The Fall of American Dollars and Hegemony

Excellent summation by a proponent of Austrian Economics

Role Reversal: The Collapse of the Dollar-Enforced Empire

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TAGS The FedInflationMonetary PolicyU.S. HistoryWorld History

04/07/2023Patrick Barron

The Soviet empire started to crumble around 1989. The time period between the forming of the North Atlantic Treaty Organization (NATO) in the late 1940s and the retreat of Russia from Eastern Europe with the eventual collapse of communism in Russia is known as the Cold War. There was a great power confrontation in Europe that did not result in war.

Essentially, US-led NATO stood its ground to prevent further Soviet expansion from the territory it occupied at the end of World War II and waited for the inevitable collapse. Now, perhaps not everyone saw the collapse of the Soviet empire as inevitable. But all one had to do was view the Soviet empire for oneself, up close and personal, which is what I did…