20 sats \ 9 replies \ @Undisciplined OP 24 Jul \ parent \ on: The American tradition of abolishing central banks econ
They have before, but that was also before America was the global empire and before the dollar was the world reserve currency. It's hard to imagine they'd ever give up control over the dollar.
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I don't think BRICS will take over as the reserve currency globally, but it may displace the dollar in a large portion of the world. We just wouldn't have a global reserve currency, then.
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That's largely how I feel too. The question is just how far BRICS makes it before it fails.
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It'll have the same poor incentives as the EU, but with much worse actors who have no cultural or geographic ties to each other. I expect it to fail much faster than the EU is.
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Good point. The incentives probably will be worth, because there won't be even as much accountability as the EU has.