Is The US Dollar Dying?

  • Thread starter Thread starter Geo
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Thumbpicker said:
Not as far as I know and I used to do SWIFT payments in my first job in the 1980s so I was doing SWIFT payments to places all around the world in all sorts of currencies. We were working from AUD to whatever foreign currency and converting it directly use AUD to whatever currency's exchange rate. USD didn't enter the equation unless it was specifically requested or it was a payment to a US bank.
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I do believe it's necessary when buying and selling commodities. US needs to know who is buying what so the farmers in the US can decide what to grow and how much of it. So now they are flying blind. The chinese cancelled a huge order of wheat (I think it was wheat) and bought form another country leaving the US scratching their heads.
 
Geo said:
I do believe it's necessary when buying and selling commodities. US needs to know who is buying what so the farmers in the US can decide what to grow and how much of it. So now they are flying blind. The chinese cancelled a huge order of wheat (I think it was wheat) and bought form another country leaving the US scratching their heads.
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Maybe from your perspective where the US is involved but I don't think so when the Trade is between to countries that have nothing to do with the US at all. Re: uncertainty that's why most trade is done via a thing called Letters of Credit - basically a bank guarantee of payment for goods.

On an unrelated note, Australia has basically had a trade war with China and had goods sitting on their docks for months/years. I hate those inscrutable bastards.
 
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Thumbpicker said:
Maybe from your perspective where the US is involved but I don't think so when the Trade is between to countries that have nothing to do with the US at all. Re: uncertainty that's why most trade is done via a thing called Letters of Credit - basically a bank guarantee of payment for goods.

On an unrelated note, Australia has basically had a trade war with China and had goods sitting on their docks for months/years. I hate those inscrutable bastards.
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Well the slogan here is "American farmers feed the world", not anymore I guess.
 
70 Mach 1 said:
Dont matter.
The fix is in
Hes not winning.
We're going to get 8 years of her fat ass like it or not
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Even though I don't like Trump the narcissist I hate the thought of her even worse.

I'm not a Catholic but I read the pope said yesterday it's a choice between two evils and you had to pick the lesser of the two evils :ROFLMAO: no kidding. He didn't however say which was the lesser evil.
 
Geo said:
Well the slogan here is "American farmers feed the world", not anymore I guess.
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Our economy is similar we export food too - like wheat, barley, lamb, beef, wine etc etc . Historically we never imported much food from the US because we produce more than we need generally. Thinking about what I get from the US.... it'd be tabasco sauce, Sriracha sauce, off season oranges from California... there'd be other things but not much. Even McDonalds uses Australian beef here.

Unlike the US our manufacturing sector got hammered and we lost a lot of it. Mostly because of export and labour costs and economies of scale aren't the same here. Sadly.
 
Thumbpicker said:
Our economy is similar we export food too - like wheat, barley, lamb, beef, wine etc etc . Historically we never imported much food from the US because we produce more than we need generally. Thinking about what I get from the US.... it'd be tabasco sauce, Sriracha sauce, off season oranges from California... there'd be other things but not much. Even McDonalds uses Australian beef here.
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Aren't there about 200 countries in the world? Some of them are going to starve.
 
Geo said:
Aren't there about 200 countries in the world? Some of them are going to starve.
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You know we used to get better beef and lobsters etc domestically, now all the prime cuts get exported and we get dross (unless we really search hard for somewhere that stocks premium stuff). Our prices have gone through the roof. I fucking hate that that has happened.
 
Thumbpicker said:
You know we used to get better beef and lobsters etc domestically, now all the prime cuts get exported and we get dross (unless we really search hard for somewhere that stocks premium stuff). Our prices have gone through the roof. I fucking hate that that has happened.
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It's all fucked up here. It's really hard to get fresh produce, especially in the winter. In the summertime we do a CSA with a local farm but in the winter, it's all canned vegetables. Maybe it's time for a reset.
 
Thumbpicker said:
Even though I don't like Trump the narcissist I hate the thought of her even worse.

I'm not a Catholic but I read the pope said yesterday it's a choice between two evils and you had to pick the lesser of the two evils :ROFLMAO: no kidding. He didn't however say which was the lesser evil.
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Im catholic and take offense to that ill take you out back and beat you up :)

Only joking.
The pope has no influence in my life.

Only time i pray to god is when my mustang decideds to quit on me 30 Miles from home.

But yeah i love trump but he just doesn't know when to STFU.

He sounds like a moron at times and ABC rode on that last week
 
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70 Mach 1 said:
Im catholic and take offense to that ill take you out back and beat you up :)

Only joking.
The pope has no influence in my life.

Only time i pray to god is when my mustang decideds to quit on my 30 Miles from home.

But yeah i love trump but he just doesn't know when to STFU.

He sounds like a moron at times and ABC rode on that last week
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To me he came across as the least phony presidential candidate in my life time.

I am done with the smarmy, college educated lying scumbags.
 
Screenshot 2024-09-19 160821.jpg
 
I`m kind of surprised, no one mentioned the Petro-Dollar in this discussion?

So let me "mansplain"
Your money is just paper without any actual worth. 100 years ago, the US had the gold standard that backed up the dollar. For every dollar, you were able to trade it in for an ounce of gold. The dollar was like a contract or security and you did not have to carry gold with you around to pay for your stuff.
Before that system came into place, you had actual coins made of gold or silver etc.

So how is the dollar backed up now? Simply by trust which means by trust in the country itself, its trust in its economy as well as social and political stability etc.

But the US was able to instal another global backening system on the Dollar, the Petro-Dollar.
It means that every barrel of oil had to be traded in dollar on the international markets. So no matter where on the earth you were, if you had some dollars in your pocket, you were theoretically able to trade it in for some oil. Maybe you guys were not aware of this, but high tier economist and politicans for sure were.
Countries that abandoned the Petro-Dollar were put on political pressure or simply just bombed in the past. It happend to Hussein and to Gaddafi. Abandoning the Petro-Dollar was kind of the last straw this dictators took, as they were already weakened and politically cornered.

With the Ukranian war and the crisis with Russia, there was a global shift in the fiat system. Russia left the Petro-Dollar and is trading its oil in Rubel, which led to a big stabilisation and revalueation of its currency. The step is globaly acctpted by other big plays like china or the BRICS. Other countries are thinking of leaving the Petro-Dollar system as well or already left (I`m not sure about the latter one).
The problem for the US is, Russia can not simply be bombed into oblivion like Lybia or Irak.

Trump called the global abandoning of the Petro-Dollar one of the worst events that happened to the US economy and a desaster in foreing policy. However, no one talks about this or even is aware of this. Probably, because Trump is right on this one.
 
BesaMoogie said:
I`m kind of surprised, no one mentioned the Petro-Dollar in this discussion?

So let me "mansplain"
Your money is just paper without any actual worth. 100 years ago, the US had the gold standard that backed up the dollar. For every dollar, you were able to trade it in for an ounce of gold. The dollar was like a contract or security and you did not have to carry gold with you around to pay for your stuff.
Before that system came into place, you had actual coins made of gold or silver etc.

So how is the dollar backed up now? Simply by trust which means by trust in the country itself, its trust in its economy as well as social and political stability etc.

But the US was able to instal another global backening system on the Dollar, the Petro-Dollar.
It means that every barrel of oil had to be traded in dollar on the international markets. So no matter where on the earth you were, if you had some dollars in your pocket, you were theoretically able to trade it in for some oil. Maybe you guys were not aware of this, but high tier economist and politicans for sure were.
Countries that abandoned the Petro-Dollar were put on political pressure or simply just bombed in the past. It happend to Hussein and to Gaddafi. Abandoning the Petro-Dollar was kind of the last straw this dictators took, as they were already weakened and politically cornered.

With the Ukranian war and the crisis with Russia, there was a global shift in the fiat system. Russia left the Petro-Dollar and is trading its oil in Rubel, which led to a big stabilisation and revalueation of its currency. The step is globaly acctpted by other big plays like china or the BRICS. Other countries are thinking of leaving the Petro-Dollar system as well or already left (I`m not sure about the latter one).
The problem for the US is, Russia can not simply be bombed into oblivion like Lybia or Irak.

Trump called the global abandoning of the Petro-Dollar one of the worst events that happened to the US economy and a desaster in foreing policy. However, no one talks about this or even is aware of this. Probably, because Trump is right on this one.
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I think nobody mentioned it because the petro-dollar was dead a long time ago. The Saudi's have been accepting other currencies for a long time now.
 
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