KEY POINTS
While de-dollarization is not exactly a new phenomenon, the narrative has changed.
De-dollarization in ASEAN is expected to pick up pace, according to the Bank of America.
Some Asian economies have the greatest potential to repatriate their foreign earnings or assets back to their local currencies.
It was never deserving of being the reserve currency.
There were at least face-value arguments for it before.
A universal global currency isn’t a bad idea, necessarily, but putting all that power in the US’s hands was always bad. Any time anyone tried to do anything the US didn’t like they’d get slammed with structural readjustment and sanctions and blockades and regime change. It was always a tool of underdevelopment and imperialism.
Ask Cuba how great it was that the dollar was the reserve currency.
That’s a problem no matter who is in charge. Think China, Russia, etc would act any different with that same power? Theoretically, a blockchain currency could be a solution but as is they’re either a scam or investment rather than currency.
In a multipolar world there is no one country that gets to be in charge.
It is the solution. You want an asset not liquid as what backs the currency. Proof of stake is scam/gambling. Proof of work is investment/asset. There’s only one established game in town.
Better than global rubels
WHAT ABOUT RUSSIA THOUGH??
No such thing. Kievan Rus getting their name jacked by Moscow trash.