What will happen when the dollar is no longer the reserve currency of the world?

Also you can buy stocks in a gold mining company listed on your countries stock exchange
or the actual bullion.

What about all of the people, such as old folks, who have most of their life savings in the dollar, and are too ignorant to get out once the bell tolls?

It's a good thing the artist wrote "GOLD" and "CHINA" on the relevant parts of that drawing. I'd have been really confused otherwise.

>What will happen when the dollar is no longer the reserve currency of the world?

And who will the world turn to?

The Ruble? - fell fucking 60% in a year. No country will touch the ruble for 50 years.

The RMB? - nobody trusts the Chinese. even the Chinese. their monetary policy is arbitrarily controlled and self serving, to say the least.

The Euro? lol

The latins are all crapping the bed and undoing decades of economic progress.

The Africans are still squatting in their mud huts waiting for white people handouts.

Why the hell do you think foreign money has been pouring into US Dollars for the past decade? The dollar is still among the most trusted asset in the world.

We already don't and we've been doing just fine

ITT: Retarded libertarians (redundant, I know)

>And who will the world turn to?

Something that is commodity based? There has never been a point in history where fiat currencies have outlasted a strong commodity such as precious metals.

You're really comparing pre internet, pre telephone, pre globalization market economies to ancient commodity based markets? It's apples to oranges

Tell that to the Greeks.

Good luck with that transition.

It's not likely to happen in our lifetime that gold becomes the new standard world currency.

It's much more likely for cryptocurrencies to become the world's standard currency than fucking precious metals, lol.

Precious metals are a store of value; they're not a currency. You can't go to Dunkin Donuts and trade your gold bricks for donuts, and that's not going to happen again anytime in the near future.

You can use bitcoins in more brick-and-mortars than gold, and yet here you are, claiming that somehow, precious metals will be the basis for the next reserve currency.

Seriously, how many of you dickheads are wearing tinfoil hats?

But... according the U.S. officials, bitcoin is a commodity.

bloomberg.com/news/articles/2015-09-17/bitcoin-is-officially-a-commodity-according-to-u-s-regulator

What's wrong with the Euro? Just curious.

Also not taking in account the popularity and importance of the dollar, aren't more expensive currencies better? Like the Euro? Or the GBP? Is this relevant for anything?

who cares what the gov't thinks, the shit is worth cash and places are starting to accept it as payment

>China
>communist dictatorship

>le morality in the marketplace meme

American readers are not known for their deductive capabilities.

>The RMB? - nobody trusts the Chinese.

Nice meme. The Yuan has gone from 1% of world transactions in 2009 to 6% in 2015.

>even the Chinese.

They literally are the reason it has gone from 1% to 6%.

>their monetary policy is arbitrarily controlled and self serving, to say the least.

Everyone's monetary policy is. Or do you think America out of kindness of the heart did QE 1 and dropped the dollar to record lows in 2008?

>And who will the world turn to?

A modified SDR currency is what many countries, alongside China, are pushing for.

>Why the hell do you think foreign money has been pouring into US Dollars for the past decade?

Because the US dollar has been extremely cheap and the debt has been easy to buy.

>The dollar is still among the most trusted asset in the world.

As it should be. The change will be gradual. The 2008 financial collapse actually weakened everyone else more than it did us.
But now everyone is desiring a more international reserve currency. That's what AIIB is pushing for, and what the SDR is.

That's a legal definition the us government is using so they don't have to create different tax classes for it. Plus, if they label it a currency, then it immediately becomes a natural challenger/successor to the usd, and that speeds along the new world order of currencies and forex which the us government had little to no control over.

Obviously the government has a vested interest in preserving existing fiat currency definitions and not setting the precedent to expand that definition to include crypto coins.

you do realize they squashed alternate currencies in the 80's because they were used for buying drugs, money laundering and cp rings. Sounds familiar doesnt it.

Post yfw the world economy is premised on American military might

Kek, didn't notice thanks user

The Greek recession had almost nothing to do with fiat currency, faggot.

That's not why they didn't label it as a currency. They didn't label it as a currency because its not a fucking currency lol. Bitcoin is a commodity equivelant to gold, wheat, oil, turnips, etc. because anyone with the resources can produce it. Some commodities are decent hedges against inflation and some are not. The reason for this is that the value of these commodities are beholden to the free market and determined by their demand and usefulness. As soon as a commodity outlives some of its usefulness it declines in value (obviously other events affect value too and this is overly simplified).

Some would argue that Bitcoin will eventually become mainstream and that the volatility will taper off as more people adopt it but that just hasnt been the case. At the height of transaction volume and price in 2013, bitcoin was actually at its most volatile state. As a store of value it is not at all stable or anchored in anything tangible, like real currencies are. Everything that can be bought with bitcoin can be bought with fiat. Not everything that can be bought with fiat can be bought with bitcoin. There will never be a time when this is not the case, even with more merchant adoption. Fiat will always be more accepted than bitcoin and the value of fiat will always be more predictable than the value of bitcoin.

I don't care about Bitcoin one way or the other, but what do you make of the Japs recognising cryptocoins as currencies?

money laundering and tax evasion purposes most likely.

>THE
>GREAT
>BRITISH
>POUND

In other words, we Brits will continue to be the locus of international finance.

British Jews you mean.

>What's wrong with the Euro? Just curious.

Instability.

That's the problem with the majority of the world currencies.

The Euro doesn't have a great track record. Trading at 1.6 to 1 in 2002 down to 1.1 to 1 in the span of a decade.

And now you have all the countries threatening to leave... Brexit, Grexit, Guidoexit, etc...

The Euro is pretty unstable, politically & historically.

Japanese finance laws are a lot different from other countries since they are a heavily cash-intensive society. They see cryptos as a money laundering vehicle and the only way to combat it is to bring it under regulation. In order for the FSA to be able to do this, they need to classify it as money because commodities do not fall under their jurisdiction. It is actually good news for cryptos that they have not decided the alternate route of banning them altogether which was the initial aim.

>asians are authoritarian jerks
Wow, who would have guessed?

It had though. If they had their sovereign monetary policy, they could make their shit more competitive in the market.

Too bad they don't have any products.

But you can never own the samurai.
You can never tame the dragon of the east.

Japan are at the mercy of the US