I am among those who hope that the dollar will no longer be an international currency, but in reality, there is no country as strong as the United States today. Although in terms of trade and finance, American domination has been shifted by China, but the Dollar still controls more than half of global foreign exchange reserves. While the Euro is only one-third of the dollar portion while the Yuan contributes one-hundredth of a dollar portion.
The main legitimacy of the dominance of the American currency in the world is MILITARY POWER. The number of countries in the world is around 200 but America has almost 800, military bases outside the United States, besides that the US military budget is super WOW.
America is a country whose grand plans strategy has not changed since the first world war namely control of world wealth and America will keep it forever in American hands. America with the shadow's support is a force too big to conquer. China is indeed now challenging America but China itself with OBOR is happier if the dollar strengthens and even deliberately often weakens the Yuan currency for trading profits.
Germany and Japan as countries losing the war in the shadows of the United States while Europe also needs America to balance Russia's power, if the third world war really flares up.
The main legitimacy of the dominance of the American currency in the world is MILITARY POWER. The number of countries in the world is around 200 but America has almost 800, military bases outside the United States, besides that the US military budget is super WOW.
America is a country whose grand plans strategy has not changed since the first world war namely control of world wealth and America will keep it forever in American hands. America with the shadow's support is a force too big to conquer. China is indeed now challenging America but China itself with OBOR is happier if the dollar strengthens and even deliberately often weakens the Yuan currency for trading profits.
Germany and Japan as countries losing the war in the shadows of the United States while Europe also needs America to balance Russia's power, if the third world war really flares up.
That's certainly true, mate. While there is no other country as strong as the United States, there's a possibility it could "fail" in the long run. After all, empires have come and gone over time. The Roman Empire was strong in its time, but it experienced its demise thereafter. This tells us that nothing lasts forever. The process of the US losing world dominance might be a slow and steady one. As the COVID-19 pandemic continues to harm the economy, the FED will continue to print money to no avail. Inflation will rise like never before, weakening the value of the US Dollar. The effects will be worse the more the pandemic lasts in America.
Remember, the United States has far more people with COVID-19 than other countries worldwide. The difference is by a large margin. I believe that other countries with lower cases of COVID-19 will be able to manage their economy better, being at a better stance than the US. As China is getting closer to launch its own "digital Yuan", it might become the next reserve currency of the world. It'll be survival of the fittest as the US and other countries fight their way towards supremacy. The country with the leading edge in military, and most of all, technology, will be the one that will dominate the world's economy.
Maybe I'm wrong, and the US sees the light at the end of the tunnel once COVID-19 fades into oblivion. For now, we'll be living in uncertainty until a vaccine or cure against COVID-19 is released. If the world's economy continues to collapse even after COVID-19, then Bitcoin and other decentralized cryptocurrencies will be the safe-haven assets of choice from people in the mainstream world. Just my opinion
