if the US was like 'we fucked up, we;re doing hard money again, this is the NEW bretton woods' - do you think other countries would follow suit?
a gold standard would just result in failure again since they would be fractional-reserving, along with all the obvious negatives. but if it was a btc standard, might the rest of the world sit up and pay attention, or stick with their fiat garbage?
would the US try to weezle a deal like with gold where they could back the USD with btc and keep the show going that way?
They would try to resist but ultimately would have to at least settle with the US in hard money. They would try to trade with each other in fiat but eventually someone else would demand hard money and then another and another.
They'd also all be trying to cheat at every turn. So, unless it were an actual bitcoin standard (as in transactions on chain), my guess is it would fail just like the gold standard did.
That's a fascinating question. If the U.S. backed the dollar with BTC —effectively creating a new kind of Bretton Woods— it would send a shockwave through global finance. Other countries might feel pressured to respond, but I doubt most would follow immediately.
...with a delay, kicking and screaming -- yes.
Without fiat USD seigniorage and rent the USD and USA would collapse very swiftly. As an economist you must know this. It about to collapse anyway- needs to refinance USD$8Trillion by Christmas- good luck with that- nobodys buying USTs anymore!
Would they have a choice, really?
i think it depends, if they could do a deal where they buy oik for btc or something like the petro dollar, it might work, or demand to pay for all their goods in btc or the new currency. other countries like China might offer or insist an alternative
I think other countries would follow suit after exhausting all other options. The transition from fiat to sound money will be hugely disruptive. At first other countries would move to a Euro/Yen/Yuan standard and laugh at how backwards the US is. Years later they would face their own moment of reckoning and get dragged into hard money once their populace is too fed up with the status quo.
America is unlikely to lose control, which the Fiat (dollar) has helped it expand through debt.
You clearly do not understand how China has won the trade war and is about to implement mBridge. Saudi Arabia has joined BRICS amd mBridge. The petrodollar faces imminent collapse.
Hello, I'm a new stacker who is in progress to dig deeper into the rabbit hole. Hope to stack more sats here. Cheers!