Park a tow truck halfway up the mountain.
You'll get lots of business from the Europeans and the Canadians... 
Posted on 06/28/2022 7:41:19 AM PDT by viewfromthefrontier
Russia and China are developing a new reserve currency with other BRICS countries, President Vladimir Putin said. The basket currency would rival a US-dominated IMF alternative and let Russia widen its influence. The dollar's dominance is already eroding as central banks diversify into the Chinese yuan and smaller currencies.
"The matter of creating the international reserve currency based on the basket of currencies of our countries is under review," Putin told the BRICS Business Forum on Wednesday, according to a TASS report. "We are ready to openly work with all fair partners."
While it's not a reserve currency, the SDR is based on a basket of currencies made up of the US dollar, the euro, the British pound and Japan's yen — as well as China's yuan.
One possibility is that the BRICS basket currency could attract the reserves not just of the group's members, but also countries already in their range of influence, he suggested. These include nations in South Asia and the Middle East.
(Excerpt) Read more at markets.businessinsider.com ...
The “bank seizures” only apply if you illegally invade other countries, like Russia did
see, that’s why no other countries funds are seized ... not even North Korea
that’s the big difference you somehow missed
That’s a complicated decision
The “bank seizures” only apply if you illegally invade other countries, like Russia did
see, that’s why no other countries funds are seized ... not even North Korea
that’s the big difference you somehow missed
Or if you're a protesting Canadian trucker, or if it's Wednesday with a full moon.
Well, Canadians may be stupid - but Africans, South Americans, Indians and Southeast Asians aren't...
There’s this One Weird Trick, where you don’t go around seizing foreign dollar reserves like a fricking pirate, just because some country has their money parked in banks you can get at.
Tends to make countries that are watching think about safer places for their cash.
____________
Heck I wish I could find a safer place to stash my cash!
Park a tow truck halfway up the mountain.
You'll get lots of business from the Europeans and the Canadians...
Astute. But we’re doing the same thing here with the overprinting of money. The dollar bill represents something. So if you print another dollar bill to represent the same thing you can’t do that because for the worth part of it, it already is there. Therefore that bill only shares the representation of the worth and is only worth half of it’s appeared value. It’s part of inflation because for every dollar they print they don’t destroy its twin brother/sister to balance the books. Therefore that newly printed currency has no worth until it steals it from something. By creating a new currency, what are they going to use to back the paper? Still can’t buy things on good looks. Might be able to sell it, but not buy it.
And as long as people are stupid enough not to add one plus one, they lack the common sense not to protect themselves. Bingo! A scam! Barnum wasn’t wrong.
wy69
The “bank seizures” only apply if you illegally invade other countries, like Russia did
see, that’s why no other countries funds are seized ... not even North Korea
that’s the big difference you somehow missed
____________
Or you march on your government like truckers in Canada.
Some Canadians aren't good with complex ideas.
“and Russia/China would be safer?
that’s idiotic”
The Russian ruble is backed by oil, gas, and strategic minerals, and their debt to GDP is 17%. US debt to GDP is 123% (2021 figures). So the ruble looks pretty stable to me by comparison to the dollar, actually it looks much better, but one has to take geo-political realities into consideration.
Russia and China are police states ... they can (and do) manipulate they data to be whatever they want
so if you actually trust their numbers, that just shows how naive you are
I purposely left China out because because of their financial opacity, but there’s no funny business with the ruble, and it can be used to purchase vital items like oil & gas. If anything the figure for the debt to GDP with Russia could be as low as 12% depending on what numbers are used. If it wasn’t for sanctions from the West, the current war and currency manipulation, one could easily argue objectively that the ruble should be worth way more than the dollar. It’s the value of the dollar which is artificially high.
“Russia and China are brewing up a challenge to dollar dominance by creating a new reserve currency”
yep, it’s going to be a new crypto called SinoRusskieCoin and it’s going to be the next big thing, USD killer ... soon to be accepted by major oil producers everywhere ... get yours while it’s hot (and before it collapses) ...
People park their money with the place they can trust the most
and right now, for most of the World, they still trust the US the most ... that’s why the US dollar is the currency-of-choice
look, people simply don’t trust Russia, China, Cuba, Iran, etc. ... so this new BRICS concept goes nowhere as a financial alternative
Do these people need a “brick” war to fall on their head? (Forgive the pun.)
How can people still be so unaware of what slowly began 10 years ago and is picking up steam at a lightening pace now that our Deep State through this disaster has irretrievably killed our hegemony. No petrodollar; no reserve currency; no worldwide banking control.
Countries are bailing left and right. Two new countries asked to join BRICS last week and Pakistan is ticked off because their invitation was rescinded because India opposes the policies of their new government (we threw the old government out a few weeks ago because it wouldn’t let us build a military base in Pakistan.)
I don’t mean to come off as some kind of Russia shill because I have no connection with that country, but at this stage of the game they have a lot more credibility with the non-Western democracies than the US (or euro) does. The West has no choice but to stick together in collusion with each other because they would all be technically bankrupt and the Western financial system would collapse as the ponzi scheme it is unless they collude together to keep it afloat. You may not realize it, but that’s really what this war in Ukraine is all about.
We’ve got 2022 and 2024 to turn things around. If for whatever reason we loose the presidency in 2024, we’re done.
China will own us.
Yeah, the neocons pulled a fast one and got rid of their immensely popular leader Imran Khan.
Hey, we used the same method we always use. We made him “an offer he couldn’t refuse” and he just wouldn’t accept it.
We sent the diplomats to sweet talk him; then we bribed him and when that wouldn’t do it we threatened him with...dum da da dum....”regime change.”
We then sent in our NGO’s to stir things up. We worked over members of his own party to change their vote (and I guess they are fast learners unlike poor ole Khan...) and voila...
Khan lost the confidence vote which was a big surprise for most analysts; but that’s because they just don’t give us enough credit for how persuasive we are...:-)
And yet, surprisingly, there are lots of countries that would just love to see us knocked off our perch...hard to believe, eh?
But, fiat has a transitory value that changes with additional printings or increases in its supply by other means. Thus, the increase in its supply, by its very nature, causes inflation.
Just what we are facing right now.
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