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

The UK was once the reserve currency but around 1955 the dollar exceeded the British pound. However there is nothing in this graph to suggest a collapse of the currency afterwards.

 

Long-term interest rates by country 2021 | Statista


One of the arguments is that reserve status will cause lower interest rates. Many things affect rates, but there is no evidence we have lower rates vs other major countries.
Above are long term interest rates in 2021.

 

A group of men in a time of great political turmoil, and among a people who were almost exclusively illiterate, wrote some stories for political purposes, and here you are, 2,000+ years later saying you "believe" those stories, again for largely political purposes (else you wouldn't be on TH), without an ounce of proof those stories were true. Saying you "believe" them to be true is pure sophistry. So don't smugly talk to me about the "judgment day" just because someone 2,000 years ago tried to frighten the masses into submission by saying there'd be one if they didn't hew the then party line.

If your beliefs give you solace and comfort from whatever trials and tribulations you have experienced, wonderful, but please shut up on TH about them!

 

I can think of no reason why countries will move to the Euro. The euro has more challenges, as you have member countries that make their own fiscal policy but have the same currency. Greece, Spain at Italy all have much more debt on a percentage basis than the US, plus most places are suffering population declines.

I don’t think there will be a rush to a new currency. You will just have some transactions, most notably oil, denominated in home currency vs US dollar, and the dollar will decrease as a percentage of worldwide currency.

 

amen

 

I’ll look up what Krugman says. He used to be a great economist. Then he figured out that writing for papers and guest appearances paid better. like Jim Cramer, he sounds good, but he is even better at explaining why he wasn’t wrong, just that the facts don’t back him up. Cramer never even admits that he’s wrong.

I’m first to admit that this is not an immediate concern, but it cannot be ignored.

And again, I don’t really care about other countries. Plenty of them are fine with mediocrity. I’m just not good with it at all, in anything

 

Agree. The euro won’t be doing anything while it has the albatross of Greece and Italy around its neck.

 

Long-term, China has some serious economic problems, much of which stem from their one-child policy for 35 years and their aging population. They have virtually no immigration to make up for their lack of children. They have internal debt problems from building ghost cities, crumbling infrastructure, poorly planned capital investments, and a scary real estate market. They blew a lot of money (with little in the way of results) on combating Covid, also. I am not too worried about them taking over the global currency.

 

Agree. The notion that nations will flock to Chinese currency as a more stable substitute for the dollar seems preposterous. But we will continue to see more non US transactions denominated in non U.S. currency.

 

So let’s say for S&GS, that they accumulate 30% of what currently is our benefit from being the reserve currency, with the Euro accumulating another 5-10%? Do you not see that benefitting them and hurting us even though neither is taking over?

Again, this is not all or nothing. Maintaining status as the largest could still be significantly less than currently.

 

Actually the bible was written over hundreds years by scores of authors.
Many of the “stories” have historical evidence that shows them to be based in fact.

 

“None of this is fake news.”
I’m not going to take the time to debunk your whole post but point out your oil allegations are flat out lies and you know it. Every month but one under Biden has had higher oil production than when he took over from Trump and right now it’s at 6 straight months of more than 12 million barrels a month, all in the top 15 months ever produced by our country.

U.S. Field Production of Crude Oil (Thousand Barrels per Day)

 

Honestly it’s weird to me the things republicans choose to get worried about. Our enemies conducting imperial expansion in Europe? No problem stay out of it.

Signing a trans pacific partnership to keep ahead of China geopolitically? - no don’t do that it’s dumb (but I bet you wish you had it now!)

children leading cause of death in the us is guns? Let’s legislate against drag shows.

so yeah…

 

True, as history, NOT as proof of a "god" and all that has flowed from that.

BTW, I should have said I believe there was an extraordinary charismatic man called Jesus, and that he preached a message about how mankind should conduct itself in a society. The rest - the son of a god, walking on water, rising from the dead, judgment day and all the rest - that's myth with no basis in fact.

But I will not, nor do I want to, convince anyone otherwise. I just want them to take it elsewhere.

 

Biden didn't kill the Keystone pipeline, it is operational, and delivering oil again after being shut down in December after spilling 14,000 barrels of oil in Kansas.

 

Do you know the difference between the Keystone pipeline and the Keystone XL pipeline?

The Keystone XL pipeline was the fourth phase of the Keystone pipeline. You shouldn't continue to trust the people who are misleading you by trying to conflate the entire project with a part of the project.

 

Not to mention Willow just approved and more GOM lease sales scheduled. But why deal with facts when fiction fits your agenda much better?

 

I don't see them picking up tens of percents of international trade; I see them picking up 1-2% here and there, maybe for a total of 5-10%, before their economy starts getting weaker. They are not especially popular with the U.S., Europe, Japan (and many other neighbors in the Pacific), Canada or Australia. Those are the countries with money. Africa and the Stan countries can only do so much for them. Russia is not likely to be a worthwhile trading partner for the next few decades, and neither are North Korea, Iran, and Venezuela. I think the Saudi situation is temporary.