1y ago

The U.S. Dollar Is ‘Finished’—Wall Street Legend Warns Trump’s And Biden’s China Nightmare Is Suddenly Coming True

www.forbes.com

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1y ago

The U.S. Dollar Is ‘Finished’—Wall Street Legend Warns Trump’s And Biden’s China Nightmare Is Suddenly Coming True

www.forbes.com /sites/digital-assets/2024/01/29/the-us-dollar-is-finished-wall-street-legend-warns-trumps-and-bidens-china-nightmare-is-suddenly-coming-true/

12 comments

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 🧐
Its pretty funny how allergic to dialectics these people are.
Dedollarization is a process that has been developing for quite some time, it is still years away from having qualitative impacts but it is happening nonetheless. This is not suddenly going to happen tomorrow, the dollar is not going to "catastrophically collapse" 😂 thats a pretty funny statement.
- Exactly, and the first steps are always the hardest. Once the initial challenges of establishing trade in local currencies have been solved, then we'll just see increasingly more trade happening outside the dollar. As you say, it's not going to happen overnight, it's going to be a gradual process.
Good thing I have $100 worth of Bitcoin. Its going to be worth billions.
Omg guess I'll go buy gold about it

12 comments