While this is true, there is a distinct difference between the status of Greenback and the actual US economy. The USD status permits the Fed to print trillions to keep the economy afloat which , without it, the US ecomomy would be on the rocks.
In the "currency war" China knows this and its been doing its best to sideline the USD as its medium of exchange; hence the gradual use of the Rinimbi/local currency trade move by China. Even some of China's petroleum purchases sidelines the Petrodollar.
IMO, if Trump & successors are successful in bringing back industry to the USA, it will likely bring back USDs which will dramatically cause an oversupply domestically. Just look at what the Reserve has printed during and since the GFC. Monatory policy has been driving the US economy, not hard yakka on the ground domestic economic activity.
IMO, the US multinationals have been responsible for gutting US industry which now neccessitates draconian Trump tariffs to revive it and we too should be wary of allowing some of these multinationals to essentially run our economy. Our financial and mining sectors dominate our economy and both are dominated by majority foreign owned multinationals.
We are having an economic reality check now caused by the approaching low in the business cycle, Trump/China economic war and tirbocharged by Corvid-19 global economic paralysis and we should be assembling our best economic brains to plot Australia's long term economic plan; not a reactionary management by crisis regime, IMO.
Instead our PM & entourage is in the wings at the G7 supporting Trump to economically isolate China which will, in the shorter term, will shoot ourselves in the economic foot without Plan B.
In addition to the negative domestic impact of corvid-19, we are in the process of loosing $16 billion of export farm product to China with likely more to come.
So I'll reiterate my mantra: We simply have to process our minerals using coal & gas, manufacture products that are in high demand globally and conquest Chinese, Korean & Japanese global customers, add value to our exports, provide more Aussies with better skilled jobs, build a massive trade surplus and support the AUD. War torn countries post WW2 did it so why cant we do it now?
We've had a fitful of being Japan's & China's colony; we have to step up to the plate and take control of Australia's economy rather than outsourcing it to others. Perhaps we should be out there on the streets protesting that The Australian Economy Matters!!!
