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paulkienitz

(1,401 posts)

19. alarming thought: if he gets his way, the dollar may no longer be the world reserve currency

Thu Apr 3, 2025, 10:29 PM

Apr 3

I'm no expert, but it's my understanding that the dollar can only hold its position of privilege as the world reserve currency in circumstances where we run a substantial trade deficit -- that is, we import goods and export dollars. That deal is an amazing privilege to be offered -- we literally get manufactured goods for nothing, just by printing extra currency for the purpose... but the whole point of tariffs is, as Senator Kennedy points out, to force manufacturing to move back here so we don't import stuff anymore. If they succeed, I suspect that the reserve currency role of the dollar will not be sustainable, and eventually it will come down to a contest between the Euro and the Yuan (CNY) to take over that role. That means that America will be poorer unless it can start competing as an exporter, in a world where every developing country is trying to compete as an exporter.

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Mblaze radius777 FakeNoose

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'We're All Dead': GOP Senator Reacts To Trump Tariffs [View all] BumRushDaShow Apr 3 OP

This is all on you and your fucking republican party. You will be fine Autumn Apr 3 #1

Manufacturers don't pay the tariffs. Why would they Phoenix61 Apr 3 #2

Yep, they're going to play the wait-until-he's-gone card. LudwigPastorius Apr 3 #22

Also these variables: no_hypocrisy Apr 3 #3

Excellent points DaBronx Apr 3 #28

That Kennedy is a true malignant idiot! ananda Apr 3 #4

I had the same reaction DaBronx Apr 3 #29

I'm hoping for a massive asteroid impact more than ever now. Basso8vb Apr 3 #5

Here you go DaBronx Apr 3 #31

Yeah! They need to grow their coffee and bananas right here in good ol' Amurika! Kablooie Apr 3 #6

Yeah! Plenty of good farmland up in N Dakota. Norrrm Apr 3 #9

Tariffs on Madagascar BidenRocks Apr 3 #10

Cornpone Kennedy Beachnutt Apr 3 #7

We used to have a selection of products to buy. BidenRocks Apr 3 #8

I wish he meant what I thought he meant when I read the headline, but no mahina Apr 3 #11

You own it Kennedy. travelingthrulife Apr 3 #12

Just being dead is to damn easy on them. republianmushroom Apr 3 #13

Hey Jonnie can you recall what happened in the impeachment hearings............... turbinetree Apr 3 #14

I wonder how they felt EndlessWire Apr 3 #15

Foghorn Leghorn has more credibility. dchill Apr 3 #16

This is "Pandemic" economics all over again. It's the same schtick without killing a million people... yet n/t Cheezoholic Apr 3 #17

"Nobody knows what the impact of these tariffs is going to be on the economy." He is either 1. extremely stupid or 2. a retread Apr 3 #18

alarming thought: if he gets his way, the dollar may no longer be the world reserve currency paulkienitz Apr 3 #19

Yup, Agent Krasnov's very dangerous gamble zorbasd Apr 4 #51

No one seems to remember why Dr. T Apr 3 #20

But some companies will say they are moving manufacturing back thought crime Apr 3 #26

General Electric was one of the first multi-national corporations to do it FakeNoose Apr 4 #40

GE was the inspiration for my post. Dr. T Apr 4 #41

GE shut down their lightbulb plant and laid everyone off, early 1970s FakeNoose Apr 4 #50

I'm drawing a nice GE pension Dr. T Apr 4 #59

Ronald Reagan was a total free trader Mblaze Apr 3 #21

There are actually 8.6 million jobs openings that remain open due to... Justice matters. Apr 3 #23

Not to worry... BurnDoubt Apr 3 #24

This is an egregiously bad headline since he's quoting Keynes' criticism of overusing long term models in policymaking mathematic Apr 3 #25

I wish. Include Don Old McKinley and it Hassler Apr 3 #27

Remember Foxconn ? Inkey Apr 3 #30

I've often wondered what Dr. T Apr 4 #60

It's always a shame when they speak metaphorically Orrex Apr 4 #32

if globalisation is the "Cat", and de-globalization is the "Bag"... Layzeebeaver Apr 4 #33

Oh, so NOW they notice the face eating leopards sakabatou Apr 4 #34

In both the long and short terms, Sen. John Kennedy remains a clueless shithead. (nt) Paladin Apr 4 #35

He is a real MF. Not stupid but plays the part. MF twodogsbarking Apr 4 #36

From John's lips to god's ears. AllyCat Apr 4 #37

'We're All Dead': azureblue Apr 4 #38

"Nobody knows...". Shouldn't you have to know that before acting? Grins Apr 4 #39

I'm all for that asshat Kennedy dying.....make it soon please Bengus81 Apr 4 #42

Which one? Crowman2009 Apr 4 #43

Well, it is possible to set up manufacturing plants quickly in some cases Bluetus Apr 4 #44

We have what happened during his first term as an example BumRushDaShow Apr 4 #46

All the CHIPS Act investments are at risk for the same reason Bluetus Apr 4 #52

"Of course, Trump wants these companies to come to him and give his a few million bucks" BumRushDaShow Apr 4 #53

If we can retake the House at the midterms Bluetus Apr 4 #57

Five Years Is Optimistic ProfessorGAC Apr 4 #45

And that might be with skipping "enviornmental impact" studies BumRushDaShow Apr 4 #47

Good Point ProfessorGAC Apr 4 #48

I hadn't seen any mention of impact studies BumRushDaShow Apr 4 #49

Those Sorts Of Things... ProfessorGAC Apr 4 #55

"Nobody knows what the impact of these tariffs is going to be on the economy." regnaD kciN Apr 4 #54

Right! "Life sucks and then you die. Get over it." - John "Fake Home-spun Yokel" Kennedy (R-LA) Bristlecone Apr 4 #56

Something else we need to consider here jmowreader Apr 4 #58