isn't that a net zero strategy? ends up with the same demand for euros and dollars as it would otherwise.
i seem to remember someone like iran swapping oil for rupees. and then having the problem of too many rupees, which led to a textile deal. or something like that.
for myself, i can see dollars being replaced one day as the reserve currency. but not yet and not by economies the size of russia's and iran's.
china is a different matter. but for me the timing is more like a decade or two before there's a serious challenge.
| 