Against what, and by what means?
(Perhaps naively) I'd always assumed the markets decide the exchange rates of (most) Western currencies against each other.
Obviously with a dollop of central bank intervention here and there(!)
https://fred.stlouisfed.org/graph/?g=KT86
but overnight, rather than over several years?
I think it would represent a fairly strong change in global power structures, but like you I don’t think the sky would fall.
It's quite a long read, but I can tell you it doesn't come from a libertarian perspective. It does touch on Bitcoin, but near the end in one of a few theoretical "where things could go" perspective.
>"I think it would represent a fairly strong change in global power structures, but like you I don’t think the sky would fall."
Agreed, it would be shocking but life would go on. We would just have to live with a new international monetary paradigm.
But as she says, such a change could take place in different ways, with different implications. If it were to happen suddenly it would be a shock, but that isn’t necessarily the case.
Most signs point to a multipolar world order isn’t he future, and outside a complete internal political collapse, the US would in all likelihood be one of those poles.
