"Everybody wanted it"
- Thread starter Walt
- Start date
T. A. Gardner
Thread Killer
Wanted what?
Russia just bought 30 tons of gold to back the new currencies. You want to talk about this? BRICS is really happening so you can no longer pretend the world wants or needs the dollar.
So that is $2.4 billion worth of gold. Russia has about 150 million people, so that is about $16 per Russian.
A more accurate way to describe it would be that there is 30 tons of gold to decorate a new currency that is backed by nothing. You cannot buy anything with it. You cannot pay taxes with it. There is no way they will ever give you that tiny amount of gold for it.
To really back a new Russia currency, they would need about 50,000 tons of gold. If you expand it to the rest of the BRICS, it would be more than 10 times that. In the end, no one has that type of money.
BRICS is a meeting, not a bureaucracy. They would need to get a bureaucracy to get a new currency. To get a gold backed currency, they would need to start spending a lot of money.
If China no longer wants our Dollars, they would have to stop exporting to us. We only pay in Dollars. If they want to stop using those Dollars to buy from other countries, they would need to stop spending the Dollars we send them.
Or put another way, the rest of the world is desperate for our stable Dollars. No one else has our stability. trump promises to change all that.
That's a lot of pushback, Walt, but BRICS is here and the world now has options. Countries are lining up to escape the fiscal terrorists at the IMF and world bank.
Three years ago we talked about Scandinavia looking to the east for their future and suddenly they're in nato. Why do you think that is?
Scandinavia is terrified that their east is their future. Russia has been trying to capture Scandinavia for almost a thousand years. They thought if they were neutral, they would survive. That no longer looks like a working theory, so they have joined NATO for protection.
BRICS has no people running it, like the IMF or World Bank. It is not even an alliance. It is a gabfest. India and China hate each other. As for "fiscal terrorism", China is much crueler with loans than the IMF or World Bank.
Poor countries ask China for help after they get couped by the CIA and robbed by the IMF. Let's start with Bolivia, which is paying off its debt to the US with loans it gets from China. But Bolivia is also looking to Beijing for protection. BRICS is becoming the bodyguard for poor countries.
Why do so many poor countries need protection?
Name a country that has ever gotten loan forgiveness from China. China refusing loan forgiveness means other countries cannot give loan forgiveness. It is gumming up the loan system worldwide.
The US.
The US has never defaulted on loans. We pride ourselves on that. You are posting nonsense.
The US will never pay down its debt. The US now adds $1 trillion in debt every 75 days. We're getting closer to defaulting.
One in five US corporations is a zombie and will never be in the black, yet the fed keeps them around because important people like Nancy Pelosi have a lot invested in them.
The US was paying down its debt when Clinton was President. Bush promised to use half the surplus to pay down the debt, and half to give tax breaks to the very wealthy. He continued to make this promise after 9/11, and even the Iraq War.
The reality is that plenty of systems never pay down their debts. It is not necessary. In fact, revolving debt should INCREASE if a system is increasing. As long as the debt is being serviced, and not called in, there is no default.
America has never defaulted on our debts. We have never needed, or gotten loan forgiveness.
trump usually needs loan forgiveness. he is a terrible businessman.
A strong economy doesn't add to its debt. Can we at least agree on that? We wouldn't be seeing all these layoffs if we had a strong economy. A lot of the layoffs are coming from tech.
Joe
Well-known member
Are you talking about sending the whorebortion question back to the states Walter?
I think you are and then let the subject be changed when you realized how pathetic your thread is.
Gots to kill those babies!!
No. A strong economy would have more debt, because it would be investing in more stuff. Building often requires debt.
I always hate explaining macroeconomics with microeconomics, but I will this time. A collapsing company will have trouble getting loans, and will often end owing little, but having less. An expanding company will take out ever bigger loans as it expands its revolving credit, and capital investment loans. Paying down debts is seen as not having anything better to do with the money, and therefore an incredibly bad sign. If a company tells you that there is nothing in their business that they can make money off of investing in, so here is your money back, get far away from that company.
There needs to be huge jobs reductions to get inflation under control. We would expect that to be so bad that there would be a severe recession. The reason there is not a severe recession is that the number of job openings was twice the number of unemployed. In aggregate, the job losses are actually jobs that were not filled.
As for layoffs in tech, from my experience, if a tech worker is halfway competent, he will get a higher paying job almost immediately. For instance, almost all the programmers at Twitter were hired within a week of being laid off, and usually for far more than they were paid at Twitter.
There is a real problem for non-tech workers at tech companies, but even many of them are better off for being laid off. Tech companies have poor work/life balances, and their pay is often not that great either. They depend on workers wanting to be part of "something big", and hoping to get rich one day off stock options.
BartenderElite
Verified User
One of the most delusional comments we've heard from one of the most delusional men in public life.
How can he be serious w/ that? He knows the reaction after Roe was overturned. It wasn't cheering & dancing in the streets.
How can he be serious w/ that? He knows the reaction after Roe was overturned. It wasn't cheering & dancing in the streets.
Geeko Sportivo
Verified User
Stop rebelling T.A.!
You know you True conservatives need to drop Donnie, or you will never get your party back.
This is the time to drop Donnie! Take advantage of it, and better luck next time!
But please- Donnie has got to go!
Joe
Well-known member
Because the adults were at work