Biden admin cancels plan to refill emergency oil reserve amid high prices

Althea said:
LOL. They keep trying. We'll see how that works out.
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Stable economies don't send their secretary of the treasury to Beijing to beg for more money. This is yet another embarrassment for genocide Joe. The graph projects US national debt reaching $50 trillion before 2030.
 
goat said:
Stable economies don't send their secretary of the treasury to Beijing to beg for more money. This is yet another embarrassment for genocide Joe. The graph projects US national debt reaching $50 trillion before 2030.
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The Chinese have spent the last two years dedollarizing....trying to as much as they can insulate themselves from the imminent collapse of the America Empire.
 
goat said:
Stable economies don't send their secretary of the treasury to Beijing to beg for more money.
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Well, trump has been gone for three years. We all got a good chuckle after he poked the beast with tariffs, and then went begging for China to buy more soy beans. Among other things.

His blunder cost $28 billion in bailouts to farmers who were committing suicide for a lack of income.
 
goat said:
PolitiFact
During his first three years, Biden already accumulated $6.32 trillion in debt. For his final year, the nonpartisan Congressional Budget Office has projected a deficit of $1.582 trillion. Add those two figures together and you get $7.902 trillion as Biden’s four-year total.
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I guess you are the greatest of all time when it comes to not understanding the difference between debt and deficit.
 
Althea said:
Well, trump has been gone for three years. We all got a good chuckle after he poked the beast with tariffs, and then went begging for China to buy more soy beans. Among other things.

His blunder cost $28 billion in bailouts to farmers who were committing suicide for a lack of income.
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Trump added to the debt too. The US empire is headed for a death by a thousand cuts, or should I say $50 trillion.
 
The (Biden)White House has defended Democrats who scuttled a plan to fill the Strategic Petroleum Reserve at a fraction of today’s prices, saying that it “was a different time.”

In 2020, the Department of Energy proposed filling the SPR to its maximum capacity by purchasing 77 million barrels of oil at $24 a barrel. The plan was later scrapped by congressional Democrats, who called it a “bailout” for the oil industry.
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https://www.washingtonexaminer.com/...filling-oil-reserve-in-2020-a-different-time/
 
goat said:
Alchemy.
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Let's do the math. They would need about $40 trillion in money, all backed 100% by gold. Gold is about $75 per gram, or $75 million per ton. That means they would need over half a million tons. That is more than twice all the gold humanity has ever mined.

If they can produce it all, then that would drop the value of gold, and they would need to produce more. Besides, that all requires them wasting $40 trillion to acquire gold.
 
Walt said:
Let's do the math. They would need about $40 trillion in money, all backed 100% by gold. Gold is about $75 per gram, or $75 million per ton. That means they would need over half a million tons. That is more than twice all the gold humanity has ever mined.

If they can produce it all, then that would drop the value of gold, and they would need to produce more. Besides, that all requires them wasting $40 trillion to acquire gold.
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Tangible assets currency is a work in process. No one said it would be easy, but it's an attempt to stabilize the economy compared to what we see from the Fed, World Bank and IMF.

The fed spent $29 trillion between 2007 and 2010 bailing out Wall Street. The fed may not survive the next time Wall Street bankrupts the world economy.
 
goat said:
Tangible assets currency is a work in process.
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So they have to buy $40 trillion worth of gold, and the number is increasing by several trillion a year. How much are they putting into it a year? If the number is not a lot over $2 trillion, they are getting further from the goal every year.

Let's say China commits to a 50% cross the board tax, on top of whatever taxes they are already paying. That would double the cost of all their exports to us, and would make them very uncompetitive, but this is just a hypothetical. After 5 years of absolute pain, they could in theory afford to do this.

And still we would be left with the question: why bother?
 
Walt said:
So they have to buy $40 trillion worth of gold, and the number is increasing by several trillion a year. How much are they putting into it a year? If the number is not a lot over $2 trillion, they are getting further from the goal every year.

Let's say China commits to a 50% cross the board tax, on top of whatever taxes they are already paying. That would double the cost of all their exports to us, and would make them very uncompetitive, but this is just a hypothetical. After 5 years of absolute pain, they could in theory afford to do this.

And still we would be left with the question: why bother?
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You left out the fact that the fed spent $29 trillion between 2007 and 2010 bailing out Wall Street thieves. 2024 is the year banks and office buildings go bust. It's one crisis after another. There has to be a better way. Gold and crypto may not be the answer but at least BRICS is willing to try tangible assets.
 
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