Oddbean new post about login | logout Nobody wants the USD for international trade unless they're purchasing something FROM the US. Any other transaction is exchanged to local currency. People in the EU generally use the EUR, people in Russia the Rubel and mopst people in Japan use the YEN. So yeah, nobody really holds USD unless they're American. nostr:nevent1qvzqqqqqqypzqcgxv5zxzlh8jwrsy8scez0m08gam0p700l3nneznr6qgehcw90fqqs2hpkpjrtrly3hgdhajxwu30y9gjf8lypjqt7mvr8qkwtml3raqug8t7e8u
He's basically saying; "We have a bunch of stupid consumers who buy your useless nik naks all the time. If you dont use our currency, we'll have to place a 100% tarrif on your goods and these stupid consumers don't have the extra money to keep buying your stuff, and their money goes Into other pockets, not yours."
I'm looking forward to see what happens if producers simply say no and not import their goods to the US of A for USD. That's the next economic crisis in the making.
Oh you mean Amazon and Temu shopping ends? 🤣
But the consumers can always borrow more money / create more debt. No?
Only if their government let's them. They can make it harder or easier to borrow.
that's true but with the monetary system being backed by debt it's the only logical choice.
Unfortunately this is not a case, at least for any CIS country and Ukraine. Here, people rely on USD (I mean real, not USDT) for storing savings due to higher inflation of national currency.
you don’t represent the rest of the world.
But I am not representing Americans either. USD is used not by them nowadays.
Yes. like i said before, you don’t represent the rest of the world.
and the petrodollar isn't the USD and that's the real threat coming from BRICS
That's a choice you can make but doesn't mean that everyone HAS TO accept the failing USD. What he is really saying is that if BRICS drops the Petrodollar, the US is fucked.
I don't argue the BRICS part. The only thing I was not agreeing with is that no one except Americans hold USD.
I understand but I was talking about this on an international trade level not on an individual level. While manufacturers might get paid in USD when they import goods to the US it is unlikely that they will keep the USD if they're a foreign company / producer or exporter. The money will be exchanged to their local currency. For tax reasons, for supply reasons and probably many other reasons. In other words, it's just foreign exchange Btw, the same applies to venues who decide to accept Bitcoin from customers. Most venues will be forced to sell the Bitcoin again for their local currency because their suppliers, their rent and their wages are most likely due in their own local currency.
I think "rely on" is the wrong wording They sabotage themselves with USD but it's not reliable or forced on them
Wording does not change the idea - people use USD to store life savings.
In America and places controlled by America, yes, but not because the results are desirable
I don't think that entire CIS countries community is controlled by USA. As for Ukraine, currently our economy depends both on EU and USA, however I do not see much interest in using EUR as an alternative to USD.
If your savings are mainly in USD, you are controlled by America If a country has a lot of people with savings mainly in USD, it has a lot of people controlled by America
you say “people” like you speak for the world. you dont. 🙂
I think I made it obvious to whom I am referring to since my first reply. I see no reason for redundancy in each further follow-up
then stop making sounds with your facehole. 🙂