Read the article and it doesn’t sound that scary. It’s just more trade using local currencies which may mean less liquidity because of the complexity of trade with a lot more trading pairs than just ones with USD always on one side. For Americans, ya it means less demand for the dollar so the rest of the world isn’t backstopping the US dollars value regardless of US economic state but that is traded for other countries not being dragged down as bad with the US when it does bad economics. Also sanctions lose their bite even further but I doubt many people find that scary. Like why sanction Iran so heavily compared to Saudi Arabia? Why is Cuba so heavily sanctioned to this day? Venezuela? What has Venezuela done that the US threatens them so heavily for nearly 30 year’s now? Regardless of USD dominance, domestically I think Americans and Europeans are starting to question the justification for these sanctions that they used to give the benefit of the doubt as moralistic in reason. Western backed Palestinian genocide may have accelerated foreign policy skepticism though regardless I think internet resources compared to eurocentric takes on colonial/imperial history have led to foreign policy skepticism that would make USD sanction diplomacy lose its support from younger generations across the western aligned world
The frightening world without the dollar
Submitted 3 weeks ago by cm0002@lemmy.world to economics@lemmy.world
https://www.ft.com/content/65a64965-028b-416a-9eac-fe9fb15ce38e
shortwavesurfer@lemmy.zip 3 weeks ago
I have begun measuring my net worth in Monero, and the dollar is just a currency I use in small amounts in order to get the things I need day to day, but I do not hold dollars in any significant quantity. I don’t want them. When I receive dollars, I keep just enough around to pay for my normal expenses and get rid of the rest into Monero as fast as possible. It’s somewhat difficult to do right now, but I can even do some expenses in my head directly in Monero without thinking of the dollar at all for what an item would cost. And that mental shift is a big step away from the dollar.
Just as a quick example of what I mean is that I absolutely would not pay more than four Monero for a phone, no matter what phone it was, and I would much rather pay closer to one Monero for a decent mid-range device.