The rest of the world can forget America. They are screwed...

@swirlie The original system, if it had been left alone would still work. It was in fact the creeping corruption by the US itself that built in the falure. Tghe abandonment and debasement of the original "gold" standard has always been too tempting for the nation playing the bank. Then there is the greed that uses the economic power to game the systewm. A different, but equally pernitious form of extortion to tilt the playing field unfairly. Just as we see now..😷

@whowasthatmaskedman

So because we are not seeing this tilting of the playing field in other more advanced economies around the world, their systems are functioning as originally designed, is that what you're saying?

@swirlie No. The field as dominated by the $US is in a constant state of tilt in favor of the US. Other countries trade agreements reflect how favourable their position is to the US. So the Saudis and the Israelis both get great deals on arms and weapons, in spite of having totally different trade profiles, because of "other factors" like oil and foreign policy, which have nothing to do with actual economic trade. The US muddies the trade waters with all nations for its own purposes. And in my view went a bridge too far under Trump and broke the system..Allowing BRICS to create an alternative, which is now slowly replacing the $US as a reserve currency
😷

@whowasthatmaskedman
Because BRICS does not include the USA in their equation, do you think the US will eventually have no choice but to surrender to BRICS?

@swirlie There are a lot of variables. And "eventually" is a long time. But I do foresee a time when some trading partners of the US will insist on some other form of payment than $US in exchange for goods..😷

@whowasthatmaskedman
I've always wondered why the Canadian Dollar even exists, or has existed in namesake for as long as it has. When I think of European countries using the EURO, it makes me think that Canada would be better off using the EURO as well, since that is where Canada's economics interests are heading. Would you agree?

@swirlie Long term thats a complicated question I would have to nut out (The sort of thing they used to pay me for) But for now my gut says there is no advantage to going Euro for Canada. As long as the $C stays stable within Canada, it is doing its job. And it will better stand the variabilty that outside influences may cause. In the scheme of things Canada seems to be making all the right moves right now. And the $C should benefit from that long term, relative to other currencies..😷

@whowasthatmaskedman
Okay, in that case I'll delete my letter to Mark Carney suggesting we abandon use of the $C on your advice. Thanks!

@swirlie The $US is heading in the general direction of the Zimbabwe currency, the Reichmark and the Confederate Greyback, for pretty much the same reasons. A lot od druglords, Despots and Dictators who have shipping containers full of these things will be very unhappy when that happens. But in fact it will be realligning the value of the currency with what it is actually worth in value. Thats why the lowering of interest rates now. So the rich can borrow mofre, to buy more assets and hedge against what is coming. But any responsibily managed sovereign currency will come out the other side OK after a bumpy ride..😷

@whowasthatmaskedman
I can see that happening! But I'm not sure it was a good idea for the Fed Chairman to lower the US interest rates by .25% a couple of days ago. He was dead against it only two weeks ago, yet here they are now...

@swirlie It doesnt matter what they do.. Superman and Harry Potter working as a team cant save America now..Trump just trashed the last card the US had. Its goodwill..😷

@whowasthatmaskedman
Ahh yes! The old 'goodwill' thing... They can't buy that stuff with any amount of cash.