One wonders if this is actually a UBI experiment: How to incentivize high earners to keep working, while transferring wealth from them to those who are not working.
God help us indeed if the USD loses its reserve currency status. Then we'll have to get serious about balancing the budget. Therefore, anyone who supports policies that assume the US has infinite money had damn well better support whatever aggressive foreign policy is needed to maintain the position of the USD... but that's a tangent...
The reason the dollar works as a reserve currency is that US Treasury bonds are the safest financial instrument in the world. There's no reason for the status to change as long as that remains the case (which is one reason, though not the only one, why it was so completely idiotic and crazy for Trump to say he would "do a deal" on the national debt back in 2016 -- the only way to "do a deal" on the debt would be to default on our bonds, at which point US bonds would no longer be the safest financial instrument in the world).
The Chinese economy is growing faster than the U.S.'s, and will continue to do so for many years. They have displaced the U.S. as the top trading partner for most countries in the world, and their dominance in that arena is still rising.
One of their primary policy goals is to displace the dollar as the global reserve currency.
One wonders if this is actually a UBI experiment: How to incentivize high earners to keep working, while transferring wealth from them to those who are not working.
God help us indeed if the USD loses its reserve currency status. Then we'll have to get serious about balancing the budget. Therefore, anyone who supports policies that assume the US has infinite money had damn well better support whatever aggressive foreign policy is needed to maintain the position of the USD... but that's a tangent...
The reason the dollar works as a reserve currency is that US Treasury bonds are the safest financial instrument in the world. There's no reason for the status to change as long as that remains the case (which is one reason, though not the only one, why it was so completely idiotic and crazy for Trump to say he would "do a deal" on the national debt back in 2016 -- the only way to "do a deal" on the debt would be to default on our bonds, at which point US bonds would no longer be the safest financial instrument in the world).
The Chinese economy is growing faster than the U.S.'s, and will continue to do so for many years. They have displaced the U.S. as the top trading partner for most countries in the world, and their dominance in that arena is still rising.
One of their primary policy goals is to displace the dollar as the global reserve currency.
I guess we'll see...