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RE: The Potential for Central Bank Digital Currencies to Shape a New Economic World Order
Without a doubt, the world is changing quickly. We are seeing countries with options they did not have in the past. The dependence upon the USD is dying quickly. My guess is the dollar as the reserve currency will not be the case in 5 years.
There simply is no reason for countries to stand for it.
What is sad, for Americans (and Brits) is both countries, because of their marriage to the bankers, are falling way behind in the rapidly changing blockchain/crypto landscape.
I feel both are already cooked. They lost the war before it even began.
I don't know if it'll be 5 years, but I have a sneaking suspicion we might be living in the era of Peak Dollar right now. I have another post in mind for today where I might use your quote as a jumping off point to talk about this point in more detail. I have a Powell quote from the past couple weeks that just blows my socks off that I've been meaning to share.
In short, you're right. America and Europe will just fall behind if they continue to have the stance they've recently taken towards cryptocurrency and CBDC's. For me, it's just so obvious. But I live in China... where checks were never ever a thing, credit cards more trouble than their worth, and cash (at least where I live) is pretty much dead. I don't even carry a wallet any more.