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Re: Carney on Kudlow

By: Zimbler0 in 6TH POPE | Recommend this post (0)
Sun, 20 Aug 23 2:11 AM | 31 view(s)
Boardmark this board | 6th Edition Pope Board 		Msg. 45132 of 58599
(This msg. is a reply to 45128 by Decomposed)
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Neither China nor Russia use a gold-backed currency, which is what BRICS toyed with doing.
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Sure . . but will China and or Russia go along with a strict gold backed currency?


Decomposed > the collapse of the two (if that's even happening, though I am unconvinced)


I suspect China can 'weather the storm' - unless there are severe problems in their financial structuring (and there are rumors that there are). But Russia has taken some serious losses in Ukraine. Plus the problems the sanctions are causing. With a little luck Russia will find itself having to give it up.

However, as I think I tried to point out, the American Currency is also going down the tubes. When a currency is suffering high inflation . . . just how much of that debasement will the worlds 'movers and shakers' put up with?

My opinion.
The only way for Russia to 'improve' will be to give up and return all of Ukraine and give up 'empire building'. Get the sanctions lifted and then they can begin rebuilding their economy and invite back all the Russians who fled Russia to keep from getting conscripted.

China? They might be able to weather or get around their problems. I would not care to bet either way. It is possible 'BRICS" might TRY to get the rest of the world to go with the Yuan for the worlds reserve currency . . .

And it looks like China and Brazil are already working on something . . .
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Feb 7, 2023 BEIJING, Feb 7 (Reuters) - China's central bank has signed a memorandum of understanding on setting up yuan clearing arrangements in Brazil,
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But that does not sound like a 'gold backed currency'.

Zim.




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The above is a reply to the following message:
Re: Carney on ‘Kudlow’:
By: Decomposed in 6TH POPE
Sat, 19 Aug 23 10:18 PM 		Msg. 45128 of 58599

Zimbler0:

Re: “The collapse of the Russian ruble and the Chinese yuan shows why a potential BRICS currency is not a threat to the U.S. dollar’s status as the world’s reserve currency, Breitbart Economics Editor John Carney told Fox Business host Larry Kudlow Friday.”Hogwash. Neither China nor Russia use a gold-backed currency, which is what BRICS toyed with doing. If BRICS follows through with what it considered and actually does it, the dollar will be toast.

The yuan and ruble are fiat currencies, just like the dollar. All it takes is a downturn in people's faith and fiat moneys will collapse. ANY fiat moneys. That's what we're seeing in Russia and China. If anything, the collapse of the two (if that's even happening, though I am unconvinced) makes the possibility of backed money an even bigger threat to the completely unbacked dollar.

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