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Will BRICS replace the dollar as the world's reserve currency?

Brazil, Russia, India, China, S. Africa have formed an economic partnership representing more than 50% of the world's
population. Their goal is to move away from the dollar as the standard monetary system. BUT, things got much more serious last week as Saudi Arabia applies for membership (starting 1/24). The reserve status was based on Saudi's using only dollars to sell oil. The dollar looks like it will drop in value even more sharply than it is now. Evidently Mexico France and others have also expressed interest in joining BRICS.

STOCK UP ON METALS NOW.

Please take the time to examine these events and consider the ramifications.

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Comments

  • BearlyHereBearlyHere Posts: 261 ✭✭✭✭

    Our currency is based on the petro-dollar that Kissinger negotiated in the early 70s. If oil can be purchased in another way, How long can the dollar last? We have no commodity backing our money other than our word. It's already devalued ~90% compared to that time.

  • RelaxnRelaxn Posts: 837 ✭✭✭✭

    But your fear expressed is BRICS...do mot fear that.
    Yes at one point we were a Petro dollar but we are a LONG LONG LONG way from that.

    We will agree to disagree.

  • derrybderryb Posts: 36,018 ✭✭✭✭✭
    edited September 3, 2023 3:14PM

    BRIC nations (and others) are simply seeking an alternative to having to hold US dollars to conduct international trade, even when the United States is not involved in that trade. Their reasoning is that after seeing the US weaponize the dollar and use it as a political tool against Russia (by confiscating dollar holdings from the Russian central bank as part of the “punishment” sanctions) they fear that at some future time they could have their dollar holdings stolen by the US. The U.S. shot itself in the foot by “weaponizing” the dollar that has been traditionally used and respected in international trade. We are already seeing other countries establish new trading mediums in an attempt to bypass using the dollar. Gold for grain is one example. Historically, the US has been able to enforce its dollar dominance by using the US military to enforce it as demonstrated when Libya’s Qaddafi threatened to sell his oil for gold. Unfortunately for him, a US missile silenced that idea.

    One must understand that since the Bretton Woods agreement that followed WWII, the dollar (petrodollar) has been used to conduct international transactions even when the US was not involved in the transaction. The growing and legitimate fear of holding dollars for future transactions is killing the dollars international status as a reserve currency. The only party to blame for this is the US itself by making the dollar a political tool.

    To answer the OP’s question a BRICs currency will not in itself replace the US dollar as the worlds reserve currency. It is simply a warning shot that the dollar is in fact, dying on the world stage. Historically all world reserve currencies have seen an end. What now follows remains to be seen and will likely be an international “basket” of currencies that may or may not be tied to gold. A world awash in fiat currencies is likely to demand something more stable and less manipulative. Tying a currency to gold makes printing and spending that currency more responsible.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • SoldiSoldi Posts: 2,013 ✭✭✭✭✭

    NO !
    silly thoughts

  • GoldFinger1969GoldFinger1969 Posts: 1,165 ✭✭✭✭

    BRICs is a joke. They could barely agree on the buffet dinner to announce their great venture. :D

  • GoldFinger1969GoldFinger1969 Posts: 1,165 ✭✭✭✭

    @BearlyHere said:
    Our currency is based on the petro-dollar that Kissinger negotiated in the early 70s. If oil can be purchased in another way, How long can the dollar last? We have no commodity backing our money other than our word. It's already devalued ~90% compared to that time.

    No it is not. Where did you read about Kissinger negotiating anything to do with monetary policies ?

    The Dollar reigns supreme because the United States has the most liquid, transparent, and law-protected private property rights in the world. Nobody is abandoning the dollar anymore than they are going to replace U.S. Treasuries with IOUs from Putin, Xi, or MBS.

  • derrybderryb Posts: 36,018 ✭✭✭✭✭

    @GoldFinger1969 said:
    BRICs is a joke. They could barely agree on the buffet dinner to announce their great venture. :D

    With three of its four members in the world’s top ten economies and two of it’s member in the top three military powers, only a fool would be blind to their international influence.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • derrybderryb Posts: 36,018 ✭✭✭✭✭
    edited September 4, 2023 12:39AM

    @GoldFinger1969 said:

    The Dollar reigns supreme because the United States has the most liquid, transparent, and law-protected private property rights in the world. Nobody is abandoning the dollar anymore than they are going to replace U.S. Treasuries with IOUs from Putin, Xi, or MBS.

    The dollar has reigned supreme since world war two simply because of a military that has enforced and stands ready to enforce such supremacy. In recent years, that supremacy has waned as demonstrated by the growing abandonment of the dollar in international trade and the growing loss of international buyers of US debt. Even in the US, the mighty dollar has lost its might as decades of mismanagement have and continue to destroy its purchasing power.

    As more and more Americans seek alternatives to dollar holdings to protect their wealth and their savings, they now face the threat of central bank digital currencies (CBDCs) to limit their options.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • blitzdudeblitzdude Posts: 5,290 ✭✭✭✭✭
    edited September 4, 2023 5:02AM

    BRICS was already washed up before they even got going. Sorry doomsayers, the USD lives on. God bless 'Merica. RGDS!

    The whole worlds off its rocker, buy Gold™.

  • TwoSides2aCoinTwoSides2aCoin Posts: 43,758 ✭✭✭✭✭
    edited September 4, 2023 6:20AM

    As long as our " diplomacy and democracy" continues to wage war in and on other nation's territory, we are going to make enemies. Those BRICS in the wall don't need no education. We taught 'em all by the wars we wage.

    Edit to add my apologies. Went off track

    It

    The dollar ? I like it in gold and silver.

  • percybpercyb Posts: 3,295 ✭✭✭

    No.

    "Poets are the unacknowledged legislators of the world." PBShelley
  • CrustyCrusty Posts: 1,060 ✭✭✭✭✭

    I certainly hope not but I am not ruling it out. With Saudi and the others joining up. The Brics basically control most of the oil and produces what we consume. I don’t think they are ready to make such a move yet. If it happens it will take time. If they back it by gold that will be the only way it has a shot.

  • blitzdudeblitzdude Posts: 5,290 ✭✭✭✭✭

    @Crusty said:
    I certainly hope not but I am not ruling it out. With Saudi and the others joining up. The Brics basically control most of the oil and produces what we consume. I don’t think they are ready to make such a move yet. If it happens it will take time. If they back it by gold that will be the only way it has a shot.

    We pump more oil than any country on earth. We also consume way more than anyone else even though our population is 1/5 of several others. Perhaps it's time fur 'Merica to change her ways? CMNSNC!

    The whole worlds off its rocker, buy Gold™.

  • PerryHallPerryHall Posts: 45,199 ✭✭✭✭✭

    @blitzdude said:

    @Crusty said:
    I certainly hope not but I am not ruling it out. With Saudi and the others joining up. The Brics basically control most of the oil and produces what we consume. I don’t think they are ready to make such a move yet. If it happens it will take time. If they back it by gold that will be the only way it has a shot.

    We pump more oil than any country on earth. We also consume way more than anyone else even though our population is 1/5 of several others. Perhaps it's time fur 'Merica to change her ways? CMNSNC!

    What is CMNSNC?

    Worry is the interest you pay on a debt you may not owe.

  • blitzdudeblitzdude Posts: 5,290 ✭✭✭✭✭

    @PerryHall said:

    @blitzdude said:

    @Crusty said:
    I certainly hope not but I am not ruling it out. With Saudi and the others joining up. The Brics basically control most of the oil and produces what we consume. I don’t think they are ready to make such a move yet. If it happens it will take time. If they back it by gold that will be the only way it has a shot.

    We pump more oil than any country on earth. We also consume way more than anyone else even though our population is 1/5 of several others. Perhaps it's time fur 'Merica to change her ways? CMNSNC!

    What is CMNSNC?

    Opps Typo....missed a M. CMMNSNC! THKS!!

    The whole worlds off its rocker, buy Gold™.

  • PerryHallPerryHall Posts: 45,199 ✭✭✭✭✭

    @blitzdude said:

    @PerryHall said:

    @blitzdude said:

    @Crusty said:
    I certainly hope not but I am not ruling it out. With Saudi and the others joining up. The Brics basically control most of the oil and produces what we consume. I don’t think they are ready to make such a move yet. If it happens it will take time. If they back it by gold that will be the only way it has a shot.

    We pump more oil than any country on earth. We also consume way more than anyone else even though our population is 1/5 of several others. Perhaps it's time fur 'Merica to change her ways? CMNSNC!

    What is CMNSNC?

    Opps Typo....missed a M. CMMNSNC! THKS!!

    Thanks for clearing that up. :D

    Worry is the interest you pay on a debt you may not owe.

  • streeterstreeter Posts: 4,312 ✭✭✭✭✭

    If you were going to travel to any country and could only bring one currency in your wallet....which would you choose?

    An American $100 bill is nearly universally accepted. Not so much peso, ruble or yuan. In high school, my parents and my sister and I were driving around Acapulco in a Kaiser jeep. My dad got whistled over for a driving infraction. Cop spoke no English. My dad told everyone to STFU. He proceeds to drop a $5 bill on the floorboard. Cop's eyes bug out. "Meester, es that yours? No sir. Must have fallen out of your ticket book." Oh, yes." Cop got in the back seat with my sister and I and we had a tour guide that afternoon.

    Taught me the power of the dollar. 1968. The Dollar, an American institution. Failing slower than it's competition. Always have 3-6 month supply handy.

    Have a nice day
  • hfjacintohfjacinto Posts: 734 ✭✭✭✭✭

    The economy of Europe and the Euro has been larger than the U.S. economy and the U.S. Dollar is still preferred to the Euro só no to a BRICS currency.

    The U.S. and Europe control 42% of the world economy and in many ways they want the same thing, for the brics to succeed they would need a larger control and it’s not going to happen (at least not now)

  • VasantiVasanti Posts: 427 ✭✭✭✭

    The only goal behind BRICS is to erode the power the US has to use economic leverage against its enemies. BRICS simply reduces the power of the US to get other countries to do what we want them to do, which makes it harder to force bad actors to do things on ways that benefit US strategic and economic objectives, such as ensuring that shipping lanes remain open and unmolested by countries like Iran.

  • jmski52jmski52 Posts: 22,265 ✭✭✭✭✭

    I wonder what the going rate for a minor traffic violation in Acapulco is these days. That might give a good indication of the dollar's loss of purchasing power over the past 55 years.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • blitzdudeblitzdude Posts: 5,290 ✭✭✭✭✭

    @jmski52 said:
    I wonder what the going rate for a minor traffic violation in Acapulco is these days. That might give a good indication of the dollar's loss of purchasing power over the past 55 years.

    Just make sure you bring dollars and not gutter metal for payment. RGDS!

    The whole worlds off its rocker, buy Gold™.

  • jmski52jmski52 Posts: 22,265 ✭✭✭✭✭

    Mexicans regard silver highly. Don't be ignorant.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • derrybderryb Posts: 36,018 ✭✭✭✭✭
    edited September 19, 2023 6:53PM

    The movement to remove dependency on transactions in US dollars continues to grow.

    Yuan Dominates US Dollar In China Cross-Border Payments

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • The first reaction is no. However, with the US not making a true effort to curb spending and get its government in line, it is possible in the future.

    China is heading for a decline with its aging population.

    The secret is out.

  • GoldFinger1969GoldFinger1969 Posts: 1,165 ✭✭✭✭

    BRICs collectively are a joke. They can't even open up their markets 100% 1-on-1.....anybody seriously think they can agree to coordinate ?

    Tell me which BRIC country has a liquid money market where you can move $25 billion into Treasury-equivalents over the weekend ? Not one.

    China is demographically cooked. India has a shot but has suffered fits-and-starts for 50 years. Brazil has a Socialist running the country. Russia is a pariah. South Africa produces nothing but gold which is falling in production.

    A reserve currency is earned, not announced. :)

  • derrybderryb Posts: 36,018 ✭✭✭✭✭

    @GoldFinger1969 said:
    BRICs collectively are a joke. They can't even open up their markets 100% 1-on-1.....anybody seriously think they can agree to coordinate ?

    Tell me which BRIC country has a liquid money market where you can move $25 billion into Treasury-equivalents over the weekend ? Not one.

    China is demographically cooked. India has a shot but has suffered fits-and-starts for 50 years. Brazil has a Socialist running the country. Russia is a pariah. South Africa produces nothing but gold which is falling in production.

    A reserve currency is earned, not announced. :)

    And china is a nothing burger that has no influence on the rest of the world except to provide at least 75% of the consumer goods that are purchased by anonymous people who post on forums. China likely built the device that made the above post. LOL

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • jmski52jmski52 Posts: 22,265 ✭✭✭✭✭

    And they certainly have no motivation to get away from the Fed’s & Congress’s mismanagement of the world’s reserve currency. < sarc/off>

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • blitzdudeblitzdude Posts: 5,290 ✭✭✭✭✭

    @derryb said:

    @GoldFinger1969 said:
    BRICs collectively are a joke. They can't even open up their markets 100% 1-on-1.....anybody seriously think they can agree to coordinate ?

    Tell me which BRIC country has a liquid money market where you can move $25 billion into Treasury-equivalents over the weekend ? Not one.

    China is demographically cooked. India has a shot but has suffered fits-and-starts for 50 years. Brazil has a Socialist running the country. Russia is a pariah. South Africa produces nothing but gold which is falling in production.

    A reserve currency is earned, not announced. :)

    And china is a nothing burger that has no influence on the rest of the world except to provide at least 75% of the consumer goods that are purchased by anonymous people who post on forums. China likely built the device that made the above post. LOL

    The US has a bigger trade deficit from our friends in Ole Mexico then we do with China. Quality at least should improve. Time to wake up the derbyburger. RGDS!

    The whole worlds off its rocker, buy Gold™.

  • derrybderryb Posts: 36,018 ✭✭✭✭✭

    @blitzdude said:

    @derryb said:

    @GoldFinger1969 said:
    BRICs collectively are a joke. They can't even open up their markets 100% 1-on-1.....anybody seriously think they can agree to coordinate ?

    Tell me which BRIC country has a liquid money market where you can move $25 billion into Treasury-equivalents over the weekend ? Not one.

    China is demographically cooked. India has a shot but has suffered fits-and-starts for 50 years. Brazil has a Socialist running the country. Russia is a pariah. South Africa produces nothing but gold which is falling in production.

    A reserve currency is earned, not announced. :)

    And china is a nothing burger that has no influence on the rest of the world except to provide at least 75% of the consumer goods that are purchased by anonymous people who post on forums. China likely built the device that made the above post. LOL

    The US has a bigger trade deficit from our friends in Ole Mexico then we do with China. Quality at least should improve. Time to wake up the derbyburger. RGDS!

    And china remains a nothing burger that has no influence on the rest of the world except to provide at least 75% of the consumer goods that are purchased by anonymous people who post on forums. China likely built the device that also made the above post. LOL

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • GoldFinger1969GoldFinger1969 Posts: 1,165 ✭✭✭✭

    @derryb said:
    And china is a nothing burger that has no influence on the rest of the world except to provide at least 75% of the consumer goods that are purchased by anonymous people who post on forums. China likely built the device that made the above post. LOL

    Doesn't matter. They don't have the infrastructure and legal system to have a reserve currency.

    It's like an Art History major announcing he's going to become a doctor. :D

  • GoldFinger1969GoldFinger1969 Posts: 1,165 ✭✭✭✭

    @jmski52 said:
    And they certainly have no motivation to get away from the Fed’s & Congress’s mismanagement of the world’s reserve currency. < sarc/off>

    The Fed is doing a good job. Congress sucks, but compared to other countries, best house in a crappy neighborhood.

  • jmski52jmski52 Posts: 22,265 ✭✭✭✭✭

    The Fed is never held accountable by Congress, because the Fed’s members have their tentacles all over Congress - one of the more powerful special interest groups in existence is the Fed (and their owners).

    All you have to recognize is that the Fed is a privately-owned cartel who has no interest in helping the economy or the average citizen. Money for nothing - free money to bribe whoever they need to bribe. It’s an amazing setup.

    Can’t you see what’s obvious?

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • jmski52jmski52 Posts: 22,265 ✭✭✭✭✭

    The BRICS are doing bilateral deals without the dollar already. Why do they need a reserve currency?

    If they need to move $25 billion overnight, I’m sure that they are big boys and can figure out how to make it happen.

    A reserve currency will materialize over time, notwithstanding the fact that each of the BRICS may have conflicting objectives. It will happen out of necessity.

    Right now, their main objective is to avoid being manipulated by the US, and by the Western banking system. The US screwed the pooch by using the SWIFTS system as a political weapon.

    What country is going to trust the West now?

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • derrybderryb Posts: 36,018 ✭✭✭✭✭

    @GoldFinger1969 said:

    @derryb said:
    And china is a nothing burger that has no influence on the rest of the world except to provide at least 75% of the consumer goods that are purchased by anonymous people who post on forums. China likely built the device that made the above post. LOL

    Doesn't matter. They don't have the infrastructure and legal system to have a reserve currency.

    What is it that they do have that enables them to pretty much own the US?

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • derrybderryb Posts: 36,018 ✭✭✭✭✭

    @GoldFinger1969 said:

    @jmski52 said:
    And they certainly have no motivation to get away from the Fed’s & Congress’s mismanagement of the world’s reserve currency. < sarc/off>

    The Fed is doing a good job. Congress sucks, but compared to other countries, best house in a crappy neighborhood.

    good job of can kicking down a street that never ends. How could anyone do a bad job under the same circumstances.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • BearlyHereBearlyHere Posts: 261 ✭✭✭✭

    As long as the Executive Branch blocks US petroleum production, we are screwed inflation-wise , and debt-wise.

  • BearlyHereBearlyHere Posts: 261 ✭✭✭✭

    I am however , loving the low precious metals prices.

  • GoldFinger1969GoldFinger1969 Posts: 1,165 ✭✭✭✭

    @jmski52 said:
    The Fed is never held accountable by Congress, because the Fed’s members have their tentacles all over Congress - one of the more powerful special interest groups in existence is the Fed (and their owners).
    All you have to recognize is that the Fed is a privately-owned cartel who has no interest in helping the economy or the average citizen. Money for nothing - free money to bribe whoever they need to bribe. It’s an amazing setup.
    Can’t you see what’s obvious?

    You clearly have no understanding of how a Central Bank works in general or the Fed specifically. You don't know what you are talking about, frankly.

    The Fed is concerned with monetary policy and bank regulation. They're not concerned with fiscal matters. For you to imply "control" over Congress without any supporting proof is baloney.

    They aren't a privately owned cartel. You've been reading too many Gold Bugs or anti-Central Bank rantings by folks who think it's the 1800's. :D

  • GoldFinger1969GoldFinger1969 Posts: 1,165 ✭✭✭✭

    @derryb said:

    Doesn't matter. They don't have the infrastructure and legal system to have a reserve currency.

    What is it that they do have that enables them to pretty much own the US?

    Who says they do ?

  • GoldFinger1969GoldFinger1969 Posts: 1,165 ✭✭✭✭

    @jmski52 said:
    The BRICS are doing bilateral deals without the dollar already. Why do they need a reserve currency?

    Because a reserve currency is what they are clamoring for.

    If they need to move $25 billion overnight, I’m sure that they are big boys and can figure out how to make it happen.

    No, they can't. Their markets can't handle large volumes...their currencies are not fully convertible....they don't respect private property rights.

    A reserve currency will materialize over time, notwithstanding the fact that each of the BRICS may have conflicting objectives. It will happen out of necessity.

    It won't happen because they all won't give up control of monetary policy and respect private property rights.

    Right now, their main objective is to avoid being manipulated by the US, and by the Western banking system. The US screwed the pooch by using the SWIFTS system as a political weapon.

    Yeah, investors are fleeing the U.S. and going to Putin's Russia. :D

    What country is going to trust the West now?

    Democracies who don't go around invading other countries or killing their political opponents.

  • dcarrdcarr Posts: 7,888 ✭✭✭✭✭

    @GoldFinger1969 said:

    @jmski52 said:
    The Fed is never held accountable by Congress, because the Fed’s members have their tentacles all over Congress - one of the more powerful special interest groups in existence is the Fed (and their owners).
    All you have to recognize is that the Fed is a privately-owned cartel who has no interest in helping the economy or the average citizen. Money for nothing - free money to bribe whoever they need to bribe. It’s an amazing setup.
    Can’t you see what’s obvious?

    You clearly have no understanding of how a Central Bank works in general or the Fed specifically. You don't know what you are talking about, frankly.

    The Fed is concerned with monetary policy and bank regulation. They're not concerned with fiscal matters. For you to imply "control" over Congress without any supporting proof is baloney.

    They [the Federal Reserve) aren't a privately owned cartel. You've been reading too many Gold Bugs or anti-Central Bank rantings by folks who think it's the 1800's. :D

    .

    Nationalize the Federal Reserve Bank.
    Take control of it away from private interests.

    North Dakota has shown that a state-owned bank is more equitable a system compared to banking in most other states.

    .

  • derrybderryb Posts: 36,018 ✭✭✭✭✭
    edited October 4, 2023 1:39AM

    @GoldFinger1969 said:

    @derryb said:

    Doesn't matter. They don't have the infrastructure and legal system to have a reserve currency.

    What is it that they do have that enables them to pretty much own the US?

    Who says they do ?

    $859 Billion is a nice chunk to own. Not to mention the billions of products we turn to them to provide us with. What would your life be like with zero products from China?

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • psuman08psuman08 Posts: 218 ✭✭✭
    edited October 4, 2023 6:56AM

    A quick search shows the Federal Reserve System is designed to function independently of political influence. It is responsible for managing monetary policy, regulating banks, stabilizing financial markets, protecting consumers, etc.

    I think a case can be made that it is not functioning independently of influence. They failed to raise rates when a slight raise was called for (they were told inflation was transitory by the Treasury Secretary and elected leadership, anyone with eyes and a brain knew it was not). Now we are dealing with too much too fast, yet it still may not enough to temper inflation. If the Fed was truly independent, it would call out Congress for their lack of fiscal responsibility (runaway spending) creating an environment that is unsustainable and counter to what they are trying to do. In simple terms, the Fed cannot be successful doing its job with enormous government spending - you cannot save water by turning off the spigot in the kitchen and turning it on the bathroom. We know if they did that, they would not get reappointed = political.

  • PerryHallPerryHall Posts: 45,199 ✭✭✭✭✭

    @derryb said:

    What would your life be like with zero products from China?

    What is being made in China that couldn't be made somewhere else?

    Worry is the interest you pay on a debt you may not owe.

  • derrybderryb Posts: 36,018 ✭✭✭✭✭

    @PerryHall said:

    @derryb said:

    What would your life be like with zero products from China?

    What is being made in China that couldn't be made somewhere else?

    Most items are also being made elsewhere. We consumers will continue to flock to lowest price. Like it or not they own you. LOL

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • blitzdudeblitzdude Posts: 5,290 ✭✭✭✭✭

    What is being made in China that couldn't be made somewhere else?

    A @derbyburger? RGDS!

    The whole worlds off its rocker, buy Gold™.

  • jmski52jmski52 Posts: 22,265 ✭✭✭✭✭

    They aren't a privately owned cartel.

    Ok, then. Who are the shareholders of the Fed? If they aren't a cartel, who else gets to poof money into existence? Not you. Not me.

    Who's on the PPT? Names? Their affiliation? Are they publicly traded entities? Where does the money come from when PPT is in operation to rescue the stock market?

    Inquiring minds want to know.

    For you to imply "control" over Congress without any supporting proof is baloney.

    You think that there's no banking lobby in DC? Talk about naive.

    Democracies who don't go around invading other countries or killing their political opponents.

    What comic book have you been reading?

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • derrybderryb Posts: 36,018 ✭✭✭✭✭

    China deniers are the same crowd that said US Army boots would never be in the middle east. LOL

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • GoldFinger1969GoldFinger1969 Posts: 1,165 ✭✭✭✭
    edited October 19, 2023 8:45PM

    @dcarr said:
    Nationalize the Federal Reserve Bank.
    Take control of it away from private interests.
    North Dakota has shown that a state-owned bank is more equitable a system compared to banking in most other ?>states.

    So you don't want a Central Bank to be able to stabilize exogenous shocks like a Financial Crisi, a bank panic, or Covid-19. Got it. :D

    The Fed is raising rates that right now are hurting private interests. So your entire thesis is wrong.

    ND's banks deals in a simple model in an agricultural state. It does not provide liquidity like the FHLB, FHA, GSEs, or The Fed. When banks collapse in North Dakota, it's the Fed to the rescue.

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