Biden Lets China Threaten The Greenback's Status As The World's Reserve Currency

Once your entire existence is based on nothing bigger than yourself... Blah blah blah.

We can all play this game.

Now try addressing the topic instead of being intolerant and narrow minded to billions of people.

(Did I do it right?)

 

He’s emboldened by the protection he gets from behind his screen. No way he’s so brave in real life.

 

Inflation is coming down. It’s roughly 5 percent a year now and the goal is 3 percent. You may need other voices in your echo system. Your world view is seriously flawed.

 

He is an incredible engineer and an incredible engineer manager. What he has done with Tesla and space x is incredible. Everything else he is obviously out of his depth. I think the boring company is very good also. I am watching with interest what he does with ai.

 

I actually consider myself a Christian.

However, incels or weirdos that make religion the center of their limited existence are not healthy personally or for society.

 

The biggest threat to the dollar losing its status as the world's reserve currency isn't from China or Saudi Arabia, it's from the clowns in the House of Representatives refusing to increase the debt limit increasing the possibility of a default.

 

Is the Washington Examiner still reporting about Muslim prayer rugs being found on our southern border?

 

This article 9r what I read in the OP has a shred of truth but greatly exaggerates the situation and lacks context.

1. It is true that Biden doesn’t have a good relationship with MBS as he previously called out MBS for the brutal murder of a resident American Saudi national. You can second guess whether he should have just turned a blind eye like Trump did

2. The Saudi’s have not been on best terms due Iran nuclear agreement.

3. The sanctions on Russia have been effective in some ways but they do put pressure on Russia and China to look for dollar alternatives.

4. The use of the dollar has still been increasing but as a percent of transactions it has been slowly decreasing over the years and will likely continue to do so.

5. Whatever you have to say about the US and the dollar there aren’t any good alternatives. They are all worse.

6. You will continue to see a trend towards countries doing transactions on things other than the dollar.

7. While having the dollar as a reserve currency does have some perks, it’s arguably overrated.

Opinion | Wonking Out: The Greenback Rules. So What? (Published 2021)

 

Not sure what is meant by “refusal to unleash domestic oil manufacturing” as the US seems to be exporting more oil than ever - subject to price of course as production drops when price does.
The Five Biggest Oil Producers – Updated 2022 | DW Energy Group

U.S. Exports of Crude Oil (Thousand Barrels)

 

Fair enough. But a Christian by definition should at the very least have the tenants of Christ as their center. I understand we may see different perspectives on what that looks like, but I dont find the concept harmful in the least.

 

If all other countries also have inflation, and the US inflation is relatively lower (which it is), than why is the dollar strength doing well?

Good. Sanctions against bad actor states should be a penalty from using USD as a trading currency.

so what? We are still trading with countries like China and India who are riding the fence on Ukraine.

Garbage. I wish Biden was hamstringing domestic O&G. The US is one of the largest producers of O&G.

 

Here is the counter argument by the way.

Breakingviews - Why the dollar keeps winning in the global economy

 

Seems like the USA uses economic sanctions because the dollar is strong. Would kind of defeat the point if it was weak or weakened the dollar substantially. Whether sanctions achieve their goals or not is another debate.

 

Misinformed and/or so ideologically driven they appear stupid. It afflicts both sides of the aisle.

 

I wholeheartedly agree. Which tenant do you think is most important? For me, it is love the neighbor. It seems to me that there are a couple on TH who loudly proclaim their faith, but don't live by that foundational tenant.

Such hypocrisy shouldn't rankle me, but it invariably does.

Yes, I know, I'm off topic.

 

I think reading some stuff that doesn’t agree with your beliefs would benefit you.

 

Yeah, I explained that poorly. I meant making it your whole personality. No different than people with F Joe Biden flags on the back of their truck or the more out there Taylor Swift fans.

 

When it becomes the crisis that it WILL become, then it will be too late.

Very similar situation to when the same folks who don’t think that this is not a big deal we’re saying that runaway spending wouldn’t create inflation. By the time they are inevitably proven wrong all they will be able to is be silent with a dumb look on their faces, and then move on to the next thing they want to trash.

 

Inflation was far more complicated than just runaway spending but that’s a different conversation.
The only way this will happen quickly is if the US self destructs. And if that happens, we will have much bigger problems than being the reserve currency.
I do expect as other countries grow economically and US share of global GDP continues to fall that some folks will feel less beholden to the dollar, and our share of market will fall. But until there is a legitimate alternative to it, it will still be king. And no western countries in particular want to be beholden to the yuan and the lack of free market controls from its leaders for anything. Individual trades are very different than it being the currency of choice.