Nothing too new in the update. But as of this evening, the Ukrainians have suffered some major losses-- again. Hunter Biden's plea deal has been rejected. 63% or Americans think Biden is too old.
Buffet is right. There can be several trading world currencies. Current stats show about 80% of world trade is done in US $. Will that change? Hell ya? Is it the blackpill event that many commentators push ? No (🤔 does that bring in more subscribers? #justasking)
In 2001 it was around 72%. I quoted 47% in most last article. But my sources appeared to be wrong - factoring in exchange rates. In fact, it is about 58% However, the move to national currencies is a warning. The next logical step is for BRICS to create an alternative to the dollar and the financial institutions that maintain its dominance. . How long? Probably at least 5 years.
Logical choice is to have the alternative currency be Gold or Crypto backed. I doubt crypto would be selected since its still too new, too unfamiliar, has potential security issues and most governments would want some level of control/manipulation of the chosen currency.
I have been researching reserve currencies and global financial institutions again. The consensus in the financial world right now is that the dollar will remain supreme for a long time. For example, Yves over at Naked Capitalism has recently written an article to that effect. I am not so sure about that -- although I can see why many countries would prefer to go with the existing system. Guess I have to write an article on it.
It’s a case of the US dollar, it's a case of being the best of the worst and that doesn’t seem to be changing any time soon. Yes, the US government has many problems as well as being corrupt and manipulating like all other powerful countries. But they do have the strongest human rights and business rights in the world as well as the most stable financial markets (by far) and have weathered many financial storms already. Moreover, they do have a political system that still requires some level of public participation even as the Progressives want to fundamentally alter, and rig, the selection process, as they have done in CA, so the system still contains some semblance of self correcting.
Contrast this to a country like China which recognizes only limited human rights which are not recognized as being inalienable but bestowed by the government onto the people which is a single party Communist government with a leader that rules for life. Yeah, there are some big risks with anyone wanting to tie their currency to the yuan.
Then you have the Euro which seems like a legitimate alternative to the US dollar but with declining populations and many stressed economies spanning amongst two dozen countries with a propensity to interfere in many financial issues (regulations, fining companies because they are successful, anti-merger mindset, etc.) it doesn't seem like a better alternative to the US dollar at all.
The only real alternative to the US dollar seems to be a purely non govt controlled currency like gold or crypto. This would appear to be best for the people but maybe not so much for the ruling classes since they lose control over the currencies. In conclusion I do not see the US dollar being dethroned anytime soon no matter how much people want to play this up since there are no really good alternatives at this time.
Your coffee photo is hilarious! I read your update with my morning coffee and cigar on 7/28/2023. It concurs with the other reports I read yesterday.
Nothing too new in the update. But as of this evening, the Ukrainians have suffered some major losses-- again. Hunter Biden's plea deal has been rejected. 63% or Americans think Biden is too old.
A Secret Service agent bit Biden's dog? Does he have rabies? Inquiring minds want to know! LOL!
Buffet is right. There can be several trading world currencies. Current stats show about 80% of world trade is done in US $. Will that change? Hell ya? Is it the blackpill event that many commentators push ? No (🤔 does that bring in more subscribers? #justasking)
In 2001 it was around 72%. I quoted 47% in most last article. But my sources appeared to be wrong - factoring in exchange rates. In fact, it is about 58% However, the move to national currencies is a warning. The next logical step is for BRICS to create an alternative to the dollar and the financial institutions that maintain its dominance. . How long? Probably at least 5 years.
Of course, I might be wrong -- again!
Logical choice is to have the alternative currency be Gold or Crypto backed. I doubt crypto would be selected since its still too new, too unfamiliar, has potential security issues and most governments would want some level of control/manipulation of the chosen currency.
I have been researching reserve currencies and global financial institutions again. The consensus in the financial world right now is that the dollar will remain supreme for a long time. For example, Yves over at Naked Capitalism has recently written an article to that effect. I am not so sure about that -- although I can see why many countries would prefer to go with the existing system. Guess I have to write an article on it.
It’s a case of the US dollar, it's a case of being the best of the worst and that doesn’t seem to be changing any time soon. Yes, the US government has many problems as well as being corrupt and manipulating like all other powerful countries. But they do have the strongest human rights and business rights in the world as well as the most stable financial markets (by far) and have weathered many financial storms already. Moreover, they do have a political system that still requires some level of public participation even as the Progressives want to fundamentally alter, and rig, the selection process, as they have done in CA, so the system still contains some semblance of self correcting.
Contrast this to a country like China which recognizes only limited human rights which are not recognized as being inalienable but bestowed by the government onto the people which is a single party Communist government with a leader that rules for life. Yeah, there are some big risks with anyone wanting to tie their currency to the yuan.
Then you have the Euro which seems like a legitimate alternative to the US dollar but with declining populations and many stressed economies spanning amongst two dozen countries with a propensity to interfere in many financial issues (regulations, fining companies because they are successful, anti-merger mindset, etc.) it doesn't seem like a better alternative to the US dollar at all.
The only real alternative to the US dollar seems to be a purely non govt controlled currency like gold or crypto. This would appear to be best for the people but maybe not so much for the ruling classes since they lose control over the currencies. In conclusion I do not see the US dollar being dethroned anytime soon no matter how much people want to play this up since there are no really good alternatives at this time.