Destruction of the US dollar

[devil21]

bump

Remember folks, all the propaganda the Trump shill accounts post on RPF these days is just cover stories for the end stages of the death of the FRN global reserve standard.

 

[DamianTV]

Exactly. They are soaking us for as much as they can before they bail out when the whole thing comes crashing down on us.

 

[pmbug]

Is the dollar dead yet? ...

I'm not dead. I'm getting better. I don't want to go on the cart. I feel fine. I think I'll go for a walk. I feel happy. I feel happy. /Dollar

~~~

It was one thing when it was just China and Russia banging the drum for challenges to dollar supremacy in global commerce. Now that the EU is on the train, it might finally have left the station. We'll see if they really do develop an alternative/competing clearing system to challenge the SWIFT system. The current bruhaha with Saudi Arabia is another potential inflection point in the story.

 

[DamianTV]

Control of Reserve Currency seems to shift about every 80 years or so, and it looks like we are due for another shift. Probably to China this time.

 

[devil21]

Seems like a good time to bump this thread and add a new post.

https://www.yahoo.com/news/six-european-countries-join-barter-system-iran-trade-022501492.html

PARIS — Paris, London, and Berlin today welcomed six new European countries to the INSTEX barter mechanism, which is designed to circumvent US sanctions against trade with Iran by avoiding use of the dollar.

“As founding shareholders of the Instrument in Support of Trade Exchanges (INSTEX), France, Germany, and the United Kingdom warmly welcome the decision taken by the governments of Belgium, Denmark, Finland, the Netherlands, Norway, and Sweden to join INSTEX as shareholders,” the three said in a joint statement.

…

The Paris-based INSTEX functions as a clearinghouse allowing Iran to continue to sell oil and import other products or services in exchange. more at link

-----------------------------------
You got your answer [MENTION=11178]Bern[/MENTION] ^^^^^

I'm not dead. I'm getting better. I don't want to go on the cart. I feel fine. I think I'll go for a walk. I feel happy. I feel happy. /Dollar

~~~

It was one thing when it was just China and Russia banging the drum for challenges to dollar supremacy in global commerce. Now that the EU is on the train, it might finally have left the station. We'll see if they really do develop an alternative/competing clearing system to challenge the SWIFT system. The current bruhaha with Saudi Arabia is another potential inflection point in the story.

---------------------------------------

JPMorgan Chase, the largest U.S. bank, one the largest providers of financial services in the world and one of the most powerful banks in the world has accumulated one of the largest stockpiles of silver the world has ever seen.

The total JP Morgan silver stockpile has increased dramatically in the last four years. In 2011, JP Morgan has little or no physical silver. By 2012, they had acquired 5 million ounces of silver bullion.

Incredibly, in the last 3 years their COMEX silver stockpile has increased tenfold and is now over 55 million ounces...

Today, JPM's COMEX silver holdings is officially at 161 million oz. They short it on the paper side and buy on the physical side.

 

[pmbug]

You got your answer [MENTION=11178]Bern[/MENTION] ^^^^^

Instex has yet to facilitate a single trade. It's not clear if it ever will. But the more nations that commit to it, the harder it will be for the USA to cockblock it with hardball politics. For now at least, it seems like Europe is focused on the idea only for facilitating trade to bypass USA imposed sanctions on Iran. If it ever becomes a real thing facilitating trade, it has the potential to develop into a competitor to SWIFT.

 

[devil21]

3-23-20
I started this thread 11 years ago. The thread title is close to being fulfilled.


Fed promises QE∞ to buy everything forever and melt the FRN dollar.
https://www.cnbc.com/2020/03/23/fed...ets-including-open-ended-asset-purchases.html

 

[AZJoe]

Federal Reserve's Quantitative Inflation
Trump and Congress' Economic Inflation package

 

[AZJoe]

 

[Warlord]

3-23-20
I started this thread 11 years ago. The thread title is close to being fulfilled.


Fed promises QE∞ to buy everything forever and melt the FRN dollar.
https://www.cnbc.com/2020/03/23/fed...ets-including-open-ended-asset-purchases.html

Yeah this is the big one. They have kept it going for a long time - as evidenced by your 11 year thread! - but now the Fed are going 'all in' to destroy the dollar .

 

[Warlord]

By the way Gold was $1080 an ounce in Oct 2009 (when [MENTION=2727]devil21[/MENTION] started this thread) so those who got out have done pretty well. I wonder what the next 11 years will bring.

 

[AZJoe]

Neel Kaskari’s 60 Minutes Interview

"We're the lender of last resort. " … When asked if the Fed will just "literally print money," Kashkari admits: "That's literally what congress has told us to do. That's the authority they have given us, to print money and provide liquidity … We create it electronically and we can also print it, with the Treasury Department, so you can get money out of your ATMs." …

the host asks: "Can you characterize everything the Fed has done this past week as essentially flooding the system with money?" ... Kashkari responds simply: "YES."

The host asks "And there's no end to your ability to do that?" "There's no end to our ability to do that." ... "We're far from out of ammunition...your ATM is safe, your banks are safe. There's an infinite amount of cash at the Federal Reserve."

 

[acptulsa]

Neel Kaskari’s 60 Minutes Interview

"We're the lender of last resort. " … When asked if the Fed will just "literally print money," Kashkari admits: "That's literally what congress has told us to do. That's the authority they have given us, to print money and provide liquidity … We create it electronically and we can also print it, with the Treasury Department, so you can get money out of your ATMs." …

This is new. The Fed never advertised on national television that their product has zero intrinsic value before.

 

[AZJoe]

 

[pmbug]

Instex has yet to facilitate a single trade. It's not clear if it ever will. ...

Well...

 

[Warlord]

This is a great tweet from Schiff:

That's why I love Austrian economics. It's plain common sense. [MENTION=59651]Krugminator2[/MENTION] needs to understand it (are you sure you read Economics in one lesson?)

 

[Krugminator2]

This is a great tweet from Schiff:

That's why I love Austrian economics. It's plain common sense. @Krugminator2 needs to understand it (are you sure you read Economics in one lesson?)

Nobody is saying it creates wealth. Peter Schiff again being a buffoon who continues to embarrass free market people. It does however avoid debt deflation. Governments have also destroyed economies by just letting the world go to hell. See United States 1929-1933.

What you call Austrian is just Rothbardian. Hayek didn't agree at all.

I am the last to deny – or rather, I am today the last to deny – that, in these circumstances, monetary counteractions, deliberate attempts to maintain the money stream {NGDP], are appropriate. I probably ought to add a word of explanation: I have to admit that I took a different attitude forty years ago, at the beginning of the Great Depression. At that time I believed that a process of deflation of some short duration might break the rigidity of wages which I thought was incompatible with a functioning economy. Perhaps I should have even then understood that this possibility no longer existed. … I would no longer maintain, as I did in the early ’30s, that for this reason, and for this reason only, a short period of deflation might be desirable. Today I believe that deflation has no recognizable function whatever, and that there is no justification for supporting or permitting a process of deflation.

https://www.themoneyillusion.com/what-did-hayek-really-think-of-deflation/

Such a "secondary depression" caused by an induced deflation should of course be prevented by appropriate monetary counter-measures.Though I am sometimes accused of having represented the deflationary cause of the business cycles as part of the curative process, I do not think that was ever what I argued. What I did believe at one time was that a deflation might be necessary to break the developing downward rigidity of all particular wages which has of course become one of the main causes of inflation. I no longer think this is a politically possible method and we shall have to find other means to restore the flexibility of the wage structure than the present method of raising all wages excep those which must fall relatively to all others.

https://www.coordinationproblem.org/2011/05/hayek-on-deflation.html

 

[Warlord]

Nobody is saying it creates wealth. Peter Schiff again being a buffoon who continues to embarrass free market people. It does however avoid debt deflation. Governments have also destroyed economies by just letting the world go to hell. See United States 1929-1933.

What you call Austrian is just Rothbardian. Hayek didn't agree at all.



https://www.themoneyillusion.com/what-did-hayek-really-think-of-deflation/


https://www.coordinationproblem.org/2011/05/hayek-on-deflation.html

What did Hazlitt and Mises say about creating money out of thin air?

 

[Krugminator2]

What did Hazlitt and Mises say about creating money out of thin air?

The thread right below this is about bartering. You might think depressions are fun and cool. And suicides and all loss of meaning in life because job losses are great. I don't share that view. I don't want to go anywhere near a world where people are back to living like savages and bartering.

 

[Warlord]

The thread right below this is about bartering. You might think depressions are fun and cool. And suicides and all loss of meaning in life because job losses are great. I don't share that view. I don't want to go anywhere near a world where people are back to living like savages and bartering.

The government intervention will make things worse. That's the point you can't accept. It's frustrating.