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EU unlikely to confiscate Russian central bank assets - officials
(www.reuters.com)
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this post was submitted on 23 Jan 2024
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The US has already demonstrated, by seizing Russian central bank assets denominated in USD, that the USD isn't worth the paper it's printed on and can't be trusted further than you can throw it.
The Euro is already getting hit hard by the growing trade and balance of payments deficit with regards to the USD, showing the world the Euro isn't a safe and trustworthy currency by unilaterally seizing the assets of a sovereign central bank would only make the problem worse and add longer term consequences.
Lol compared to what?
China? India? Russia?
A huge defining fact in a currency is how stable it is. Those competitors aren't as stable and more than half of those are far more politically unstable.
Meaningless
USD is based on the extraordinary privilege of global hegemony. That privilege has an expiry date coming up soon.
Meanwhile other countries are starting to trade with their own currencies, which are based off the production within their own borders. They're dedollarizing and they're creating new international norms based on the principle of respectful cooperation and mutual benefit.
It's very clear which model is more stable and sustainable.
If you think that's what BRICS is you're clueless
A continuation of what has been happening for decades. Other people are just trying to get a piece of their pie. It is nothing new.
The problem with BRICS is more than half those involved aren't stable. They're politically or financially corrupt or worse depend on the West to even function in the first place. Doomed to fail mostly because of the involvement of selfish actors: Russia, SA, India.
BRICS has more beef with each other than the West half the time. How are India and China going to work together economically when they can't even settle land disputes? How will BRICS continue when fossil fuels are worthless and half of them are financially empty now? It's just not realistic.
The only countries that rival the dollar are falling apart what are you talking about?
Russia. Lol.
Every single time America experiences a financial tumble China over shadows that tumble far far worse. There is literally cities unused because nobody bought that property. China is bleeding hard as hell these days
India is constant political turmoil.
So I ask again. Who is better than the dollar? Because it ain't those three.
Why do you assume that the USD must be replaced with an equally hegemonic and extraordinarily privileged currency?
Why do you believe what the US government and US billionaires tell you to think about foreign countries?
Ok so who will replace it?
It's hard to say for certain as these things are in constant development and refinement, but the broad themes are clear. It'll likely be a combination of bilateral currency swap deals, as was common practice pre-WWII, and multilateral institutions governing currency baskets or supranational units of account, similar to Keynes' proposed Bancor, and thus keeping international balance of payments within healthy and sustainable parameters.
The bilateral agreements are already starting as the US is no longer able to militarily or economically threaten anyone who doesn't use USD as their international unit of account. The second will take more time, but institutions like the BRICS bank and the Shanghai Cooperation Agreement are working in that direction. These institutions are based on cooperation and mutual benefit of all parties involved, in stark contrast to the US and its Bretton Woods institutions which make sure the US always wins.
BRICs is a mess. Call me when they actually can mobilize something significant.
I'm not saying America can't fall but there just is no alternative right now and likely not soon at all. When the dollar falls everyone else will fall before it and likely little places will boil to the top as history always shows. It will not be the members of BRICs or China or India. It will be some country is the shadow of the US similar to the US only overtaking England because they piggy backed off its fall
I asked before and I'll ask again. Why do you assume the USD must be replaced by something exactly like it?
What does that even mean? What will it be replaced by crypto? Time? Blood?
If currency is replaced by something other than currency the entire geopolitical and economic landscape we understand will be irrelevant and no longer are we talking about the same topic.
Otherwise, because that's how our economy has grown to work.
You're not asking a real question, you're overloading the question with a what if rabbit out of the hat, bigfoot nonexistent bullshit.
It's just really not happening, the USD is locked in.
All this tells me is that you haven't understood anything I've written here. Neither is this about which currency I use to buy groceries or which one you use to buy gas. This is about how international transactions between different countries and different national currencies are settled.
I never said currency will be replaced with some undefined non-monetary thing. I said that one currency (USD) will be replaced with many on the international stage. In fact it's already happening.
There is, believe it or not, a vast array of possibility between a single hegemonic currency linked to a single global hegemon and no currency at all. How do you think international trade worked for a couple centuries before the US organized its dollar to be the world reserve currency?
I agree that dedollarization will change our economic and political paradigms. I agree that a lot of the ways in which we think about these things today will be irrelevant in the dedollarized future.
If you're interested in how we got to where we are today, I recommend Michael Hudson's work.
You took a lot to say basically nothing.
Of course countries wanna use their own currency of course they look for any opportunities to do so. But this game isn't going to change. It's literally been said for decades since the 80s and here we are almost 50 years later still saying the same thing.
The day the dollar dies, many countries most of whom are on top now will die with it or be crippled so much so they will be surpassed by younger growing economies with less to lose. It's just not happening any other way.
Wait, wait, wait, you seriously think that China is less politically stable than the US? 😂😂😂😂
Actually that was the one I didn't because Xi has it pretty tied up.
Ironically that's why people wouldn't also trust China. He will do what you're all pointing at the US/EU doing to Russia far more because he has already, often.
So again how is anyone better than the dollar?
That's the most delusional thing I've ever read. Go look up world perception of China outside the western bubble, especially relative to perception of US. The dollar will be used by US and the states US managed to vassalize, everybody else will move on. It's already happening, but people living in the belly of the beast still can't see it.
And I'm asking you who will they use?
Because it won't be the countries I named. China isn't financially stable, India isn't politically stable, Russia is lol.
So who will they choose?
The fact that you think China isn't financially stable simply illustrates your ignorance of the subject you're attempting to debate here.
However, the reality is that you don't need to have a global reserve currency. Anybody who has any historical literacy would know this. Trade can be done in local currencies the way it is already being done increasingly.
All that said, the reality is that yuan is being increasingly used for trade and even western media openly acknowledges this.
Maybe spend more time educating yourself instead of trolling here?
Trolling? Fuck off dude you're literally the most obvious simp.
For the last thirty years your ilk has said this and it never happens when the US stumbles China crashes. They are so reliant on imports and their exports typically go to America forcing them to tie themselves by the throat to the USD.
No. The Yuan ain't gonna do shit. China is struggling so hard financially and the US is doing pretty well with Biden. On top of that the first thing you said to me was shooting yourself in the foot. China's political stability relies on it's oligarchy squeezing people by the balls and consuming their own. Nobody wants to succumb to that so they stay clear from that currency.
Every country moving to the Yuan is also highly extremely politically unstable furthering instability.
The USD is fine and will always sit comfy right on top of the Yuan. China has no chance especially once their export hungry economy begins to lose to others, which it already has. Now lie me how China is dependent on coal but actually isn't and the US relies on fossil fuels more.
No response? Ok prove my points kiddo nothing.
from your own article:
congratulations they beat Japan and post Brexit England lmfao
lol. See you in a decade when you're still edging about the West falling
I've already addressed all the "points" you were attempting to make there. Meanwhile, the part you evidently missed in those articles is the trajectory there. What will this look like a year from now, two, or three. Enjoy being smug while you can, and best of luck to you kiddo. You'll need it.
No you didn't.
You posted two articles. One behind a paywall and the other hammering in exactly what I'm saying.
Meaningless.
Whatever helps you cope there muffin.
he says with completely wrong information lol
Thanks for letting us know you don't understand the concept of trends.
Yup, you don't understand the concept of change over time. At one point, not so long ago, sterling pound was the global reserve currency and US dollar was not used at all. In a few years following WW2, sterling pound fell out of use as a reserve currency and was replaced by the dollar. What the articles I linked clearly explain is that the yuan is rapidly growing in use:
Reread what you just wrote
Follow your own advice and keep reading it till you understand what I wrote. Might take you a while based on what we've seen here.
"we"
shut the fuck up lol i know your shit i see you all over this site buddy. you say the quiet part out loud lmfao
like I said, cya in a decade when you're still edging hoping the dollar falls unaware that when it does the Yuan will have long fallen first because of how the cards are stacked ya fuckin goofball
Aww muffin, you sound upset maybe go outside touch some grass. Also, maybe work on your math a bit while you're at it. Here's how doubling works: 4.61*2 => 9.22 * 2 => 18.44 * 2 => 36.88 * 2 => 73.76. At the current rate of growth it would only take 4 years for the yuan to eclipse the dollar. Of course, these aren't independent events and as the use of yuan grows, the use of dollar will shrink. In reality we could see yuan become bigger than a dollar in even shorter time frame. It must be hard to go through life not being able to do basic math.
What an amazing counterpoint you've mustered. 👏
Go read up on the concept of rate of change over time instead of making a clown of yourself here, it's frankly embarrassing.
You're literally delusional. You live in a stupid little Chinese bubble that convinces you a currency people have to be pressured to use will double infinitely for no reason. Keep replying to me