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We should distinguish between the dollar and the federal reserve note.  The dollar as monetary concept is not doomed but the Fed Res Note is.   Most Americans are unaware that international transactions are conducted through SWIFT (CHIPS) whereby foreign currencies are exchanged to dollars for trade.  Most Americans are unaware that Europe set up INSTEX, Russian set up SPFS and China has direct currency swaps with its trading partners, all of which reduce dollar demand.  

After LGB tucked tail and fled Afghanistan, Saudi Arabia began drifting from American sphere of influence and has been courted by Russia and China.  Why is this important?  After Nixon renounced the 1944 Bretton Woods Agreement in 1971, in 1973 Saudi Arabia became the co-creator of the petro-dollar that sustained the demand for dollars for trade.  Then at this year's WEF meeting in Davos Saudi Arabia announced that it open to trade settlement by means other than the dollar.  See link  China is aggressively pushing BRICS and brokered peace between Saudi Arabia and Iran.  Both applied for BRICS membership.  It may be only a matter of formality when Saudi Arabia makes its announcement that will kill the petro-dollar.  A few years ago Aramco's balance sheet showed yuan and rubles being held as assets.  Nigeria is also open to discarding the dollar for the gold back yuan.  In short, no one is scared of a Pedo Pedro military.

America will still have some sort of a dollar, perhaps a Treasury Dollar, but not the Federal Reserve Note.   Why should we entrust the Fed with controlling the money supply when they've already f*cked us over by reducing our earnings, savings and retirement?  We don't need the parasite class and their proferred CBDC.

Also consider that monetary history is a different animal from economics.  Fiat currencies generally last only 40-50 before it is discarded.  Within that 40-50 year span politicians love too give (other people's) money away and they spend, spend, spend and ignore the deficit problem until tomorrow. By then it's someone else's problems.  We're at the 50 year mark (1973-23) and that Tomorrow is approaching.  The world is sick of America's something for nothing trade policy.  Our biggest export is inflation (brrrrrrrr!) and the world is very aware of American policy to monetize the debt.  While the federal reserve note is still the best horse in the glue factory (because other central banks match the Fed's brrrrrrrr! to maintain trade), that's nothing to brag about.  They will all fail and the Federal Reserve note, while being the last man standing, will also fail.



Yes the dollar will be replaced as the world's reserve currency and hyper-inflation will destroy its viability (Note: Two conditions must be present  for hyper-inflation of currency.  First is brrrrrrr! and second is the public loss of faith in it which is manifested by dumping the currency as fast as it is acquired).  Do enjoy life and do quit watching TV.  Follow financial news NOT from the MSM.  You can protect your wealth and posiiton yourself for weiji (crisis/opportunity) or you can be on the losing end of the world's greatest wealth transfer in human history.  

Can anyone here tell me the difference between money and currency?  It's OK if you can't because that's not something taught in schools or universities.

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The dollar is not doomed.  We are the Tallest Midget.

But if you really think the end is near, then I suggest you stock up on what ever is a hard good that can be used for trade in your area for other items you might need.  


In all reality if what you're thinking occurs, there will be nothing you can really do unless you live in an area with natural food availability and or agrarian.  Without the ability to move commerce and fill the basic supply chain for necessities, it won't make a difference what you have to trade with.  There won't be anything to trade for.  Medium to major Metropolitan areas will start to starve in a 3-4 weeks and then riot and looting will be on a mass scale.  Only if you live 4-5 hours from major cities will you survive.

The Federal and State Government will contain the movement of people out of major metropolitan areas by shutting off bridges and tunnels and well as using major geographical features as choke points.  They will also stop fuel from coming in to keep movement to bikes and feet.  They will attempt to feed those areas in controlled manners.


The rest of us hill rods in the middle of nowhere will start to destroy anything edible with 4 legs or fins.

If it carries to the power going out.....Pick a survivalist movie scenario and have at it.




In all seriousness the dollar is not going to be replaced.  Enjoy your life and quite watching TV, YouTube fanatics and reading wild ass blogs.

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It's a fair point, but I think there is a big difference between those sounding an alarm (Paul Revere) and those who seem to be constantly declaring the end is nigh with no context or practical advice attached.

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how you guys have such little faith in a capitalistic system (that is self correcting) is beyond me.  give up and keep dooming i guess

This exchange between the UAE and France is taking place without dollars. If the process continues the dollar weakens.  In the geopolitical world of currency valuations and trade, this might be considered the Archduke Ferdinand moment for the end of the petrodollar.  The question will become, can they grow this process with OPEC+ support and begin eventually trading oil in yuan?

A second energy targeted development comes from a shipment of Russian diesel fuel into Mexico.  The raw material was: (A) sold at an originating discount; and (B) presumably refined in Spain, making it exempt from the current energy embargo against Russia.

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Capitalism is not what we have. Markets manipulated by conglomerates. We are in a system of Corporatism.

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how you guys have such little faith in a capitalistic system (that is self correcting) is beyond me.  give up and keep dooming i guess

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I live in a country whose inflation rate is greater than 100% due to the collapse of the currency. How do locals deal with the problem?

1. Spend every peso immediately. They do not keep money in the bank.
2. Convert as many pesos as possible (currency conversion restrictions) into USD / Euros.
3. Buy hard assets (land, houses, cars, tractors, ect..)
4. Buy Bitcoin and gold.

When a currency collapses, the country does not grind to a halt. Everything just costs a lot more... and tomorrow it will cost even more, and the next day, and next day. I have see some stores that change their prices daily. Think of a price sticker, on top of price sticker, on top of price sticker. It's quit shocking the 1st time you see it in person.

If we lose the "world's reserve currency status" it will result in an immediate decline in our living standards (ie. soaring poverty rate), which will take a few years to play out and for everyone to realize what has happened. By then, it will be far too late.

If you think this is coming to the USA, now is the time to prepare...

Accountant

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The dollar is not doomed.  We are the Tallest Midget.

SNIP

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@Accountant30339:


I read that Argentina is currently experiencing 100% inflation again.

How about financial repression like there was in the past?  Limited withdrawals?

Have they kicked in price controls (that never work)?

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GD has predicted 87 of the last 0 collapses since I joined in 2008.

I remember in 2009-2011 that we had several members who were absolutely insistent that the USA would not make it past 2013.

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Thanks Accountant.  Can you please keep us posted on the events there?  Our search engines tend to filter out things.

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I think we’re headed into some really bad financial times.  

I’m turning my cash into assets, specifically tools, knowledge to use them, advance my current skill sets.

I.E. learning trades such as plumbing and electrical.  I’m already in the medical field so I’m advancing my knowledge there.  

If something does happen I want to sustain myself and my family, and be useful enough to keep around any community we find ourselves in.

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GD has predicted 87 of the last 0 collapses since I joined in 2008.

I remember in 2009-2011 that we had several members who were absolutely insistent that the USA would not make it past 2013.

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@Accountant.  Were you an adult when the government nationalized pension funds?  If so, could you comment on how that affected anybody that you knew at the time?

Such a scenario is almost certainly an option in the US.  So are bank bail-ins like they did in Cyprus.

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Maybe, maybe not.   Gold has been a historical go-to in times of uncertainty.   Have we every really stopped to look at gold?  It's heavy.  Not easily transportable.  Not a great conductor of electricity.  It's a soft metal with somewhat limited use in manufacturing.   It's shiny.   It really only has value because people have thought that way for a long time.

I'm not saying you're wrong at all snubfan.  It's just that gold is a pretty shitty metal when one looks at it from a practical standpoint.

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This seems relevant


https://www.foxbusiness.com/markets/brazil-china-strike-trade-deal-agreement-ditch-us-dollar

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Gold is a strange animal. In a true "doom" scenario it's not worth very much. Looking at the various modern day examples where things have really broken down, I'm going to ballpark that it's worth is maybe 1/50th of what it's value would be in a normal functioning society.

So what happens is- the already wealthy person who has resources like food, fire, ammo, guns, alcohol and cigarettes AND the means to protect them (normally in the form of a small militia) trades people those item for their gold at that hugely deflated value. They play the long game, and then when the crisis/war/scenario ends, they go from "wealthy" to crazy rich.

My point here is that gold in a real doomer scenario is a terrible investment. Gold, silver, etc. only work when society is functioning. You're far better off stocking up on items people need and having a unique trade skill than you are with a bunch of PMs. IMO, but history has proven that.

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@ whollyshite.  My family has been here for 400+ years.  I'm not going anywhere.  I've lived in Europe, and I've lived in Central Asia.  This is home.  I'm not leaving.

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Don't look at gold as a 'currency' to spend. Look at it as a way to preserve a portion of what you have.

If you have $5000 in dollar bills, it may become of little or no value, but that same $5000 in gold will likely still be worth around $5000 or maybe more, thus preserving $5000 of your wealth. There are no guarantees.

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So you have $5000 in dollars. You buy $5000 worth of gold. You sell that gold for $5000. > Profit!



Only works if gold appreciates anywhere near the inflation rate.

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After LGB tucked tail and fled Afghanistan, Saudi Arabia began drifting from American sphere of influence and has been courted by Russia and China.

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The dollar WILL be replaced. 100% certainty. You can't keep dissolving its value by bonehead moves and expect anyone to take it as a serious medium of exchange.  It's just a matter of when it happens.


Everyone around the globe already hates it as the reserve currency, because of the idiocy of New York and Washington DC.

Quoted:

We should distinguish between the dollar and the federal reserve note.  The dollar as monetary concept is not doomed but the Fed Res Note is.   Most Americans are unaware that international transactions are conducted through SWIFT (CHIPS) whereby foreign currencies are exchanged to dollars for trade.  Most Americans are unaware that Europe set up INSTEX, Russian set up SPFS and China has direct currency swaps with its trading partners, all of which reduce dollar demand.  

After LGB tucked tail and fled Afghanistan, Saudi Arabia began drifting from American sphere of influence and has been courted by Russia and China.  Why is this important?  After Nixon renounced the 1944 Bretton Woods Agreement in 1971, in 1973 Saudi Arabia became the co-creator of the petro-dollar that sustained the demand for dollars for trade.  Then at this year's WEF meeting in Davos Saudi Arabia announced that it open to trade settlement by means other than the dollar.  See link  China is aggressively pushing BRICS and brokered peace between Saudi Arabia and Iran.  Both applied for BRICS membership.  It may be only a matter of formality when Saudi Arabia makes its announcement that will kill the petro-dollar.  A few years ago Aramco's balance sheet showed yuan and rubles being held as assets.  Nigeria is also open to discarding the dollar for the gold back yuan.  In short, no one is scared of a Pedo Pedro military.

America will still have some sort of a dollar, perhaps a Treasury Dollar, but not the Federal Reserve Note.   Why should we entrust the Fed with controlling the money supply when they've already f*cked us over by reducing our earnings, savings and retirement?  We don't need the parasite class and their proferred CBDC.

Also consider that monetary history is a different animal from economics.  Fiat currencies generally last only 40-50 before it is discarded.  Within that 40-50 year span politicians love too give (other people's) money away and they spend, spend, spend and ignore the deficit problem until tomorrow. By then it's someone else's problems.  We're at the 50 year mark (1973-23) and that Tomorrow is approaching.  The world is sick of America's something for nothing trade policy.  Our biggest export is inflation (brrrrrrrr!) and the world is very aware of American policy to monetize the debt.  While the federal reserve note is still the best horse in the glue factory (because other central banks match the Fed's brrrrrrrr! to maintain trade), that's nothing to brag about.  They will all fail and the Federal Reserve note, while being the last man standing, will also fail.



Yes the dollar will be replaced as the world's reserve currency and hyper-inflation will destroy its viability (Note: Two conditions must be present  for hyper-inflation of currency.  First is brrrrrrr! and second is the public loss of faith in it which is manifested by dumping the currency as fast as it is acquired).  Do enjoy life and do quit watching TV.  Follow financial news NOT from the MSM.  You can protect your wealth and posiiton yourself for weiji (crisis/opportunity) or you can be on the losing end of the world's greatest wealth transfer in human history.  

Can anyone here tell me the difference between money and currency?  It's OK if you can't because that's not something taught in schools or universities.

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I suppose it depends on how much risk you're willing to accept. How bad will it get, and how long will it last.

A loaf of bread in 1933 Germany during the worst of the inflation would more than double its price every day for weeks on end. That $1 loaf might run you $50 in a couple weeks. And that's assuming you could find it at that point.

So people need to eat. Gold is a great commodity for rebuilding and general wealth after it all. It does absolutely nothing when food, water, shelter are scarce.

ETA Beat by a kindred spirit by 2 minutes