Years too early are better than seconds too late.
And now you know what the “War on Terror” is REALLY all about. — jtl, 419
What if the US lost its world reserve currency status? What might it look like?
I suppose the first question is; what does it mean that we have the “world’s reserve currency”? At the end of WWII the allies met at Bretton Woods and decided to use the US dollar as the official world currency and that it would be backed by gold. All worldwide trade would be priced in dollars and settled in dollars. Food, energy (oil), etc from around the world would be priced and paid for in USD. New York became the financial center for all world trade.
Fast-forward to President Nixon in 1971 and the USD was cut loose from the gold standard due to OPEC…
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