Wow. 5%
oh my!
The Debt Ceiling is Scarier This Time
- Thread starter billy backstay
- Start date
oh my!
Voyageur
Super Anarchist
Voyageur
Super Anarchist
Voyageur
Super Anarchist
SloopJonB
Super Anarchist
Every time the subject comes up it's going to be the end of the world economy.
Well, to economic illiterates anyway.
Well, to economic illiterates anyway.
Voyageur
Super Anarchist
Peter Andersen
Super Anarchist
- 1,213
- 276
Zits, do you think this could have anything to do with Brazil doubling their exports to China in the last 4 years? You idiot.
billy backstay
Backstay, never bought a suit, never went to Vegas
- Thread starter
- #49
And defunding of hobbling the Congressional Ethics rules; George Santos was quite pleased with that decision!!
Bus Driver
Bacon Quality Control Specialist
From another thread -
SloopJonB
Super Anarchist
That sort of thing has to get through the senate and then signed by the POTUS doesn't it?
Which means nothing will happen.
Bus Driver
Bacon Quality Control Specialist
Exactly.
Then, the GOP will brand the Dems in the Senate as "obstructionists" and say they aren't doing the bidding of the American people.
Never mind that a majority of citizens favor the expansion.
Goodvibes
under the southern cross I stand ...
- 2,311
- 808
That's exactly what BRICs is about.
Bristol-Cruiser
Super Anarchist
There is more than one BRIC? Let's see - Burundi, Romania, Iceland, and Cambodia. Bingo!
El Borracho
Barkeeper’s Friend
The S not for plural. It is for Sudan.
gptyk
Anarchist
I have a friend that is suggesting defenestration to solve the problem...
Or Somalia.
If there is a silver lining to all this, it's that we can start to see who's swimming naked. By putting the three 'burn it down' types on the Rules committee, they've given them a lot of leverage to release some pretty uncomfortable legislation. These folks are populists. They're not really as into appeasing the corporate overlords like Jeffries and McCarthy. They're going to push out some amendments that makes their OWN leadership pretty uncomfortable - like cutting defense spending and cutting social security. It'll be interesting to see how those votes go down.
FWIW, I think the gang of 20 will overplay their hand. They've won - they got on the rules committee. They should put this chatter about the debt ceiling to rest immediately and enjoy their victory. But no - they'll fuck it up.
Two obvious answers exist. The first is the Mint will crank out its 100-trillion dollar coin, hand it to the treasury, and remove this as a consideration once and for all. Done and done. That'll go to the supreme court and it'll get upheld - why? Cause there's NOOOOO way the Federalist Society Judge Cabal(tm) wants to crash the global economy. They have the power they want to restructure the social fabric of the US. That's what people like Barret and Kavanaugh signed up for. They're NOT going to toss that power and legacy into the gutter over a 'debt ceiling' fight, any more than Obamacare was ever gonna get overturned. Inter-republican squabbles at their finest.
The other answer - which also makes sense - is that some safe corporate democrats join the safe corporate republicans and they tell the fringes to bugger off. Their unifying theme is stability. They like this system and have been making huge bucks. No way are they gonna let a cash cow get away THAT easy.
That's really the key to being the 'reserve' currency. At some point, most of the world is forced to interact with the dollar because commodities and most financial services (- i.e., debt) are priced in dollars. They just are.
As regionalization increases, there will probably be a alternative currency pairs evolve but I'm not sure they'll ever be very big or that the Yuan will even be an important one. The Chinese manipulate their currency aggressively and have all sorts of not-free market tools they use freely and often. So, if you don't HAVE to use the Yuan, most people don't. Even the Chinese government avoids its currency when possible - Its a bad currency and they know it. The Federal Reserve really is the one-eyed man in the land of the blind. They're the most honest player at a crooked game.
There's been some dilution of the Dollar as the Yuan/Ruble exchange has started ramping up - but the problem there is size. The Russian economy seems to have been around 1.7 trillion before all their bumfukery. The Chinese economy is allegedly 17 trillion. Even If EVERY trade Russia made was only with China, the Yuan would only be 'utilized' by about 19 trillion of GDP instead of 17 trillion - and Russia isn't giving China 100% control over its currency anymore than they'd give it to the US. So yea, the Yuan will be part of 'a currency basket' but it's not close to 'the currency', and won't be in my lifetime.
Even countries under heavy sanctions still find ways to use dollars. It is the best alternative, even when you're actually banned from using it!
FWIW, I think the gang of 20 will overplay their hand. They've won - they got on the rules committee. They should put this chatter about the debt ceiling to rest immediately and enjoy their victory. But no - they'll fuck it up.
Two obvious answers exist. The first is the Mint will crank out its 100-trillion dollar coin, hand it to the treasury, and remove this as a consideration once and for all. Done and done. That'll go to the supreme court and it'll get upheld - why? Cause there's NOOOOO way the Federalist Society Judge Cabal(tm) wants to crash the global economy. They have the power they want to restructure the social fabric of the US. That's what people like Barret and Kavanaugh signed up for. They're NOT going to toss that power and legacy into the gutter over a 'debt ceiling' fight, any more than Obamacare was ever gonna get overturned. Inter-republican squabbles at their finest.
The other answer - which also makes sense - is that some safe corporate democrats join the safe corporate republicans and they tell the fringes to bugger off. Their unifying theme is stability. They like this system and have been making huge bucks. No way are they gonna let a cash cow get away THAT easy.
That's really the key to being the 'reserve' currency. At some point, most of the world is forced to interact with the dollar because commodities and most financial services (- i.e., debt) are priced in dollars. They just are.
As regionalization increases, there will probably be a alternative currency pairs evolve but I'm not sure they'll ever be very big or that the Yuan will even be an important one. The Chinese manipulate their currency aggressively and have all sorts of not-free market tools they use freely and often. So, if you don't HAVE to use the Yuan, most people don't. Even the Chinese government avoids its currency when possible - Its a bad currency and they know it. The Federal Reserve really is the one-eyed man in the land of the blind. They're the most honest player at a crooked game.
There's been some dilution of the Dollar as the Yuan/Ruble exchange has started ramping up - but the problem there is size. The Russian economy seems to have been around 1.7 trillion before all their bumfukery. The Chinese economy is allegedly 17 trillion. Even If EVERY trade Russia made was only with China, the Yuan would only be 'utilized' by about 19 trillion of GDP instead of 17 trillion - and Russia isn't giving China 100% control over its currency anymore than they'd give it to the US. So yea, the Yuan will be part of 'a currency basket' but it's not close to 'the currency', and won't be in my lifetime.
Even countries under heavy sanctions still find ways to use dollars. It is the best alternative, even when you're actually banned from using it!
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