alt Hacker NewsIt's typical Empire Hubris: thinking you can get away with anything because you are special.
Trump doesn't really know what he's doing. He surrounded himself with yes-men that know perfectly not to contradict him.
The global Dollar order was built to American advantage. Trump is dismantling it for no reason. If the dollar order crumbles, the US will discover it has much lower productivity.
There is no American exceptionalism: it's just Dollar exceptionalism. No Dollar, no exceptionalism.
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Have to say I disagree there. It was American exceptionalism first which then led to the dollar being popular.
> thinking you can get away with anything because you are special
Might have been the case some many years ago. Not anymore with many nations not all that far behind.
> He surrounded himself with yes-men that know perfectly not to contradict him.
Stephen Miran is believed by some to be the "mastermind" behind this. I'm not sure Trump has ever had a singular original idea.
Looks like he learned that from Putin, who also surrounded himself with yes-men which lead to him thinking he could take Ukraine in 3 days.
Do you know how many taxes on many goods European Union has introduced? Was that "empire hubris" as well?
I agree, losing reserve currency status would make American gdp / living standards to come way closer to Europe for the simple fact it won't be able to permanently increase its debt deficits. However its far from clear losing reserve status is going to happen, sure some countries will try to diversify but others are probably too tight inside the American umbrella (for defense for example).
But yeah, surprises can happen so interesting times.