Social commentators have been discussing the decline of the American Empire for decades, and it is becoming more and more difficult to deny this reality.
This is the first line in the final stanza of the 1980s hit “99 Luftballons” by the German band Nena. It is a concept not conveyed in the English version of the song called “99 Red Balloons.” It is also a concept that is not understood by much of the world.
Trust in American currency has diminished over time for numerous reasons, resulting in what is referred to as de-dollarization. American economist Richard Wolff points out that while the US dollar was once the gold standard of international finance, today only about 40 percent of the reserves held by central banks around the world are in US dollars.
We don’t know what will replace the American Empire. Many speculate that it will be China, but declining birth rates, a slowing economy, and numerous other factors could diminish China’s influence. We could end up with a multi-polar global economy with several larger countries having a strong influence.
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