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world reserve currency... #7564715
04/20/22 07:29 PM
04/20/22 07:29 PM
Joined: Dec 2015
Posts: 5,591
se South Dakota
NonPCfed Offline OP
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How long will the USD remain the "world reserve currency"...?

The Bretton Woods agreement was a long time ago, relatively speaking. Why do places such as China, India, Indonesia, and Brazil (all with population of over 200 million each and with a combined pop of about 3.3 billion people out of the 8 billion or so on the planet) need to peg or trade with coin to the ole greenback? Serious question...

P.S. None of the above countries are large exporters of oil. Why should they care about "petrol dollars"...


"And God said, Let us make man in our image …and let them have dominion …and all the creatures that move along the ground".
Genesis 1:26
Re: world reserve currency... [Re: NonPCfed] #7564723
04/20/22 07:34 PM
04/20/22 07:34 PM
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james bay frontierOnt.
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Boco Online content
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Because the US has the worlds largest economy-its all about world trade and the GDP.
once China overtakes the US economically it would behoove others to look at the Chinese Yuan as the petroyuan.
It would need the blessings of the Saudis to happen.They would have to agree to accepting the Yuan as the world petrocurrency.
It would also need the UN and the world bank to be on board to happen.
Anyone trying to circumvent the UN or World bank without their approval would face economic devastation thru sanctions.

Last edited by Boco; 04/20/22 07:38 PM.

Forget that fear of gravity-get a little savagery in your life.
Re: world reserve currency... [Re: NonPCfed] #7564762
04/20/22 07:58 PM
04/20/22 07:58 PM
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NonPCfed Offline OP
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Are those the same Saudis who wouldn't take Prez Sniffy's phone call a month or so ago to pump more oil...?

Do the the UN and the World Bank have armies to enforce that the when the Chinese and Indonesians trade that have to use USDs??


"And God said, Let us make man in our image …and let them have dominion …and all the creatures that move along the ground".
Genesis 1:26
Re: world reserve currency... [Re: NonPCfed] #7564810
04/20/22 08:17 PM
04/20/22 08:17 PM
Joined: May 2010
Posts: 9,270
mn north of blakely
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Steven 49er Offline
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Originally Posted by NonPCfed


P.S. None of the above countries are large exporters of oil. Why should they care about "petrol dollars"...


But they are large importers of oil. As long as OPEC will only take dollars for oil foreign countries need them.


"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
Re: world reserve currency... [Re: NonPCfed] #7564846
04/20/22 08:38 PM
04/20/22 08:38 PM
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NonPCfed Offline OP
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Quote
But they are large importers of oil. As long as OPEC will only take dollars for oil foreign countries need them.


Do you think OPEC is solid in their their stance, in 1) not taking anything but USD, and 2) staying together with the same goals?


"And God said, Let us make man in our image …and let them have dominion …and all the creatures that move along the ground".
Genesis 1:26
Re: world reserve currency... [Re: NonPCfed] #7564874
04/20/22 08:55 PM
04/20/22 08:55 PM
Joined: Nov 2014
Posts: 1,292
Texas
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jtg Offline
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Here is some useful information about this subject by Ray Dalio.

Since the beginning of time, when governments spent much more than they took in in taxes and conditions got bad, they ran out of money and needed more, so they printed more, which made its value fall and made the prices of most everything, including stocks, gold, and commodities, rise. When central banks print a lot of money to relieve a crisis, buy stocks, gold, and commodities, because their value will rise and the value of paper money will fall.
To understand what’s happening now, you can watch my free video on the Changing World Order here: https://youtu.be/xguam0TKMw8

Re: world reserve currency... [Re: NonPCfed] #7564979
04/20/22 10:03 PM
04/20/22 10:03 PM
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It seems to me that Russia, China, are India, are already making trade agreements which by-pass the swift system and don’t use dollars. Soon other countries will join with them. BRICS


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Re: world reserve currency... [Re: NonPCfed] #7564986
04/20/22 10:12 PM
04/20/22 10:12 PM
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North East Kansas
Marty Online happy
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Originally Posted by NonPCfed
Quote
But they are large importers of oil. As long as OPEC will only take dollars for oil foreign countries need them.


Do you think OPEC is solid in their their stance, in 1) not taking anything but USD, and 2) staying together with the same goals?


The saudis just told biden to pee off and not bother them anymore....and they would not be raising oil production as biden asked them to do.

It seems that bidens representative met with the crown prince and asked about the guy they murdered in the saudi consulate in turkey....crown prince put a stop to the meeting and said never ask about that again and no more oil production. Saudi state tv also just ran a skit belittling biden/harris....it was pretty amusing...

I think the best response for russia to what we are doing would be an attack on the us dollar...not sure how they would do that thou...china/russia/india get together maybe..



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Re: world reserve currency... [Re: NonPCfed] #7564989
04/20/22 10:13 PM
04/20/22 10:13 PM
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North East Kansas
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Originally Posted by NonPCfed
How long will the USD remain the "world reserve currency"...?



My guess would be not all that long into the future the dollar will fall.



E
Re: world reserve currency... [Re: NonPCfed] #7565004
04/20/22 10:34 PM
04/20/22 10:34 PM
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Sooner the better; it won’t be best for our families in the short term, but rather now, than when I’m too old to do anything about it or contribute.

Re: world reserve currency... [Re: NonPCfed] #7565028
04/20/22 11:13 PM
04/20/22 11:13 PM
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Interesting chart of national daily oil consumption. If you add up the 4 "BRIC" countries they consume about 23.359 million bbl of oil a day, more than the USA. I can see why they want to do some sort of financial "consortium", alliance may be too strong of a word. None of them have any great alliances to the USA, not even the Brazilians. We'll see how badly the DC crowd can muck things up over the next x amount of time, maybe its only marginally, maybe they truly screw the pooch...

https://www.worldometers.info/oil/oil-consumption-by-country/


"And God said, Let us make man in our image …and let them have dominion …and all the creatures that move along the ground".
Genesis 1:26
Re: world reserve currency... [Re: NonPCfed] #7565039
04/20/22 11:54 PM
04/20/22 11:54 PM
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The US dollar is obviously in trouble. We have allowed, even encouraged, the crooks in DC to spend like drunken sailors. The Chinese are well aware of this, and the Saudis are not our friends.

https://thehill.com/policy/energy-e...ccepting-yuan-instead-of-dollar-for-oil/


do unto others as you would have them do unto you

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Re: world reserve currency... [Re: NonPCfed] #7565160
04/21/22 06:02 AM
04/21/22 06:02 AM
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mn north of blakely
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Steven 49er Offline
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Originally Posted by NonPCfed
Quote
But they are large importers of oil. As long as OPEC will only take dollars for oil foreign countries need them.


Do you think OPEC is solid in their their stance, in 1) not taking anything but USD, and 2) staying together with the same goals?


I think OPEC would love to trade oil for gold


"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
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