Posted on 10/21/2013 2:15:06 PM PDT by BfloGuy
Probably don't have any.
The world will use whatever currency it feels safest with as a reserve currency. China can have very little impact on this.
The world will use whatever currency it feels safest with as a reserve currency. China can have very little impact on this.
China just bought the NYC office of JP Morgan.
Perhaps not coincidentally, that’s where the supply of physical gold held by the COMEX exchange is.
the problem with this is that the US oil production is going straight up.
If not for the fed doing their QE’s .... the dollar would go straight up too.
as it is the downward pressure of the QE’s is matched by the upward pressure of rising oil pressure so the dollar has been going roughly sideways for five years.
It's only a matter of time, now.
China tried this with Brazil and other Latin countries and it didn’t take long before the ChiComs started pulling a fast one and pooped in that nest.
No country in their right mind will go along with the Chinese and their fake currency as trading base.
I agree.
The world uses the dollar because they haven’t really had a choice for nearly 70 years. China and Russia are both positioning themselves for a change in that status quo and I think their actions suggest that they are both working together to bring about that change. If they manage to usurp the dollar, they will be standing strong and will be well positioned for the change. We, on the other hand, would be in chaos and would be in no position to oppose them militarily.
I'm not sure by your comment if you approve of the dollar's rising or not. I say let it go straight up. It would attract trillions in investment.
I tend to agree with you, but America can have a big negative impact on this. Added to which is our increasing unreliability in international affairs. Much of the dollar's support was simply to curry our favor for when diplomatic or military force was needed.
The current administration has seen to the demise of that.
And we allowed all that to happen.Without access to our markets they'd still be riding bikes and living in stone huts as they were in '80.
Isn’t it wonderful, obama and china, full steam ahead ushering the Brave New World.
Everything is beautiful in it’s own way........./S
yeah but it would kill US exports.
There’s something more.
The US needs about two more years to get efficiencies down in the oil fields to the 60@barrel range. the baaken last I heard was in the 80@barrel range.
A spike in the value of the dollar will shove the price of oil down
That’s that is most to be prized. The great kill shot for the moslem world will be when the USA collapses the price of gas to pre 1973 days.
But first oil independence needs to come— or something close to it, because lower oil prices will throttle back the rise in oil production just as lower natural gas prices have throttled back the rise in natural gas production.
Oil independence is 5 years off. The truly astounding dimensions of the USA oil revolution is still another two years or more away from being fully appreciated.
I can't agree with that.
Chinese goods have proved to be a huge boon to individuals increasingly burdened by higher taxes, higher prices due to government-caused inflation, and lower wages which are a result of capital expropriation.
It's the last three which caused the problems; not the first.
The dollar is backed by oil. Eventually, maybe Russia or Iran, will fix their oil to gold.
That may be true but OTOH there are 600 million Chinese today who are paid $3 a day making things that folks in NY,OH,MI,IN,IL (and elsewhere) were paid $100 a day to make only a few years ago.That goes a long way toward explaining Detroit...$4/gal gas....8% unemployment...and a decade long recession in Japan.
And we haven't even considered the fact that China's navy is doubling in size every three years,made possible by those 600 million factory workers who spent 14 hours a day in the rice paddies 30 years ago.
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