BRICS and De-Dollarization
- Thread starter What Would Jesus Do?
- Start date
Highly intelligent. Tie your wagon to a communist Chinese currency. Lol
Do you know what the Bretton Woods agreement stipulated, and why it was implemented?
The dollar is strong at the moment. But the markets are overheated. If Trump actually follows through on some of his extreme ideas, we (and the world) could be in for a very bumpy ride.
No, most don’t. Most never heard of it.
Do I safely assume from your response you’re among them? Or can you explain what Bretton Woods did to set the postwar international trade on US dollars?
Sure, both before and after 1971.
But first, can you tell WWJD what Bretton Woods established that made the US dollar the global reserve currency, and unit of international trade?
Why won't you answer the question posed to you if you know the answer? Why have you avoided so many other questions?
BTW, you gave the answer to your own question. LOL
It appears WWJD doesn't know, the vids he linked doesn't explain it either.
It mentions Bretton Woods, but not what the agreement was.
If you will answer my question, I promise to answer yours. Now, can you help expand WWJD's understanding of what Bretton Woods stipulated?
I was hoping the author of the vid would explain why the Russians and South Africans don't currently make deals in their respective currencies.
Nothing stops them.
Except lack of trust in the extent to which each of them will debase their currencies, and thereby cheat payment in full.
That's why they've floated the idea of 'commodity reserves' like oil and gold, but the problem with oil is that it isn't of uniform quality the way that 24k gold is.
A gold molecule is a gold molecule no matter where you extract it, but oil from Saudi Arabia and Venezuela is not the same with regard to impurities.
In the end I don't expect them to adopt a gold standard, because none of them want to renounce the ability to tax their own citizens via inflation of their respective currencies. It's too tempting (and easy).
LOL - you are such a poser. Let's play it this way.
No. That's my answer to your question.
Why don't you answer the question you posed since no one else seems to know the answer you are looking for?
Then take a look at the littany of questions you have been asked in threads that you have refused to answer.
I usually ask the question because I enjoy the Socratic method of getting people to walk through the problem, and get a feel for the extent of their knowledge on it.
Bretton Woods sought to restore the level of international trade that had been enjoyed before WW1 broke out, whereupon nations reneged on their 'full faith and credit' clauses to exchange their national currency for a fixed weight of gold (this allowed them to inflate their national currencies to pay their wartime expenses with the printing press).
Under Bretton Woods the U.S. dollar was pegged at fixed weight price in gold, but gold redemption was still denied to the American public. Foreign governments could redeem dollars for gold, but at the end of the war dollars were undervalued relative to (fake) exchange rates of national currencies.
The undervaluation of the dollar helped fuel a U.S. export boom, but the policy of inflation meant long term the U.S. would not be able to maintain convertibility. A LBJ's guns and butter policy of expanding war abroad and welfare at home grew foreigners started to call the bluff.
Nixon threw in the towel, instead of ending the inflation he ended convertibility, and made the USD just another fiat currency. The dollar had decades of entrenched utilization, but most importantly, it remained the 'least dirty shirt' (inflated more slowly than potential alternatives). If Columbia traded with Egypt, they both trusted that the USD would be inflated more slowly than either of their respective currencies might be if the trade were conducted in it.
Countries keep their own currency (with very rare exceptions) because inflation is just the easiest tax available to politicians. The U.S. post '71 advantage has been the ability to export some of the impact of our inflation, which is proportionally larger than any seigniorage enjoyed by the government. At least until the debt monetization that underpinned Quantitative Easing (an opaque description of directly printing money to buy government debt) efforts after 2008 and 2020.
China and others are looking for an alternate international trade mechanism because we nakedly broke faith on the idea of market driven prices. The devaluation of the USD stuck foreign holders with a share of our government's bills, a situation enjoyed by no other country.
I've had you on ignore for a long time (you had the honor of being the first), because you refused to answer any questions and make reasonable dialogue impossible.
If you have a question for me, this thread is your shot, I'm not liable to notice you anywhere else.
Fire away.
LOL - same nonsense non-answer from you as usual. You have me on ignore because you're a coward and can't handle being exposed for the fraud you are time and time again.
Here's a few recent ones just from me. There's a reason you are widely known for avoiding questions.
Several people have you on ignore because even when you're proven wrong, which is quite frequent, you never acknowledge such but instead you double down.
Merry Christmas!
Hilarious.
You fall into the same category but are far, far dumber than seminole97. And an even bigger coward. You're reputation is well established and deserved.
No, private market insurance isn't a scam, it's a contract.
Drawing comparison between the abundance of bread in capitalist societies, driven by profit/loss, and the rationing of bread under societies where governments centrally planned production.
People expecting central planning to produce better and cheaper healthcare goods and services need to learn more about the incentives and realities.
e.g. Capital equipment is purchased by capitalists because it will make them money.
In writing about socialist medical care like they have in Canada, one of my points has been that socialist systems tend to be undercapitalized, as in such a system, capital becomes a liability rather than an asset. For example, the county where I work has about 80,000 residents and has as many MRI machines as does Montreal, which has several million people living in the area.
One doctor has pointed out that it took close to three hours to drive Richardson from Mount Tremblant to the trauma center in Montreal because Quebec has no medical helicopter system, unlike the USA, where such helicopters are common.
We should not be surprised. In Canada, no medical device has the capability of producing an income, so hospitals and medical care facilities often lack what is common in this country. For example, if a hospital or medical practice here purchases an MRI, that machine is able to provide an income to the provider as patients use it.
However, because no one can charge medical consumers for anything in Canada, the decision to purchase an MRI machine is purely one of cost. Medical facilities have only so much money to use, and the purchase of a device that performs MRIs means funds are drawn away from paying medical workers.
I remember a dentist friend telling me about visiting a dental clinic in Germany, which has had socialized medical care for years. He said it was like stepping back into the 1960s.
I did, in the very paragraphs you quoted above.
I can only meet you halfway, so if there is part of the response that is unclear to you, ask the question. But don't pretend I didn't respond.
Lol. You're the notorious one here. I understand that you're trying desperately to deflect once again but it still doesn't fool anyone.
JFC. What a bunch of drivel.
US food production and availability was driven by the government through agricultural subsidies, research and a myriad of other programs. It's why companies can profit now by producing so much and charging so little. My guess is you think corporations are responsible for the development of the internet as well. SMFH.
You didn't answer the question, you avoided it as usual. Your answer was this:
Then you followed that up with more cut and paste describing Bretton Woods which is something anyone can look up. But it doesn't address the question.
You've been exposed time and again for being fraud who lacks depth of thought. Carry on with your nonsense.
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