I think the USD deserves its own topic.
This is causing the dollar to lose value every day but I have to believe Biden will fix it. At least, the economy is good and there is no recession.
Moscow is trying to avoid dollar transactions amid US sanctions, describing the currency as ‘toxic.’
lol…@ toxic. I’ve heard of grant money and I know it’s been called big bucks, tainted money and my favorite, corrupt money but toxic is new.
Toxic is actually a good word for it. By playing all the USD cards, Trump made it impossible to do business in USD unless you were friendly with the US. As a result, the USD is no longer the world’s reserve currency. This is good for everyone but the US. Go Trump.
Michele, the problem with the USD isn’t these conspiracy theories about government surveillance and control. The problem is that Trump made it clear to the world that the US was no longer a stable and trustable trading partner and that they would use the USD as a weapon if they saw fit. It’s not just Trump, either. Biden has continued with this, seizing Russian USD assets and the assets of individuals who may be pricks (mainly Russian oligarchs) but who have had no day in court. He has also made it nearly impossible for Russian banks to negotiate their own USD paper which was legally issued.
Given this, countries around the world are abandoning the USD as a reserve and trading currency and are instead using other currencies, which drastically reduces US relevance in the world. This is a card you can only play once, and the US has played it.
Anytime they demonstrate that they can remove money from our accounts for failure to volunteer at the soup kitchen, it’s going to be a problem.
He wasn’t lying and they have the power to weaponize everything.
It does not reduce our relevance. That’s not even realistic. It does reduce the value of our dollar but there doesn’t seem to be anything we can do about that.
You forget, we recycle everything.
True. Once. And he did. And now that coin has been spent and can never be spent again.
You really don’t get how this works. Ten years ago, every major energy transaction in the world was done in USD. Now less than half of them are. Even fewer non-energy transactions are done in USD. This drastically reduces US relevance in the world. You can no longer influence transactions outside your own borders. This might be the only good thing Trump did, and it was entirely due to his own shortsighted stupidity.
There’s a good chance I don’t. The way I see it, our dollar is being collapsed to introduce a new currency.
And why would we? Our fiat money isn’t worth the paper it’s printed on. Have you seen the 100 Milligram 24kt Gold Trump Foil Note?
But your dollar isn’t being replaced in these transactions by a new currency. It is being replaced by Rubles and Yuan and Rupees and other existing currencies. It is just a loss of US influence.
You shouldn’t. On this we agree. The loss of this level of US influence is good for the world.
The USD is officially worthless. Thanks to all Biden’s hard work. Does anyone know what our new monetary system will look like? The Bank of Japan says that Central Banks must be ready to issue CBDC’s that “co-exist” with other money.
This is long overdue, and is entirely because of Trump’s various trade wars.
True and as I recall, we were suffering a deep trade deficit at the time. Trump refused to ignore that.
We’re going to need a digital constitution of human rights
Another direct assault on the use of the USD in trade between other countries.
The Norwegian kroner was quite weak. 11/1 to USD. That was surprising to me.