As "entitlement" spending runs out of control, our debt deepens and the Lib's attempt to solve that with increased taxes will strangle our economy.
THAT element, will in turn impact our competitiveness on the international stage.
Russia and China avoiding trade in dollars is a nit in comparison.
Yes, those are a concern.
But the reason the government can get away with that is we control the reserve status internationally. With that status, the central bank can inflate the currency—for example, targeting inflation so we are always paying down debt with less expensive money.
Think of the shit show if we continue spending, and we lose reserve status. Inflation would make Zimbabwe look tame.
No, the transactions between China and Russia won’t amount to much. But then add, China and Japan? China and South Korea? China and India? Russia and all of them—using something other than a dollar or ruble.
My point was not that this was “the end”; but rather the start of a snowball that could wreck us if it picks up speed. That would hurt us much faster than the debt explosion—and it would happen in a short, brutal, event over which the US has no control.