RE: Blockchain: The End Of The Nation-State
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We ought to give thought to what the world would be like when there is no reserve currency. I don't know enough about history to find out what happened when the change happens. In the case of the pound ceding to the dollar, I think it was by agreement. With that, I am sure balance of power shifts as well. But, if none of the nations control money, what is the power dynamic?
For example, the US could no longer require foreign banks to disclose who their account holders are. If you are a developing nation wanting to attract and retain investors, you might want to permit account privacy. This worked extremely well for Switzerland until recently. Foreign nations could comfortably tell US regulators what they could do with their requirements as they would not rely on dollars anymore.
Without national currencies, there is no Forex nor manipulation of exchange rates to make labor and exports cheaper. There are so many effects to consider.
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That is true. It is also a very difficult situation for many to embrace.
They will not realize what happens when some of these institutions are no in place. While they have an overall negative impact, they do provide cover for a lot of people.
For example, the world is about to learn what happens when the "imperial" US packs up and goes home.
Then what happens with big brother no longer there?
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