The U.S. Dollar Is ‘Finished’—Wall Street Legend Warns Trump’s And Biden’s China Nightmare Is Suddenly Coming True
The U.S. Dollar Is ‘Finished’—Wall Street Legend Warns Trump’s And Biden’s China Nightmare Is Suddenly Coming True
The U.S. dollar will catastrophically collapse in the face of China's surging economy, according to one Wall Street legend....
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Bove, who sees bitcoin and cryptocurrencies as winning in a post-dollar dominant world
And with that this guy has lost all credibility he might have had.
He is right tho (not on bitcoin), Central Bank Digital Currencies (CBDC), which are cryptocurrencies, are going to be very important in the next decades. China-HongKong-Taiwan are already using CBDCs to make payments between them, for a long time these transactions have been filled with inefficiencies and mediators because of the use of the dollar.
would've been more interesting if you addressed the actual point he made
The dollar is doomed, according to Bove, because "the people making the goods elsewhere are getting greater and greater control of the means of production and therefore greater and greater control of the world economy and therefore greater and greater control of money."
I've come to the sudden realization that fiat money, as we know it, is backed on the ownership of the means of production 🧐
At the end of the day, an economy is a model for allocating labour and resources in a way that meets the needs of the people.
Measures such as the stock market and GDP were meant to act as proxies for measuring how well the economy was accomplishing its stated purpose, which is to improve the standard of living for everyone. Understanding that these metrics are simply proxies has been lost today, and they've been turned into goals of themselves. People have started treating the stock market and GDP as the economy.
When push comes to shove though, control over the means of production is what matters. Western countries allowed their financial capitalists to ship their domestic industries out to cheaper markets, and now that the west is no longer able to subjugate the countries where production happens it's becoming a nightmare for the west.
Also it means that the west no longer has the military strength to enforce their ownership, as we saw recently in Africa (Faso and Niger). I am bold to say that many countries are lagging in taking back their ownership of production because theyre ideologically conquered.
Exactly, and this is a self reinforcing process. The more countries shake western oppression off the easier it becomes for other countries to do the same.
Always has been.