Posted on 04/21/2023 7:13:56 AM PDT by SeekAndFind
What do you think?
RE: What do you think?
I (meaning imperfect me ), think at this point in time, and for the forseeable future, the author is correct.
I agree.
By the way I’ve seen good objective stuff on Quora that counters the Chicom onslaught there.
“At 1:00 a.m. on Monday, March 6, President Roosevelt issued Proclamation 2039 ordering the suspension of all banking transactions, effective immediately. He had taken the oath of office only thirty-six hours earlier.
The terms of the presidential proclamation specified that “no such banking institution or branch shall pay out, export, earmark, or permit the withdrawal or transfer in any manner or by any device whatsoever, of any gold or silver coin or bullion or currency or take any other action which might facilitate the hoarding thereof; nor shall any such banking institution or branch pay out deposits, make loans or discounts, deal in foreign exchange, transfer credits from the United States to any place abroad, or transact any other banking business whatsoever.”
For an entire week, Americans would have no access to banks or banking services. They could not withdraw or transfer their money, nor could they make deposits.”
https://www.federalreservehistory.org/essays/bank-holiday-of-1933
“Reserve Banks were required to maintain gold reserves equal to 40 percent of the paper currency they issued, but foreign and domestic holders of US currency were rapidly losing faith in paper money and were redeeming dollars at an alarming rate.”
“At one point, Treasury officials seriously considered issuing large amounts of government scrip as an emergency substitute to take the place of cash. They even went so far as to print $10 million worth, but in the end Treasury Secretary William Woodin backed away from the plan, primarily out of concern that the public would not accept scrip at face value.”
“Instead he decided to ‘issue currency against the sound assets of the banks [as opposed to issuing currency against gold]. The Federal Reserve Act lets us print all we’ll need. And it won’t frighten the people. It won’t look like stage money. It’ll be money that looks like real money’”
I know they exist. You don’t have to tell me. I just want to focus on the CONTENT of the current article, whether you agree with the author or not.
I want to be optimistic, but we have heard from Manchin and if he genuinely believes as he has said that our budget is out of control - then he merely lackes the courage of his convictions. If he would just change parties maybe we could have some of that now. But what I hope and what I would bet on are two very different things. I would bet on the status quo until the revolution. Things are falling apart, but only a fool would bet on when California slides into the Pacific ocean.
How much does that drug sell for?
About ten times what the last generation cost.
Do customers object?
No, it’s nearly free for them. Insurance companies have to pay under US federal and state law.
Nice racket you’ve got. Yes, indeed, our stock is sky-high.
Sounds like a lot of money to replace my Florida roof.
Well 33% is damaged, so we’ll be replacing the whole as per Florida law.
But will the insurance company pay?
Why yes, we have lawyers working with us.
The current article needed one sentence. No.
This article totally misses that the dominance of a given currency as a reserve currency is based on politics not economics. Hypothetical: when Saudi and UAE induce OPEC+ to require their oil to be paid for in Yuan, then Central banks around the world will trade dollars for Yuan without hesitation. This would thus hinge on a political decision by OPEC. Not saying it will happen tomorrow. But by next year it might.
Why have any doubt man, the British pound is on the gold standard.
And we still have some semblance of rule of law, whereas the Chinese have rule of Xi.
To me, that is their biggest weakness (it’s the weakness of any dictatorship). In the long run, you are at the mercy of the whims of one man.
In our case we still have a somewhat independent judiciary and fairly stable codified laws, so any entity, foreign or domestic knows what the rules of the game are.
Whereas in China the rules of the game are whatever Xi says they are at any point in time, as Jack MA and Alibaba learned. So there is one rule there - don’t do anything that might upset Xi.
Now, dictatorships also have their strengths... if the dictator is wise and has the best interest of his people at heart. Since he can command stuff to be done at the drop of a hat with no opposition, things get done very quickly.
By any measure, Xi, so far, has done a pretty good job of that. He and some of his predecessors have taken China from a basket case to a world power, soon to surpass the US in GDP.
That, though, could change in a heartbeat if he gets too ambitious and pulls a stupid stunt in Taiwan, like Putin did with Ukraine It will set China back decades and destroy not only its economy but the world’s.
So which way will Xi and China go? Will Xi be a wise man or a fool? We may soon find out.
People in OPEC countries want stuff.
Most stuff is made in China.
I think Xi is in over his ability.
He’ll get booted like the far more capable Khrushchev was.
RE: Why have any doubt man, the British pound is on the gold standard.
In 1914, the U.K. stopped following the gold standard because of World War I. Winston Churchill brought the British pound back to the gold standard in 1925, but the country once again dropped it in 1931.
In 1971, the U.K. allowed the value of the British pound to float. This means that, instead of pegging its value to gold or other currencies like USD, the government allows the market to decide the value of the United Kingdom’s currency.
See here:
The dollar retained power because it could buy stocks like Apple and Amazon, which have done well over time.
APRIL 20, 2023
MANCHIN STATEMENT ON HOUSE REPUBLICAN DEBT LIMIT PROPOSAL
Washington, DC – Today, U.S. Senator Joe Manchin (D-WV) released the following statement on the debt limit proposal announced by Speaker Kevin McCarthy and Republicans in the House of Representatives.
“America is facing a historic economic crisis brought on by an abject failure to address our exploding national debt, chronic inflation, a looming recession, and the more immediate need to raise the debt ceiling. Our elected leaders must stop with the political games, work together and negotiate a compromise. Instead, it has been more than 78 days since President Biden last met with Speaker McCarthy. This signals a deficiency of leadership, and it must change. The fact is we are long past time for our elected leaders to sit down and discuss how to solve this impending debt ceiling crisis.
“While it is reasonable to sincerely disagree with any specific debt ceiling approach, we will achieve a historic default, and the economic whirlwind which follows, if President Biden continues to refuse to even negotiate a reasonable and commonsense compromise. To that end, I applaud Speaker McCarthy for putting forward a proposal that would prevent default and rein in federal spending. While I do not agree with everything proposed, the fact of the matter is that it is the only bill actually moving through Congress that would prevent default. For the sake of the country, I urge President Biden to come to the table, propose a plan for real and substantive spending cuts and deficit reduction, and negotiate now. Failing to do so may score political points with the extremes of the Democratic Party, but make no mistake, it will be the American people – and our nation – who will pay the ultimate price if partisan politics continues to define our politics and policies.”
In my opinion, Manchin is basically a 1960s-style Democrat.
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