That a country whose currency is world's reserve currency somehow concluded that they're cheated on, wow. By the time the FED balance sheet will reach pre March 2020 levels, we will be living in Back to the Future II.
Thankfully there are alternative currencies that can be used for that nowadays.
Small countries would probably have an easier time of it because they can just trade however they like without having to mollify their own bureaucrats. The traders will figure it out. The threat of US intervention is real, but I wouldn't be certain about whether it gets more or less pressing for smaller countries. The US probably won't even notice what they are doing if they keep quiet enough. Oil trading would be a different story though.
Because EU and US sanction Chinese banks and company that do that. What does that have to do with the exact currency? they’d have the same issue if they wanted to use dollars or euros (to answer your question € is the other option smaller countries have).
Iraq and Libya have tried, and look what's happened to them ...
The main reason countries are using the USD as the reserve currency is because if they don't, the "Free World TM" will bomb them back to the stone age.
Depending on risk profile, desire for diversification and acceptance of variability, swiss francs, british pounds, chinese yuan, indian rupee, japanese yen, south korean won, etc. can also be used.
There's not enough euro issuance to replace Treasuries, and issuing more (particularly at EU level where it would really help) is super, super controversial.
Occam's razor - they are all morons.
Reading about Hitler's rise to power, it's obvious he kind of bumbled his way into it. There were many people for whom it was convenient, he did many random reckless things that should have been disastrous but somehow he made them into success - for example rearming the Ruhr, or frankly invading Poland with the French army right on its western border.
Hitler was incredibly lucky for a long time, and that's why he managed to do so much damage. But there wasn't really a clever master plan to it. He had hateful ramblings in his head and acted rashly on them. It was sheer luck and shock effect that he wasn't spat out after just a few heads in politics.
I suspect this is also what Trump is doing. And as in 1930s, for a while, everyone else has too much to lose to stand up to it. But unless he will have Hitler's luck for just as long, eventually the random lashings will end badly for him.
Of course Hitler's luck ran out in the end too, with him dead, Germany on its knees and split into two, and German imperialism more or less dead.
Hitler had a fairly consistent worldview and sets of goals going all the way back to Mein Kampf, even though he didn't know how to get there from the start. I don't think this can be said about Trump.
Though you could argue Trump was always going on about tariffs, even as a supposed Democrat. Also Hitler's views radicalized dramatically over time. Or maybe more accurately, the ideas were constant, but their scope and ruthlessness expanded.
We just like to pretend otherwise in history manuals, because it started as a socialist thing, and since left HAS to be the camp of the good, it has to become far-right radicalism.
But if you look at history in various countries it is extremely consistent with socialist/left ideology that necessarily need to have an authoritarian state to put the world in the "right" state.
He wanted to get rid of the communists but not because their ideas didn't suit him (in many ways it's extremely similar, central state deciding everything) but because they were sympathisan of the soviets; another big power that he just wanted to take over.
I'm not confusing with Mussolini but yes it is more of the same. What I'm pointing out is that all those authoritarian centralised government are almost always some sort of far-left by definition.
In my opinion the way we classify the political ideas and government is very flawed and illogical. It is that way to respect the sensibilities of the people theorising such things and they always want to have the left side look better (even though it is by far the most murderous ideology there has ever been).
Thinking that Nazism is socialism just because it calls itself "national socialism" is like thinking that Javascript is a version of Java.
It’s just that the goal sucks for everyday people. Why would these powerful people want goals that suck? Because the converse of it sucking for you is it getting better for them - meaning, money is being siphoned.
I think Trump is following a plan as best as he can given the state of our economy and government. I think the fact the plan is so bad that it doesn’t even feel intentional IS intentional. The plan sucks because it’s meant to.
I agree, but these weren't Trump's goals that he's had for 10 years or something like in Hitler's case. It's a plan by the Heritage Foundation that somehow got Trump to sign off on it.
Trump is a business magnate that say things and behave in a way that shouldn't appeal to the bottom part of the population, yet he got elected.
Comparing Trump to Hitler is next-level conspiracy theory.