Profligate spending and our overuse and abuse of Sanctions are causing even our friends to be considering non-dollar alternatives with trading partners into the future. The Saudis are in negotiations to accept the Chinese Yuan in payment for oil which would officially end their long standing agreement with the US that only the dollar would be accepted for oil purchases. If and when that happens (and it almost certainly will prabably soon) it will mark the beginning of the end of Dollar Hegemony and the so called 'Exorbitant Privilege' we have enjoyed for decades. What that means to you and me is that we will be paying more (perhaps much more) for almost everything imported into our Country.
Link: https://www.zerohedge.com/geopolitical/five-warning-signs-end-dollar-hegemony-near-heres-what-happens-next
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It could be the International Monetary Fund's SDR (Special Drawing Rights) which consist of a basket of currencies including the dollar but even our friends are not going to put up with the loss of sovereignty inherant in our ability to confiscate their financial holdings in dollars any time we wish. Our harsh Sanctions re: Russia have forced them to rethink how they hold their financial assets and many are considering dollar alternatives as we speak.
Additionally, the Chinese are ready to introduce a Gold backed Yuan to compete with our Fiat Dollar (backed by nothing except our pomise to print more if we need to). No one has ever printed their way to Prosperity. If that were possible Zimbabwe and Venezuela would be the Garden spots of the World and they have been forced to eat their pets in both countries after trying to do so.
I don't know. It's a saying people use...
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