Discussion World Forum  


Go Back   Discussion World Forum > Discussion Forums > Economics

Economics The economy, taxes, Federal Reserve, Central Banks, inflation, interest rates, unemployment, stock markets, currency, GDP, NAFTA, IMF, WTO, GATT, etc.

Reply
 
Thread Tools Display Modes
  #1  
Old Oct 27th 2017, 09:45 AM
Tom Palven Tom Palven is offline
Cranky Curmudgeon
 
Join Date: Nov 2010
Posts: 1,996
Default Demise of the Petro-dollar?

Max Keiser comments, unfortunately with his wife, Stacy Herbert:
https://www.youtube.com/embed/JC7QEqxZCIs
__________________
Voltairian individualist on the Lunatic Fringe of the Radical Center
Reply With Quote
  #2  
Old Dec 9th 2017, 06:52 AM
Tom Palven Tom Palven is offline
Cranky Curmudgeon
 
Join Date: Nov 2010
Posts: 1,996
Default Re: Demise of the Petro-dollar?

Quote:
Originally Posted by Tom Palven View Post
Max Keiser comments, unfortunately without his wife, Stacy Herbert:
https://www.youtube.com/embed/JC7QEqxZCIs
More on this subject from Russia Today:
https://www.rt.com/business/412546-c...andard-dollar/

Whether this pans out remains to be seen.
__________________
Voltairian individualist on the Lunatic Fringe of the Radical Center
Reply With Quote
  #3  
Old Dec 10th 2017, 11:59 AM
Michael's Avatar
Michael Michael is offline
Administrator
Herder of Cats
 
Join Date: Oct 2008
Location: Toronto
Posts: 14,768
Default Re: Demise of the Petro-dollar?

I've been hearing variations on this story for about 35 years now.

I can't believe people really take this stuff seriously. Sure the US is losing or in fact has already lost its status as the sole currency of international oil purchasing.

So fucking what?

Seriously, the scale and the numbers on a worldwide cale are so massive that such a change really doesn't change much of anything. If anything at all, having international oil purchases transacted in a variety of currencies (USD, Euros or Chinese Yuan) is probably beneficial for the world economy.

There is no impending crash of the US economy due to this slow and ongoing evolutionary change occurring in world oil markets.
__________________
Remember what the dormouse said: Feed your head!
Reply With Quote
  #4  
Old Dec 11th 2017, 01:08 AM
Tom Palven Tom Palven is offline
Cranky Curmudgeon
 
Join Date: Nov 2010
Posts: 1,996
Default Re: Demise of the Petro-dollar?

Quote:
Originally Posted by Michael View Post
I've been hearing variations on this story for about 35 years now.

I can't believe people really take this stuff seriously. Sure the US is losing or in fact has already lost its status as the sole currency of international oil purchasing.

So fucking what?

Seriously, the scale and the numbers on a worldwide cale are so massive that such a change really doesn't change much of anything. If anything at all, having international oil purchases transacted in a variety of currencies (USD, Euros or Chinese Yuan) is probably beneficial for the world economy.

There is no impending crash of the US economy due to this slow and ongoing evolutionary change occurring in world oil markets.
This is generally the kind of scenario I've been reading about if the US dollar loses world reserve currency status, although some scenarios are less gloomy:
https://www.quora.com/Will-the-U-S-d...serve-currency
__________________
Voltairian individualist on the Lunatic Fringe of the Radical Center
Reply With Quote
  #5  
Old Dec 11th 2017, 07:41 PM
Michael's Avatar
Michael Michael is offline
Administrator
Herder of Cats
 
Join Date: Oct 2008
Location: Toronto
Posts: 14,768
Default Re: Demise of the Petro-dollar?

Quote:
Originally Posted by Tom Palven View Post
This is generally the kind of scenario I've been reading about if the US dollar loses world reserve currency status, although some scenarios are less gloomy:
https://www.quora.com/Will-the-U-S-d...serve-currency
Yes and that's the EXACT same thing they've been saying for 35 years now. They've also been predicting that double-digit inflation will be the result for the same 35 years as well.

US currency has already lost its monopoly on petro-purchases 15-20 years ago. Where is the rising inflation and rampant devaluation of the USD? US Federal Reserve has been running close to 0% prime rate for 16 years now with almost no inflation.

I'll take the actual facts on the ground over pie-in-the-sky speculation every time.
__________________
Remember what the dormouse said: Feed your head!
Reply With Quote
  #6  
Old Dec 12th 2017, 01:48 AM
Tom Palven Tom Palven is offline
Cranky Curmudgeon
 
Join Date: Nov 2010
Posts: 1,996
Default Re: Demise of the Petro-dollar?

Quote:
Originally Posted by Michael View Post
Yes and that's the EXACT same thing they've been saying for 35 years now. They've also been predicting that double-digit inflation will be the result for the same 35 years as well.

US currency has already lost its monopoly on petro-purchases 15-20 years ago. Where is the rising inflation and rampant devaluation of the USD? US Federal Reserve has been running close to 0% prime rate for 16 years now with almost no inflation.

I'll take the actual facts on the ground over pie-in-the-sky speculation every time.
You are right. My apologies. I'll try to avoid predictions.

I hate predictions, myself. Predictions are not news. Events that actually happen are news.
__________________
Voltairian individualist on the Lunatic Fringe of the Radical Center
Reply With Quote
  #7  
Old Dec 12th 2017, 07:28 PM
Michael's Avatar
Michael Michael is offline
Administrator
Herder of Cats
 
Join Date: Oct 2008
Location: Toronto
Posts: 14,768
Default Re: Demise of the Petro-dollar?

Quote:
Originally Posted by Tom Palven View Post
You are right. My apologies. I'll try to avoid predictions.

I hate predictions, myself. Predictions are not news. Events that actually happen are news.
No need to apologize.

If there was an actual or visible trend of some rising inflation pressure on the USD, then these predictions could be valid, but there is none.

Btw, most predictions are far more indicative of that person WANTS to happen rather than an accurate analysis of what is likely to happen. Lots of people really seem to hate the USA and therefore there is always lots of predictions about the decline/crash of the USA or USD.
__________________
Remember what the dormouse said: Feed your head!
Reply With Quote
  #8  
Old Dec 12th 2017, 07:37 PM
Michael's Avatar
Michael Michael is offline
Administrator
Herder of Cats
 
Join Date: Oct 2008
Location: Toronto
Posts: 14,768
Default Re: Demise of the Petro-dollar?

I might also add that I think the reason that there is no inflation given 0% prime rate for 16 years running is indicative of a flooded supply of capital.

That is to say, capital is the most bountiful commodity in the world right now. It is cheap, cheap, cheap! Capital is basically cheaper now than it has ever been in the whole history of the world. That really says something given that our eco-political system and laws are predicated on the idea that capital is extremely rare and needs to be protected to help it survive and grow. Present evidence suggests that capital is in a massively flooded supply situation.

And the US government has just signed into law the biggest gift to big capital ever. If the world supply of capital is flooded now, over the next ten years it is going to increase by an order of magnitude in the USA alone. In other words, US tax cuts for corporations and billionaires is probably the stupidest policy that could be enacted right now.
__________________
Remember what the dormouse said: Feed your head!
Reply With Quote
  #9  
Old Jan 3rd 2018, 06:08 AM
Tom Palven Tom Palven is offline
Cranky Curmudgeon
 
Join Date: Nov 2010
Posts: 1,996
Default Re: Demise of the Petro-dollar?

New Russia to China oil pipeline strengthens BRICS ties:
https://www.rt.com/business/414846-r...uble-capacity/
__________________
Voltairian individualist on the Lunatic Fringe of the Radical Center
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -4. The time now is 08:53 PM.


Powered by vBulletin® Version 3.7.2
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
Copyright 2008 - 2017, DiscussionWorldForum.com