patrick.net

The_Deplorable says

Global GDP - G7 and BRICS

Yeah, with the PPP bullshit.

But who cares? Most of them have shitty demographics almost as bad as China's. India is one of the few exceptions.

indc says

https://www.youtube.com/watch?v=XGd-DvuEPfU

T

This youtube handle is a nothing but a propaganda arm of the BJP (the current ruling party, led by a wannabe Caesar) - usually spewing nonsense.

Trollhole says

"Yeah, with the PPP bullshit. But who cares? Most of them have shitty demographics almost as bad as China's. India is one of the few exceptions"

The source of the data is not PPP. The source of the data is the IMF - World Economic Forum.

And the data show that the BRICS GDP exceeds the GDP of the G7.

Zeihan is laughing at the whole covfefe:

https://m.youtube.com/watch?v=7tG7hh-Vx2A

The_Deplorable says

Trollhole says

"Yeah, with the PPP bullshit. But who cares? Most of them have shitty demographics almost as bad as China's. India is one of the few exceptions"

The source of the data is not PPP. The source of the data is the IMF - World Economic Forum.

And the data show that the BRICS GDP exceeds the GDP of the G7.

AND NOW TAT THEY'VE ACCEPTED THE MIGHTY ETHIOPIA AND ARGENTINA IT'S GAME OVER!!!! THE BIRR WILL DISPLACE THE DOLLAR ANY MOMENT NOW!!!!

https://youtu.be/7tG7hh-Vx2A?si=GKvE-Gj3HlvoZIU-

Russian sanctioned oligarch Oleg Deripaska said that Russia should attract investors from African countries and other "friendly" countries in order to solve the problem of technological backwardness and increase the volume of GDP by three times.

He stated this in an interview with RBC.

The sanctioned oligarch believes that the only way to accelerate the technological development of the Russian economy is investment.

At the same time, he said that it is difficult for Russian businesses to invest money, because loans are too expensive due to the high rate of the Central Bank, and "the image of the future is blurred."

"Unfortunately, there is not enough capital in Russia today, which is why it is so expensive. Secondly, the risks are very high. We have greatly unbalanced the system in the last 12 years.

The only chance for us is to attract investors here - Chinese, Indian, Indonesian, from the same Africa," Deripaska claims. He claims that it is impossible to "pull them by the ears", but they will come as soon as the war in Ukraine ends.

Before the start of the war, according to the Central Bank of the Russian Federation, foreign business held almost 500 billion dollars in the form of direct investments in the Russian economy. But three-quarters of this amount - about 379 billion dollars - was provided by countries from the so-called "unfriendly" list, whose investments stopped after the introduction of sanctions and counter-sanctions.

Conventional "enemies" of the Russian Federation have invested an amount equal to 20% of all fixed assets in mining and manufacturing - industries that account for 50% of Russian GDP and 40% of employment. Their share is even higher in trade (equal to 80% of fixed assets), finance (almost 70%), as well as in scientific and technical industries (40%).

At the same time, China accounted for 3.3 billion dollars of direct investment in the Russian Federation - or 0.66% of the total amount, and for India - only 613 million dollars, or 0.012%.

They should ask Argentina for investments, methinks. Will have to lend it the money first though...

What a bunch of 🤡🤡

The_Deplorable says

The source of the data is not PPP. The source of the data is the IMF - World Economic Forum.

And the data show that the BRICS GDP exceeds the GDP of the G7.

So?

indc says

Let me tell you something present PM of India Modi was denied VISA 20 yrs back. De-dollarization seeds were started then. Western media will write many articles saying India is against BRICS. Take it with pinch of salt. There may not be final currency. But all the Brics countries will weave their economies so that they will not need any reserve dollar. That will be a major jolt for Dollar then.

What a load of crap.

There won't be de-dollarization because none of the countries screaming the loudest for it actually want it. This because they will have to put up a replacement reserve currency which will damage their exports.

So what they say doesn't mean shit compared to what they do. So it is all anti-dollar fantasy porn for those from shit-hole countries.

Have that tattooed onto your inner eyelids.

And read this. The more expanded version of what I just wrote. https://www.geostrategy.org.uk/research/de-dollarisation-would-upend-the-global-economy/

Trollhole says

What a load of crap.

https://www.rt.com/news/582934-blinken-post-cold-war-order/?ysclid=lmjhnviht7774842269

The Old World Order is over – Blinken

The source of the data is not PPP. The source of the data is the IMF - World Economic Forum. And the data show that the BRICS GDP exceeds the GDP of the G7.

Trollhole says

"So?"

The G7 is increasingly becoming irrelevant and highlights the fact that this is no longer a unipolar world.

RWSGFY says

Zeihan is laughing at the whole covfefe:

what is a covfefe?

komputodo says

RWSGFY says

Zeihan is laughing at the whole covfefe:

what is a covfefe?

https://en.wikipedia.org/wiki/Covfefe?wprov=sfti1

There is about 15 trillion in dollar denominated, foreign, debt outstanding.

Good luck replacing that with anything.

RWSGFY says

komputodo says

RWSGFY says

Zeihan is laughing at the whole covfefe:

what is a covfefe?

https://en.wikipedia.org/wiki/Covfefe?wprov=sfti1

It says covfefe is a nonsense word. It has no meaning. Is it your standard practice to use meaningless, nonsense words in your posts?

The_Deplorable says

The source of the data is not PPP. The source of the data is the IMF - World Economic Forum. And the data show that the BRICS GDP exceeds the GDP of the G7.

Trollhole says

"So?"

The G7 is increasingly becoming irrelevant and highlights the fact that this is no longer a unipolar world.

So?

As in SO FUCKING WHAT?

As in: So fucking what what you or anybody else bitches about G7 this or G7 that.

Show me where this alternative reserve currency is that is replacing the dollar. No?

Then the entire point of this thread is still bullshit.

QED

indc says

Trollhole says

What a load of crap.

https://www.rt.com/news/582934-blinken-post-cold-war-order/?ysclid=lmjhnviht7774842269

The Old World Order is over – Blinken

What another load of crap.

I don't think 'indc' actually read the article. RT propagandists usually do a better job than this. They usually at least get the name of universities and the city they are based out of correct. The article seems free-form propaganda totally made up, along with the quotes. I guess the author was under a deadline and had been drinking too much vodka.

Misc says

I don't think 'indc' actually read the article

Yup. He's not the only one on PatNet who does that.

Not to mention that article doesn't prove the dollar is toast as the world's reserve currency.

Trollhole says

What another load of crap.

Trollhole says

Not to mention that article doesn't prove the dollar is toast as the world's reserve currency.

Did I say dollar is toast? De-dollarisation doesn't mean dollar is toast. It will get weaker. And eventually loose its prominence.

indc says

Did I say dollar is toast? De-dollarisation doesn't mean dollar is toast. It will get we

Nice bullshit spin to redefine what I said into a BS strawman. Too bad you just got caught.

Definition of de-dollarization:

dollar is toast as the world's reserve currency

dollar is toast as the world's reserve currency

dollar is toast as the world's reserve currency

And that is exactly what I said.

And that is what you and anybody else who push the de-dollarization BS are saying too.

Which is why you deliberately cut out the as the world's reserve currency part to spin things otherwise.

Trollhole says

dollar is toast as the world's reserve currency

Just because you make up a definition it doesn't mean you are correct.

Here is the definition from google.
De-dollarization describes a process of moving away from the world's reliance on the U.S. dollar (USD) as the chief reserve currency.

My suggestion you stress on 'chief'.

indc says

Just because you make up a definition it doesn't mean you are correct.

Sorry. But that was the definition I used. You then blatantly altered it to infer I said something I did not.

You can disagree with that definition. But you didn't.

You can not take other people's words, alter them and then BS with it afterwords. Oh, and then get caught and try to bullshit your way out of it.

That is what you did.

indc says

My suggestion you stress on 'chief'.

Why? It's just there for woke inclusiveness.

There is no chief reserve currency. There is just THE world reserve currency.

Hell, even Wkipedia has that one figured out:

Dedollarisation refers to countries reducing reliance on the U.S. dollar as a reserve currency, medium of exchange or as a unit of account.[1]

No 'chief' bullshit.

Trollhole says

indc says

Trollhole says

What a load of crap.

https://www.rt.com/news/582934-blinken-post-cold-war-order/?ysclid=lmjhnviht7774842269

The Old World Order is over – Blinken

What another load of crap.

It's Russia Today, what did you expect - wisdom
and truth? LOL

Trollhole says

No 'chief' bullshit.

Do you know the meaning of "chief"?

The USA is going to have to be less dependent on imports especially oil as it make require more dollars to purchase the same imports

We need to become more sustainable and learn to not be as much a throw away society. I am thankful for learning about Ubuntu here and to continue to use my 5 year old HP desktop (Windows 10) using Ubuntu. It runs smooth like its Apple OS.

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indc says

Do you know the meaning of "chief"?

Yeah. As in, it has no meaning here.

You're just trolling. And bad at that, too.

Trollhole says

Not to mention that article doesn't prove the dollar is toast as the world's reserve currency.

why does the world need a reserve currency? why does the world need to use a currency that only 1 country can print without limit? why does the world need to sell their merchandise for paper that is just printed out of thin air?

komputodo says

why does the world need to sell their merchandise for paper that is just printed out of thin air?

Why do you sell your labor for paper that is printed out of 'thin air'? Why do your creditors accept that paper? Why does the dude running a hit dog stand sell his merchandise for it?

Why even ask this question?

komputodo says

why does the world need a reserve currency? why does the world need to use a currency that only 1 country can print without limit? why does the world need to sell their merchandise for paper that is just printed out of thin air?

There has to be a medium of exchange if there is no bartering. So what currency is used ?

If an importer in Brazil wants to buy a container of Chinese made laptop computers, then how do they pay for them based on what they are worth to both the seller and buyer ? Is it in Chinese currency or Brazilian currency ?

If they buy in US dollars, then they have to have access to US dollars such as in a savings account. Most who do this, keep US dollars saved in Treasuries like 1 year (or less) US Treasury notes. So if they have less need to US dollars, then they will not buy as much US Treasury assets like bills and notes.

I remember bitcoin being considered a medium of exchange such as for buying homes, but price volatility of bitcoin made it not as viable.

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Trollhole says

komputodo says

why does the world need to sell their merchandise for paper that is just printed out of thin air?

Why do you sell your labor for paper that is printed out of 'thin air'? Why do your creditors accept that paper? Why does the dude running a hit dog stand sell his merchandise for it?

Why even ask this question?

First of all, this post is about reserve currency, not fiat money. If I live outside the US, I can accept a different fiat currency for my labor. I don't have to accept US dollars.

ad says

There has to be a medium of exchange if there is no bartering. So what currency is used ?

If an importer in Brazil wants to buy a container of Chinese made laptop computers, then how do they pay for them based on what they are worth to both the seller and buyer ? Is it in Chinese currency or Brazilian currency ?

In this instance, the chinese central bank would set the currency exchange rate for the Brazilian Real v. Chinese yuan. Now the Brazilian can pay for the laptops with his domestic currency. Therefore cutting the us dollar out of the deal.

komputodo says

In this instance, the chinese central bank would set the currency exchange rate for the Brazilian Real v. Chinese yuan. Now the Brazilian can pay for the laptops with his domestic currency. Therefore cutting the us dollar out of the deal.

Okay, so the Chinese would want to get paid in Brazilian Real.

The concern is the stability of the currency so if they get a X amount of Real, then the value of it will remain stable between when the deal is being negotiated and when payment in Real is received.

I guess having everything priced in US dollars is just convenient as far as processing import and export transactions. It consolidates instead of having many currency exchanges (Real to Yuan).

The BRICs don't own a lot of US Treasury assets and are not buying them as much compared to non-BRIC countries so I don't think its going to cause a major drop in demand for US Treasuries.

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ad says

I guess having everything priced in US dollars is just convenient as far as processing import and export transactions. It consolidates instead of having many currency exchanges (Real to Yuan).

yeah it's convenient until you upset the usa and they confiscate your US assets....financial and physical.

komputodo says

yeah it's convenient until you upset the usa and they confiscate your US assets....financial and physical.

Its does not matter as a large majority of the purchases of US Treauries are from non BRICs and US investors.

They are not being seized for your political strawman reason.

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ad says

Its does not matter as a large majority of the purchases of US Treauries are from non BRICs and US investors.

It may have once been like that but lately the main buyers have been china, saudi arabia...BRICS MEMBERS, and the federal reserve bank as buyer of last resort. Which is kinda funny...the fed create money, then loan it with interest to the usa treasury to sell treasuries back to them.

komputodo says

It may have once been like that but lately the main buyers have been china, saudi arabia...BRICS MEMBERS, and the federal reserve bank as buyer of last resort. Which is kinda funny...the fed create money, then loan it with interest to the usa treasury to sell treasuries back to them.

That is not true. The main buyers of US Treasuries are not these countries. Again, China has been reducing its holdings of US Treasuries and Saudi Arabia is not even in the top 10 for US Treasury asset owners.

The foreign ownership of US Treasuries is about $7.4 trillion and there are a total of approximately $25 trillion in outstanding US Treasuries.

https://ticdata.treasury.gov/Publish/mfh.txt

.

komputodo says

First of all, this post is about reserve currency, not fiat money.

You brought up the fiat stuff, not me

?????

ad says

I guess having everything priced in US dollars is just convenient as far as processing import and export transactions. It consolidates instead of having many currency exchanges (Real to Yuan).

also consider that major holders of USD are countries that are forced to buy oil priced in USD. If they weren't forced by the usa to buy oil with dollars, they probably wouldn't be holding so many.