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Sony Thăng
@nxt888
ʙᴏʀɴ ɪɴ ᴠɪᴇᴛɴᴀᴍ ɢʀᴇᴡ ᴜᴘ ɪɴ ᴇᴜʀᴏᴘᴇ ʟɪᴠᴇ ɪɴ ᴀꜱɪᴀ
Joined March 2009
573 Following    125.1K Followers
They will tell you dedollarization is impossible because there is no alternative. The yuan is not freely convertible. No other currency has the depth of the U.S. Treasury market. The network effects of the dollar system are too powerful to overcome. These are real constraints. They are not wrong. What they miss is that the project is not to replace the dollar with a single alternative tomorrow. The project is to reduce dependency enough that the weapon loses its edge. You don't need a world reserve currency to build a sanctions-proof economy. You need bilateral currency agreements with enough trading partners. You need commodity pricing in multiple currencies. You need payment infrastructure that doesn't route through New York. You need central bank reserves diversified enough that freezing your dollar holdings doesn't collapse your economy. None of that requires a yuan-based Bretton Woods. It just requires enough countries deciding that dollar dependency is a strategic liability and acting accordingly. That decision has already been made. The acting accordingly is already underway.
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