U.S. Dollar can be another Titanic

Photo by Museums Victoria on Unsplash

The interior design of Titanic:

Titanic’s interior design displayed a level of opulence. Its grand staircase was the crowning glory. During Titanic’s design, entirely new features were added that had never been seen before. Interestingly, It had a swimming pool, Turkish baths, squash courts, and gym as well.

Accident and investigations:

Unfortunately, the “Unsinkable’’ ship crashed into an iceberg on its maiden voyage and sank. More than 1500 lives were lost.

  1. Lifeboats were not enough for all passengers.
  2. The ship’s speed was high.
  3. After its wreck was found in 1985, it led to another speculation that low-quality steel or weak rivets may have contributed to the Titanic’s sinking.

History of currency in the USA:

The first documented use of paper currency in the USA dates back to 1690, when colonial notes were issued by the “Massachusetts Bay Colony”. The usage of notes was for military operations.

The dominance of the Dollar:

In the 20th century, the USA started flexing its political, defense, and economic muscles on the international stage. The USA became the world’s largest economy. It surpassed the UK but the majority of transactions were still taking place in British Pounds.

Photo by Dmitry Demidko on Unsplash

Challenges for the Dollar:

The supremacy of the Dollar continued and then in the 21st century, it started facing other challenges.

  1. In 2015, when China tried to free it from Dollar’s financial grasp, the Chinese currency yuan dropped its value.
  2. In 2018, US President Donald Trump, made a negative tweet about the Turkish Lira. It lost more than 18% of its value in one day.
  3. In 2019, when the United States imposed economic and travel sanctions on Iran, its economy started shrinking.

Dollar is facing hurdles like Titanic faced icebergs:

Since 2000, Russia is trying to reduce its dependence on the Dollar by stockpiling significant amounts of gold.

Photo by Jingming Pan on Unsplash
Photo by Mitchell Luo on Unsplash

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