The bottom line is that reserve currencies come and go. The status of the U.S. dollar as the world’s No. 1 currency is not carved in stone, even if Washington might think that.
After George W. Bush’s disaster in Iraq and Barack Obama’s disengagement, Donald Trump is following a strict isolationist methodology.
China and Taiwan exemplify opposing belief systems and these have completely different consequences. China’s diminishing role in globalization is becoming a matter of fact – and it’s not before time.
In the U.S., the current crisis has already set a grim record, as close to 10 million Americans have filed for unemployment.
The first fallout of COVID-19 is the deepening of tensions between the United States and China.
It is an eye for an eye that threatens to reverse decades of efforts to build the globalization of trade and the exchange of goods and services among all nations of the world.