- cross-posted to:
- world@lemmy.world
- cross-posted to:
- world@lemmy.world
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Wasn’t the whole point of money to avoid that kind of barter system?
Yes. This business shows that not only does Trump not understand tariffs or trade or economics, he doesn’t even grasp the basic purpose of money.
Well if you don’t pay your loans or bills and declare bankruptcy when you’ve fucked up, you forget what money is.
Yes, and the US is in the amazing position where basically all global trade is denominated in US dollars. This tariff thing is just going to incentivise everyone to switch to something else.
I bet Putin and Xi would prefer that to change.
BRICS has a project to create a cryptocurrency to denominate all trade between those countries. Not sure if it’ll be successful, but it’s definitely their ambition.