Destruction of the US dollar

[devil21]

Rickards saying new gold-backed BRICS currency to be announced in August. I've always thought Rickards to be a 50/50 mix of knowledgeable and huckster. Take with a grain of salt but timing lines up.

https://dailyreckoning.com/rickards-drops-bombshell/

[acptulsa]

https://twitter.com/RandomG92163281/...41080895356928

[Madison320]

Since they raised the debt ceiling a couple weeks ago the debt went from 31.4 to 32.3 trillion. And it hasn't slowed down yet. I know they need to catch up since they weren't able to borrow for a while but damn. They just borrowed almost a trillion in 2 weeks.

It's been pretty smooth since the banking crisis a couple months ago. I have a feeling something's going to break soon.

[oyarde]

Since they raised the debt ceiling a couple weeks ago the debt went from 31.4 to 32.3 trillion. And it hasn't slowed down yet. I know they need to catch up since they weren't able to borrow for a while but damn. They just borrowed almost a trillion in 2 weeks.

It's been pretty smooth since the banking crisis a couple months ago. I have a feeling something's going to break soon.

In the past six days I spent about 200 FRN's on gasoline . Worked my part time retirement job three days then my electric out three days so feeding the generator. That 200 bucks to me is about as significant as a trillion or two is to them .

[Madison320]

In the past six days I spent about 200 FRN's on gasoline . Worked my part time retirement job three days them my electric out three days so feeding the generator. That 200 bucks to me is about as significant as a trillion or two is to them .

I think in a few years or so we're going to look back and be amazed that gas was as low as it is now.

Something has to break fairly soon. I've said this many times before, my guess is something breaks with the banks or the stock market first. However if we somehow manage to avoid those two ultimately the interest on the debt will break us. The total debt is 32 trillion and most of it is financed with short term low rates. As that debt is rolling over we have to refinance from low rates around 1% to high rates over 5%. Interest on the debt is skyrocketing, it's now over 600 billion, it'll be around a trillion by the end of the year. We're only collecting about 4 trillion in taxes, in another couple years interest on the debt will be HALF our total income. At some point between now and then the Fed will be forced to cut interest rates and start printing and prices are going to skyrocket.

Sometimes I wonder if I'm right about this stuff. If you remember up until about 2 year ago, every mainstream economist was saying we don't have to worry about the interest on the debt because the rates are so low. Janet Yellen was saying it. That's the dumbest crap ever. If the rates were historically HIGH and we could afford the interest payments, then it would make sense not to worry. But the fact that rates were historically LOW is NOT a frigging reason to celebrate!!! That's like the most obvious logical thing ever. The fact that all the experts are so wrong about something so obvious gives me faith that I'm right.

[Swordsmyth]

China Urges Shift From Dollar To Local Currencies For SCO Trade

https://www.thefinancialtrends.com/2...for-sco-trade/

[oyarde]

China Urges Shift From Dollar To Local Currencies For SCO Trade

https://www.thefinancialtrends.com/2...for-sco-trade/

I thougt they were already doing this. Not sure what percentages are FRN's or other junk currencies.

[devil21]

China Urges Shift From Dollar To Local Currencies For SCO Trade

https://www.thefinancialtrends.com/2...for-sco-trade/

Mr. Yellen just finished up a trip to Beijing. Officially even Xi didn't see her. She was pawned off to Vice Premier or some similar lackey.

Either way I hope no one is fooled that these people actually oppose each other on a banking level or take the "media talking points" at face value. It's all coordinated.

[oyarde]

yellen probably in with the chicoms like dirty joe and his boy . china has problems , so does the us . US median income 35k , median home price 428k , avg savings per family 12k , personal debt per citizen 73k , gdp running 7 trillion behind debt so far this yr just four months to thanksgiving , the dollar is $#@!. gold is the money of the future

[Swordsmyth]

Russia To Continue De-Dollarization Push With ASEAN
https://www.thefinancialtrends.com/2...sh-with-asean/


Nations Are Repatriating Their Gold Reserves
https://www.thefinancialtrends.com/2...gold-reserves/

[Swordsmyth]

Brazil Looking To Boost Mutual Trade With Russia As Dedollarization Continues

https://www.thefinancialtrends.com/2...ion-continues/

[Swordsmyth]

Russia Makes Digital Ruble Official

https://www.thefinancialtrends.com/2...uble-official/

[Swordsmyth]

Yuan Beats Out Dollar In Chinese Bilateral Trade

https://www.thefinancialtrends.com/2...lateral-trade/

[Swordsmyth]

Russia Looks To Leave Use Of Dollar In Trade With Africa

https://www.thefinancialtrends.com/2...e-with-africa/

[Swordsmyth]

US Officials Upset Fitch Downgrades US Credit Rating From AAA To AA+

https://www.thefinancialtrends.com/2...rom-aaa-to-aa/

[Swordsmyth]

Fitch Downgrades Fannie Mae And Freddie Mac

https://www.thefinancialtrends.com/2...d-freddie-mac/

[Swordsmyth]

BRICS Continuing Discussions Of Dollar Rival’s Launch

https://www.thefinancialtrends.com/2...rivals-launch/

[Swordsmyth]

Russia And Qatar To Shift To National Currencies

https://www.thefinancialtrends.com/2...al-currencies/

[Swordsmyth]

China Goes On A Dollar-Selling Spree


https://www.thefinancialtrends.com/2...selling-spree/

[devil21]

Saudis, UAE, Iran and others announced as BRICS members, taking official effect 1-1-24. No specific announcement of the rumored gold backed BRICS currency yet.

https://www.cnbc.com/2023/08/24/emer...-and-iran.html

The BRICS economic coalition of emerging markets has decided to extend membership invitations to six nations.
The BRICS alliance — which presently reunites Brazil, Russia, India, China and South Africa — is set to invite Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates to join, Ramaphosa said in a speech published on the X social media platform, previously known as Twitter. South Africa is hosting the 15th BRICS summit.
.............
Brazil’s da Silva on Thursday noted the BRICS group continues to study the possibility of a bloc currency, which could “increase our options for [a] means of payment and reduce our vulnerabilities,” according to an official summit translation.

[PAF]

Saudis, UAE, Iran and others announced as BRICS members, taking official effect 1-1-24. No specific announcement of the rumored gold backed BRICS currency yet.

https://www.cnbc.com/2023/08/24/emer...-and-iran.html

Quote Originally Posted by Aug 24 2023
The BRICS economic coalition of emerging markets has decided to extend membership invitations to six nations.
The BRICS alliance — which presently reunites Brazil, Russia, India, China and South Africa — is set to invite Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates to join, Ramaphosa said in a speech published on the X social media platform, previously known as Twitter. South Africa is hosting the 15th BRICS summit.
.............
Brazil’s da Silva on Thursday noted the BRICS group continues to study the possibility of a bloc currency, which could “increase our options for [a] means of payment and reduce our vulnerabilities,” according to an official summit translation.

More excerpt from the article:

A combined 23 countries have formally applied for BRICS membership, including the six that Ramaphosa said were hereby invited. Other major African players, such as Nigeria and Ghana, have expressed informal interest.

China’s president, Xi Jinping, said Thursday that the expansion is a “new starting point for BRICs cooperation.”

“It will bring new vigor to the BRICS cooperation mechanism, further strengthening a force for world peace and development,” he said at a press briefing, in comments officially translated by a summit interpreter.

Putin thanked Ramaphosa’s “unique diplomatic mastery as we negotiated all the positions, including when it comes to BRICS expansion,”

[Swordsmyth]

BRICS Continues “Difficult” Work Of Creating New Currency


https://www.thefinancialtrends.com/2...-new-currency/

[Swordsmyth]

Leading Currency Economist Says De-Dollarization Accelerating


https://www.thefinancialtrends.com/2...-accelerating/

[Swordsmyth]

[Swordsmyth]

Germany Reaffirms Support Of Asian World Bank Rival


https://www.thefinancialtrends.com/2...ld-bank-rival/

[devil21]

The dollar, euro and yen are all interconnected so it makes sense that the euro (eurodollar, really) is fading first.

[Bern]

I have not done any deep dive analysis, so I could be off base here, but Europe purportedly stopped (or at least significantly curtailed) buying Russian energy (oil, nat gas) at the start of the Ukraine war. Given the effect of sanctions on Euro trading with Russia, it's not surprising that SWIFT payments took a dive.

[Swordsmyth]

Malaysia Moves Away From The Dollar, As De-Dollarization Continues


https://www.thefinancialtrends.com/2...ion-continues/

[Swordsmyth]

Russia Offers Assistance to CIS In Moving From Dollar To National Currencies In International


https://www.thefinancialtrends.com/2...ational-trade/

[Swordsmyth]

US Government Could Soon Be Paying More In Interest Than On Defense


https://www.thefinancialtrends.com/2...an-on-defense/