Why would Global Reserve Currency need global power projection?When the Euro was introduced the combined GDP of euro zone was over 90% of US GDP. Now it's about 50%.
Today France is running a debt of over 3T, the engine of EU economy Germany is in a deep energy crisis, the Ukraine war has further emptied EU coffers. Chinese imports have killed local mfg. On top of all this the green madness, illegal immigration have made EU a pale shadow of whatever it was in the late 90s.
What serves India's interests is more bilateral trade with various countries in different currencies. Reserve currency needs global power projection, we or anyone else isn't there yet except the US.
What's the hurry anyway?
Global Reserve Currency has to be a haven and a safety net against risk, not necessarily a firehose on the rest of the world
(although US is more of a flamethrower these days, if you ask me)
Global Reserve Currency is something you flee to, not call upon to stomp around your neighborhood.
No power projection is required.
The best mitigation against risk is diversification, since no one currency/govt is so infallibly trustworthy.
Problem is that America can behave like an arsonist to wreck the economies of others, and thereby make itself the least risky alternative.
Isn't that what it's been doing against China, EU, and Russia?
Those are the major economic/currency alternatives, and these precisely the ones US has hammered through its policies, even while spouting fake moral pretexts in doing so.
Statistics: Posted by sanman — 08 Oct 2024 05:00