Free Republic

Bidenomics relied on massive Federal spending thanks to Covid and massive monetary expansion. This led to the highest inflation in 40 years (Bidenflation). But now The Fed is slowing M2 Money growth into negative territory and hiking their target rate. The result? Bank credit growth has crashed to 0.5% YoY. In other words, banks are no longer expanding credit for the first time since the aftermanth of The Great Recession and Financial Crisis of 2008/2009. Of course, Washington DC bailed out their bestest buddies, the banks, while middle America suffered. As America loses steam under Biden and The Fed, 41+...

In an op-ed posted on The Daily Reckoning on Tuesday, former CIA and Department of Defense advisor and investment banker James Rickards predicted that August 22 will be the day the U.S. dollar’s status, as the world reserve currency and medium for exchange will formally collapse.Many factors are worth considering, including the weaponization of the dollar against Russia’s economy amid the conflict in Ukraine, the U.S.’ own national debt of $31 trillion, and recent talks on the part of the BRICS+ group to create an alternative trade and reserve currency that would rival the dollar.“On August 22, about two-and-a-half months...

You might remember George Soros. He broke the bank of England and made countless pensioners penniless, all in the name of improving the world. I wrote about him back in 2010. He wants to destroy capitalism and 'pop “the bubble of American supremacy.”' All of the worst, crime-loving DA's in the country are bankrolled by Soros. Soros has stated that the happiest days of his life were spent ratting out Jews to the Nazis. Now any criticism of Soros is attacked as anti-Semitic. Soros said a couple of things back then that have always stayed with me. One was “The...

A growing number of countries are coming forward to join BRICS and accept the new currency for global trade. The South African ambassador Anil Sooklal hinted that the alliance could expand this year becoming BRICS+. The move could add pressure on the U.S. dollar as developing nations would end their reliance on the greenback. The global financial order could tilt from the West to the East creating a new multipolar economy. According to the latest report, the BRICS alliance has formally received applications from 25 countries to join the bloc. The 25 nations that expressed their interest to join are...

Speaking today, US Treasury Secretary Janet Yellen said that there should be an expectation of a slow decline in the US dollar as a reserve currency. Moreover, the statements arrive amidst international de-dollarization efforts employed by a host of countries, including the BRICS economic bloc. Yellen had previously stated her expectation that the US dollar would remain unchallenged as the global reserve currency. However, it appears as though recent developments have shifted her stance on the matter. The global reserve currency status of the US dollar has been a constant headline over the past several months. Indeed, as international trade...

NEW YORK, June 5 (Reuters) - Investors are bracing for a wave of U.S. government bond issuance as the Treasury plans to refill its depleted coffers quickly after the recent suspension of the debt limit. The Treasury General Account has fallen sharply since January when Treasury hit its limit on borrowing. Cash balance targets indicate it will need to rebuild its account quickly now that the borrowing cap has been lifted.

BRICS is not the only group of countries that are looking to end reliance on the U.S. dollar in 2023. A new bloc of ASEAN countries has come forward and agreed to ditch the dollar for global trade. The ASEAN alliance is looking to promote their native currencies for cross-border transactions by sidelining the USD. The leaders of 10 Southeast nations recently signed a declaration to stop using the U.S. dollar for international trade and aim to promote their local currencies instead ASEAN is a bloc of 10 countries that compromise Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand,...

After decades meting out sanctions and financial coercion, the US may soon feel its grip on world trade beginning to loosen...Change is good, but dollars are better, a US author of romance novels once wrote. A similarly light-hearted sentiment often inspires discussions about the future role of the US dollar as the world’s leading currency. The consensus view is that the dollar is safe. I think the consensus is wrong.The dollar is the foundation of US global leadership, and the future of the dollar is therefore intricately linked to the debate about geopolitical fragmentation. Brazil’s president, Luiz Inácio Lula da...

Earlier this month, Larry Kudlow insisted that it is "it's incumbent on the U.S. government, no matter who's in power, to maintain the reserve currency status of the dollar." Kudlow laments that a toppling of the dollar from that perch "seems to be the direction we're going in." Kudlow's remarks came a day after Donald Trump declared that China is trying to displace the U.S. Dollar [sic] as the NUMBER ONE CURRENCY" and that if this occurs, it would be the biggest defeat for our Country [sic] in its history." Neither Trump nor Kudlow actually explain why maintaining reserve currency...

The United States may have a powerful military, but its true strength lies in the value and status of its currency. With the U.S. dollar seen and accepted as the world reserve currency, America has the privilege to control the global financial system, run federal deficits without having to worry about consequences, and literally print trillions of dollars out of thin air. This unique advantage also allows the U.S. to keep interest on its accumulated debt low and provide its citizens a standard of living that would not otherwise be possible. But how long will it last? Since the end...

Economist Stephen Jen, a former Morgan Stanley managing director, expects a shift “from a unipolar reserve currency world to a multipolar world,” with the Chinese yuan, the euro, and the U.S. dollar forming a “tripolar” reserve currency configuration.‘A Multipolar World’Economist Stephen Jen, the CEO of asset management firm Eurizon SLJ, expects multiple currencies will chip away at the U.S. dollar’s dominance. Jen was formerly a managing director at Morgan Stanley in London and a senior economist at the International Monetary Fund (IMF).After stating that the U.S. dollar is losing its world’s reserve currency status at “an alarming pace,” the former...

Joe Biden expressed hopefulness about the economy following a dismal GDP report on Thursday, but Wall Street executives are preparing for the worst, according to Politico. The U.S. economy’s annual growth rate slowed more than expected to 1.1% in the first quarter of 2023, according to GDP statistics released by the Bureau of Economic Analysis (BEA) on Thursday morning. The vast majority of the financial sector agrees the economy will continue facing difficulties this year as over a dozen large banks predicted poor growth or a recession, according to Politico. “The U.S. economy is unwell, and it’s starting to show,”...

With only weeks until South Africa hosts the annual two-day summit of BRICS nations in June, one official revealed that many countries requested membership to join the bloc of emerging-market states. BRICS comprises five countries—Brazil, Russia, India, China, and South Africa—with prominent emerging market economies. Anil Sooklal, South Africa’s ambassador to the organization, confirmed to Bloomberg on April 24 that 19 nations have expressed interest. “What will be discussed is the expansion of BRICS and the modalities of how this will happen,” Sooklal. “Thirteen countries have formally asked to join, and another six have asked informally. We are getting applications...

India has taken its first step towards liberating itself from dependence on the US dollar by buying oil from Russia in Indian rupees We have seen the continuous rise of the dollar since the First World War. After World War I, in exchange for supplies, the Allies began paying in gold to the United States, due to which America became the world's largest gold reserve. After the end of the war, various countries linked their currencies with the dollar and with this, the 'Gold Standard' ended in the world and thus the dollar became the world's most preferred currency. All...

If the Chinese yuan were to become the global reserve currency, it would, in essence, give the CCP the ability to cripple entire nations.In July 1944, 44 delegates from Allied countries came together during World War II in Bretton Wood, New Hampshire. The goal? Devise an international currency system to manage foreign exchange that would disadvantage no country and effectively facilitate post-war rebuilding and commerce. The outcome: The U.S. greenback would be the world’s reserve currency.It has been almost 80 years since, and all nations have been better off with a United States dollar-dominated world. World gross domestic product (GDP)...

The United States on Wednesday imposed sanctions on a Hungary-based bank linked to Russia, marking a new low point in Hungary’s relationship with Washington. The U.S. Treasury Department announced the penalties, which will target the International Investment Bank (IIB), a controversial institution located in Budapest with ties to the Russian state. The bank’s presence in Hungary has drawn the ire of Western officials, who fear it could be used for Russian intelligence operations inside Europe. Speaking to reporters in Budapest on Wednesday afternoon, U.S. Ambassador to Hungary David Pressman said Washington had repeatedly shared information with Hungarian counterparts about how...

I have been getting a lot of questions around the US dollar in recent weeks. De-dollarization seems to be a thing, as do central bank digital currencies, along with the latest round of worries about what the government is going to do to our savings. There is much to talk about, but the root of most of these questions is this: the notion that sometime soon the value of the dollar will collapse, making our savings valueless. Simply put, that collapse can’t happen in the short to medium term, for reasons we will discuss. Once we realize that, it will...

Biden, The Federal Reserve and insane Federal spending are killing King Dollar. Countries that used to use the US Dollar as reserve currency are dumping the dollar like a month old burrito. What countries are dumping the dollar? A lengthy list of countries are moving away from using the US dollar, which has long been the reserve currency of the world. The following countries are in the process of reducing their dependency on the dollar. Russia China Iran Brazil Argentina Saudi Arabia UAE India The result? Biden has vacationed 40% of the days he has been President. In his defense,...

Last week, Fox News aired a segment discussing the possibility that the US dollar will cease to be the global reserve currency and what that would mean for Americans. The tone of the piece suggested that a “catastrophic” decline of the US dollar was not only possible, but perhaps even imminent. CNN last week also aired its own segment suggesting the US will face “a reckoning like none before” if the “dollar’s dominance” in the global economy falls significantly.Much of the analysis was framed to stoke the public’s fears of Chinese geopolitical power, and the Fox segment was especially hyperbolic...

We should prepare to lose our position as holder of the world's reserve currency. That is happening in slow motion. It's unmistakable. Now, the Biden people seem to have no idea this is going on or maybe they want it to happen. Joe Biden was up there at the State of the Union bragging about how he took 30 points off the Russian ruble in a single day. Hurray. Good for us, but once we stop celebrating our win, the destruction of the Russian economy, they deserve it. You have got to wonder, is there a downside to this? Could...