Russia & China dump the dollar in domestic trade.....What does this mean for......

[Arya Tsaddiq]

Forgot the video....

[video=youtube;2N8gJSMoOJc]http://www.youtube.com/watch?v=2N8gJSMoOJc[/video]

 

[Jonas.dini]

That China Daily link doesn't work.

If it is as the thread title suggests, it means one of two things, and probably a bit of both in tandem: (1) that markets are gravitating away from the weakened dollar, (2) that China and Russia are trying to make a point to the US Fed and Treasury. I'll have to read more about it to say much more.

I watched exactly four seconds of that video and then turned it off, so can't say if it's astute or not, first four seconds didn't give me much confidence tho.

 

[louis the great]

Nobody wants that fake ass Fiat money anymore.

 

[janklow]

don't think it signifies much. but maybe that's just me.

 

[whar67]

Nobody wants that fake ass Fiat money anymore.

Russia and China both use fiat money. Why is our so different?

 

[ThaChozenWun]

I don't think it signifies much.

I hope that the US Dollar goes though, more companies moving back home and producing our own goods will help bring stability back to our economy. I really don't see a large negative impact from it if it does happen.

 

[ThaChozenWun]

I smell hypocrisy here, in case, you were the same guy who condemned Obama's and Bernanke's Quantitative Easing announcement a few weeks ago here.

If that was you, then I'm surprised you wouldn't have known this was coming, in terms of reading you deem how it doesn't signify much.

You're out your mind.

I didn't post in that thread. I maybe comment once or twice a month in threads involving politics because quite frankly I dont give a fuck about politics. I will be eating good no matter what happens.

 

[janklow]

that's because you don't think, much, unless you're concocting ways to abuse your authority

and yet you wonder why many of your posts are noted as beefing with people just for the sake of beefing. TAKE THIS SHIT TO THE APPROPRIATE FORUM.

Because only an idiot couldn't tell that China & Russia ---and Brazil too! don't forget they've joined this move w/ China-

actually, you seem to have been too busy calling names to note the actual topic we're discussing, which relates to trade between China and Russia. Brazil is not involved in this particular issue.

- gave a pre-cursor to this move, weeks ago, as I told in a thread I created...which you, of course...closed, and moved my story to another thread like a good racist-mod is supposed to do.

ah, wait, i see... this is not about the topic. this is about insulting me here while sending me insulting PMs.

 

[janklow]

Brazil is in this issue, because I put them here.

which is why i have pointed out that the article we're discussing involves trade between Russia and China. how do you add Brazil to this for NO REASON and then claim you're saying on the topic? come on.

Brazil is in this issue because you're too busy being a racist-

is the whole purpose of doing this "anyone who disagrees with me is a RACIST" thing to make the word "racist" meaningless? because you're now crying racism over being told an article about trade between Russia and China doesn't involve Brazil. seriously, you have nothing else in your argument toolbox?

I don't need to send pm's to you, yon racist, I would be glad to address those issues here in the general forum...but we all know, you'd close those threads as well.

except that you're still sending me PMs crying about that while posting in threads crying about that. so, again, why are you bothering to send me PMs insulting me if you're going to do the same thing in the forum?

 

[Jonas.dini]

Bottom line is that there is no alternative right now to the dollar as a global reserve currency, so china and russia can huff and puff all they want but it won't be anything except for a symbolic statement until markets gravitate away from the dollar, which will probably happen gradually (over many years) at least at first.

If you just learned what quantitative easing is in the last few months, take a deep breath and calm down, it isn't going to lead to an immediate upending of global economic order.

 

[Jonas.dini]

And btw, everyone uses fiat money and will continue to. Hate to break it to old school heads, but the gold standard isn't ever coming back.

 

[kingblaze84]

You're out your mind.

I didn't post in that thread. I maybe comment once or twice a month in threads involving politics because quite frankly I dont give a fuck about politics. I will be eating good no matter what happens.

You must have at least 5 million in the bank, lol

 

[kingblaze84]

As far as the thread, I don't think this is good news in the long run. It may be a signal the world is getting tired of the dollar, due to its loss of allure and stability. We are printing money like there is no tomorrow, and most of this money is going to banks and other large corporations. The reason rent and mortgages are so high is because the dollar is losing its value everyday, due to our massive debt, which is impossible to pay off now.

Let's hope China and Russia don't dump the dollar as a reserve, because if they do, prepare to pay even more for rent and more for bills. I'm damn glad I don't have kids to worry about and raise right now.........

 

[bpt hustle]

from what i have seen in the last year and a half i think we as a world are going to one form of currency in the next couple of years. just my opinion.

 

[Jonas.dini]

Wtf, why did my last post in this joint get deleted?

 

[Jonas.dini]

Anyway like I said before, the global economy is dollarized in practice and most int'l trade is conducted in dollars.

And 2012 u cut out the most important part of my post when you quoted me and then ask "ur kidding right?": no alternative as a global reserve currency.

 

[kingblaze84]

If you just learned what quantitative easing is in the last few months, then take a deep breath, calm down, and don't dupe yourself into thinking that others just learned what it was at that time, as well.

Some of us History buffs have been familiar with quantitative easing, occurring since the days of Jimmy Carter doing it.

You're kidding, right? What do you think China and Brazil and Russia, are using? Monopoly money?

They are using their own monetary systems! And the fact that our nation owes China trillions of dollars, is proof that their money system must be very valid, indeed.

For remember, this isn't about Russia nor China seeking an alternative to global reserve currency aka the dollar. This is about how Obama's unwise announcement of Quantitative Easing, is going to zap us with inflation that will decrease the dollar. Which means, China and Russia aren't trying to challenge the dollar...but merely, to protect their domestic economies.

You're about 2-3 years, late, on that decree.

Lots of truth in this post. I'm surprised some people here are saying the dollar and America will be fine.

Are you motherfuckers kidding me?????? The dollar is losing its value everyday, and some of ya'll niggas are saying America will be fine?? LMAO GTFOH......America is feeling the pain economically right now. We may be doing fine for now overall, but the homeless rate is increasing, rent is very high, and young people are having a hard time making ends meet when the dollar means so FUCKING LITTLE nowadays.

We are ALREADY facing the music, the cost of living is rising way too fast for many, if not most Americans.

"America will be fine" ............HAHAHAHAHAHAHA! Do some of ya'll niggas watch the news? The dollar is dying a slow breath, and it's a sad sight to see.

 

[kingblaze84]

Anyway like I said before, the global economy is dollarized in practice and most int'l trade is conducted in dollars.

And 2012 u cut out the most important part of my post when you quoted me and then ask "ur kidding right?": no alternative as a global reserve currency.

This is mostly true but look at how low the dollar is worth now. There won't be any Great Depression lowering of the value IF China abandons the dollar, but if China does do that, DAAAMN would I hate to see the prices of many items than.

 

[Jonas.dini]

This is mostly true but look at how low the dollar is worth now. There won't be any Great Depression lowering of the value IF China abandons the dollar, but if China does do that, DAAAMN would I hate to see the prices of many items than.

Just look at how china and other major players responded to Fed quantitative easing, they all looked to devalue their currencies too, some sensational headlines were calling it a "devaluation war." This is indicative that countries have no real illusions about dollar hegemony.

I'm not saying the dollar will be the go-to currency forever, but the transition isn't going to happen overnight and the dollar is not in the kind of rapid downward spiral that some people argue. Furthermore if the US can persuade the G20 and IMF to construct the new global currency system around a series of dollar pegs we'll see dollar hegemony continue for another generation or more (not saying that's gonna happen, but it could).

 

[Jonas.dini]

It's dollarized, in practice, and that decades-old reality didn't occur overnight when it became the current standard. But history can point, to a clear, concise Time where the dollar began to take root as the global monetary standard. Well, I think it's only fair that you cease denying that a changing of the guard, has unfolded before our eyes.

Again, what unfolded before our eyes a year ago, is something that...it's only fair, for you to explain why you ignore it and scoff at it. China and Brazil. Now, the story of this thread, China and Russia, have joined in on abandoning the dollar in trade.

Plus...We owe China trillions of dollars. And that is part of why the dollar is defunct, in terms of our inability to fund our Nation's ops, since the last Administration.

So it's discombobulating, to read you claim there is no alternative when Renminbi is obviously looming as a far more trustworthy global monetary-standard, that other Nations would put their apprehensive trust in/feel confident bartering with.

They didn't give up the dollar in trade, they still have to buy dollars from the US treasury to buy goods on the global market that are mostly priced in dollars. In the meantime they're both on floating pegs to the dollar and all these countries hold huge dollar reserves to stabilize their own currencies.
I didn't say the dollar will be the global reserve currency forever, but it is now and there is no viable alternative in the short-to-medium term.
And the Renminbi isn't ready for prime time.