RE: China's Gold-Backed Crypto-Currency Will Blindside US$ ~ Max Keiser … (Death of the Dollar–12) with Link to Full Story and Video
Dear @majes.tytyty
China could easily kill the US$ by opening up a “catastrophic trapdoor” under the US economy.
I actually disagree with you. Currently China is very dependent on US dollar and need it desperately. As long as China is using US as a reserve currency and is paying for oil in USD - things will not change.
And to replace USD, China would require their own currency to be strong, stable and it should enjoy worldwide trust. And trust towards China all over the world seem to be vanishing. 2019 was hard for US, but so so much harder for China. I would rather expect Economic collapse starting exacly there.
China could put a final nail in the coffin of the US dollar.
Again, I don't think so. In my opinion nothing will change - as long as majority of debt across the world (also household debt, corporation debt) and as long as countries need to pay in USD for oil (which forces them to build reserves in USD).
upvoted already.
Cheers, Piotr
I see your point, because it will take many changes and shifts in geopolitical balance to kill the petro-dollar.
Some people say (as you do above) that China's debt problem will become intractable. That may be so, but I tend to disagree when you say that 2019 was harder for China than for the US. Granted, times are tough for both countries and times will get even tougher for both, in 2020 and beyond.
But I still think that the US's situation is worse than China's. The US debt is $23 trillion, which is such a staggering sum that none of us can comprehend it. That will have major ramifications. Once creditors fully realize that the US is totally and deeply and irrevocably bankrupt, there will be nothing the US can do.
Thanks @majes.tytyty for prompt reply