At first, the idea that some powerful Americans want to end the Dollar's global role seems strange. That role gives America what the French President Valéry Giscard d'Estaing called "exorbitant privilege" - the ability to borrow cheaply and in vast quantities on international markets. As people always need your currency, they'll always lend you more money. When that borrowing funds your military and role as a superpower, it becomes more than a privilege; it's an existential necessity.
So, what Americans would want to give it up and why? The people who want to are the libertarians and far-right who currently hold sway in Washington. Names like JD Vance, Peter Thiel, David Sacks, and Joe Lonsdale.
But why? They want a revolutionary collapse of the old order so a new libertarian, far-right Christian Nationalist America can be reborn out of the total destruction of the old. If that means the evaporation of most people's savings, as the Lord Farquaad meme from Shrek goes, 'Some of you may die, but that's a sacrifice I'm willing to make.'
How likely is any of this? All of the rest of their plans from the annexation of Greenland and dissolving NATO are advancing, exactly as they planned them. The current US President believes in bankruptcy & defaulting on debts, and he's been persuaded around to the rest of their plans.
Where does this leave the rest of the world? The Euro & Renminbi don't have the Dollar's reach or versatility, but maybe the world will be forced out of necessity to found a new global financial order based on them.
The Wide Angle: Peter Thiel and the American Apocalypse
all 15 comments