Warren Buffett: "There could be... Things happen in the United States that... make us want to own a lot of other currencies."
Warren Buffett: "There could be... Things happen in the United States that... make us want to own a lot of other currencies."
www.reuters.com
reuters.com
If the EU had it just a bit together, it would flourish both economically and prestige. The entire world is looking desperately for a reserve currency, for a place where to invest or even just to go and so a master or doctoral work... and yet Germany decided to go for self-harm and censure, north of Germany all bellicose, the south of it all lost after the lost of leadership and Ursula all authoritarian... let us no mention disregarding decades of support from the oppressed in the middle east and full on board with the US policies now.
Without doing nothing the EU would had become today the beacon whether a Chinese merchant, an Argentinian industrialist or an Angolan PhD candidate, instead... here we are... So back to Buffett, true, other currencies are more desirable but no one are posed to massively stand out for now.
Seems like China is best positioned to capitalize on the collapse of confidence in the US as the global reserve. It's the only major power that can guarantee economic growth and stability going forward.
In Asia it already is... even Japan and S Korea start to think so. Countries like Singapore, Vietnam, Malaysia etc had realized that years ago.
In the West, we still with the anti-China propaganda that the US/UK had invested so much in fomenting. Countries in LATAM and Africa... or even Spain are like Japan now... highly considering jumping ship... or, at least, soaking their toes there. The west media still at full steam with anti-china rhetoric but less and less people will be buying that in the coming months, let alone, years.
Now, unless China comes with a new currency scheme (more internationalized, backed in gold, or other mechanism) I don´t see flocking there yet... confidence with money takes time. When the Spanish and British empires collapsed, their currencies remained long passed the empire.