Saudi Arabia joins Russia as the latest oil-backed nation to eye defecting from the U.S. dollar in favor of China's Yuan.
The very best thing that could happen to the USA as of this moment would be for the rest of the world to stop allowing our politicians, our bankers and all of the various connected con-men to continue feeding at the trough of wealth they have not earned. This largesse has warped our culture, spawning generations of entitled morons, has destroyed the competitiveness of our businesses and industries and allowed the most worthless group of idiots to stay in positions of power than at any time in world history. We need a cleansing by Mr. Market. Only after the Great Bankruptcy will we begin to understand how sick we have truly become and take the steps to become healthy again.
Been wondering for a while what happens to other western currencies once the dollar loses the crown - particularly the GBP (where im based at the moment). If one doesnt have a big enough pair to leave the dollar and go to metal / Asian currencies - wonder if such other western currencies will have some hope... Are you aware of anyone who's looked into this?
I feel differently....any replacement of the USD will be a slow burn, especially if you believe the yuan will ascend to this lofty post. There are a lot of shortcomings with the yuan. And as an aside, whilst USD's status gives the US clout in global politics (because it can be "weaponised"), the status is not necessarily all positive for the US, either. Ideally, a more balanced group of reserve currencies will evolve over time.
I would suggest all the wars we keep fighting are tied directly to the defense of our dollar. Khadafi said no more dollars for oil, he’s gone…Saddam said no more dollars for oil, he’s gone … now with Russia and China threatening the same thing, it is no coincidence we are beating the drums of war again. As for Saudi, they take our dollars - so we fight their wars for them in places we have no business like Yemen. It’s all about the dollars…
Why would anyone trust us? We've killed 60 million babies and just tried to kill off the entire middle class. And the same middle class around the world. China let us talk them into opening a bio weapons lab in Wuhan and we released it. We now we find out we have 35 more of them in Ukraine. We commit war crimes at will in this country and point out fingers at all of them. That's why the whole world hates us. Our word isn't worth the paper it's printed on. Tell me I'm wrong.
Our government is all about the management of our perception of our wealth and security. Their ability to do this is now becoming impossible. Soon more and more folks will become aware of the reality. Surely the government knows this and will probably develop some diversion like a more deadly pandemic.
If we had an honest government they would tell the public the true state of our financial situation, declare bankruptcy, and initiate a new monetary system based on gold and silver. However, my guess is that most folks, if asked, would prefer not to know the truth and maintain our lying system as it is.
Chris, Central Banks have seen what happens to their foreign reserves if the US decides to label them a “bad actor”. For years now, they’ve been loading up on gold while dumping treasuries. Many are convinced the hegemony of the dollar in terms of pricing oil has backfired. I think we are heading to the basket of currencies model and away from the petro-dollar. We are in the beginning of a commodity super cycle where natural resources will trump fiat.
I don’t know economics. It’s too hard for me but what do you think of this commentary? https://threadreaderapp.com/thread/1504259371059978243.html
Ok so spitballing here, fire back poltely...If the scenario occurs, it seems that the currency or whatever you call it will skyrocket, making exports way too expensive. See, e.g., why the FRG loves the Euro. If the dollar is replaced, then everything PRC exports doubles or triples in price. SA has oil, but $300/bbl sends us to war; economic, kinteic or both. We annex Iraq, Kuwait and UAE as the 51st, 52nd, and 53rd states. Over the top but oil producers will not be monolithic.
Meanwhile, PRC can't export anything, and Mercantilist CCP has a problem. Not enough demand within the country and with a rapidly shrinking population (same with RUS), demand for exports falls off a cliff. What then? Phyrric victories? US Onshoring of supply chains occurs, eventually and maybe we build those thousand SMR power plants like we can/must. Much more...
burn this mother fucker down
Quick, somebody give me the price of oil in yuan? Or any commodity. Do you think the Mayo Clinic will take yuan when the Saudis show up for their checkups? Plus, how many foreign banks and investors own all that U.S. debt?
We are already transitioning to a dual reserve currency system. Bottom line is the economic health of the nation has NOTHING to do with what politicians and those that pull their strings will do. Getting reelected comes first, second and third.
the corruption at the very top of the political food chain will eventually have to pay, and wreak havoc for all the innocent citizens...
The FSB under Carney years ago established a globally coordinated system reset plan for systemic financial institutions. The logic diagrams that popped up during the GCF from Harvard were pretty much the model implemented – today one can just look at tiny Canada and the public CDIC documentation.
This is all public info.
Since when were governments ever prepared for any future risk, let alone globally coordinated and presently ready with staff on standby to handle such an event?
This tells you that (if) there is such an event, it will be an emergency the world has never seen – every computer entry or contract you can think of will be bailed in.
And, its gone.
So you only let certain people post here?