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Topic: In other news ...

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betarhoalphadelta

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Re: In other news ...
« Reply #14504 on: March 16, 2022, 11:42:00 AM »
Costco $5.49/gallon. Passed an Arco (cheapest other than Costco) on the way at $5.99/gal...

Cincydawg

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Re: In other news ...
« Reply #14505 on: March 16, 2022, 11:42:56 AM »
Ouch.  

Mdot21

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Re: In other news ...
« Reply #14506 on: March 16, 2022, 11:44:09 AM »
Saudi Switch to Yuan Seen as Symbolic, Not True Threat to Dollar - Bloomberg

Dollar Vs. Yuan: Saudis Eye Shift to China's Currency in Oil Deal (businessinsider.com)
Dollar Vs. Yuan: Saudis Eye Shift to China's Currency in Oil Deal (businessinsider.com)

So, if this happened, it would mean SA would end up with a lot of Yuan in their coffers, which would need to be exchanged for dollars or euros at some point to buy "stuff" other than from China and a few others.  I think the larger issue is how a few countries export so much they have an enormous balance of trade surplus.

Yuan jumps after report Saudis consider its use in oil deals | Oil and Gas News | Al Jazeera
yeah, it's a threat that it's even being talked about. And it could signal the end of US hegemony if the US loses it's special status as the reserve currency of the world. China buys over a quarter of Saudis oil exports. They buy almost half of Russian oil exports. These are the #1 and #2 oil exporters in the entire world. Both are trying to pivot away from the US dollar. That is god awful and the consequences could be dire if it causes a chain reaction and everyone pivots away.

You can print all the money you want for shits and gigs and run deficits until the end of time when everyone needs your currency. Can't do that when they don't. 

And it's not just about that either- Saudi petrodollars are recycled back into the US. They will start recycling them back into China now.

Mdot21

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Re: In other news ...
« Reply #14507 on: March 16, 2022, 11:44:39 AM »
I've read "analysts" who say it's not that big a deal, and other say it's an enormous deal.  I don't know, I suspect they don't either.  Reality may be in between.  The Fed has pumped enormous liquidity into our market in a brief period of time and that concerns me, a lot.  Our government is still running massive deficits in a time of economic expansion, that ain't good.  We continue to run a large trade deficit, decade after decade.  All that together isn't good, in my view, but the ultimate collapse, if there is one, could be years off, or tomorrow.
Yeah and we can print money and borrow forever because: everyone in the world needs our currency. Take that away- we f**ked. 

Mdot21

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Re: In other news ...
« Reply #14508 on: March 16, 2022, 11:44:52 AM »
Badge. You’re a smart man. There’s almost very little chance that she herself wrote that tweet. These things are, most of the time, carefully curated outlets, unless you’re just out there to vent feelings or something.
tweet? who cares about a deleted tweet. the f**king IDIOT actually said the exact same thing in person. do not underestimate the stupidity of these people. she is very clearly a vapid, stupid person. she has exposed herself as being such, time and time and time again. 

I feel like Kamala Harris belongs on that show The View. Like Tim Dillon said, there are so many brilliant women out there in the US. None of them are on The View. There are so many brilliant women out there in US. None of them are the Vice President of the United States of America.

Mdot21

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Re: In other news ...
« Reply #14509 on: March 16, 2022, 11:47:53 AM »
You're talking about Biden's insurance policy. It was actually pretty smart of him to choose Harris as his running mate. As bad as he is, do you think anyone really wants her in charge? :93:
the idea of that lady as the president of the united states is truly terrifying. 

bayareabadger

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Re: In other news ...
« Reply #14510 on: March 16, 2022, 11:56:54 AM »
LMAO. They also want Alaska back.

Russian state TV demands REPARATIONS over US sanctions and public hangings in Ukraine | Daily Mail Online
I’d be more unsettled but their pols and pundits acting like psychopaths if … well … we didn’t have a good bit of that here 

Cincydawg

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Re: In other news ...
« Reply #14511 on: March 16, 2022, 11:58:15 AM »
I figure China has plenty of dollars.  Is Saudi Arabia is happy with Yuan, they could convert them to dollars or Euros with relative ease.

I know a fair number of countries use the dollar as a de facto currency, including Russia.  I recall something about how many counterfeit dollars are out there.  This soaks up a lot of US currency.

847badgerfan

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Re: In other news ...
« Reply #14512 on: March 16, 2022, 12:20:43 PM »
U RAH RAH! WIS CON SIN!

Mdot21

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Re: In other news ...
« Reply #14513 on: March 16, 2022, 12:23:12 PM »
I figure China has plenty of dollars.  Is Saudi Arabia is happy with Yuan, they could convert them to dollars or Euros with relative ease.

I know a fair number of countries use the dollar as a de facto currency, including Russia.  I recall something about how many counterfeit dollars are out there.  This soaks up a lot of US currency.
it’s not about country a or b having plenty of dollars. 

it’s about the need/demand for US dollars and those US dollars being recycled back into the US.

world oil trade is virtually 100% done in US dollars. Just under half (think it’s 45%) of world trade is done in US dollars. Cross border payments even higher than that- it’s north of 80%. 

This is very bad if it happens. Period.

NorthernOhioBuckeye

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Re: In other news ...
« Reply #14514 on: March 16, 2022, 12:28:38 PM »

Cincydawg

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Re: In other news ...
« Reply #14515 on: March 16, 2022, 12:29:50 PM »
China’s currency displacing the dollar in global oil trade? Don’t count on it. (brookings.edu)

I've been reading a bit about this for a decade now.  The above is from 2018.  I expect over time, more oil will be traded in something other than dollars, gradually.  Saudi only uses dollars now, but other countries already accept other currencies.  Anything that happens is very likely to be gradual.

Saudi Arabia reportedly considering accepting yuan instead of dollar for oil sales | TheHill

Nearly 80 percent of global oil sales are priced in dollars, and since the mid-1970s the Saudis have exclusively used the dollar for oil trading as part of a security agreement with the U.S. government, according to the Journal.

NorthernOhioBuckeye

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Re: In other news ...
« Reply #14516 on: March 16, 2022, 12:36:55 PM »
the idea of that lady as the president of the united states is truly terrifying.
That's why he picked her. 

utee94

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Re: In other news ...
« Reply #14517 on: March 16, 2022, 12:37:09 PM »
AAA Gas Prices

$3.85 at my Costco.  It was $3.13 two weeks ago.

 

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