[ur-whale]

The only thing the US is going to achieve is finally putting a wooden stake through the heart of the dollar as the default world trading currency.

Now that the world has witnessed them using the dollar as a weapon to deny other countries their sovereignity, they (China, India, Iran, Africa) will be working 24/7 to build an alternative payment system.

And a good day it will be too.

[Mountain_Skies]

The US hasn't figured out that cancel culture on twitter doesn't scale up to nation-states very well. 'Go build your own twitter' is now becoming 'Go build your own international banking interchange' to powers who are very excited to have that exact opportunity.

[refurb]

Oh yes, what a great day to have the default international fiat currency to be control by the likes of China.

[unmole]

So far China hasn't shown a penchant for destabilizing foreign countries for its own ends. Sure, they brutally oppress their own citizens but their foreign policy outside of border disputes has been non-interventionist.

[refurb]

You need to bone up on your history of China bud: Tibet, Vietnam, Laos, Cambodia were all direct interventions by China.

Have you heard of the Sprately islands?

[postsantum]

But I thought competition is good and leads to a better outcome for customers?

[refurb]

What competition? If India and China align, we'll be dependent upon their currency.

[unmole]

You do realize that India and China have been locked in a bitter border dispute for decades, right? One that periodically results in casualties on both sides? The idea that China and India are going to meaningfully align can only come from wilful ignorance. Or perhaps the You are either with us or against us binary thinking has become pervasive.

[refurb]

You do realize was replying to a hypothetical "they (China, India, Iran, Africa) will be working 24/7 to build an alternative payment system"

[mensetmanusman]

You could argue that it would be a very good thing to have currency competition. In that sense it would increase possible efficiencies, and reduce the need for America to be the world police. If you believe this, then what is going on is good for future stability.