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The economic paradigm shifted and the rules of the game changed.This time will be no different when the US dollar loses its status as the reserve currency!Thanks to advances in navigational technology as well as other auspicious circumstances, the Portuguese, and soon the Spanish, were to reach Africa, Asia, and the New World.
that was to rock Europe so profoundly that upon Napoleon’s defeat, the powers of Europe came together to establish a peace at the 1815 Congress of Vienna that would re-balance power for the rest of the 19th century.Throughout history, a transition of the reserve currencies has always brought about turmoil and uncertainty in financial markets.One country’s decline, and the subsequent rise of another, marks a radical transformation for the world, especially as market demand shifts.The Portuguese, throughout their travels and discoveries, established military outposts along the coasts of Africa, India, Malaysia, Japan, and China (Macau), etc.; when they became over-extended, the empire eventually declined due to attacks and competition from other countries (mainly the Dutch, British and French).Portugal and Spain then merged together to create the Iberian union; however, it collapsed through wars and revolutions by the mid-17th century.
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