This brings to the memory the fall of 2005. If you find this curious, you are right because the first instinct should be to draw a parallel with natural resources in 2008.
Yet it is 2005 that returns to the mind, especially the aftermath of the powerful Hurricane Katrina ravaged New Orleans. Why? Because many saw it as confirmation of the decline of the US and of course its place in the currency hierarchy in the world a subject to profound change.
It was the terrorist attacks of 2001, the bursting of the tech bubble and the 2002 recession that hit much of the US as the world and the dizzying rise of emerging economies, led by China.
Katrina, in 2005, was like the cherry on the sundae of decline, as if confirming the nature of macro-economic and geopolitical verdicts.
That launched extensive discussion of the currency that would replace the US dollar. For the “gold bugs” and all those who predict the economic decline of our planet and our civilization (giving it some 40 years), the answer was obviously gold. For others, the Chinese currency was the logical choice, while others favored the euro or a basket of several currencies.
Whatever the option, it was obvious that the US dollar was doomed.
The financial crisis of 2008-09, say, tossed the geopolitical cards and all the above sounds anti-utopian than it did back then.