Quote (JohnnyMcCoy @ 20 Dec 2021 06:29)

https://www.whitehouse.gov/briefing-room/speeches-remarks/2021/12/16/remarks-by-president-biden-after-meeting-with-members-of-the-covid-19-response-team/

what a nice message from the president :santa:

Quote (excellence @ Dec 21 2021 08:20am)

https://news.yahoo.com/is-biden-really-getting-an-unfair-shake-from-the-media-183607875.html?bcmt=1

certified propaganda: the media is “too hard on biden”

Quote (massmarines @ Dec 21 2021 03:33am)

The US dollar has no real counter weight, so it's worthless anyway like most currencies.

I mean with that, it is not tied to gold reserves or silver, just paper with numbers on it.

What do you think would happen if the US were in a deflation?

You don't think the authorities would literally print money or give the command to do it?

Since getting President and therefore any position is not tied to intelligence, I wouldn't discount the possibility of money printing for paying people.

Stupid, but possible.

Quote (dr_j2 @ 22 Dec 2021 04:35)

The only counter weight is the US dollar being the defacto currency as the global exchange rate for oil.

Why you think every war the US has been in involved an oil producing nation? Or some leader who tried to change that.

Quote (Black XistenZ @ Dec 22 2021 03:48am)

Gaddafi was contemplating trading oil in other currencies than USD. Look how that turned out for him. :unsure:


But the petrodollar status is not the only pillar of the dollar. It is also strong because it's the legal tender in one of the most wealthy and productive places on the planet. The dollar notes might not have inherent value like a bar of gold, but you can buy a ton of stuff with inherent value for it. Dito for the €uro, the Japanese Yen or the Swiss franc. Currencies which are backed by a strong economy tend to be robust, it takes a true economic meltdown or a central bank going fully ham to truly destabilize them.

Quote (NetflixAdaptationWidow @ 22 Dec 2021 11:09)

You are only allowed to pay taxes in dollars. Big economy = lots of taxes = lots of dollars are demanded.

Taxes are what makes a fiat currency inherently valuable because there is a minimum amount of demand.

Quote (Black XistenZ @ Dec 22 2021 07:10am)

That's a good point, although it should be kept in mind that economic turmoil and really high inflation rates tend to go hand in hand with an erosion of public order and government control. If people shift to alternative currencies, say cigarettes or some sort of "neo-dollar" or whatever, then economic activity will also shift toward the black market, cutting the government off from collecting its due taxes in USD. So yeah, the demand for USD coming from taxes is a stabilizing factor, but one which goes down the drain once other factors have pushed us below a certain level of stability.