by Adding to the astute observations in the post below, the proven alternative is international settlement in gold, as was the case until the US unilaterally abrogated Bretton Woods. If history is a guide in this, the verdict is in. "The barbarous relic" rules. Could this actually happen? If things get crazy enough.In the final analysis, the means of settlement dictated by producers of vital is the determining factor. Economies don't run on financial instruments but real goods and especially the resources need to produce final goods for markets, that is, labor and natural resources, energy in particular, energy-use being the driver of modern civilization.Naked CapitalismDethroning the Dollar: Why the Alternatives Are Not Ready for Prime TimeYves SmithSee alsoMostly about the development and
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In the final analysis, the means of settlement dictated by producers of vital is the determining factor. Economies don't run on financial instruments but real goods and especially the resources need to produce final goods for markets, that is, labor and natural resources, energy in particular, energy-use being the driver of modern civilization.
Naked Capitalism
Dethroning the Dollar: Why the Alternatives Are Not Ready for Prime Time
Yves Smith
A Democratic Monetary Order