What Will You Use as Money If the Dollar Dies?

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The U.S. dollar could someday go the way of all paper-currencies past and be consumed in a hyperinflationary fire. It seems unlikely but it is possible. In some ways, given the reckless policies of the past three years, we should be perhaps surprised that it hasn’t happened yet.

If the dollar loses its status as the international reserve currency—again, not likely anytime soon—that could provoke a massive repatriation of U.S. dollars which puts the end times in motion.

For many decades now, the United States has benefitted from the export of its dangerous policies but in a globe no longer dominated by the dollar, the costs would be quickly and painfully felt at home.

But these two scenarios are not the only beckoning threats. What if under intensified digital surveillance and a Central Bank Digital Currency (CBDC), your ability to spend your own money—whether to get food, pay the rent, or flee the country—comes to be severely circumscribed? What will you do then?

This is worth thinking about right now. The critical question is: are there alternatives available out there that can perform a monetary function domestically that are untied from the dollar itself?

The most obvious example is precious metals, gold and silver in particular. The other day, a nice person gave me a roll of old silver dimes. They are so wonderful, a great reminder of a time when money was independent of state control. The dime in those days was worth its value due not to the government stamp but to its actual value in specie. Today we cannot even imagine such a thing.

Gradually over many decades, the foundation of the dollar was removed, leaving nothing but paper and a memory of what it once did. Many people at the time predicted complete collapse but they underestimated the power of the price system and an entrenched habit. Once a money gets going, it benefits from the network effect and retains its purchasing power. The dollar has been a powerful currency even without specie backing.

By Jeffrey A. Tucker

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