Riiight, “Russia has just wiped out the dollar’s clout from the world markets”
No. These things never happen overnight (unlike Nixon closing the gold window).
It’ll be slow and drawn out. Most of 2nd-tier and 3rd-tier countries will worry about their USD reserves if they ever get caught “not toeing the line”, and likely diversify elsewhere.
Saudi Arabia already looking into selling oil in non-USD.
Did you see the BRICS meeting a day or so again? They’re all onboard with finding a way to reduce risk from USD-dominatant financial system.
the US dollar is now worthless. I am now buying pesos.
The MSM lies?
Slap The Bears Paw
From the First Floor
Nervous FO SHO
Hence too Quick On The Draw
Sound and Fury Galore
But No Score
Dont use blanks
When you tangle with tanks
If you hope
It ain’t hardly
As it is.
Came back to check out the Ukraine thread and it’s turned into a poetry slam…
That’s doesn’t look too good for Z’s chances of winning anything, much less some other problems around the world.
From the Breitbart article:
Camarillo blamed a “very tight labor market” for the Army’s recruiting woes.
“What we’re just seeing is given the particular conditions of a very tight labor market, our ability to meet all of our projected recruiting goals were a little bit challenged in FY ’22 and FY ’23,” he said.
IOTW, the economy’s too good, so the Army isn’t offering high enough wages to compete. Sounds like a disaster.
Facebook failed to label 80% of articles on its platform promoting a fast-spreading conspiracy theory that the US is funding the use of bioweapons in Ukraine, according to a study released Friday by the Center for Countering Digital Hate (CCDH).
The nonprofit disinformation research group studied a sample of posts from between 24 February and 14 March sharing external articles containing baseless claims about bioweapons. It found Facebook in 80% of cases failed to label posts as either “missing context”, containing “partly false information” or “false information” outright.
Explains a lot.
CEO of Germany’s multinational BASF SE, the world’s largest chemical producer, has warned that curbing or cutting off energy imports from Russia would bring into doubt the continued existence of small and medium-sized energy companies, and further would likely spiral Germany into its most “catastrophic” economic crisis going back to the end of World War 2.
Company CEO Martin Brudermuller issued the words in an interview with Frankfurter Allgemeine newspaper just ahead of German officials by midweek giving an “early warning” to industries and the population of possible natural gas shortages, as Russia appears ready to firmly hold to Putin’s recent declaration that “unfriendly countries” must settle energy payments in rubles, related to the Ukraine crisis and resultant Western sanctions.
According to Bloomberg he mused that while “Germany could be independent from Russia gas in four to five years” it remains that “LNG imports cannot be increased quickly enough to replace all Russian gas flows in the short term.”
No worries, just find some rubles. Can’t be that hard.
Or maybe turn over some of that German gold that your nation tried to get out of NY.
Ruble’s value is now completely arbitrary. There is practically no dealing between foreign currencies and ruble. The only reason it’s looking better on paper is because Russians now can’t buy foreign currencies at all. It’s the same with Iran. There are now two exchange rates.
So much in the article beside the ruble trade.
Rickards has own wiki page.
He was counsel (not part of investment team, just counsel) for LTCM, who took the wrong bet on Russian bonds, but then got saved by the Fed and U.S. investment banks, except for Lehman Brothers who didn’t participate in saving LTCM.
Hence, when Lehman Brothers was about to blow up during 2008, Wall Street didn’t save LB. But, you probably already know that.
The answer is that the only way for Europe to get rubles quickly is to buy them from the Central Bank of Russia using dollars. Under Putin’s plan, Russia still gets the dollars, still sells oil and natural gas but he has the added benefit of making rubles stronger because Europe has to buy them to pay for the energy exports.
He can exchange the Dollars and Euros in Rubles, he gets a good exchange rate.
Well we need a mental break from all the doom and gloom
The orchestra played as the titanic went down ya know
The spring lambs are brought to the slaughterhouse. No one is going to believe they won’t go to Ukraine.
At 20% key interest rate, yeah that’s a strong currency.
Nobody knows what you are talking about dude.