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Message

re: China, Russia, India now setting up separate banking standards.

Posted on 3/10/22 at 8:24 am to
Posted by upgrayedd
Lifting at Tobin's house
Member since Mar 2013
138184 posts
Posted on 3/10/22 at 8:24 am to
If the petrodollar dies, we die with it
Posted by SDVTiger
Cabo San Lucas
Member since Nov 2011
94322 posts
Posted on 3/10/22 at 8:24 am to
quote:

But Trump ripped that up.


Good
Posted by Eurocat
Member since Apr 2004
16638 posts
Posted on 3/10/22 at 8:27 am to
Why good, we could get them to join our bloc.
Posted by NC_Tigah
Make Orwell Fiction Again
Member since Sep 2003
135858 posts
Posted on 3/10/22 at 8:28 am to
quote:

No sane person would choose India and Russian money over the Dollar, Yeh, Pound and Euro
No sane person would chose to believe China's story that Covid originated from a bat population though bats cannot even transmit CV-19 among themselves, or from raccoon-dog filet even though there is no evidence of a raccoon-dog covid outbreak or locals grilling raccoon-dog steak, or from pangolin penis penne, or a chupacabra cloaca chitlins, or sasquash shite. Yet our entire Press Corps pushes that BS, and huge swaths of the population believe them.

Regarding "no sane person", it is what it is.
Posted by TygerLyger
Member since Mar 2022
31 posts
Posted on 3/10/22 at 8:30 am to
So no war or inflation under Trump but somehow Biden screwing everything up now is Trump’s fault? Never change Eurotrash.
Posted by Smokeyone
Maryville Tn
Member since Jul 2016
21048 posts
Posted on 3/10/22 at 8:34 am to
quote:

America, UK, Britain and Japan and the entire EU should simply say, you can either use one of our currency or Russia and China's. No sane person would choose India and Russian money over the Dollar, Yeh, Pound and Euro.



How many 1st world European countries gave up their currency for euros? Willingly? Just to complete with the USD. China has enough economic weight to get this schism going and prop it up. They already own a bunch of non aligned countries in Africa and South America. Between them owning raw materials and production it’s almost inevitable they dominate the markets.
Posted by Hawgnsincebirth55
Gods country
Member since Sep 2016
18234 posts
Posted on 3/10/22 at 8:35 am to
Well…guess it’s time to go to war. frick not being no.1
Posted by Warfox
B.R. Native (now in MA)
Member since Apr 2017
3771 posts
Posted on 3/10/22 at 8:41 am to
quote:

Coming off the US dollar and US systems. They are replacing visa and Mastercard with a different pay system. You asked for it, you got it… Joe Biden.


The petro-yuan could usher in a new era for global energy

And China will absolutely not pass up this opportunity to push harder to replace the US dollar with the Yuan as the worlds dominant Petro-dollar.

quote:

A decrease in demand for the petrodollar would have dire consequences for the US economy, resulting in higher inflation and a difficulty to finance deficit spending. But not everyone is convinced that the petro-yuan poses a major threat to the dollar. “It’s a fantasy. There is a huge coordination issue to get everyone out of the dollar simultaneously,” said Pirrong. The oil industry is notoriously risk-averse and wary of innovation; barring a major crisis in the US economy, it will take decades before traders abandon a practice that has been tried and tested. The dollar is historically considered a safe haven currency, whereas the yuan is still not completely convertible into other currencies and represents a tiny fraction of foreign exchange reserves.
Posted by Warfox
B.R. Native (now in MA)
Member since Apr 2017
3771 posts
Posted on 3/10/22 at 8:45 am to
quote:

If the petrodollar dies, we die with it


Yep. But as terrible as that would be, I do think that there could be a silver lining: the re-emergence of manufacturing in the U.S.



Posted by upgrayedd
Lifting at Tobin's house
Member since Mar 2013
138184 posts
Posted on 3/10/22 at 8:56 am to
quote:

Yep. But as terrible as that would be, I do think that there could be a silver lining: the re-emergence of manufacturing in the U.S.


How so?
Posted by Kjnstkmn
Vermilion Parish
Member since Aug 2020
19879 posts
Posted on 3/10/22 at 11:32 am to
Posted by squid_hunt
Baton Rouge
Member since Jan 2021
11272 posts
Posted on 3/10/22 at 11:42 am to
Do we have the gold?

No. We don't. Not even close.
Posted by Herooftheday
Member since Feb 2021
3830 posts
Posted on 3/10/22 at 11:48 am to
quote:


I realize it may have some negative blowback here. Not sure what that might be. But I know that I don't like globalist frickers. So, this is a good thing?


The US created many wars and installed many leaders to stop countries from doing this. Think Iraq and Libya for the most recent. I think it's anti US government, whatever they stand for. It's not anti America, it's anti US government. There's a difference.
Posted by WavinWilly
Wavin Away in Sharlo
Member since Oct 2010
8990 posts
Posted on 3/10/22 at 12:24 pm to
The US could not service its enormous debt if this happened. That’s the pickle we are in now. Can’t raise rates much or at all because we have a massive amount of debt but inflation is starting to get out of control.
This post was edited on 3/10/22 at 12:25 pm
Posted by WokeGoBroke
Member since Mar 2022
327 posts
Posted on 3/10/22 at 12:31 pm to
Just for context, that's 3 billion people out of 7.9 billion.

Posted by Warfox
B.R. Native (now in MA)
Member since Apr 2017
3771 posts
Posted on 3/10/22 at 12:58 pm to
quote:

Yep. But as terrible as that would be, I do think that there could be a silver lining: the re-emergence of manufacturing in the U.S.

How so?


It is my view that if our currency implodes, so does our economy. We will no longer have the buying power that we once did. It logically follows that manufacturing at home would be much closer to parity, if not possibly cheaper than purchasing foreign manufactured goods, given the cost of labor and resources.
Posted by Warfox
B.R. Native (now in MA)
Member since Apr 2017
3771 posts
Posted on 3/10/22 at 1:02 pm to
quote:

The US could not service its enormous debt if this happened. That’s the pickle we are in now. Can’t raise rates much or at all because we have a massive amount of debt but inflation is starting to get out of control.


Which is why Biden(that is, Obama et. al.) could not have chosen much worse of a time to escalate tensions in Ukraine.

We have little juice, and any squeeze we exert is a double edged sword that may come back to hurt us far worse than Russia.

fricking idiots.
Posted by dkreller
Laffy
Member since Jan 2009
33475 posts
Posted on 3/10/22 at 1:16 pm to
quote:

Tell India that if they do this all cash to them in the form of military aid ends effective immediately.

Every dime we send them will instead be sent to their arch rival twice two (the doubling is the price of pissing us off).

This sounds good in theory but will inevitably elevate global tension even more, guaranteeing WW3.
Posted by m2pro
Member since Nov 2008
29738 posts
Posted on 3/10/22 at 1:28 pm to
Relax guys. It's only 3 billion people we are isolating. I'm sure it won't matter.
Posted by Espritdescorps
Member since Nov 2020
2704 posts
Posted on 3/10/22 at 4:56 pm to
What implications does this have for investing? I’m not invested in any international stocks in my 401k. I mean, how does this news affect the international stock performance? I’m economically incompetent . Sorry if the answer is obvious!
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