Biden’s Russian roulette may kill dollar dominance

[onebyone]

Biden’s Russian roulette may kill dollar dominance​

Biden administration’s move to block Russia’s access to its dollar reserves means the post-war financial system will never be the same
By WILLIAM PESEKMARCH 8, 2022

Western sanctions on Russia over its invasion of Ukraine aim to financially cripple Moscow. Image: Twitter / Epoch Times / Shutterstock

In the 1960s, French Finance Minister Valéry Giscard d’Estaing famously said that issuing the globe’s undisputed reserve currency gave Washington “exorbitant privilege.” In the last week, Joe Biden has proved d’Estaing understated the case quite significantly.
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Dylan Grice, a UK hedge fund manager at Calderwood Capital, speaks for many when he says he’s “never seen weaponization of money on this scale before.” And then, the kicker: “You only get to play the card once,” Grice warned. “It’s a turning point in monetary history: The end of USD hegemony.”
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Biden's Russian roulette may kill dollar dominance - Asia Times

In the 1960s, French Finance Minister Valéry Giscard d’Estaing famously said that issuing the globe’s undisputed reserve currency gave Washington “exorbitant privilege.” In the last week, Joe Biden has proved d’Estaing understated the case quite significantly. Among the US president’s steps to...

asiatimes.com

 

[GumNaam]

currency was never meant to be a commodity but was meant to be a medium of exchange for commodities. making usd the global reserves currency has had the dastardly side effect of the currency becoming a commodity in itself. Russia's complete disregard for usd's fake identity as a commodity has given the world two choices (needless to say, I'm simplifying):

1. forget about Russian oil & gas, run your car by lighting u.s. dollars in your gas tank and heat your homes by burning dollars in your furnace.

2. forget about u.s. dollars and get something real and usable like oil and gas to run your cars and heat your homes.

 

[nahtanbob]

Biden’s Russian roulette may kill dollar dominance​

Biden administration’s move to block Russia’s access to its dollar reserves means the post-war financial system will never be the same
By WILLIAM PESEKMARCH 8, 2022
View attachment 821825
Western sanctions on Russia over its invasion of Ukraine aim to financially cripple Moscow. Image: Twitter / Epoch Times / Shutterstock

In the 1960s, French Finance Minister Valéry Giscard d’Estaing famously said that issuing the globe’s undisputed reserve currency gave Washington “exorbitant privilege.” In the last week, Joe Biden has proved d’Estaing understated the case quite significantly.
*******************************************************
Dylan Grice, a UK hedge fund manager at Calderwood Capital, speaks for many when he says he’s “never seen weaponization of money on this scale before.” And then, the kicker: “You only get to play the card once,” Grice warned. “It’s a turning point in monetary history: The end of USD hegemony.”
*******************************************************

Biden's Russian roulette may kill dollar dominance - Asia Times

In the 1960s, French Finance Minister Valéry Giscard d’Estaing famously said that issuing the globe’s undisputed reserve currency gave Washington “exorbitant privilege.” In the last week, Joe Biden has proved d’Estaing understated the case quite significantly. Among the US president’s steps to...

asiatimes.com

opinions are dime a dozen

 

[Cash GK]

Sanctions on Russia will make other countries think backup plans.i am supper sure Russian Chinese trade follow by Iran n pakistan will be in Chinese Cruncy. Usa is destroying its own system.Dollar was pivot point. Now many countries will back up in gold n Chinese Cruncy.

 

[GumNaam]

opinions are dime a dozen

ok nathulaal.

 

[Enigma SIG]

opinions are dime a dozen

But you really cared enough to post a reply. I think you really care for his opinion?

 

[nahtanbob]

But you really cared enough to post a reply. I think you really care for his opinion?

I have read end of the US Dollar, buy gold instead articles for the past 20 years. I am still waiting

 

[Beast]

Biden is a good US president for China. Thanks for screwing US up and make China greater!

Xi actually encourage Putin to invade Ukraine and hope he land himself in hot soup then he will embrace yuan dollar fully. US will also shot themselves by kicking Russia out of SIWFT.

Its all going according to Chinese plan. This war screw everybody up except China.

 

[The Accountant]

I have read end of the US Dollar, buy gold instead articles for the past 20 years. I am still waiting

USA lost afghanistan. Despite US sanctions russia attack ukraine and US couldnt do anything about bout it ... Chinese economy is expanding much quicker than US as well chinese tech...

Chinese yuan is appreciating while dollar is depreciating. Your weight will be over soon

 

[Han Patriot]

I have read end of the US Dollar, buy gold instead articles for the past 20 years. I am still waiting

I have read about the collapse of China for 30 years too. Change is gradual mate, you don't have to destroy the dollar system, just create an alternative and let people choose. China since Deng had been pragmatic and patient, we will not abandon dollars but we will have alternatives as a back up, same with many countries who are looking at this current scenario.

What has the trade war taught you? Xi is smarter than you think. He is smarter than even Putin. Lol

 

[BHAN85]

nonsense, everybody wants US dollars, even in the countries "enemies" of USA like Venezuela. Venezuela has a oil market in Chinese RMB. But Venezuelan people fight each other in search of US fresh dollars.

 

[nahtanbob]

USA lost afghanistan. Despite US sanctions russia attack ukraine and US couldnt do anything about bout it ... Chinese economy is expanding much quicker than US as well chinese tech...

Chinese yuan is appreciating while dollar is depreciating. Your weight will be over soon

Afghanistan is a shit hole

What has Russia accomplished in Ukraine ? 13 days -- Kiev & Kharkov are still under Ukranian control.

 

[nahtanbob]

I have read about the collapse of China for 30 years too. Change is gradual mate, you don't have to destroy the dollar system, just create an alternative and let people choose. China since Deng had been pragmatic and patient, we will not abandon dollars but we will have alternatives as a back up, same with many countries who are looking at this current scenario.

What has the trade war taught you? Xi is smarter than you think. He is smarter than even Putin. Lol

What is the point of having Chinese currency ? can I purchase property in China or purchase Chinese stocks or bonds ?
It is a serious issue for those of us who are not Chinese to ponder.

 

[lightning F57]

I think China has over a trillion worth of US debt, that ironically helps to prop up the dollar. I wonder if in times of adversity against the US, whether China can call on its loans in the form of treasury bonds and create a run on the bank situation, in this case the US economy. Other countries would need to buy those bonds to keep it propped up.

 

[Han Patriot]

What is the point of having Chinese currency ? can I purchase property in China or purchase Chinese stocks or bonds ?
It is a serious issue for those of us who are not Chinese to ponder.

You can buy Chinese goods and protect against US inflation. Printing dollars like toilet paper is not sustainable long term. China has probably the world's largest gold reserve. You can actually buy Chinese bonds but its not offered in US, can buy it in HK. Stocks yes through HK.