The argument that the erosion of the dollar’s global status could benefit the US is gaining traction in Washington. That move would be a needless act of self-harm.
The argument that the erosion of the dollar’s global status could benefit the US is gaining traction in Washington. That move would be a needless act of self-harm.
I doubt Trump thought that far but his posse of inside traders certainly did. And they’re (probably) right.
BTC will never replace the petrodollar, but already acts as a refuge asset exactly like gold. It is valuable because it is reliably scarce and reliably in demand. It is not unreasonable that with US bonds cratering and the fed causing Turkish levels of inflation on Trump’s orders, some investors would divert some of that money to (perceived) alternatives such as gold and crypto. Much to the pleasure of Trump’s buddies.
What’s bizarre to me is that a lot of billionaires not close to the Trump syndicate will be getting fucked on the collapse of the US economy and it’s hard to believe they are getting a better deal than under Biden when the stock market was booming and they could already buy politicians and newspapers for relative peanuts. The supposed deep state is doing a really bad fucking job of fighting for its own survival.