patrick.net

FortwayeAsFuckJoeBiden says

sure it’s hard, but they got no choice. we weaponized dollar with sanction shit. they will take struggle on to get alternative. anyone would. no one wants to be dollar enslaved.

we fucked up when we decided to weaponize it.

Suddenly rising interest rates gave them way more incentives than sanctions do.

Yet, it will still be too difficult to wean off. They liquidate their dollar denominated eurodollar debts to get dollars to cover things like carry trades (Japan) or even grain imports (Egypt) and oil (many countries). That means demand for dollars go up, not down. Rinse, repeat.

Meanwhile, the US is creating dollar sovereign bonds hand over foot that will be the fractional reserves for future INCREASED eurodollar lending. And every bond creates future demand for USD to service them.

See? The system is designed to be an endless game of musical chairs for the rest of the world. What is happening in the US is paddycakes by comparison.

They all hate it but can't really get out of it. Not until the whole thing crashes down.

that is why they want out. best time was yesterday, next best time is today

FortwayeAsFuckJoeBiden says

that is why they want out. best time was yesterday, next best time is today

Nope. There is never a good day to get out anymore than there is a good day to amputate your arm to stave off gangrene.

I've recieved the report Improvement of the International Monetary and Financial System which the Russian Ministry of Finance prepared for BRICS+ finance ministers. Key takeaways:
- NO NEW CURRENCY, not gold-backed, not commodity basket, not currency basket, not Unit crypto scam;
- Core principles of security, independence, inclusion, and sustainability will underpin new IMFS;
- No new payment system is agreed, but they're working on parallel developments in messaging (replace Swift) and domestic payments interoperability;
- Russia has proposed to BRICS Central Banks a supranational infrastructure common settlement platform, but this is not agreed;
- Russia proposes a BRICS Clear platform for inter-depository settlements (supplement or replace Euroclear and Clearstream);
- Outsize reserves in USD need sovereign reassessment;
- EMDE funding vulnerability needs urgent review;
- New Development Bank should embody core principles and serve as example to others;
- IMF and SDR not keeping up with world needs;
- BRICS Credit Rating Agency hindered by third-party restrictions, USD reliance, data collection, and common analytics framework.

https://x.com/Kathleen_Tyson/status/1845817497032732857

Between the new magic BRICS currency and my Iraqi Dinar investments, my retirement is set!

I wonder how many flights to Kazan are being cancelled now?

DemocratsAreTotallyFucked says

I wonder how many flights to Kazan are being cancelled now?

Reserve currency means foreign countries mostly hold US dollars as short term US Treasuries. That helps in increase demand for US Treasuries. However, examine how China has slowly reduced its US Treasuries holdings since 2014.

The Social Security Trust Fund, Federal Reserve (along with American 401k and IRA account holders) are the number 1 buyer of US Treasuries, not China, Japan, or any of the foreign countries combined.

A lot of these American account holders have at least 40% in US Treasuries (i.e., like Vanguard Lifestrategy Moderate Growth Fund).

My guess is the US federal government remains solvent by eventually reducing Social Security payments to "rich and well-off senior citizens", as part of some means test.

.

AD says

Reserve currency means foreign countries mostly hold US dollars as short term US Treasuries. That helps in increase demand for US Treasuries. However, examine how China has slowly reduced its US Treasuries holdings since 2014.

Selling USTs increases demand for USDs, actually.

LOL, South Africa.

The only thing funnier than that is India and China agreeing to share a currency.

Brazil, Russia, China, and South Africa sounds like a recipe for massive corruption.

I'd put more trust in Iraqi Dinars

https://www.gulf-times.com/article/692826/opinion/the-brics-still-dont-matter

BRICS issued toilet paper:



See the Taj Mahal? That's a tomb.

Still, ppl would rather have this than the euro:

DemocratsAreTotallyFucked says

"What is happening to the Euro?"

The Globalist Nazis want to bankrupt Europe. Recall that the they blew up the
Nord Stream pipeline and were proud of the fact.

The_Deplorable says

The Globalist Nazis want to bankrupt Europe. Recall that the they blew up the
Nord Stream pipeline and were proud of the fact.

The euro is used to back pegged currencies in Africa (West African CFA franc & Central African CFA franc) like the USD is for the currencies used many the Carribean and Latin American countries. On top.of that, the 500 euro note is popular with money launders over the $100 note.

But that data refers to SWIFT transactions. I never knew the euro was processed via SWIFT. Learn something new every day.

So, does this really mean that the drop is likewise only in said SWIFT transactions? Because the euro probably is transacted outside of SWIFT, like in intra euro zone transactions.

https://www.bbc.com/news/articles/c624m4kgrg3o

Yup. Brazil definitely sabotaged the BRICS summit.

https://open.substack.com/pub/doomberg/p/lula-hoops