>What, exactly, would the US do if the world suddenly decided that the dollar was worth nothing?
Why would the rest of the world decide this? It’d hurt them more than it’d hurt the US or else they’d have done it already.
Why would the rest of the world decide this? It’d hurt them more than it’d hurt the US or else they’d have done it already.
So, in such a world, I wouldn’t find it so surprising that certain countries would like to wean themselves of the dollar. Of course, this it is more important for powerful geo-political actors like China and Russia, than Somalia (uses USD extensively), and as an example you can look at how China is planning on offering a yuan priced oil contract that is backed by gold.