Trump is currently president.
Look, the wages you withheld from the workmen who mowed your fields are crying out against you. The cries of the harvesters have reached the ears of the Lord of Hosts. You have lived on earth in luxury and self-indulgence. You have fattened yourselves for slaughter.
The DNC is a joke opting for Biden over Sanders. But Biden is still an infinitive better option than Trump. Despite his incoherent slurred speech.
The DNC themselves has no faith in this guy. Hes not going to be a leader hes going to be an easily manipulated puppet. Oh and still no running mate, probably some insane backdoor politics going on to figure out who will be the power behind the throne. Get ready for some top Byzantine Empire scenes, complete with an iconoclastic hysteria sweeping the masses while the elites continue life as usual and make concessions to the mob.
At least the DNC will be more competent stewards of the Americantine Empire but the damage is already done. Allies know the USA has political multiple personality disorder and is unreliable. Financially, countries will begin moving away from dollar denominated debt due to unfair fed actions in favor of US corporations too. DNC stewardship cant stop the decline now.
Bold words (especially the last bit), I'm not sure there are any alternatives? EU might implode. China cannot be trusted at all. What else is there? Even if the terms are unfavorable, at least you know you'll most likely get some of that money paid or someone will buy the bond whereas Euro might stop being a currency or China might just decide not to pay back. And US is always happy to print more dollars whereas the EU seems less so, so there's not even enough supply available to satisfy demand without the US dollar.
Le coeur a ses raisons que la raison ne connaît point. - Blaise Pascal, Pensées, 277
If the EU pulled its thumb out of its ass it could easily put the wheels in motion to turn the euro into the world's reserve currency.
The dollar could be in for a rocky ride after this liquidity pump if US consumption collapses.
Look, the wages you withheld from the workmen who mowed your fields are crying out against you. The cries of the harvesters have reached the ears of the Lord of Hosts. You have lived on earth in luxury and self-indulgence. You have fattened yourselves for slaughter.
the EU pulling its thumb out requires compromises the union is really unwilling to make because everybody has spend the last 20 years blaming the EU for domestic issues and it's driven a mile-deep chasm in the European cooperation as a result. the big spat earlier this spring over aid to Italy hasn't died and gone away, the "recovery fund" is still being disputed as the union as a whole lurches towards a COVID surge.
it's just comparatively quiet because everybody is enjoying summer holidays and America is in full meltdown mode hogging all the attention.
Viking, n.:
1. Daring Scandinavian seafarers, explorers, adventurers, entrepreneurs world-famous for their aggressive, nautical import business, highly leveraged takeovers and blue eyes.
2. Bloodthirsty sea pirates who ravaged northern Europe beginning in the 9th century.
Hagar's note: The first definition is much preferred; the second is used only by malcontents, the envious, and disgruntled owners of waterfront property.
There will always be dollar denominated debt, but it wont be the primary reserve in the future. Expect to see other central banks diversifying themselves into other currencies and increasing their bullion reserves going forward as the reckless Trump appointed fed tries to print its way out of this mess.
For example, Germany has been slowly and quietly calling its bullion back from the vaults where it sits in the USA, expect that process to accelerate. As of 2017, 50% of German reserves were still held abroad.
https://money.cnn.com/2017/08/23/inv...ris/index.html
China has been adding to its gold reserves as well. If you follow chinese financial news they are extremely skeptical about the future of the dollar as reserve after the covid market crash. Take it with a grain of salt since China gonna China, but I dont think the status quo will return either way.
https://economictimes.indiatimes.com...0.cms?from=mdr
Last edited by Approaching Walrus; August 6 2020 at 11:08:02 AM.
The whole spring aid issue would have been the perfect starting point for transforming the euro into a proper reserve currency.
Instead there's a weird obsession still with Austerity among certain members.
Look, the wages you withheld from the workmen who mowed your fields are crying out against you. The cries of the harvesters have reached the ears of the Lord of Hosts. You have lived on earth in luxury and self-indulgence. You have fattened yourselves for slaughter.
You havent been looking into this then, thats ok this stuff isnt widely discussed. But petrodollar supremacy has been eroding for years: again, because of Fed stimulus actions. The latest calculated assault on it by Russia, driving oil prices negative, was the latest blow. China has also been trying more and more to supplant dollars with yuan/renminbi in commodity markets.
The GFC was the start of this and had the Fed and US government acted wisely it would have ended there. But they haven't, because American politicians can't even envision anything past the next election cycle. China is also much much stronger now than in 2008.
https://www.reuters.com/article/emer...0ST2YZ20141103
https://finance.yahoo.com/news/oil-p...230000924.html
https://www.bloomberg.com/opinion/ar...yuan-ambitions
Last edited by Approaching Walrus; August 6 2020 at 11:32:40 AM.
The President in particular is very much a figurehead — he wields no real power whatsoever. He is apparently chosen by the government, but the qualities he is required to display are not those of leadership but those of finely judged outrage. For this reason the President is always a controversial choice, always an infuriating but fascinating character. His job is not to wield power but to draw attention away from it.
Look, the wages you withheld from the workmen who mowed your fields are crying out against you. The cries of the harvesters have reached the ears of the Lord of Hosts. You have lived on earth in luxury and self-indulgence. You have fattened yourselves for slaughter.
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