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Cake day: January 7th, 2024

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  • The US dollar ultimately has power because that is what it takes to pay taxes in the US. You want to do business in the US? Uncle Sam gets his cut, and he only accepts greenbacks. Same with the EU, UK, China, and every other major currency. If you don’t give Uncle Sam his cut, you’ll go to jail or wake up to 110,000 tons of American “diplomacy” plus fleet escort sitting outside you main port.

    Ultimately the economic power of a country is backed by the state’s power to defend it. That’s why the USD stands as the global reserve currency instead of something like the Lebanese Pound or the the Kiribati dollar.