I don’t agree with this. Reserve currency status is about trust, and bad actors within the United States have deliberately sabotaged that trust. This is a self-inflicted wound.
Any politician who promoted a friendly open trading relationship with the CCP is a traitor who knowingly sold the US out, going all the way back to Nixon. And since Tiananmen Square they all have blood on their hands. (as do all of us consumers, to a far lesser degree)
Meaning there’s no reason to abandon a stable established reserve currency that isn’t subject to capricious and arbitrary lockouts or denials. Sure, China, India, Iran, and Russia were always looking for excuses to hop off the petrodollar because owning the world’s reserve currency represents power. But there’s enormous inertia involved in such a process, which means those countries were also looking for excuses not to hop off. Using our global reserve currency status so recklessly as a geopolitical lever has now forced those competing countries’ hands.
That's because rootless financial elites control the US. They can actually make a bunch of money if the US craters if they get their investments in order first.
Yes, that was always going to happen eventually. Yes, it is also an intentional forced decline of the West in order to profit western investors who are invested in China.
The only good news is that the Fabians are as wrong about the Chinese being their friends as the Marxists were about the Ayatollah being their friend.
Do most Americans understand the world of pain they are in for if the dollar falls?
'World of pain' is a bit of an overstatement. WW2 ended the Pound Sterling's status as the global reserve currency, and I would hardly call the currency situation a 'world of pain'.
The only thing I consider a 'world of pain' is watching more and more streets of my city become exclaves of third world shitholes, and that's being done by our leadership, deliberately.
America is in a more unique situation. Third world countries have a shit load of dollars under the figurative mattress. If they start dumping, we'll need a more extreme word than hyperinflation. There would be superlative-inflation. The Fed could theoretically freeze those dollars like is being done to Russia, and then things get really interesting.
The fate of Britain after WW2 and up to Margret Thatcher was pretty bad, though. I wouldn't want to live through 1970's, Labour Government, UK as our future.
It's not Liberia, but It really isn't great.
Hell, the successful plan that the Fabians have was for us to end up like Japan after the 1990's: complete economic and social stagnation decade after decade.
World of pain' is a bit of an overstatement. WW2 ended the Pound Sterling's status as the global reserve currency, and I would hardly call the currency situation a 'world of pain'.
a) the US were a similar, freedom and liberty orientated power so the take over was smooth. b) WW2 had just ended, peace naturally follows.
Neither of those two factors apply in the current day.
The only Americans who understand the severity are all of us crazy Austrian Economics fans, and the elites who are currently supporting the rise of China because they stand the most to benefit from the Chinese Yuan being the world reserve currency.
Frankly, a Rupee-Ruble reserve currency is the world's best bet, if the USD doesn't get forced back onto gold, or some kind of gold backed crypto.
I suspect this is mostly talk to get concessions out of the US. In 2015, the Chinese promised to make the yuan freely tradable by 2020. That didn't happen. So the Chinese could easily screw the Saudis by tightening and loosening the currency at time advantageous to themselves. Will they? Yes; it's basically the Scorpion and the Frog.
I remember listening to a financial expert talking with Jimmy Dore about monetary systems.
It's weird because Jimmy Dore (as a progressive) has repeatedly put major MMT (Modern Monetary Theory) advocates on his show. The financial expert basically told him: "No, MMT is crazy and would destroy the entire financial system."
One of Jimmy's Panelists: "But it's not like the Petro-Dollar system will survive"
Expert: "... Listen, just, don't worry about it. Are you gonna be alive in 50 years? Then don't worry about it."
...
YOU BETTER START WORRYING ABOUT IT BECAUSE IT WAS NEVER 50 YEARS AWAY FROM COLLAPSE.
I don’t agree with this. Reserve currency status is about trust, and bad actors within the United States have deliberately sabotaged that trust. This is a self-inflicted wound.
More than sat quietly, they encouraged it and gave China everything to make it possible.
Any politician who promoted a friendly open trading relationship with the CCP is a traitor who knowingly sold the US out, going all the way back to Nixon. And since Tiananmen Square they all have blood on their hands. (as do all of us consumers, to a far lesser degree)
Meaning there’s no reason to abandon a stable established reserve currency that isn’t subject to capricious and arbitrary lockouts or denials. Sure, China, India, Iran, and Russia were always looking for excuses to hop off the petrodollar because owning the world’s reserve currency represents power. But there’s enormous inertia involved in such a process, which means those countries were also looking for excuses not to hop off. Using our global reserve currency status so recklessly as a geopolitical lever has now forced those competing countries’ hands.
That's because rootless financial elites control the US. They can actually make a bunch of money if the US craters if they get their investments in order first.
China's rise was not inevitable. It was done on purpose by people who either can't think in the long term or do not care.
You're both right though.
Yes, that was always going to happen eventually. Yes, it is also an intentional forced decline of the West in order to profit western investors who are invested in China.
The only good news is that the Fabians are as wrong about the Chinese being their friends as the Marxists were about the Ayatollah being their friend.
Most probably weren’t thinking 20 years ago the amount of self sabotage our government would do to hasten the arrival though
'World of pain' is a bit of an overstatement. WW2 ended the Pound Sterling's status as the global reserve currency, and I would hardly call the currency situation a 'world of pain'.
The only thing I consider a 'world of pain' is watching more and more streets of my city become exclaves of third world shitholes, and that's being done by our leadership, deliberately.
America is in a more unique situation. Third world countries have a shit load of dollars under the figurative mattress. If they start dumping, we'll need a more extreme word than hyperinflation. There would be superlative-inflation. The Fed could theoretically freeze those dollars like is being done to Russia, and then things get really interesting.
Ludicrous inflation. We're goin to plaid boys.
The fate of Britain after WW2 and up to Margret Thatcher was pretty bad, though. I wouldn't want to live through 1970's, Labour Government, UK as our future.
It's not Liberia, but It really isn't great.
Hell, the successful plan that the Fabians have was for us to end up like Japan after the 1990's: complete economic and social stagnation decade after decade.
These are all bad outcomes for the US.
The worst part was Thatcher screwed the UK in the long term. Although Blair fired the killing shot.
a) the US were a similar, freedom and liberty orientated power so the take over was smooth. b) WW2 had just ended, peace naturally follows.
Neither of those two factors apply in the current day.
True.
Replacing one Anglophone superpower with another that was almost identical wasn't much of a shift.
The only Americans who understand the severity are all of us crazy Austrian Economics fans, and the elites who are currently supporting the rise of China because they stand the most to benefit from the Chinese Yuan being the world reserve currency.
Frankly, a Rupee-Ruble reserve currency is the world's best bet, if the USD doesn't get forced back onto gold, or some kind of gold backed crypto.
no. we are a bunch of retarded faggots and trannies and we deserve what is coming.
Most do not. I certainly was not until a few months ago
I suspect this is mostly talk to get concessions out of the US. In 2015, the Chinese promised to make the yuan freely tradable by 2020. That didn't happen. So the Chinese could easily screw the Saudis by tightening and loosening the currency at time advantageous to themselves. Will they? Yes; it's basically the Scorpion and the Frog.
The shrinking influence of GAE is a good thing for humanity as a whole.
I remember listening to a financial expert talking with Jimmy Dore about monetary systems.
It's weird because Jimmy Dore (as a progressive) has repeatedly put major MMT (Modern Monetary Theory) advocates on his show. The financial expert basically told him: "No, MMT is crazy and would destroy the entire financial system."
One of Jimmy's Panelists: "But it's not like the Petro-Dollar system will survive"
Expert: "... Listen, just, don't worry about it. Are you gonna be alive in 50 years? Then don't worry about it."
...
YOU BETTER START WORRYING ABOUT IT BECAUSE IT WAS NEVER 50 YEARS AWAY FROM COLLAPSE.
Yes, substituting sand instead of cocaine is a good thing.
Any actual news on how likely this is or are they just testing the waters or using it as a bargaining chip.
Given Saudi Arabia's previous actions it'd be in character for them to extract as many concessions from the US as possible.