Zerohedge has an excellent article about the status of the dollar and the impact of Biden's green policies as well as our "soft war" with Russia. While we still have most of our guns, we have lost most of the industrial and resources that allowed us to dominate the world from about 1945 until about 10 years ago. US Dollar Defaults On Petro Dollar And RU Banking Obligations | ZeroHedge Simple point he makes is that a lot of that $900 or so billion that we seized as Russian assets were owned by people outside the country or who had money tied to the companies targeted. In addition the inflation in oil prices and the destruction of oil supply, etc, as well as using the petro dollar and SWIFT currency exchanges as tools of our foreign policy has destroyed a lot of trust in the existing system. \ In addition our foreign policy decisions have had a destabilizing effect on large areas of the world, and the climate change rules are trying to change the basic concepts that the modern industrial world is based upon. It is difficult to ask the rest of the developing world to remain poor and with few of the advantages we have in order to prevent the damage that we did in fact do to reach our status. Much of the world has the same view of the US military that some of us in this country have for the UN forces, the cure is worse than the disease. Short all currencies, go long on self reliance. Kerosene stores well, if you have it and decent lamps, circular wick burner or hurricane lanterns, you might well dominate the local area as a source of lighting once the power goes off and the generators run out of fuel. The early exports to China were kerosene, silver, and opium. Even the poorest of peasants wanted those items.
Indians, Saudis, Israelis are all looking at the yuan instead of the dollar won't be long before things go south, and to think that we did it to ourselves by our totally stupid policies.
...watch China step in and back the yuan with gold.... Central banks won't be able to to China what they did to Gaddafi
How long until the idiots figure out that the Yuan is just another fiat currency? Backing it by gold and silver is only a temporary fix. Other wise they would actually USE gold and silver. Its just a scam to get people to back their money. Just like the petro dollar. ALL FIAT is a Ponzi scheme designed to fail while making those in charge stupid wealthy.
enloopious point is indeed valid. First and foremost, to become a world currency, the world MUST TRUST that currency. No one trusts the yuan, and no one trusts China. Yes, they trade with them and take their money but to get behind it completely? I think it a far stretch... Now, if they COULD back it with gold or any country could back their currency with gold that would be a deal changer; however, how many countries have an economy that is large enough and has been consistent enough over the years AND has the gold and silver to do this...none that I know of not even this country. In truth, FIAT currency is a brilliant concept allowing the country to improve and enlarge their economy without being tied or limited by the amount of gold in their possession. The problem is in reality it cannot work forever...and reality bites! Yes, I am still concerned, who isn't due to our deficit and the idiots that control the country's spending, but I truly doubt the world would back a China yuan. I am more concerned that they put something together, probably based out of the UN, that makes a world currency; however, it would have to be a sweet deal with lots of trust to pull the Europeans into it cause without them it doesn't happen.
But still the USD is the most attractive turd in the toilet. It's not dead yet. It's when the treasury bill auctions fail that you know the gig is up. I think the last Tbill auction foreign purchasers were like 85% of the buyers. Yep, when the world is tanking, they are buying our dollars. When the music stops, then you know it's over. but the music typically will slowly fade so it could take awhile before it actually stops. Start planning for your grandkids to survive the real crash. We are only going to be receiving some bumps and bruises over the next couple of decades. It will be their generations that will be paying for our sins.
The USD is still the best of the worst, everyone is printing money and none of the big 3 can afford to back it with Gold. I have been a fan of the Hedge for years but they have a real pro Russian slant that you cannot ignore. Still better than mainstream media.
Saying that Fiat currency is brilliant is like saying that stealing is brilliant. The sanity of the plan is of no consequence? you do realize the people you stole from are going to be pissed? I will NEVER trust the UN. Only a fool would.
"It's when the treasury bill auctions fail that you know the gig is up." This ^^^ is exactly what to watch for. Watch the price of gold also as the heavy hitters will move to it in a huge way when the the game is up but the real barometer is the sale of T-Bills. @enloopious "Saying that Fiat currency is brilliant is like saying that stealing is brilliant." Well, I didn't say it was good or right, but they have not only convinced this nation but the entire world to do this and do it in a big way. Is it a sane plan? Absolutely not! Does it expand the economy by leaps and bounds? Yep! Do the rich get richer and the poorer get poorer? Of course! This plan has been in place for the USA since 1971 and while many people have woken up to its reality and eventual downfall and grumble and curse there is not a damn thing we can do or have done to stop it. It's a done deal. So, they not only conceived it but implemented it 100% and did so that it can't be stopped so yeah, I consider it brilliant. As far as the UN...I cannot understand why in the hell we haven't at the very least kicked them out of New York. Let them go to Geneva, Switzerland or someplace else and we should cut our support bigtime and I do mean BIGTIME.
