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Started By
Message
Petrodollar agreement ends.
Posted on 6/12/24 at 6:28 pm
Posted on 6/12/24 at 6:28 pm
dollar end game begins
This was posted on Poli board but relevant here also. Hard to understate the importance. The basis for the dollar as a reserve currency is ending.
This was posted on Poli board but relevant here also. Hard to understate the importance. The basis for the dollar as a reserve currency is ending.
This post was edited on 6/12/24 at 6:30 pm
9
Posted on 6/12/24 at 6:40 pm to biscuitsngravy
The demise of the dollar continues to be greatly exaggerated.
Posted on 6/12/24 at 6:45 pm to biscuitsngravy
Vote for Joe...again!
Posted on 6/12/24 at 6:45 pm to biscuitsngravy
Way to go Pedo Joe
Posted on 6/12/24 at 6:46 pm to biscuitsngravy
BRICS!!! What happened to BRICS? I put all my money into bitcoin when I heard how bad it was going to hurt the dollar:
This post was edited on 6/12/24 at 6:49 pm
Posted on 6/12/24 at 7:15 pm to slackster
quote:
The demise of the dollar continues to be greatly exaggerated.
I think you may be over-exaggerating the strength of the USD. A lot of the USD's current strength comes from its dominance as the primary world reserve currency. The Saudis are, by far, the largest exporter of oil. There was news earlier this year that the Saudis were considering joining BRICS. While all of that is bad news for the USD as it would hurt demand for our already-overleveraged currency, that's not the real danger.
The real danger is if OPEC decides that this is a signal from the Saudis that they can/should abandon the petrodollar as well. Where Saudia Arabia represents ~16% of the world's exported oil, OPEC represents nearly 50%. It doesn't matter if they join BRICS or not, that much oil no longer being traded on the USD means a severe drop in its dominance as the premiere world reserve currency and that drop in demand means a drop in the value of the USD.
Posted on 6/12/24 at 7:19 pm to biscuitsngravy
Im so glad that the adults are back in charge
Posted on 6/12/24 at 7:40 pm to boomtown143
I’m curious what Biden did to warrant the blame here, or more specifically, what would Trump do differently?
Posted on 6/12/24 at 7:50 pm to slackster
quote:
I’m curious what Biden did to warrant the blame here, or more specifically, what would Trump do differently?
Posted on 6/12/24 at 8:01 pm to biscuitsngravy
Petrodollar is overrated.
Saudi is less than 10% of the global oil market and oil is less than 10% of the global economy. Even if the Saudis take other currencies they'll still take some dollars.
The Euro is shakier than the dollar and the Chicoms can't afford to let the yuan free float.
Saudi is less than 10% of the global oil market and oil is less than 10% of the global economy. Even if the Saudis take other currencies they'll still take some dollars.
The Euro is shakier than the dollar and the Chicoms can't afford to let the yuan free float.
Posted on 6/12/24 at 8:01 pm to wryder1
How about the outright animosity this administration has towards hydrocarbons?
Posted on 6/12/24 at 8:22 pm to StreamsOfWhiskey
quote:
How about the outright animosity this administration has towards hydrocarbons?
It’s been real tough out here for us in O&G lemme tell ya
Posted on 6/12/24 at 9:20 pm to StreamsOfWhiskey
quote:
How about the outright animosity this administration has towards hydrocarbons?
The best thing that happened to Saudi Aramco was the Biden administration
Posted on 6/12/24 at 9:21 pm to slackster
quote:
I’m curious what Biden did to warrant the blame here, or more specifically, what would Trump do differently?
Biden sucking off Iran to the tune of $16B and Trump not sucking off Iran?
Posted on 6/12/24 at 10:12 pm to Bard
Is that why the agreement was terminated?
Posted on 6/12/24 at 11:27 pm to biscuitsngravy
quote:No, it isn't. This will have a modest impact on dollar demand and likely lead to a rational, mild devaluation of a dollar that has, frankly, been too strong.
Hard to understate the importance
Posted on 6/13/24 at 4:24 am to Bard
quote:
The demise of the dollar continues to be greatly exaggerated.
quote:his point went completely over your head.
I think you may be over-exaggerating the strength of the USD. A
Posted on 6/13/24 at 5:49 am to slackster
quote:
Is that why the agreement was terminated?
I have no idea, just spit-balling. That was why I framed it as a question (in retrospect I can see how it looks definitive).
Posted on 6/13/24 at 8:13 am to notiger1997
quote:
BRICS!!! What happened to BRICS? I put all my money into bitcoin when I heard how bad it was going to hurt the dollar:
No you didn’t.
If you did, you’d be an incredibly wealthy man.
Posted on 6/13/24 at 8:18 am to biscuitsngravy
The guys on the money board are too entrenched in the game to realize what’s going on. The whole forrest through the trees thing.
To understate the importance of a fiat currency losing its reserve power on a global scale to the global power is an exercise of folly, and similar to Nero.
To understate the importance of a fiat currency losing its reserve power on a global scale to the global power is an exercise of folly, and similar to Nero.
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