Only wars can end currency hegemony, sterling was already going down hill
when the war broke out and it was already accepted conventional wisdom that
colonialism was on its way out decades before Nazi Germany and Imperial
Japan tried to emulate Britain and France. Yet despite its ever weakening
hold on its empire and despite what was already crystal clear: Germany and
the US had eclipsed British Empire economically long before the Empire
reached its peak, Britain was still widely hailed as the dominant power of
the planet and royal navy still ruled the wave. Not until the war finally
broke out, had everybody been awoken to the fact that Britain could not and
would not deal with new challenges to its position the old fashioned way: by
naval stranglehold and fiscal bribes. It must resort to the ultimate bribes
for a chance to a graceful retirement. It'd be hard to imagine the US
willingly or even be forced to cede its position absent of a major armed
conflict. Maybe a fool-hardy strike on Iran by Israel will be the perfect
catalyst, maybe it will be something else. But there must be something, as
history has taught us: blood must be shed before a new king could be
declared.
