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The Ecstatic
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Re: The Official BRICS Discussion Thread [Re: SirTripAlot]
#28450280 - 08/28/23 05:59 PM (4 months, 28 days ago) |
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koods
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Quote:
Falcon91Wolvrn03 said: A very short commentary on why Saudi Arabia joining BRICS was a HUGE slap in the face to the United States.
si=8YaVXYdJ54z1NILp
The petrodollar isn’t a real thing. Countries can trade oil in whatever currency they want. The US is the worlds largest oil producer anyways. Middle eastern countries do not hold sway over the oil market like they once did.
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SirTripAlot
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Re: The Official BRICS Discussion Thread [Re: koods] 1
#28461440 - 09/07/23 11:07 AM (4 months, 18 days ago) |
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https://finance.yahoo.com/news/dollar-set-longest-rally-years-142338083.html
(Bloomberg) -- The US dollar extended its gains, sending the currency toward its longest rally in years as the strength of the economy fuels speculation the Federal Reserve will keep interest rates elevated.
The expectation is drawing money into the US as investors seek higher rates than they can get in Europe and Asia, exerting upward pressure on the dollar.
The Bloomberg Dollar Spot Index, which is heavily weighted against the euro and yen, edged up Thursday, extending a three-day advance that’s pushed it up nearly 1%. That’s put it on track for its eighth weekly gain, the longest since the index begins in January 2005. The ICE dollar index has seen a similar jump, leaving it poised for the longest advance in 9 years.
The rally reflects the fissures that are opening in the global economy, with reports signaling that the US economy is accelerating even as growth cools in Europe and China and markets anticipate rate cuts in the developing world.
The gap was underscored on Wednesday, when the ISM service-sector index for August rose to a six-month high, bolstered by a pickup in new orders and hiring. On Thursday, initial claims for unemployment benefits unexpectedly fell to the lowest since February.
“Right now, the US economy is so resilient and the European data are so soft, it’s a recipe for dollar-strength overshoot,” Societe Generale strategist Kit Juckes said.
A widely-followed estimate produced by the Atlanta Fed shows the US economy is expanding 5.6% on an annualized basis this quarter. That’s leading economists to expect that central bank officials will double their growth projection for 2023 when they publish an updated outlook later this month and scale back estimates for interest-rate cuts next year.
As a result of the growth, markets are pricing in that interest rates in the US will remain above those in the euro-zone and many other major economies.
“We definitely have a combination of global growth weakening, particularly in Europe, followed by China — and then we’ve got what appears to be resilience in the US economy,” Matthew Hornbach, global head of macro strategy at Morgan Stanley, said on Bloomberg Television. “The rate differential story does benefit the US dollar.”
-------------------- “I must not fear. Fear is the mind-killer. Fear is the little-death that brings total obliteration. I will face my fear. I will permit it to pass over me and through me. And when it has gone past I will turn the inner eye to see its path. Where the fear has gone there will be nothing. Only I will remain.”
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The Ecstatic
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Re: The Official BRICS Discussion Thread [Re: SirTripAlot] 1
#28461459 - 09/07/23 11:49 AM (4 months, 18 days ago) |
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Dollar isn’t going away anytime soon and anyone that thinks it is is fooling themselves.
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rxb
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Re: The Official BRICS Discussion Thread [Re: The Ecstatic]
#28461649 - 09/07/23 03:54 PM (4 months, 18 days ago) |
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Quote:
The Ecstatic said: Dollar isn’t going away anytime soon and anyone that thinks it is is fooling themselves.
hubris about stability is my absolute favorite guilty pleasure.
-------------------- ->$10 FLOW HOOD ALTERNATIVE <- . i cleaned a mold contaminated live culture and saved it. (might have useful applications) [quote]Enlil said: I'd be the guy with thousands of minions doing my bidding and all of the hot women locked in a cage for my use.[/quote]
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SirTripAlot
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Re: The Official BRICS Discussion Thread [Re: The Ecstatic]
#28461663 - 09/07/23 04:09 PM (4 months, 18 days ago) |
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Although I would not invest or back BRICs, it would be hypocrisy for me to shun competition, that said, short of the US defaulting/ nuclear holocaust type stuff, I don't see how any currency could overtake the greenback.
If anyone has a scenario, I would be willing to listen.
-------------------- “I must not fear. Fear is the mind-killer. Fear is the little-death that brings total obliteration. I will face my fear. I will permit it to pass over me and through me. And when it has gone past I will turn the inner eye to see its path. Where the fear has gone there will be nothing. Only I will remain.”
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The Ecstatic
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Re: The Official BRICS Discussion Thread [Re: SirTripAlot]
#28461729 - 09/07/23 05:26 PM (4 months, 18 days ago) |
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Circumstances would have to change DRASTICALLY.
Even in some scenario where BRICS becomes a formidable trade alliance and some new currency begins to chip away at the USD, doesn’t matter, the dollar is staying the reserve currency because the nations with all the spending power are using it, and won’t opt for an alternative.
Europe would have to collapse and get saved by Russia and China or some shit for the dollar to be legitimately threatened.
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Brian Jones
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Re: The Official BRICS Discussion Thread [Re: The Ecstatic]
#28462125 - 09/08/23 06:15 AM (4 months, 17 days ago) |
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Quote:
The Ecstatic said: Dollar isn’t going away anytime soon and anyone that thinks it is is fooling themselves.
Yeah, our day of reckoning has to come at some point but it probably is going to be a long time.
No economist here, but I'm guessing it would have to happen incrementally over the long term, rather than one U.S. crisis. The reason being that our crisis would more or less be everyone else's crisis, and probably wouldn't set the stage for huge shifts in the order of things. Currently other major economies such as China and Germany have problems much worse than ours. I hate to sound confident in our market manipulations, but somehow they're working better than expected.
BRICS is a logical response to Western domination, but there are so many arguments against them putting up a unified opposition. The U.S. took over the world economy with a postwar boom, shared political philosophy and a military alliance. BRICS has none of those. They have a stated objective to replace the U.S. dollar as the reserve currency, but what else do they agree on? China, Russia and Iran want it to be an explicitly anti-Western alliance, while many other members just want a better deal with any trading partner including the U.S. Two of the first five expressed reservations about expansion because it diminishes their relative importance.
IMO the biggest issue, not previously mentioned is that the members are in competition with each other beyond agreeing to cooperate. The two big economies in BRICS, China and India are major trading partners and killing each other on border clashes. Not likely to escalate further but ongoing conflict even this week. With India's world's fastest growing economy and China's stagnation, wouldn't we expect India to expand their ambitions beyond the previously expected #2 spot in the East. Even the previous projections had India surpassing China a few decades later. A new time table suggests increased competition. India always was good at strategies maximizing their benefit from foreign powers, such as playing off U.S. and USSR during the cold war. Their major problem with U.S. was our alliance with their hated enemy Pakistan. But now India is going to regard China as their major issue, and will deal with China and the U.S. to their best advantage. That's one major argument against BRICS unity.
Also, I'm going to strongly disagree with Chopsticks on Saudi Arabia and UAR. Until proven otherwise, they are still closer to being our allies than our enemies.
-------------------- "The Rolling Stones will break up over Brian Jones' dead body" John Lennon I don't want no commies in my car. No Christians either. The worst thing about corruption is that it works so well,
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christopera
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Re: The Official BRICS Discussion Thread [Re: Brian Jones]
#28462136 - 09/08/23 06:53 AM (4 months, 17 days ago) |
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The Saudi's buy so many weapons from the US that we decided to destroy two states that aren't them after 911. Sleepy Joe et al. released a report showing how close the Saudi's were to the attacks. Hint, it was close.
As usual, everything that comes out of Chops keyboard is the exact opposite of the truth. It's a truth barometer that reads in the negatives.
That said, fantastic review of why BRICS really doesn't make that much sense.
-------------------- Enjoy the process of your search without succumbing to the pressure of the result. A Dorito is pizza, change my mind. Bank and Union with The Shroomery at the Zuul on The internet - now with %'s and things I’m sorry it had to be me.
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Asante
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Re: The Official BRICS Discussion Thread [Re: christopera]
#28462199 - 09/08/23 08:22 AM (4 months, 17 days ago) |
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The vikings pillaged europe with tribalist aggression.
Europe pillaged the world with colonial racist aggression.
The 0.1% included 99.9% of white people with the rest of the world to be pillaged as inferiors.
The Rest Of The World is no longer dazed by the suckerpunch they got, is getting up and starts fighting back, inluding more and more white people disenfranchized by a bigoted government not even interested in upholding their privilege.
Whichever presidential knee you vote for, left or right, its gonna be your groin getting knee'd.
Babylon falls in our time.
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Ogla



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Re: The Official BRICS Discussion Thread [Re: koods]
#28462921 - 09/09/23 01:54 AM (4 months, 16 days ago) |
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Quote:
koods said: Argentina has 100% inflation and they just let them in?
My friend keeps ranting on about how he went to Argentina and is trading in his US dollars on the street and getting so much more money that he keeps telling us that Argentina is the place to go
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Brian Jones
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Re: The Official BRICS Discussion Thread [Re: christopera]
#28462990 - 09/09/23 05:41 AM (4 months, 16 days ago) |
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Quote:
christopera said: The Saudi's buy so many weapons from the US that we decided to destroy two states that aren't them after 911. Sleepy Joe et al. released a report showing how close the Saudi's were to the attacks. Hint, it was close.
As usual, everything that comes out of Chops keyboard is the exact opposite of the truth. It's a truth barometer that reads in the negatives.
That said, fantastic review of why BRICS really doesn't make that much sense.
Our relationship with Saidi Arabia makes it look like they have some secret leverage over us beyond the oil money and regional stability. It's as though they obtain a new Epstein File every decade. We pretend to not notice their human rights violations, because hypocrisy is conditional, and they are a great asset.
9/11 is way beyond that for making exceptions. The FBI report on the investigation of Saudi involvement was 16 pages. The Hillary investigation had 800 pages. Hunter Biden's grows as we speak.
Bush and his father were oil people, but 8 years of Obama didn't make it an issue either. I don't believe 9/11 was an inside job but Saudi Arabia got preferential treatment while we were treating the attack like Pearl Harbor and hysterically damaging our economy for years.
Probably sex tapes. It always comes down to Marx or Freud.
-------------------- "The Rolling Stones will break up over Brian Jones' dead body" John Lennon I don't want no commies in my car. No Christians either. The worst thing about corruption is that it works so well,
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SirTripAlot
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Re: The Official BRICS Discussion Thread [Re: Brian Jones]
#28600802 - 12/28/23 11:30 AM (30 days, 9 hours ago) |
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Still not looking good:
https://oilprice.com/Latest-Energy-News/World-News/Russia-Iran-Officially-Ditch-US-Dollar-for-Trade.html
The global de-dollarization drive has been going on for years with BRIC countries and the so-called pariah states trying to ditch the American dollar in favor of other currencies.
Back in 2019, Putin declared that time was ripe to review the dollar’s role in trade. At that time, Russia and China considered switching to the euro, the world’s second most dominant currency, as an acceptable stalemate, with the ultimate goal being to use their own currencies.
Earlier in the current year, Russia paid dividends from the Sakhalin 1 and 2 oil projects in Chinese yuan instead of the dollar. Last year, Russia was cut off from the US dollar-dominated global payments systems following sweeping sanctions off the Ukraine war.
Russia has declared it will no longer accept the American currency as payment for its energy commodities but will instead switch to Chinese and Emirati currencies.
However, global de-dollarization efforts have borne little fruit with the vast majority of cross-border transactions involving BRICS members continuing to be invoiced in dollars. Indeed, exchanging BRICS members’ local currencies with each other and with other emerging market currencies frequently requires using the dollar as an intermediary.
Further, a large share of public and private debt in these economies is dollar denominated. The relative stability of the dollar compared to many local currencies makes it more attractive as a medium of payment in cross-border trade. The dollar’s widespread use in these cases has become self-reinforcing, thus preserving its dominant global role and impeding efforts to de-dollarize.
-------------------- “I must not fear. Fear is the mind-killer. Fear is the little-death that brings total obliteration. I will face my fear. I will permit it to pass over me and through me. And when it has gone past I will turn the inner eye to see its path. Where the fear has gone there will be nothing. Only I will remain.”
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koods
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Re: The Official BRICS Discussion Thread [Re: SirTripAlot]
#28601281 - 12/28/23 05:37 PM (30 days, 3 hours ago) |
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Hilarious
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NotSheekle said “if I believed she was 16 I would become unattracted to her”
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Brian Jones
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Re: The Official BRICS Discussion Thread [Re: SirTripAlot]
#28601771 - 12/29/23 03:39 AM (29 days, 17 hours ago) |
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I'm not taking bets on the long-term dominance of the American dollar, but I'm not seeing anything looking good for the alternatives either. The number of countries that show up at a BRICS conference means nothing unless something real happens.
China was supposed to lead this with their economic surge but that's dead in the water. Some non-Western economies are reacting to China's decline and others never wanted to be in China's orbit either.
India (who I have no problem with) tried to do big international deals with their rupee and got no takers.
-------------------- "The Rolling Stones will break up over Brian Jones' dead body" John Lennon I don't want no commies in my car. No Christians either. The worst thing about corruption is that it works so well,
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SirTripAlot
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Re: The Official BRICS Discussion Thread [Re: Brian Jones] 1
#28601908 - 12/29/23 07:31 AM (29 days, 13 hours ago) |
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I think the biggest war in history will commence if the US dollar is ever truely threatened as the world's reserve currency. Think of the home court advantage our businesses have when marketing goods overseas (our government,too), sanctions would mean nothing if the dollar was not in the top spot. It's kinda scary AF.
-------------------- “I must not fear. Fear is the mind-killer. Fear is the little-death that brings total obliteration. I will face my fear. I will permit it to pass over me and through me. And when it has gone past I will turn the inner eye to see its path. Where the fear has gone there will be nothing. Only I will remain.”
Edited by SirTripAlot (12/29/23 07:32 AM)
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mushboy
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Re: The Official BRICS Discussion Thread [Re: SirTripAlot]
#28601965 - 12/29/23 08:53 AM (29 days, 12 hours ago) |
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yah i agree.
ive always thought the power of the dollar would kill us all before its replaced.
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The Ecstatic
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Re: The Official BRICS Discussion Thread [Re: mushboy]
#28603131 - 12/30/23 09:22 AM (28 days, 11 hours ago) |
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Depends on the level of psychopathy our leaders at that time have. Definitely not trending in an optimistic direction. Would we blow up the world rather than diminish? No other declining hegemon ever had the capability so you can’t really look at precedence, but the Dutch, Spanish, French, British all took it in stride.
I think capitalism would want to keep the game going, rather than flipping the table over, but these aren’t purely rational actors at the top, especially the morons they put into power to protect their interests. It would not be hard to convince Westerners that we have no choice but to nuke Beijing otherwise it’ll be white slavery.
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christopera
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Re: The Official BRICS Discussion Thread [Re: The Ecstatic]
#28603482 - 12/30/23 03:41 PM (28 days, 5 hours ago) |
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Argentina has withdrawn from BRICS.
Hilarious!
-------------------- Enjoy the process of your search without succumbing to the pressure of the result. A Dorito is pizza, change my mind. Bank and Union with The Shroomery at the Zuul on The internet - now with %'s and things I’m sorry it had to be me.
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The Ecstatic
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Re: The Official BRICS Discussion Thread [Re: christopera]
#28604318 - 12/31/23 08:22 AM (27 days, 12 hours ago) |
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Argentina in the middle of Alt+F4’ing their entire state
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