The death of the dollar is eminent
— Ann Vandersteel (@annvandersteel) June 13, 2024
Moscow Stock exchange halts trading in US dollars.
Russian warships and nuclear subs are right off the coast of Florida and Harvard in Cuba. This makes the Cuban missile crisis look like a tea party.
Interesting on the timing of this, as itβ¦
Petroguzzlers I don't feel so good:
Russia is groping America's gock:
Putler coming for those f16bussies:
!schizomaxxxers speculate wildly.
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I question if the end of the petro dollar is really a big deal. The problem remains in that no one is going to entrust all their money with a slav, a sexy Indian dude, a chink, or a macaquito. Not that the US isn't corrupt and couldn't confiscate your money, but it is still infinitely better and more trustworthy than any other. Chong's would immediately steal every cent then say it is your fault for making it possible. Who is going to put everything into these currencies?
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It's almost completely inconsequential and will just add one extra layer of abstraction (cost) to these transactions, because any other country will still keep their reserve currency in dollars (or maybe euros).
The only thing it would do is expose these countries to currency risks while they are holding those currencies. Of course this won't stop schizos from repeating the same phrase, about how the US needs to trade with dollars to keep up its hegemony or whatever.
Behold, the death of the dollar:
https://www.imf.org/en/Blogs/Articles/2024/06/11/dollar-dominance-in-the-international-reserve-system-an-update
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People are all like "the dollar has inflated value because you can buy oil with it" and act like it's got no other element that distinguishes it as a medium of exchange. As long as I need 134 thousand of them each year to prevent the IRS from arresting me, it will continue to have value.
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This is one of the worst posts I have EVER seen. Delete it.
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Russoid or Chinkiod discussion around replacing the dollar as the global currency is r-slurred because even if people were willing to hold rubles or rmb to transact (they aren't, lol) Russoids or Chinkoids would need to provide the rubles or rmb, which means they have to run a current account deficit, i.e., be net borrowers.
Russoids can't do this because nobody wants to lend to them, Chinkoids won't do this because their entire economy revolves around their household sector subsidizing the industrial sector to export cars and batteries nobody really wants to the rest of the world. Like you mechanically can't be a global reserve currency while following China's industrial policy.
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Right? The USA is essentially the personification of a family that has a mortgage, 3 trucks, a boat, an ATV and a timeshare that financed EVERYTHING, but makes enough to easily cover payments and hasn't missed a payment in decades so they have a credit score of 800. Huge debt, but they pay.
Every other country in comparison looks like some former drug user that might relapse if they have a bad week and run off with your money.
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bitcoin
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what if there was a way people could transact without a third party?
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There isn't.
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this is good for bitcoin
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THANK YOU! but lets be honest, as good as BTC is, there is a better crypto called DASH that i've been bag holding since 2016 while everything else has skyrocketed.
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buy BTC, ignore shitcoins, simple as
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buy buy buy
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Literally they could return to gold. The gold standard hasn't been gone that long and only disappeared because the US was able to schmoozy with Saudi Arabia and start the petro-dollar in the 70s.
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Fiat currency is basically financial sorcery, going back to the gold standard would gimp the US economic so hard.
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The gold standard disappeared because the world economy outgrew the supply of gold you r-slur
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Neighbor there is no "Petro dollar".
The dollar is tied to the performance of the US economy, and trust in the government to be stable and an honest broker, nothing else. Oil fuels the modern world, thats why it is so important for everyone, but that doesnt make the dollar somehow specifically reliant on it. If the oil supply collapsed, every economy and thus every currency would be turned upside down. Chinks are dependent on oil just like the US, only unlike the US they dont even own their supply but are dependent on foreign sources. Russia is reliant on oil not as a "precursor resource" but as the only important product their miserable shithole actually "produces".
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b-word gold has supply issue
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US can always threaten saudi arms deals if they consider switching which is the only thing that will save them after the oil runs out
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saudi will make friends with iran. no weapons needed.
check mate uh..shahmaat
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They don't want to have 1 country dominating everything.
For average burgers that probably not a big deal since that will mean import will be more expensive so more shit will be build in US
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