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There are eight world reserve currencies, and smart money is spreading the risk across the board. The dollar is not the only game in town.
Any currency held in significant quantities by foreign banks or other monetary authorities as part of their foreign exchange reserves are reserve currencies.
But the greenback is still the biggest in the game... until the game changes.
That is when things will get VERY interesting.
Is Stocks/financial markets, the new subprime mortgages? Mortgages you have to pay back. Stocks you dont, unless you short sold, and are margin called. Bonds and like you do though.
Any currency held in significant quantities by foreign banks or other monetary authorities as part of their foreign exchange reserves are reserve currencies.
But the greenback is still the biggest in the game... until the game changes.
That is when things will get VERY interesting.
I was referring to the eight currencies recognized as reserve currencies by the IMF.
America already has the finances of a poor, failing country. We're not quite living like one just yet due to our reserve currency status. But once that goes, we'll be on a fast track to third world status, don't you worry.
On the bright side that means the world will be outsourcing jobs back to us.
We are never returning to the "good ol' days" of 2019. Those levels of consumption and activity are gone for good. From here on out, there will only be a horrific economic decline. It doesn't even matter what happens to Covid at this point.
Luckily the leaders and winners in society think different than you. In the U.S army field manual, it reads simply that other than death, ALL failure is psychological.
The U.S has had hard times. The British military seized Washington and burned the White House to the ground. There’s been a civil war. Our most important city had it’s skyline incinerated and the pentagon was attacked. We’ve had depressions. We’ve had multiple pandemics. World wars. Our proudest ships sent to the sea floor. Inflation. Deflation. Presidential assassinations. The threat of nuclear war. Natural disasters. Great cities like Chicago and San Francisco burned to ash. They came back better.
Oh, but this problem, this catastrophe is going to be it. See, not everyone thinks with a losers mindset. You will have setbacks. You will lose battles. You retool. You retreat. You come back. You continue to fight. You learn and you get better.
All failure is psychological, until you’re dead.
In typical doomer fashion, you can’t fathom the concept. And of course, you say 2019 is the high point, while saying oh all these other decades were zero growth. So wasn’t the high point 40 years ago? Or oh the high point was 1945. Or was it 1990? Or was it 1890? Or maybe the high point was the year before the civil war ravaged the country?
Last edited by Thatsright19; 08-20-2020 at 07:36 AM..
Well this country does have a track record nearing 250 years of withstanding ANYTHING the universe could throw at her. So as compelling as a fantasy story about her demise may be from an intellectual standpoint, I’m going to deduce that this is yet another in a long line of failed doomsday predictions.
I apologize to you in advance if THIS is THE prediction of all predictions that actually comes true. I simply don’t have the mental energy to seriously engage in discussing these predictions.
When it comes to life, we all have to gamble and let it ride at some point. My lack of concern is ultimately my way gambling on something in life.
Well this country does have a track record nearing 250 years of withstanding ANYTHING the universe could throw at her. So as compelling as a fantasy story about her demise may be from an intellectual standpoint, I’m going to deduce that this is yet another in a long line of failed doomsday predictions.
I apologize to you in advance if THIS is THE prediction of all predictions that actually comes true. I simply don’t have the mental energy to seriously engage in discussing these predictions.
When it comes to life, we all have to gamble and let it ride at some point. My lack of concern is ultimately my way gambling on something in life.
Well besides the Civil War, what has been thrown at us? Seems we have been doing most of the throwing actually.
Well besides the Civil War, what has been thrown at us? Seems we have been doing most of the throwing actually.
A lot. Read my post about 2 posts up.
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