This rant might be a little disjointed…
So, a tectonic shift is happening. I would say this is the end of globalization as we knew it. It could entail both the fragmentation of the World into various civilization clusters but also new ways of international interaction. Perhaps this is not the end of globalization but rather a Western oriented globalization. The BRICS is sort of a rebellion of the rest against the West.
Dollar might be the most used foreign currency at the moment but the US government has been using the dollar to punish countries that misbehave. Russia and Iran have a direct interest at dedollarization. China and Saudi Arabia are looking for alternatives that they could employ should they find themselves in a similar situation. But a large part of the World have their heads deep in America’s arse.
There really is only one currency for an ecosystem. And it is going to be either the dollar or the BRICS digital token if they launch something like this. This idea made me a BTC maximalist. There really should be one currency to rule them all, and due to the vanity of the national governments there isn’t. The Euro has been a project aiming in that direction but the Euro is a crap currency and it in my opinion keeps Mediterranean countries poor.
Equality and neutrality are important. We lived for a long time in an unequal World, where the West issued the currency, and set the prices, and this World is coming to an end. Grain will be traded at exchanges outside the US, and other commodities will be traded without Western input. The West will lose its advantage but I am not certain how quickly the adoption of the new system would be. Would countries like Saudi Arabia, Japan, or the countries of Europe ditch the dollar, will they use it alongside whatever arises from BRICS?
Murica is still the largest economy per capita at least. It is the leader in energy, AI, and aerospace. It has a large network of vassals that suck up to it out of fear or awe. Historically, the global currencies were dethroned by wars. The Spanish Hapsburgs that introduced the dollar to the World (the dollar has its origins in the Bohemian mining town Joachimsthal, the Thaler became the dollar) became bankrupted by Wars of Religion in Europe, the Dutch lost war to the English. The Second World War has weakened Britain so much they gave in to Americans. So, will there be war?
Insomniac Resurrected 
I mean there’s war already, you just can’t have full blown war since nukes. The real drama for USA is if the countries actually decide to keep the dollar but without US supervision. I mean right now Russia still does some trade in dollars with countries that don’t care what US says.
“Exclusive: Billions in dollar and euro notes reach Russia despite sanctions” recent article from Reuters says a little bit about it. And anyway small look in history and USA went from gold to oil standard due to British and Soviet trade been done in dollars, and to some extent French and West Germany as well.
Now there’s lot of things to talk about, like proper economist can write a book, but in general, world stopping to use dollars is like second best option for USA, lol. Going back to previous state is the best, but it’s far from perfect. Any hybrid situation, where dollar is used to trade between the west and the rest, or oil is traded in whatever but some random stuff is still dollar dominated is real nightmare.
I mean current situation is hybrid, because of Russian gas and oil isn’t traded in dollars. I was listening some theory that nord stream gas was supposed to be traded in euros, no idea was that the case, and that’s why US opposed it. But in general, right now Russian energy is mostly traded in other currencies and it’s causing the US printing machine to overheat. It’s not the Biden or whatever.
So it’s not that simple for USA, I mean they technically could lose the control of their own currency, like the tables could flip and dollar would bully them. Sure infinite printing is good for Wall Street boys, but not so good for average American. The real wage graph since 1970s shows it, oh and that graph is also matching energy consumption per capita.
And yeah energy consumption per capita in general is the best indicator of living standard. Sorry for wall of text.
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That’s alright, I could not hope for a better comment.
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