in a market, in one form or another.
Correct. Without the coercive power to centralise money, and with no means to seize it as with physical assets regardless of how many armed goons they have, the State as we know it will be forced to drastically change.
I don’t believe it will wither away ala the Marxist utopia, but the terms of its existence and people’s interaction with it will look nothing like what we have today.
