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"The old world is slowly" slowly being the operative word.......I didn't say anything about "reserve currency status"......but India, China, Turkey, Argentina, Brazil, and the "stans" etc. can only worry about sanctions and seizures of US denominated FX assets.....it was a stupid thing to do to Russia....and now highlights the way to trade sucessfully by side stepping sanctions!
The usual gross generalisation from pandamonia…no Venezuela does not have more oil than anywhere else on earth. It may have more identified oil but there are vast swathes of the world’s oil unexplored/unexploited.
" A lot of Countries are switching to Yuan."
I actually burst out laughing seeing that. OH NO THEY ARE NOT! The biggest problem China has is there are so many fake notes in circulation nobody can be quite sure what the actual dilution of the formal value is.
Simple test of your hypotheses. Offer any trader in any market at any value anywhere on the planet, do you ant your local currency, US$ or Renminbi. Just look on Alibaba or Aliexpress, even the main Chinese online market IN CHINA trades in $$$.
That was funny, thank you for the laugh. I'l tip you in Renminbi for your trouble, don't forget to run your nail over Chairman Moe's hair to check it isn't fake before using it, lo!
bankrupty don't forget India.
https://www.thehindubusinessline.com/data-stories/data-focus/rbi-added-63-tonnes-of-gold-to-forex-reserves-since-last-july/article65710887.ece
'The old world is slowly but surely turning away from a USD-dominated currency system toward a multi-currency and multi-FX pricing model'
Or so you thought, bankruptcy!
JohnNth..yes indeed...The old world is slowly but surely turning away from a USD-dominated currency system toward a multi-currency and multi-FX pricing model. Both Russia and China are increasing their FX reserves in "friendly" currencies and those that "wish" to settle in rubles (where their currency has finite appeal to Russ FX reserves)......may be using Gold as the interim......(Turkey for instance!) and then there is Saudi Arabia’s Oil Exports and the Yuan...China buys nearly as much as Europe from Saudi Arabia.......the petrodollar is sure on a decline........maybe POLY should pay our future divies in AU Troy Ounces after all!
big-blue... by the sounds of it, you're talking about the wests economies going down the ****ter to try and hurt a Country aided and supported by other markets, markets that are reconsidering their holdings of reserves. A lot of Countries are switching to Yuan.
There is no and has never been ANY threat to the USD reserve currency status. As THE ONLY global superpower and the richest most advanced free market economy with the worlds largest, most advance and well funded global military nobody will accept any other currency as the reserve benchmark value for commodities and global debt. People like to threaten and talk about replacing it but its laughable. The world has been structured this way since WW1 and WW2. The US, Europe and most of wealthy Asia will want to maintain the current system which leaves a bunch of third world crap holes like Russia, China and Africa and India wanting a different system because as backward dictatorships masquerading as phoney democracies they know they cannot circumvent the current fiat money system whilst its controlled by the West and its allies.
People can talk how they want about Geopolitics but ONLY the USA has the energy, technology and free market economy to be a Superpower. China has zero chance as it has almost no commodities, no energy and its population is due to collapse along with its fake economy.
If people think the US needs to go to war with some crap hole middle eastern state to preserve that system you clearly know nothing about any of it.
Rumours the international energy market setting therm spot prices is going to be dismantled very quickly. The system was designed to stop price hikes but was already failing before Ukraine war and is now completely wrecked.
So Putin's ace card is further torn up. Another reason to get POLY out of Russia asap before the share is dragged under as Russia goes bankrupt and the Ruble becomes a worthless 'D Mark' with inflation hitting 4 figures! Chickens coming home and it is going to get messy. Those Russians lamenting the loss of those romantic Soviet times are about to go back to bread queues, soup kitchens and murder for a cigarette.
bankruptcy...threatening the petrodollar is/was an invisible red line for US, and yes this may have been one of the factors in toppling of Saddam, and sanctioning and destroying of Libya. I think China now has the power to topple the petrodollar but they would not do so as they hold nearly 1.5 trillion of them in reserves. All they have to do is buy oil from any country which accepts renminbi in payments and oil exporting countries would. Worlds second biggest customer India would buy oil from any country which would accept ruppee ahead of those insisting USD, hence future of petrodollar doesn't look as bright as it did just a few years ago.
rings a bell..... "well-funded propaganda campaign is underway to justify regime change. This tried and tested tactic is employed whenever a leader refuses to get into bed with the US, whenever the US dollar is dropped, or whenever the US wishes to plunder the natural resources of a sovereign nation. Or, if they’re really unlucky, as in Venezuela’s case, all three."
https://www.counterfire.org/articles/analysis/20171-oil-and-ideology-the-truth-behind-us-interest-in-venezuela
two ears...one mouth!
@MassiveRay goes - "Small top up from me."
Think I'll joy you, seems good idea
Venezuelan oil is rubbish tho. Poor quality…
pandamonia...you're spot on. Iraq invasion was the result of pressure from lobbyists in US and UK of some country in the mid east (clue: antisemitism) who saw Saddam Hussein posing a threat. It was not about oil, however, once they invaded the country, they tried recovering as much as possible by selling Iraqi oil until the day they left; just like what hey're currently doing in Syria, where US is digging approx 1m barrels of oil a day to pay for the cost of their occupation.
Dont be stupid. Venezuela has more oil than anywhere on the planet and the US doesnt even need to go to the ME to get oil.
If the US wanted oil it wouldnt need to spend a trillion USD invading iraq it could spend a million and take Venezuela and all its oil without effort.
Bankrupty you post some right stupid stuff on here. Im still waiting for the 4000 USD gold price your experts predicted
Yes and black is white and I suppose the Cuba Missile crisis should have been called The Cuban Protocol Crisis.....and if IRAQ had no oil....the USA would have been disinterested..
https://www.aljazeera.com/features/2012/1/7/western-oil-firms-remain-as-us-exits-iraq
Sadam was threatening the petro-dollar more like!
you just like arguing for argument's sake obviously....
LtCaptain, a reasonable attempt to qualify Russian aggression, trotting out Cuba (that old chestnut again). The issue though is nato was NOT courting Ukraine, nato was being diplomatically nice to Ukraine but did not want to import the old 2014 Crimea border dispute nor the east separatists disputes. Saying otherwise is pure propaganda trying to excuse state terrorism by Russia. Nato has extended up to the Russian border with Lithuania, Latvia and Estonia with out Russia blowing it's top.
Cuba was to do with an international agreement being reneged on by the Soviets as the location ICBMs was largely irrelevant. You are viewing that episode with simple documentary historical revisionism to suite the politics of the day. It was a face off over a protocol.
As for Iraq, again you trot out the old worn out US oil clap trap. It was France who had the oil interests in Iraq and France that split the UN causing the (second) war. US has little interest in ME oil, the US has more than enough in it's own back yard. And the WMDs did exist because SH had used them on several occasions against Iran and his own people with devastating results. He played a game of hide and seek with the UN inspectors whilst threatening to use them openly within western countries and the best evidence is he first buried them but then moved them to Syria. It is believed the stocks are currently highly unstable and nobody dares attempting salvage.
Do your handlers, LtCaptain, give you the spin that people like Russians using VPN (morning Ruskies!) have memories like goldfish so the real world known facts of Cuba and WMD are easily forgotten and replaced by what are now very old and very worn out propaganda spins? Did you not know the constant repeating of the same line over and over actually results in people questioning what is the motivation for constantly repeating the same one liners? People have naturally curious minds and notice these same old narratives never change or expand on detail despite multiple questions that follow on.
Morning all..
Small top up from me.
LtCaptain,
straight to ignore, talk about armchair generals, only done 3 posts...made up name so you can spout rhetoric, even calling yourself a captain.
Different but the same,
Word Mafia originates from Sicilian ‘mafiusu’ (western).
We’ve just got fancier ‘quangos/cartels’ in UK.
Dress it up however , they’re all the same.
LtCaptain.
So we are basically agreed! Lets face it, war is rarely the right action, unless it’s defensive from direct attack, but not from the threat of attack! The many illegal war mongers (Blair, Putin, Bush et al) should all be dismissed and locked up for their war crimes. Most civilians know this fact and largely the public don’t agree with war, or the propaganda of war. However, recently on the 9th May, the Russian civilians did appear to be believing Putin’s nonsense propaganda, they appeared to be believing that Putin was doing something good in Ukraine! They did appear to be supportive and to have been brainwashed by Putin’s propaganda. Look at the stupid “Z” worn on the shirt of that Russian olympian, he should have refused to wear it. Historically, many leaders worldwide are illegal war mongers. The fact that Bush and Blair lied about the illegal Iraq war doesn’t mean the US or UK public agreed with the Iraq war, or when Putin lied about his illegal Ukraine war, doesn’t make Putin’s war the right action to take. There is never justification for aggressively grabbing land from your neighbour. Putin is not defending Russia! The only justification for going to war, if diplomacy fails, is to defend your own property and your own country from an aggressor, like Putin. Ukraine is owned by Ukraine, not Russia! Putin’s war on Ukraine needs to stop because it is illegal. Russia needs to leave Ukraine. Putin should fix his own country, Russia, because Russia is a very broken country, mafia controlled.
continued:
So when you think back to the war in Iraq, people were duped on mass into believing that weapons of mass destruction were going to be used against the west and could be launched in 45 minutes was the real reason. In fact it was more to do with oil, and the petrodollar, than anything else. It opened up Iraq's vast oil resources to the world. The US tried and failed to gain hegemony over the Iraqi government in the end, and Iran ended up the biggest winner on that count. There was massive bloodshed and it is thought as much as 2% of the Iraqi population died (directly, or indirectly from the war). Tell me - were the populations of the UK, and US so uneducated (in your terms) to believe that propaganda? Not really. It comes down to how the information is conveyed, and the creation of fear (45 minutes and we could all be wiped out). In the case of Russia, there is similar propaganda being used by the Russian state to create the necessary fear of Nazis etc in neighbouring Ukraine. Of course it's wrong, but that's what happens when countries start trying to justify their aggression, and invasions of another country.
carltt, you're taking a very simplistic view of the world. Unfortunately things are never that clear cut.
Firstly: Putin, and much of the security establishment in Russia are fairly paranoid people. The ever growing expansion of Nato into more an more European countries has only just fuelled that feeling. The EU, and Nato both dangling that carrot in front of Ukraine for years and years hasn't helped either. OF course the Ukrainians are free to decide for themselves if they wish to join the EU, and/or Nato - but joining creates a perceived geo-political-security risk for Russia. This in the sense that it opens up Ukraine to host Nato troops, and in particular US missiles, and specifically counter missiles for intercepting ballistic missiles (aka the star wars type missile shield) gains an added edge. This kind of thing would tip Putin over the edge - and it did!
Now if you're thinking so what if the US, and Nato troops, and their hardware move into Ukraine, it's none of Russia's business - well you'd be right, but at the same time you'd be taking an overly simplistic view of the implications of that happening. For example, what happened when Cuba agreed to host Russian missiles? It created a meltdown in the US government and security establishment. Now look at what's happened to Cuba. Also imagine how the UK would feel if the Chinese moved troops and armour, and cutting edge hypersonic weaponry near to the coastal areas of the UK - Of course it would lead to a response. If you're thinking the UK or the US wouldn't act like Russia - well more fool you. The UK , and US have already been behaving like Russia by invading nations all over the world to satisfy their own geo-political, security, or even simply trade/economic interests for decades, and even centuries. In more recent times the UK, Nato, EU etc have made use of proxy forces instead of physically deploying their own forces. Libya is a good example, Syria another. Yemen yet another. Further back you have Iraq, and even further back than that you have Vietnam. All of these have one thing in common - securing geo-political interests. It could be oil, petrodollar, or simply stopping another adversary (like Iran in Yemen for example) gaining hegemony somewhere that would be against the interests of US/UK/EU. The Russians (under. Putin) are doing just that. Who is in power in Ukraine, and the political direction of that country is entirely within the geo-political-security interests of Russia. Looking at it this way helps you understand why countries throughout history including the US, and UK, end up in wars which on the face of it don't make sense. In each case the country launching the war will pile on the propaganda to justify the war. In the case of Iraq, we in the UK we were made to fear weapons of mass destructions being launched within 45 minutes amongst other things. All with slick presentations by leading figures in government and even at the UN.
Great post carlt. You go over old ground, we’ve had it all…if it’s not polymetal related may I suggest you head onto twitter and join some war groups. Don’t come back now ;-)
I don’t believe for a moment that Russians are uneducated to believe the autocratic Putin and his fake media. I think the Russians are simply too scared of Putin, they are powerless to change anything in the Putin regime. Getting prison for calling war a war, Putin’s political opponents getting prison or killed. Russia is clearly mafia controlled.
What is clearly feeble and sad, is these Russian Putin’s puppets that we see all over the web, including right here on this Poly BB, trying to convince western people to change their views. Pathetic.
Western people have a democracy, we don’t blindly believe the media, most of us hate our media and politicians on many level. Don’t get us started on the killings of Tony Blair! He should be locked up, not given a knighthood! However, we in the west can see what Russia is doing, an illegal war, invading Ukraine. Killing many both Russian and Ukrainians, but for what?
No good will ever become of Putin’s war on Ukraine, but this is precisely what such a crazed madman like Putin would wish for the world.