The only currencies are the dollar and the yuan, everything else is like poker chips, only worth something if you can cash them out in real money
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It’s literally not true by any measure. Neither by economic output, nor by international usage of different currencies, nor by the distribution of wealth. It’s just that the US is nowhere near as dominant as the us used to be for a better half of the 20th century
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And the yuan literally can’t be cashed out “just like that” due to the Chinese capital controls. A fascinating question is if we’ll move towards a world where shades of capital control become a norm tho
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