from Michael Hudson and Leo Panitch. Both are of Marxist persuasion and have written books on globalization. Yves Smith posted the discussion with her comments:
"The US could lose reserve currency status through a catastrophe that severely damages its economy, like a massive natural disaster or unforeseen consequences of having its aggressions escalate into a hot war. But the actions the BRICs are taking don’t rise to any kind of threat, and unless they take vastly more concerted actions, are unlikely to displace the dollar in the next ten years.
"The US could lose reserve currency status through a catastrophe that severely damages its economy, like a massive natural disaster or unforeseen consequences of having its aggressions escalate into a hot war. But the actions the BRICs are taking don’t rise to any kind of threat, and unless they take vastly more concerted actions, are unlikely to displace the dollar in the next ten years.
An interesting aspect of this talk is the difference of views between Michael Hudson and Leo Panitch. Hudson is bullish on the BRICs plans, Pantich much less so."
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