If by world economy, you really mean the United States, then you are correct, we would not be fine. The PRC would be in a much better in a bargaining position in relation to the West. However the rest of the world would be fine. I am not advocating for this outcome and believe it puts the United States in a weaker position. However I understand the United States holding the world reserve currency and the most powerful military puts us in a stronger bargaining power than the rest of the world. When other countries have the desire to raise their bargaining power for the good of their political system and/or people, I don't automatically label them the enemy and feel like they are trying to undermine the fundamentals of our country. Our country should have been shoring up its manufacturing base a long time ago. Trump hit on this hard and was laughed at and scoffed at and the anti-Trump crowd went on to say manufacturing was a dead industry for the United States and we should instead concentrate on education and advanced tech. Until Covid hit, then everyone had amnesia about this conversation. Now Biden is hailed as a hero for shoring up our manufacturing.
The idea that BRICS is a threat to the dollar dominance is overstated, and I agree, this is largely found in the 'hard assets' community. However BRICS is absolutely about undermining the control of the USD dominance. It doesn't need to be 'wildly' successful nor does it need to displace the USD. It simply needs to have enough liquidity between enough countries to balance trades for goods and services for countries who do not wish to be beholden to the West. Like it or not, status quo is changing. I dont fall in the camp of "its different this time" nor is it exactly like the last time. We are not going into Weimar Germany but on the other hand, our country is not going flowing into a tail wind over the next decade or two. 130% Debt to GDP is not going to be easily wiped away with a few years of austerity, especially from a country who has moved from a manufacturing economy of the 50's to a consumer economy of current times.
I didn't say the world economy will be just fine in the near term. I said it would adjust and life would go on, which it would.
No, Russia and China are about ending US dominance period. Other countries, like Brasil are more interested in petro products not being done in dollars true. But the currency thing is all driven by Russian and China. India, Brasil, and SA are just playing along to get favorability from those two nations. Nothing more. The world doesn't like the dollar being the dominant currency because they want their own currency to be the dominant one. But I guarantee you that they would all rather have the dollar as the standard than any one else's other than their own. There is a reason why the dollar is still the standard and not the Euro.
https://www.the-sun.com/news/8025198/ukraine-tries-assassinate-putin-drone/ ULTIMATE REVENGE Russia threatens nuclear retaliation after accusing Ukraine of trying to assassinate Putin with drone strikes on Kremlin
Right now Im leaning to "desperation false flag" by Russia. Its not like the Kremlin was even damaged signifcantly.
That's true about anything if you're talking long-term. You could have a global nuclear war and the world would eventually adjust and life would go on, whether it's 20 or 50 or 500 years from now.
You guys do know we have a China thread where you folks can discuss taiwan more... I'm usually the only one posting in that thread lol
It's obvious that Putin had this absurdity created for his own nefarious reasons. I'm concerned about the nefarious reasons. If I were the President of Ukraine, I'd lay low for a while.
The world economy is far more interconnected than you realize. If the US is in bad shape the PRC is going to be in worse shape as the PRC is far more export oriented than we are. They also have significant investment in the US and still hold a lot of US bonds. What many in the US also don’t realize is that far from being in a state of war Taiwan and the PRC trade billions. A disruption like a war would be crippling for both economies.
If the US or PRC suddenly just disappeared yes eventually the World economy would eventually adjust. It might take decades given how interdependent the global economy is.
This “attempt” in the Kremlin really seems ham handed. I’m not going to say it’s a false flag but I have a hard time buying thst Ukraine did this. It does seem possible this could be an internal action by dissidents.
