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“I expect that the United States will lose its monopoly on having the world’s only reserve currency.”
“This is so important because it has allowed us to live above our means for a long time as the world produces goods and we “print” dollars to get tangible assets. This will be greatly diminished if we lose this advantage. (Things will cost a LOT more!).”
“given us the ability to have the world’s premier military and has also allowed us to bully non-compliant countries”
“It has been my opinion for quite some time that we have abused our authority and now the rest of the world is implementing ways to move away from having dollar-denominated trade.”
Comment:
The USA has no monopoly. “They” do. Imo that info is way way off base. First of all, “WE” are not “we”. The global international Banks and Corporations are the “we” doing business in our name only, USA.
“We” living above our means?” What does that mean? We can afford to pay for a huge military and give it away for free for foreign global use? “We” are wealthy enough that we can throw our taxpaying manufacturing workers under the bus, and buy cheap foreign made products instead? And avoid hiring our fellow countrymen?
“We” abused our authority? Wrong. THEY abused their authority, and THEIR dollar going lower is a very good thing for Americans, and BAD for other countries. THAT’S why they want to dump the dollar.
When its good for us finally, and bad for them, they want to change it over to the Chinese Yuan, and screw the Chines people for global banking and business advantage.