haha. you are making this shit up. they are run independently by decree!
https://www.federalreserve.gov/aboutthefed/structure-federal-reserve-system.htm
"Twelve Federal Reserve Districts operate independently"
RUSSIA DEFAULTS ON DEBT
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haha. you are making this shit up. they are run independently by decree!
https://www.federalreserve.gov/aboutthefed/structure-federal-reserve-system.htm
"Twelve Federal Reserve Districts operate independently"
The BRICS are not an alliance. They were originally just a class of economies, but have since had summits to discuss their position in the world. India and China, the I and C of BRICS, are as far from allies as can be.
There is no replacement for the Dollar. Russia is trying to convince other countries to barter for oil, but barter requires a double coincidence of wants. There is no way to run a modern economy on barter. Russia is on a road to becoming North Korea.
If the world does find a replacement for the Dollar, like the Euro, it would not be all bad. There would be a benefit to having the Dollar serve our economy, rather than everyone's economy. It has only happened once in modern times, and Britain did well enough after the Pound stopped being the world currency. It even helped them recover from WWII.
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dollars come into circulation through this process.
commercial banks can lend out a certain multiple of fed dollars they get. this is their reserve that fractional reserve lending refers to, dillhole.
The basic definition of a dark ages is contracting trade networks. If by "globalism is over" you mean that trade networks will contract, then you are in some real trouble. I am relatively insulated from it all.
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Stop abusing language.
An alliance can also be a 'collection of economies'.
I and C are not as far apart as you think.
globalization is an affront to human decency in it's current slavery enabling/ middle class crushing form.
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fed reserve banks are not like citibank, you fucking idiot.
citibank is a commercial bank.
fed banks are entirely different.
You're a cretin on this matter. stfu please.
floridafan
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Do you even have the faintest of clues as to what a Federal reserve bank is, and just what it does?
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yes. citibank isn't one.
Notice how Russia now only sells to "friendly nations", or sets terms were unfriendly nations get a worse deal.....This is how China will operate soon, and there is zero chance that America will ever be a friend of China, they really hate us, they are going to demand that we suffer.
We are going to pay big for shutting down most of our manufacturing, for destroying our schools, for our lack of interest in developing competent leaders.
haha - the shit stain ignores the moron that compares Citibank with one of the 12 Reserve Banks and attacks elsewhere
stfu tardo.
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nicely phrased, zymy.
The Chair of the Federal Reserve does not run the Federal Reserve by "decree". He is just one voting member of the Board of Governors, with only a bit more agenda setting power. While the districts have their own accounts, most of the supervising happens with the Board of Governors.
It would be an interesting system if different districts had different prime rates, and different reserve requirements... But that is not our system, and I doubt it would be a better system.
Now that is abusing the language. Any collection of similar economies is an alliance? They do not even need to trade with each other? So throughout the Iran-Iraq War Iran and Iraq were allies to your mind?
They do have a truce going in their war, but not peace yet. And they are darn close to open warfare. We are closer allies to each than they are with each other.
Right now, we are 5% of the population, getting 20% of the world's production. If we are reduced to 5% of the world's production, who do you think the burden of that reduction will fall on? Not so much me.
Russia has to make steep discounts on market rates to sell to anyone. No one is taking a worse deal from Russia.
China can raise their prices, but then we will buy from someone else. Funny how capitalism works that way.
Leaving three of the seven board seats empty certainly helps to drive power the the chair man/woman.whatever.
The reserve part of fraction reserve is Dollars not in circulation. They are held in reserve. It is the non-reserve part of fraction reserve that are the Dollars going into circulation.
They can loan out the money on deposit with them, but not in reserve. That money then is deposited with them, and again they can loan out the money deposited with them. The Fed has less to do with the whole process than you would think.
Imagine there is only one commercial bank. If I deposit $100 with them, and they loan you $90. You pay Uncle that $90, he deposits that in his bank account, and the bank loans $80 to Legion. Legion takes that $80, pays it to Owl, who deposits it into the bank. And on and on. Even with a two iterations, that $100 already became $270.
But an astute reader would see that the amount able to be loaned is reduced with every iteration. That reduction is the reserve.
You do not seem to understand what the word reserve means. The reserves are not the money lent out, but the money held in reserve.
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gfm7175
Jesus is LORD!
They are an economic/trade alliance. BRICS was formed with regard to mutual economic benefit.
What is a "class of economies"?
They have had summits since 2009 (When Barack Obama became President... hmmmmmm).
They are in opposition to the WEF and to its related corporatist ideology. They want their own government officials to be in ultimate control over the policies within their own nations, without having multinational corporate interests (WEF) "pulling the strings" above them [as what happens here in the former USA]. This is a main reason why the Uniparty hates Trump and his "America First" policies so much (and ultimately the nationalism that he represents).
BRICS, like Trump, wants economic nationalism (there is a reason why BRICS formed under Obama's first term, were basically dormant during Trump's term, and have now fired up on all cylinders again ever since "Team WEF" successfully performed a coup on President Trump).
BRICS are now working on establishing a trade currency that is NOT the US Dollar.
They are allies with regard to BRICS and to the economic goals of BRICS.
There are all sorts of replacements for the Dollar. The Dollar is merely one out of countless other currencies in existence. People can very easily switch over to any of those other currencies and choose not to deal in dollars anymore. BRICS is currently working on establishing this very thing as we speak.
Nah, they were just wanting other countries to pay them in rubles for their oil.
Yes there is.
Nope. Russia will be just fine.
You are now in paradox. You literally just got done saying that this sort of thing isn't possible.
[1] There is no replacement for the Dollar.
[2] There could be a replacement for the Dollar.
Make up your damn mind.
You clearly do not recognize the main benefit of the US Dollar being the "petro dollar".
No, they were formed as a class of economy. The term was created at Goldman Sachs to refer to economies that are big not because of per capita reasons, but because they have large populations. There was a flurry of economic papers about them, both in finance circles and in academia. A country like South Africa does not seem to obey the same economic laws as the Netherlands, but also does not obey the same laws as Rwanda. Brazil is large enough to actually have internal markets for most goods.
Later they decided to have a yearly summit to talk about their similar economic situation. There has been no trade or economic agreements, and many of the countries have very little trade with each other. In many ways it is a very random group made up of exceptions to the norm more than anything in common.
One of the similarities the BRICS have is a strong support for strong corporations. They intermix corporations and government power, with the corporations having a huge say in government, and the government having a huge say in corporations. The Latin American WEF conference meets in Brazil more than anywhere else. The African WEF conference meets in South Africa more often than not. The South Asian WEF conference almost always meets in India. And the East Asian conference literally always meets in China. The BRICS as strong regional powers have are well represented in the WEF... except Russia. Russia has never quite been able to break in. It is both too European and too not European at the same time.
Maybe for themselves, but not for other countries. Do you really think China wants economic nationalism for South Africa?
China has been able to create a currency that is relatively inflation free, but only by basing their currency on the Dollar. It is tied very tightly to the Dollar. The rest are messes. Do you think anyone really wants to tie their currency to Brazil or South Africa?
None of these countries want their currency to trade abroad. They like having strong control over their currency. That is often not healthy control, but that was already addressed in the previous post. How could a currency be a world currency if it does not trade globally?
How would other countries get Rubles?
I have been to Russia a few times, and have never seen Russia be fine. I would not be surprised if Russia is not fine during my lifetime.
I said there was no current replacement for the Dollar, but if there was, it would not be all bad. There is no paradox in that.
There are many prosperous countries in the world who do not have a world currency. There are benefits to being the world currency, but there are also problems.
America is a crumbling society which does not make much of anything anymore, lead by infants.