[theluckycountry]

After the failed war against Iran and having a shortage of money he decided to invade Kuwait. He believed that the US was his ally and would not object to his invasion of Kuwait.

Perhaps he should have made up a pack of lies about weapons of mass destruction being made there as justification for the invasion. Now which nation did that before invading and looting another...

[AdamB]

Perhaps he should have made up a pack of lies about weapons of mass destruction being made there as justification for the invasion. Now which nation did that before invading and looting another...

The only one that could.

[noobtube]

Gold investment has never been like that, it's purpose is really quite simple, to protect savings from institutional theft and from inflation. This latter part is the thing many miss because they don't see Gold doing anything for long periods of time. Then it takes off and gets their attention, then it seemingly goes back to sleep for years and they forget about it. When does Gold take off? In times of high inflation, and in time of economic uncertainty.

The latter is a supply demand effect caused by people rushing into the asset, the former is a natural part of Gold being a commodity. When food and lumber and land go up in value, so does it. Quite a relief that, because it doesn't matter what the prices of my daily needs will be in 2035, Gold will be there with purchasing power to match them. This has been proved throughout all history, was proved in the 1970's inflation, and in the 2000's, and is being proved again today.

Tesla shares? Well they have lost over 50% of their purchasing power in two years, into the teeth of inflation, just when you need the extra purchasing power the most. But they could be a hedge against inflation in the future, or they could go bankrupt and go to pennies on the dollar. That's the problem with all things tied to the manipulated paper markets. It's a gamble, you can't count on it being there when you're old and have bills to pay.

Perhaps he should have made up a pack of lies about weapons of mass destruction being made there as justification for the invasion. Now which nation did that before invading and looting another...

The only one that could.

And, now, the United States cannot. See how actions have consequences.

It's like your fascination with the 80s (which was 40 years ago). The United States looted its own manufacturing, mining, and industry in the 1980s for easy stock market gains, until the bubble popped in 2000. And, it tried to do it again, and it popped in 2008-9. It tried again, and it popped in 2020. Meanwhile, gold just kept doing its thing, without the drama, without the guessing, without the worry.

Your stock market "gains" produced a hollowed out manufacturing base, low wages, high debt, and a low competition economy because of "free trade" and "globalism" and "efficient markets." But, you think the fluke of the 80s-90s somehow is relevant today?

You are stuck in the past.

Seven (7) companies represent almost all the gains for 2023.

https://www.axios.com/2023/06/01/sp500- ... tock-price

Apple (up 36% this year), Microsoft (37%), Alphabet (39%), Amazon (44%), Nvidia, Meta (up 120% in 2023) and Tesla.

All these "businesses" are just personality cults (Jobs/Gates/Brin/Bezos/Zuckerberg/Musk) It seems that is all the United States has become. It's not about actually doing business. It's all about promoting the celebrity CEO.

And, this is where you put your faith? But, you believe in angels, don't you?

[AdamB]

Perhaps he should have made up a pack of lies about weapons of mass destruction being made there as justification for the invasion. Now which nation did that before invading and looting another...

The only one that could.

And, now, the United States cannot. See how actions have consequences.

Maybe. Maybe not. I'm betting it has nothing to do with capability, sure America still has what it takes to take over various countries here and there. But I doubt after a couple decades of nation building that failed, we would have any interest in trying to change entrenched cultures of Third World countries, or small island Commonwealth nations. And those wouldn't even take what Iraq and Afghanistan took, just a bunch of good-ol' boys with semi-autos and a bad attitude probably.

It's like your fascination with the 80s (which was 40 years ago). The United States looted its own manufacturing, mining, and industry in the 1980s for easy stock market gains, until the bubble popped in 2000. And, it tried to do it again, and it popped in 2008-9. It tried again, and it popped in 2020. Meanwhile, gold just kept doing its thing, without the drama, without the guessing, without the worry.

I don't have a fascination with the 80's, just experience in that decade that didn't consist of wearing diapers is all. Globalization wasn't just an American thing from then on, and all those poppings in the market are called "buying on the dip" for those who know anything about markets. 2009 was a GREAT one to get in on at the bottom. And I'll let you know when gold finally catches up to market gains from the time I started putting a little money into both, but it hasn't yet, and all your whining about it won't change the history in terms of value of these two types of investments. Even though gold hasn't kept up with the market, at least I don't keep my on a boat and then lose it all. What good is whining about great it is if you can't even hang onto it?

You are stuck in the past.

Well, I'll admit I am pretty much an old fart now, and the wife and kids both paste me regularly for writing down phone numbers and whatnot rather than letting the phone memorize the numbers, but the best market opportunity wasn't that far in the past, it began in 2009. Even a PM enthusiast such as yourself would have wanted to be in on that one, assuming you weren't suckered into the PM nonsense all doom all the time peak oil is here! garbage being passed around then and vacuumed up by suckers all over the internet.

All these "businesses" are just personality cults (Jobs/Gates/Brin/Bezos/Zuckerberg/Musk) It seems that is all the United States has become. It's not about actually doing business. It's all about promoting the celebrity CEO. And, this is where you put your faith? But, you believe in angels, don't you?

You know nothing about my faith, but I will volunteer that faith has nothing to do with investing. You might think rolling the chicken bones is how your divine guidance arrives, but don't presume everyone else is that neurologically challenged.

[theluckycountry]

Russia pegs the ruble to gold in game-changing move

According to BullionStar Singapore precious metals analyst Ronan Manley, Russia's decision to switch to rubles in settlements with counterparties will entail significant consequences for the Russian currency, for the US dollar, and for the entire global economy.

According to him, by pegging the ruble to gold, which is traded in US dollars, the Bank of Russia set a minimum price for the ruble in US dollar terms.

"Back on March 25, the ruble was traded at 100 rubles per one US dollar. Now the Russian ruble has gone up to 80 rubles per dollar. This is because gold is traded on international markets at about 62 dollars per gram, which is equivalent to (5,000/62) = about 80.5. Both the markets and arbitrage traders have taken note of this, and the RUB/USD rate has increased," Ronan Manley said in an interview with RT.

The energy market will react too

Russia is the world's largest natural gas exporter and the world's third largest oil exporter. Having switched into Russian rubles in settlements for energy resources, Russia pegged the price of gas to it and then to the price of gold, due to the fixed connection with gold. In a nutshell, the Russian gas is now linked with gold through the ruble.

"The same can now be done with Russian oil.

https://english.pravda.ru/russia/151140-ruble_gold/


The delusion Americans have been living under for the past decade, that shale/tight oil fields are the same as conventional oil fields, has now been exposed. They never made a red cent outside of wall street insiders and were never going to replace the old fields that went into decline in the 1970's. It's pretty clear where the future oil is going to come from and all those nations are turning their backs on the corrupt US regime in favor of the the honest equitable trade relations offered by the BRICS Block.

The BRICS nations don't invade each other, they protect each other. I hope the Australian government takes note and makes the switch of allegiance at the proper time. There is nothing wrong with switching sides when the ship is sinking. We've had a good run with England and the US but the writing is on the wall. Both nations are turning into resource depleted 2nd world shitholes, infested with socialist perverts.

It's worthy of note that those degenerate old nations are hotbeds of homosexuality; gender dystopia, and every unclean thing whereas the BRICS are far more moral, denouncing all that decadence in government and school. I'm glad I don't have small children who go off to school and have a drag queen teach them how to have sex with each other. In Russia, China, or any of the other block members such a person would arrested on sight! No, the world needs to return to strong family values and it will never achieve that under the leadership of the West.

Fury as drag queens teach pupils about gender issues
CAMPAIGNERS blasted a primary school for inviting drag queens to teach children about LGBT (lesbian, gay, bisexual and transgender) issues yesterday. Pupils spent the morning listening to stories read by female impersonators at Parson Street primary in Bedminster, Bristol.

https://www.express.co.uk/news/uk/92614 ... er-Bristol

[AdamB]

The delusion Americans have been living under for the past decade, that shale/tight oil fields are the same as conventional oil fields, has now been exposed.

I can guarentee that Americans are under no much delusions. No need to be jealous because American oil and gas companies yawned one afternoon, and buried the world in more LNG than small pipsqueak producers could ever hope to produce from their old offshore fields. Talk about exceptional! Again!

[theluckycountry]

Kenyan President Urges Shift Away from Greenback In African Trade

Last week, Kenyan President William Samoei Ruto suggested that African nations should shift away from using the dollar in intercontinental trade. Ruto made the comments during an address before the Djibouti parliament, saying the two countries should abandon reliance on the dollar in trade.

How is US dollars part of the trade between Djibouti and Kenya? … Why is it necessary for us to buy things in Djibouti and pay in dollars? Why? There’s no reason...”

...We are all struggling to make payments for goods and services from one country to another because of differences in currencies. And in the middle of all these, we are all subjected to a dollar environment.” He went on to say that getting rid of the dollar middleman would allow African businessmen to concentrate on moving goods and services, “and leave the arduous task of currencies to Afreximbank.”

While the death of the dollar as the global reserve currency isn’t imminent, there is clearly a growing sentiment toward minimizing reliance on the US dollar worldwide. For instance, last spring, China and Brazil announced a trade deal in their own currencies, completely bypassing the dollar. China also has dollarless trade agreements with Russia, Pakistan and Saudi Arabia.

Meanwhile, BRICS nations are reportedly working to develop a “new currency.” According to a Russian spokesperson, the BRICS nations are developing a strategy that “does not defend the dollar or euro” and that “a single currency” would likely emerge within BRICS, pegged to gold or “other groups of products, rare-earth elements, or soil.”

An important BRICS summit will happen in August...

...Ryabkov did not mention specific countries but said, “In our view, the Arab world and the Asia-Pacific region have been clearly ‘begging’ to join BRICS, as they have no representation there today.”

Former Goldman Sachs chief economist Jim O’Neill coined the BRIC acronym. In a recent paper published by Global Policy Journal, he urged the expansion of BRICS. “The US dollar plays a far too dominant role in global finance,” he wrote.

This is a big problem for the US government.

Uncle Sam depends on the demand for dollars to underpin its profligate borrowing and spending. The only reason the US can get away with massive budget deficits and an ever-growing national debt to the extent that it does is due to the dollar’s role as the world reserve currency. It creates a built-in global demand for dollars and US Treasuries that absorb the money creation and maintain dollar strength. But what happens if that demand drops? What happens if BRICS develops its own currency and no longer needs dollars to trade?

If the demand for dollars tanks, the greenback’s value will quickly erode away. That means even worse price inflation for Americans. And in the worst-case scenario, it could collapse the dollar completely.

https://www.zerohedge.com/geopolitical/ ... -greenback

[Shaved Monkey]

Argentina has opted for the Chinese currency, yuan, to settle part of its debt with the IMF for the first time on Friday, joining the league of a number of countries which are expanding the stake of the yuan in their economies while reducing dependence on the US dollar.

Argentina met a payment obligation with the IMF in yuan worth the equivalent of $1 billion, with a further $1.7 billion disbursed in Special Drawing Rights.

The Central Bank of Argentina has announced earlier it will allow financial institutions to use the Chinese yuan as a currency for deposits by individuals and legal entities. Financial institutions will be able to open both checking and savings accounts denominated in the Chinese currency, according to a statement released by the bank recently.

https://www.globaltimes.cn/page/202307/1293568.shtml

[theluckycountry]

India refiners start yuan payments for Russian oil
https://www.reuters.com/business/energy ... 023-07-03/

...The U.S. dollar has long been the main global oil currency, including for purchases by India, but now the yuan is playing an increasingly important role in Russia's financial system because Moscow has been frozen out of the dollar and euro financial networks by international sanctions.

China has also shifted to the yuan for most of its energy imports from Russia, which overtook Saudi Arabia to become China's top crude supplier in the first quarter this year.

More Dedollarization: Indian Refiners Payments To Russia, Argentina Payment To IMF Both In Yuan
https://www.zerohedge.com/markets/more- ... -both-yuan

In the first of the two most recent examples of how non-western nations plan to avoid the weaponized dollar, late last week Argentina made a loan repayment to the International Monetary Fund worth the equivalent of $2.7 billion “without using dollars” on Friday, using Chinese yuan and special-drawing rights notes instead, Reuters reported.

[ralfy]

https://twitter.com/Trollstoy88/status/ ... 0187958272

Interesting graph: GDP at PPP, as a pct of that of the world

[jato0072]

I can't open that. I don't have a Twitter account and the site has been misbehaving for about the last week.

The state of the dedollarisation?

A great new talk with a round table of interesting characters on this thread topic.

[AdamB]

https://twitter.com/Trollstoy88/status/1675755550187958272

Interesting graph: GDP at PPP, as a pct of that of the world

Link goes nowhere.

[jato0072]

This is from 2018, but is it similar?

Team Red and Green vs team Blue (left image).

[theluckycountry]

I can't open that. I don't have a Twitter account and the site has been misbehaving for about the last week.

Yes, Musk made changes to force everyone to join or not read the posts. The workarounds fail as soon as they are put up online too. If anyone wants to cite a twitter post they had best copy and paste the content, but quite frankly, who cares? Twitter is just full of so much amateur crap anyway it's not something that I will miss. Indeed, it was rarely cited in posts up until a few months ago but now it's all the rage. I suspect Tucker Carlsons shift there might have something to do with it.

The best things in life are free.

[theluckycountry]

Breaking News: BRICS Launches Game-Changing Gold-Backed Currency, Dethroning the Dollar

BRICS nations, consisting of Brazil, Russia, India, China, and South Africa, are set to unveil a gold-backed digital currency that could challenge the dominance of the US Dollar in global payments.
The proposed currency aims to enhance financial sovereignty, reduce reliance on existing monetary systems, and provide an alternative means of conducting global trade and accumulating reserves.

According to CHARD NEWS, a groundbreaking development in international finance is on the horizon, set to challenge the longstanding dominance of the US Dollar. In just two months’ time, the highly anticipated BRICS Summit 2023 will take place, unveiling a game-changing gold-backed digital currency that has the potential to reshape the global payments landscape. The implications of this currency launch are vast, as it could significantly impact world trade, investor portfolios, and the role of the US Dollar as the leading payment currency and reserve currency.

https://www.crypto-news-flash.com/break ... he-dollar/

For 20 years the leading BRICS nations have been stockpiling gold. The big producers, Russia and China, have been restricting sales as well. All the maneuvering, all the groundwork of BRICS comes to fruition in August. "Beware the Ides of March"? Beware August ye holders of dollar denominated assets. Beware the Gold reset.

[AdamB]

Beware August ye holders of dollar denominated assets. Beware the Gold reset.

<yawn> Let us know if you finally find the gold you buried in your back yard and use it to pay for or buy...ANYTHING....really.

[Outcast_Searcher]

In the real world, the US dollar via the DXY index has been VERY flat since this thread was started.

In fact, it's really been quite stable overall for the period of the 37 year chart I'm looking at, and a slow appreciation re the dominant trend, since the great recession.

https://www.marketwatch.com/investing/index/dxy

And for the umpteenth time, since the modern Forex (foreign exchange) markets trade on the order of $5 trillion of major currencies a day, ANYONE with means and a roughly average IQ can hold their wealth in ANY major currency, basket of currencies, commodity, stock markets, real estate, etc. they want.

The power isn't in the "Petrodollar" (which is basically meaningless anyway, given that funds can be held in gold or yen or whatever and exchanged for oil at the last minute via electronic transactions).

The power is in international agreements re acceptance of payments where, say, the US and friends, can impose economic sanctions on an outfit like Russia -- and make it hurt. But that's FAR more about agreements and cooperation than the USD itself.

But of course, the instadoomer crowd like on zerobrains likes to pretend that a dollar disaster will tank the global economy overnight "real soon now", like the last 10,000 or so FALSE claims of economic calamity they've made since 2008 (when I first noticed them).

For actual credibility, they're in the FOX News category - i.e. extremely unreliable and catering to ratings and clicks more than credibility.

And it's not like gold or crypto has been going gangbusters in recent years either. The major trend for Gold has been down since Covid, and BTC has been pretty moribund for something that was supposedly going to be above $100,000 (or $200,000, $500,000, or a cool million in 2022 depending on the pumper du jure).

So much financial doom projection. So little logic.

Look, I still have the gold coins I put in my safe deposit boxes in the mid-80's, as an inflation hedge.

And it's performed meh, much like cash (but with no taxes since no interest), overall.

But the real performer over time, which ANYONE can invest in easily with just patience, is the major stock exchanges, through broad based indexes. If that's too "risky" for you, then speculating in dollar alternatives and the risk of massive long term under-performance is MUCH riskier, re probabilities of success.

[careinke]

In the real world, the US dollar via the DXY index has been VERY flat since this thread was started.......

And it's not like gold or crypto has been going gangbusters in recent years either. The major trend for Gold has been down since Covid, and BTC has been pretty moribund for something that was supposedly going to be above $100,000 (or $200,000, $500,000, or a cool million in 2022 depending on the pumper du jure).

So much financial doom projection. So little logic.

Look, I still have the gold coins I put in my safe deposit boxes in the mid-80's, as an inflation hedge.

And it's performed meh, much like cash (but with no taxes since no interest), overall.

But the real performer over time, which ANYONE can invest in easily with just patience, is the major stock exchanges, through broad based indexes. If that's too "risky" for you, then speculating in dollar alternatives and the risk of massive long term under-performance is MUCH riskier, re probabilities of success.

Hi Outcast, nice post.

Here is another option which could play out; I just finished reading "A Progressive's case for Bitcoin" by C. Jason Maier last night. While reading the book, I kept thinking about what your take on the book would be, as you have a lot of the same political beliefs as the Author. It is available on Amazon.


I found the book amazing. As a matter of fact, when the newbies start coming in asking me questions, I plan to refer them to this book first. Then they can come and talk to me about it, but they need to put the time into reading the book first. Will save me LOTS of time and give them the best and most current info available on the subject in the least amount of time.

The first two chapters go into why he wrote the book, and why the economic system is broken and how Bitcoin offers a solution.

Chapter three is the largest chapter in the book and covers ecological issues and how Bitcoin is helping.

The other chapters cover different aspects of Bitcoin, and how it can advance traditional Progressive issues. I especially liked chapter 8,"Bitcoin and Peace."

The 245 page book has over 120 foot notes and references including late 2022 and early 2023 data. Lots of charts to ponder.

Once again I really enjoyed reading a Progressive's point of view, which on a lot of issues are VERY different than mine, but on Bitcoin seem to be synchronist.

Oh, Bottom line, the author believes BTC has a very good chance of becoming the next global currency, with separation of money and governments, similar to separation of religion and state. So he is concerned the progressives need to get into the game.

PEACE

[AdamB]

And for the umpteenth time, since the modern Forex (foreign exchange) markets trade on the order of $5 trillion of major currencies a day, ANYONE with means and a roughly average IQ can hold their wealth in ANY major currency, basket of currencies, commodity, stock markets, real estate, etc. they want.

Sounds completely reasonable...so what do the gold bug halfwits do when confronted with the ease of modern trading and money handling....buy gold!!!!

You did caveat your statement with "average IQ" so at least we know why these folks can't figure out what an average Joe can.

But of course, the instadoomer crowd like on zerobrains likes to pretend that a dollar disaster will tank the global economy overnight "real soon now", like the last 10,000 or so FALSE claims of economic calamity they've made since 2008 (when I first noticed them).

Oh, we've got some of them zerobrains right here, I used to think it was just on technical topics and difficult things requiring addition and subtraction skills, but have learned that their shortcomings spill over into all kinds of topics.

For actual credibility, they're in the FOX News category - i.e. extremely unreliable and catering to ratings and clicks more than credibility.

I'm not even sure between kangaroo rides they bother with Fox News. Believe first, pretend it is real, and just start saying it in the hopes that other suckers will come along and nod vigorously.

So much financial doom projection. So little logic.

Who needs logic when make believe is so much easier? And then they run off to ride a kangaroo because hey, it is fun and validates their keen insightfulness into transport realities.

[noobtube]

When did student loans start? 1967
When did the US government default on Bretton Woods? 1968 (not 1971)
When did the Nasdaq begin? 1971.
When did the dollar index begin? 1973.
When did Forex begin? In the 1970s.
When did HMOs begin? 1973
When did SWIFT begin? 1973,1977
When did IRAs begin? 1974
When did VISA/Mastercard begin? 1975
When did 401K begin? 1978
When did WTI begin? 1981
When did Home equity loans get popular? 1980s
When did Bitcoin begin? Late 2000s.

What do all these things have in common? They were all responses to crises that happened to the United States because it lost its HUGE treasury hoard of gold and silver because of the Vietnam War AND its fall as the dominant world OIL producer.

The United States government has been doing damage control ever since to maintain global control of the planet, and it's running out of options.

Yet, people think these stop-gap schemes are somehow a permanent store of wealth.

The United States continues to get poorer but people are convinced they are getting richer because digits on a screen keep going higher. Are people this simple-minded? It seems the answer is yes. The US dollar is a clever way to rob people and get them to accept their poverty (like a casino but much, much worse).