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

The pound lost its global reserve currency status well before that, starting in the late 1910's, then finally during the great depression. It lost about 50% of its purchasing power, 100% inflation in other woin a 2 year period in the late 1910's. From that point until the USD truly took over there was a period of time when the world didn't have a dominant reserve currency. That's likely what will happen if the USD collapses. Countries will just trade with a hodge-podge of currencies, goods, and commodities (e.g. gold) until another dominant reserve currency arises.

When did the dollar overtake sterling as the leading international currency? Evidence from the bond markets

 

Fundamentally, interest rates are affected by supply and demand. One can maintain a lower interest rate by keeping the supply low (i.e. having less external debt). What we have been able to do is keeping the supply high, as evidenced by ~50% of the world reserve currency being the USD, while still keeping the interest rate low.

Dedollarization has naturally been happening as the world moves away from unipolarity to multipolarity. The share of world reserve currency in USD fell from 71% to 55%, or 16% in the 20 years from 2001 to 2021. The problem right now is that since the Ukraine War and our sanctions, it's fallen from 55% to 47%, or an 8% fall in just 2 years, five times the usual rate. That's highly alarming.

The non-asset owning, salaried class will be demolished should the dollar lose significant value. IMO we should all build up some hard assets, and don't hoard more cash than you need to stay liquid.

 

I don’t know where you got your 47% and decline of 8% in two years. All the sites I’m seeing says 58% as of end of 2022.

You nor nobody else has provided any evidence or logic that explains your predictions of doom.

Opinion | What’s Driving Dollar Doomsaying?

What’s driving dollar doomsaying? – The Seattle Times

 

I may have already mentioned it another post in this thread, the biggest threat to the dollar as the world's reserve currency isn't anything Biden has done, it's the very real possibility of a default resulting from Congressional failure to enact legislation increasing the debt ceiling and the last time I checked, Old Joe wasn't behind that stunt.

 

China could not buy the negative consequences McCarthy is willing to put on the table. What’s his price? Being speaker, apparently.

 

What the Chinese and other countries are doing has been going on since Biden has been in the WH... has nothing to do with the debt ceiling.

Now we can add South Korea and Indonesia to the growing list of countries that will no longer use the American Dollar as their choice of currency.

That's all on Biden and his administration.

 

Biden must think that the U.S.A. can still be the powerful old petrodollar, world currency, without the petroleum... These NWO commies know what they are doing and it involves crashing our currency and our abundant petroleum reserves.

This "globalists"... Climate communists, only seem to benefit one country above all others... China.

 

If you are concerned about what countries have foreign reserves in USD, no Biden policy would be more destructive than driving the U.S. to default on its debts (by a factor of like 1000x). You get that, right? It isn’t Biden putting that on the table. Only one group of yahoos is trying to force an artificial default through leveraging the debt ceiling, same group that had historically favored “govt shutdowns” as leverage. Govt shutdowns are counter productive, defaulting would be like dropping a nuke on ourselves.

 

This is a giant nothing burger.

US Dollar Share of Global Foreign Exchange Reserves Drops to 25-Year Low

 

Play the video graphic in here and you can again see the ups and downs over the decades - in context it is a giant nothing burger.

Here’s How Reserve Currencies Have Evolved Over 120 Years

 

I think I have read about how the USA doesn't have enough refining capacity to refine much more oil than they have been over the past 30 years or so. Is this true?

 

Bullshit. Clueless Joe hasn't even met with McCarthy since January. Brandon's driving the default.

 

Brandon playing chicken with the economy for his Chinese authored suicidal green raw deal.

 

This is because there should not be negotiation as to maintaining the full faith and credit of the United States Govt. Even putting discussions on the table is a bad idea and sets a bad precedent as they will no doubt demand negotiations the next time the debt ceiling comes up. And the next time. And the time after that. Etc. The debt ceiling itself is an artificial mechanism that may not even be constitutional.

It’s basically the same concept as to why you don’t negotiate ransom with kidnappers. Paying just encourages more kidnappings.

 

The law is an artificial construct.

The debt ceiling is the law.

For Brandon's suicidal POS bill to pass without triggering a default, the LAW must be anended.

To amend the LAW, he needs the cooperation of the House of Reps.

By refusing to meet with the HR, HE is driving us to default.

It's quite elementary.

Your tired, canned talking points, are pure bullshit.

Straight up.

 

Every dollar the govt spends is also “the law”. Therein lies the rub. Congress and all prior Presidents already accrued those debts by passing them into law. I.e. paying them is also “the law”. Hence the conflict with requiring a debt ceiling to pay for things Congress has already done. A default on debt defacto breaks the govt obligations under the rule of law and violates the constitution as far as the U.S. making good on its debts.

 

^^^btw, in case it's been lost on our resident chi-com puppets, Brandon is deliberately driving us to default.

Not bc he wants it...he's just a puppet.

His Chinese puppeteers want it.

Cluless joe just wants his own protected, which his chicom puppeteers can provide.

...provided he continues to do their bidding.

Thnx yall.

Least you saved us from mean tweets.

 

Little early in the A.M to be drunk already.

 

...yeah...and anyone not a chicom puppet would...

NEGOTIATE.

 

What are you drinking?