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I just don't get the line of argument in this citation, and I don't think that it applies to elites any more than the US public.  

The dollar's status as a reserve currency really doesn't provide any significant benefits to the US, or people within it, elite or commoner, in terms of power, economic health, or even ability to engage in "economic warfare." It really is just pieces of paper that people use for trading, and way too much symbology of power is being attributed to the US Dollar, far out of proportion to any accepted political or economic theory of the how the world works -- left, right, or radical.

What do US policymakers at the Fed think about the prospects of the US dollar losing reserve currency status?  Good, they say, its about time.  There's no benefit to the US from it.

What about closing down bank accounts and such things?  That has nothing to do with the currency unit and everything to do with law enforcement agencies and their ability to gain cooperation from their peers internationally. It doesn't matter whether accounts are in dollars, rubles, bitcoins, or gold.  If the cops are able to shut you out of your bank, you're going to feel the pinch.  And if they can't, which is more frequently the case, with or without a Russian separation, you won't care.

by santiago on Mon Apr 28th, 2014 at 08:47:36 PM EST

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