Posted on 02/26/2022 8:10:49 AM PST by BusterDog
Germany and Italy are now both reportedly ready to remove Russia from the SWIFT banking system. They were the only two known holdouts. If Russia loses access to SWIFT, the financial implosion of Russia will be, ahem, swift. Bring it on!— Palmer Report (@PalmerReport) February 25, 2022
(Excerpt) Read more at twitter.com ...
Maybe you should read the rest of my post.
The only reason the USD is doing well is that there are no other alternatives. Where else to park your wealth?
As it is, I don’t like the idea of buying a dollar today knowing it will be worth 93 cents one year from now….
A very good question.
Perhaps, they think they can pay in promissory notes and Russia would agree?
But if they don’t the picture would be of hyperinflation in the US and the loss of dollar’s status — and much worse in Europe.
—
Let me ask another question: just how long it will take for China to realize that payments in dollars and euros are not worthwhile taking?
The only hope to avoid world-wide recession will be for the US to have a crash program to produce more oil and natural gas. However, Biden will certainly opt to campaign for dumbass of the century award.
The Elites have already installed ON/OFF switches in a number of credulous peasants in the Western democracies.
They don't even need to be around starving if they have no use to the Elite rulers.
Germany and Italy both know they either pay for oil from Russia via the SWIFT system or they pay with platinum and gold.
My two cents:
China is not stable enough to do it. Like Trudeau just killed the Canadian banks, China’s willingness to freeze and confiscate assets will not provide the assurance to international investors.
The Euro has its own problems: a socialistic economy that cannot provide for its own defense. That, too, does not provide a stable environment.
Digital currency remains too speculative.
There may be others coming, but I don’t see one on the horizon, yet.
I'm not attacking you or your post, I'm just letting you know who the POS is.
That dude is such a scumbag partisan on Twitter that I actually get my back up a little when I see the good freeper "palmer" post, and I have to remind myself that it's not Twittsewer scumbagboy.
My further point is that he's such an effing partisan retard that anything he's advocating is probably bad news for the US.
Never said I liked debt-based money.
But when the entire world has debt-based money, then it's easy to see that ours is the strongest. China isn't even a distant second.
Germany can just ramp up energy production from its nuclear power plants.
Oh, wait - scratch that.
The Greenie watermelons can round up a herd of unicorns, and the Germans can use the farts to power their economy...
https://en.wikipedia.org/wiki/List_of_commercial_nuclear_reactors#Germany
Compared to the yuan they certainly are.
China's economy is about to crash hard. The only hope they have is that they control their people through fear, intimidation, and control (sort of like the US to a degree). This could allow them to implement quantitative easing through their central bank to keep the drop from being as precipitous.
” I’m not attacking you or your post, I’m just letting you know who the POS is.”
*****
Copy, I figured he might be. I wanted to take the opportunity to hit on the left/right paradigm again. I think we’ve got a long way to go to getting that world view out of our system. It’s Globalists/Elitists/Technocrats/Oligarchs vs Patriots/Nationalists/Populists now.
I’ll give you an example. I like Robert Kennedy Jr., I think his Fauci book is critically important.
If someone like Kennedy could lead left thinking populists and nationalists to join right thinking (MAGA) populists and nationalists, that would be an incredible thing.
I could accept some of their social programs and environmental programs if it meant would could take control away from the corrupt Uniparty we’ve had the last 20+ years.
I agree with you on these points. The USD is the strongest because there are no other options.
The Chinese currency cannot achieve world reserve status until they de-couple from the USD, and that is something the Chinese economy cannot support. Every time the Yuan rises too much against the USD, their economy tanks.
But something will eventually come along … someday.
Payments in Yuan are not possible because of trade balance.
But payments in gold are surely possible — and this may be where we are heading.
Is Russia facilitized to send all that Euro gas east to China? Or do they have to build pipelines? I’m sure the ChiComs would buy it.
Given our debt and our deficit, I can see the following if we’re no longer the reserve currency for the world and FINALLY have to deal with our debt and our spending with an ‘austerity program’, if we want access to the rest of the world:
1) Huge new taxes on consumption - think $10+ gas and 24% Value Added Tax.
2) Huge income tax increases, to levels more in line with Europe and Asia (such as 40 to 50% for incomes over $40,000).
3) Huge spending cuts, particularly in entitlements, but also (thankfully) in all of our welfare programs.
Don’t do the above, we starve, and no, our guns can’t change any of the above.
Bannon is right .
We're definitely not heading to gold - as much as the goldbugs would like to think.
What we need is currency issued that is not debt-based, but instead issued by our Treasury (not the Fed) based on the completed labor of our citizens.
That's because China is nothing but a factory nation. They only survive based on cheap currency against other nations.
It's also why they must remain pegged to the currency leader - the US.
“just how long it will take for China to realize that payments in dollars and euros are not worthwhile taking”
Since China has to buy 98% of the raw materials for the products they make, where will they get the USD and Euros to pay for all of that?
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