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re: This seems significant. China, Saudi Arabia sign currency swap agreement.
Posted on 11/21/23 at 8:57 pm to Ace Midnight
Posted on 11/21/23 at 8:57 pm to Ace Midnight
quote:
10 years? Folks have insinuated that this year, 2023.
Indeed. It’s being insinuated by the usual suspects in this very thread.
But don’t worry — as cwill will soon no doubt explain to us in great detail, the wise monetary wizards at the Fed are reading the entrails of a pig under the light of the moon to decide their next course of action. They will soon place the monetary levers at precisely the right levels based upon their meticulous scientific methods!
This post was edited on 11/21/23 at 9:01 pm
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Posted on 11/21/23 at 9:23 pm to GumboPot
How is the BRICS thing working out for the shithole countries?
Posted on 11/21/23 at 9:35 pm to notiger1997
That’s my thought. End of the day China will need money from us so this little stunt is no different than the EU creation and them trying to flex.
Posted on 11/21/23 at 9:37 pm to GumboPot
The Saudi Arabian upper crust tribe are not very smart, although many are educated in Britain. If there are bad decisions to be made, they can do it. Religion plays a fundamental role, but many of them are just plainly bloody minded, vengeful Arabs.
Posted on 11/21/23 at 9:40 pm to GumboPot
The Saudis are just looking for a new security guarantor now that the U.S. is stepping away from that role. The dollar isn't going anywhere.
Posted on 11/21/23 at 9:41 pm to notiger1997
quote:
How is the BRICS thing working out for the shithole countries?
The real question is how long before our government’s money printing scheme turns our economy into a shithole country?
Posted on 11/22/23 at 6:34 am to SlowFlowPro
quote:
Says the guy who thinks we're borrowing money from China in any significant amount
quote:
As of January 2023, the five countries owning the most US debt are Japan ($1.1 trillion), China ($859 billion), the United Kingdom ($668 billion), Belgium ($331 billion), and Luxembourg ($318 billion).
Posted on 11/22/23 at 6:54 am to Warboo
And exactly why would they change? China changes the value of their worthless currency at whim. They are crashing along with everyone else ......
Posted on 11/22/23 at 7:22 am to GumboPot
Good, What a terrible decision by the Saudi's. I hope their economy crashes when China's does as they are in worse shape than us.
Posted on 11/22/23 at 8:01 am to bluedragon
quote:
They are crashing along with everyone else ......
China is crashing FAR worse than we are. There isn't a country on the planet that's poised for the same success as the United States. I'm not suggesting that we don't have any problems, particularly as it applies to fiscal and monetary policy, but we're structurally sound in terms of geography, demography, energy, and technology. We're not only going to weather this storm, but come out even further ahead in relation to everyone else.
Posted on 11/22/23 at 8:19 am to GBPackTigers
quote:
Yeh, our economy is about to crash……
…and they will blame Trump
Doubtful, no POTUS since Carter (save the 2nd term of Clinton) has addressed the ever spiraling debt.
Blame
Regan (2 terms)
Bush (1 term)
Clinton (1st term)
Shrub (2 terms)
Obama (2 terms)
Trump (1 term)
Biden (current)
Say what you will about Nixon and Carter but passing debt to future generations after they were out of office was not their style.
Posted on 11/22/23 at 8:38 am to Cheese Grits
quote:
Doubtful, no POTUS since Carter (save the 2nd term of Clinton) has addressed the ever spiraling debt.
I view the primary source of this problem as being the 24-hour news cycle and social media. Because of these, our elected officials don't think decades or generations in advance and what's good for the country long-term. Their entire world view is in 2, 4, or 6 year increments. If there's even the slightest economic hiccup, rather than riding it out naturally like we should, our politicians print money and throw it into the market as "stimulus" to maintain just enough of a facade of economic health to get them through the next election.
Posted on 11/22/23 at 8:51 am to UncleFestersLegs
quote:
As of January 2023, the five countries owning the most US debt are Japan ($1.1 trillion), China ($859 billion), the United Kingdom ($668 billion), Belgium ($331 billion), and Luxembourg ($318 billion).
A. This is wrong. The US owns, by far, the most debt.
B. I said "borrowing" as in, in the present tense. Everyone buys some UST but China hasn't made any significantly large investments for some time. This is a talking point from like 15 years ago. China has been a net seller of UST for some years.
Posted on 11/22/23 at 8:53 am to Tantal
quote:
There isn't a country on the planet that's poised for the same success as the United States. I'm not suggesting that we don't have any problems, particularly as it applies to fiscal and monetary policy, but we're structurally sound in terms of geography, demography, energy, and technology. We're not only going to weather this storm, but come out even further ahead in relation to everyone else.
This won't play well with the apocalypse fetishists on this board.
The US has problems, and we need to address them, but everyone else has basically the same problems but (1) worse and (2) without the backbone to fix things.
Posted on 11/22/23 at 8:54 am to cwill
quote:
What about Argentina’s dollarization???
What about it?
Posted on 11/22/23 at 9:10 am to GumboPot
The US has clearly indicated they will no longer be a Customer of SA petroleum products in the not too distant future…. a transition that is well underway. The Saudis are now migrating thier business to another one of its main Customers - China.
Surely this concept isn’t difficult to grasp …. probably no different than any of us would do.
The world is aligning into two different competing economic camps …. Green Energy countries and Fossil Fuel countries. (BRICs+)
The petrodollar is dying, and has been for no less than 2 years. BRIC countries have been purchasing Oil directly, without converting to USD , by using Gold directly through the Shanghai Exchange …. without (a) paying a commission to the US, and (b) avoiding the punitive Sanctions employed by the US’s SWIFT payment system.
As long as the US continues its policy war against Fossil energy, it shouldn’t surprise anyone that BRIC members will align with one another.
Surely this concept isn’t difficult to grasp …. probably no different than any of us would do.
The world is aligning into two different competing economic camps …. Green Energy countries and Fossil Fuel countries. (BRICs+)
The petrodollar is dying, and has been for no less than 2 years. BRIC countries have been purchasing Oil directly, without converting to USD , by using Gold directly through the Shanghai Exchange …. without (a) paying a commission to the US, and (b) avoiding the punitive Sanctions employed by the US’s SWIFT payment system.
As long as the US continues its policy war against Fossil energy, it shouldn’t surprise anyone that BRIC members will align with one another.
This post was edited on 11/22/23 at 9:18 am
Posted on 11/22/23 at 9:19 am to SlowFlowPro
quote:
This won't play well with the apocalypse fetishists on this board.
Sometimes you have to turn off the noise (media) and take the ideological blinders off long enough to look at the facts as they are and not through the lens of politics. While things aren't particularly great at the moment, we are in the best position in the world, structurally speaking. Now the trick is to elect the right leaders to quit stepping on our collective dicks.
Posted on 11/22/23 at 9:29 am to cadillacattack
quote:
The Saudis are now migrating thier business to another one of its main Customers - China.
We've never really used much Saudi oil. We protected Saudi Arabia so that our Bretton Woods allies could have oil. We've been slowly backing away from that for the last 20-30 years, so the Saudis are looking for a new bodyguard. If that's going to be China, they're going to have to invest heavily in their Navy and sealift capabilities. The current PLAN, while numerous in ships, is designed to operate primarily in the South China Sea. They can't project naval power like the U.S., Japanese, and Brits.
Posted on 11/22/23 at 10:45 am to notiger1997
quote:
How is the BRICS thing working out for the shithole countries?
Argentina’s new prez is going to peg their peso to the dollar!
Posted on 11/22/23 at 10:48 am to Toomer Deplorable
quote:
The real question is how long before our government’s money printing scheme turns our economy into a shithole country?
Is your deal that you’re just upset with the concept of fiat regardless of easing or tightening? Bc, again, we are contracting the money supply.
This post was edited on 11/22/23 at 10:55 am
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