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Stephen Walker's avatar

At the exact moment that the US dollar loses its reserve-currency status, the US empire will cease to exist. Yes, I know, it's not going to be literally a single moment, like switching off a light bulb, but the principle still applies. The process of the US dollar losing its special--hegemonic--status has been put in train by the seizing of Russian Federation central bank assets. There's no going back now. They've given the game away that US dollar assets are entirely at the whim of empire managers no matter where dollars are deposited. They can be frozen (seized, cancelled) arbitrarily and with total impunity. The non-Western bloc major players are all making preparations to exit their US-dollar dependency. How long will it take to fell the giant once and for all? No one knows of course, but I'd give it 10 years, tops. Yes, with the demise of the main denominator of trade and assets, financial chaos will ensue, but many countries are already showing agility in building up their resilience. Without the dollar's "special powers", the US cannot maintain its sprawling empire, and I doubt it will even be able to sustain its federal system of governance in any recognisable form.

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Feral Finster's avatar

The rest of the world is learning that the much-hyped "Muh property rights and Rule Of Law" is so much hot air, as the United States and its lackeys will deny both to anyone who gets crosswise with the Empire.

Very dangerous to keep one's assets in such lawless and arbitrary jurisdictions.

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