Summary
Elon Musk claims his Department of Government Efficiency (DOGE) is shutting down payments to federal contractors, including a Lutheran charity, asserting it is eliminating corruption.
This suggests DOGE has access to Treasury’s payment systems, though officials have not confirmed the extent.
Senator Ron Wyden warned that DOGE may interfere with Social Security, Medicare, and government contracts.
Musk also called USAID “a criminal organization” that should “die,” amid DOGE’s growing influence over federal financial operations.
I don’t think crypto will replace USD as a global currency if USD fails.
Euro or Yuan would
But the people in office would certainly want to replace it with crypto domestically
Yes, they might find a way to force crypto to be used in a case like that - but I think that would be a logistical nightmare and they would probably have to setup some kind of system to make it feasible.
I do suspect the currency of whatever geopolitical entity demands the most economic power in the vacuum left by the U.S. collapsing will become the new global currency, but it’s also possible that this hypothetical world become more economically isolated, such that there is no single accepted global currency.
But yeah, Euro or Yuan would be my guess as well.
You know of a better alternative? Ain’t nobody going to be trading gold like an 1800’s prospector.
Better? No. But why do you think China has been pushing all of the infrastructure projects in Africa, South America, and Eastern Europe? They are ready and waiting for the USD to blow up.
Using crypto as the main currency would require too much of most people. Let’s not forget how many people who need to use currency but who are illiterate, who have trouble using websites or phones, etc. Crypto is not accessible to large segments of the population, and in that sense it is impractical and clearly not better than other currencies.
Let’s also not forget that crypto was specifically designed to prevent monetary policies from being able to influence the currency. Not only is crypto impractical for much of the population, but the government will have fewer tools to stabilize the value of the currency. It’s a nightmare on many fronts.