Jerome Powell Mocked — Nothing compares with the U.S. Dollar…
Fed Chair Powell: The U.S. dollar is the "only serious candidate" for the world’s principal reserve currency. pic.twitter.com/6O9GjO9523
— unusual_whales (@unusual_whales) March 12, 2023
Powell is oblivious to Money Printing
Mr. Powel: F-them! We are the main counterfeiting gang, and damn Rush-ah and Chai-na if they think they are going to spoil it for us.
It’s Trump’s fault. Somehow…
The dollar is the reserve currency because of our democratic institutions and rule of law??? Talk about living in a fantasy land for the last few years.
Between the stolen elections and two sets of laws, even Guatemala is laughing at us.
The demise of the dollar as the reserve currency was already coming. Trump seemed to be pausing it a bit, but Biden has fast forwarded it by twenty years. Putin was already meeting with other leaders in Brazil, if I remember right it was summer of 2014, to discuss trading in other currencies. I’ve read over the last few years that China and Russia have not traded, between each other, in US dollars for some time.
As Bannon says, stolen elections have catastrophic consequences.
Actually, nothing compared with the dollar until a fraudulently placed President screwed up a sound economic system.
“Holds its Value”? The CPI kist came out and the ‘official’ CPI with a 1984 base is at 300!
Meaning that the US$ has lost 70% of its value… if you give any credence to the govt numbers.
The USD has NOT held it’s value over time. What is he smokin and where can I get some? 40 years ago I could walk into a grocery store and fill up a shopping cart for under $50. We’re talking steak, eggs, fruit, veggies, junk food… the whole mix. Today I can’t fill a cart for less than $300 and it’s mostly garbage foods.
I need to shop were you shop
(1) Stock prices go down much faster than when they go up.
(2) the FED kept interest rates artificially low for far too long. Interest rates should be set by the free market, not the FED anyway.
(3) the Federal government is spending too much money that they have to borrow. Spending what you have to borrow is absurd.
(4) banks drank the FEDs koolaid and they actually bought these stupid low interest mortgages and other debt. No intelligent investor would ever do that. Banks now can’t pay current market interest rates on their CDs because the low interest mortgages they previously bought don’t pay enough interest. It’s the S&L fiasco of the 1980’s all over again.
We’re led by fools.
In the 1920’s anyone could buy stock putting only 10% down. Absurd.
In the 2000’s, anyone could buy a home without income verification. Absurd.
Since then, the Federal government has racked up 25 Trillion more debt. Absurd.
After 2008, the FED lowered interest rates artificially low and keep them there for too long. Absurd.
Moron Biden said that inflation in temporary. I guess he was comparing it to cancer, which is temporary too until it kills the patient and itself in the process.
There had to be consequences for Biden being president. And there are still almost two more years for those consequences to present themselves.
Hold on, because Biden has almost two more years left.
The Manchurian-owned Cloward-Piven President*
The founders at the Constitutional Convention voted 9 to 2 to prohibit paper money. Aug. 17, 1787. Think about that. It was in the Constitution and the voted to remove it before finishing it.
The trouble is that our leaders are actively undermining the confidence in what he said which is true.
Well – Brain Dead stated from his basement that they’d spend their way to prosperity.
It’s Big Government competing with Capital in free enterprise.
The $USD is just the tallest midget and shrinking.
The Globalist IMF can just print a Trillion Dollar coin and problem solved.
For those wondering, “why are these American official making obviously bad policy,” imagine that you enter a race, but you’re wearing lead shoes, while your competitors are wearing normal sneakers. It’s self-sabotage. We’re doing everything possible to sink our own ship–and it’s working. Once this economy is about done, we’ll go to war–but it’ll be a war we’ve guaranteed we cannot win, ensuring the success of the “new world order.”
For as sophisticated and intelligent as we think we are, how is it that morons and degenerates are in charge of our most important institutions? Our betters are proving themselves to be our inferiors at every turn. Its time they were treated as such.
And we the American people keep voting these same fools back into office. What is wrong with us.
Dominion. That’s what’s wrong with us.
TK, the elections are rigged.
Think about this. What collateral does the US own that can be called on to back anll its debt? How about millions (trillions) of acres of very valuable land west of the Mississippi. Actually, it would supercharge our economy if this land was sold and put to profitable use. But, in reality, forget this economic potential because our out-of control government would certainly squander this unrealized wealth.
I’ve often mused about the motives of the governors of CA, OR, and WA! Why have they deliberately driven the most productive and patriotic people out of their States? To pave way for some invader perhaps?
If you are an enviro wacko in California, what is better for the environment than fewer people? In fact , what is better for Mother Earth than no people. That’s exactly what they have come to. Everything they are pursuing now is dedicated to people reduction. An unlivable state where nature thrives is their utopia.
There is absolutely nothing democratic about the current kakistocratic Biden junta.
As of today, one Chinese Yuan equals 0.14 to 1 US Dollar.
As of today, one Russian Ruble equals 0.013 to 1 US Dollar.
I find it amazing how the US government has printed/created so much money, yet it is still hard to earn a Buck. That is incredible.
Have you ever purchased a product with Bitcoin? I haven’t either.
Haver you ever purchased a product with gold or silver? Me neither.
The value of all gold in the world is worth about $9.8 trillion. It is a finite resource. Gold is severely limited.
Imagine a World Reserve currency backed by gold. We’d all be poor and destitute. There simply isn’t enough gold (money) to make the world go round today’s modern society.
Backing a monetary system with gold (a finite resource) would severely restrict the amount of money people need to live in a modern world.
For as long as people live, procreate, work and produce goods and services, the amount of money necessary to sustain life itself is unlimited.
Oil is unlimited. Hence the Petrodollar. An unlimited resource tied to an unlimited supply of money – because so long as human beings live and prosper in a free and open market system of capitalism, they will need an unlimited supply of money….it’s literally infinite.
Imagine if there was only $9.8 trillion dollars in the entire world. There wouldn’t be enough money for most people to live.
Because there’s no such thing as quarters, nickels, dimes and pennies.
Currency can be limited and backed by gold. Fiat junk cash is just an easy way for politicians to scam and tax you.
I did buy with Bitcoin last year. I bought a bick stack of silver through JM Bullion
Commodities back currency
gas 30 cents a gallon not 3 dollars cigs 1$ a pack not 10$ bread 30 cents not 3 dollars u would have real pricing not inflated fiat….gold backed is not controlled but fiat can be
This seems far-fetched. There were likely funds belonging to lefties in this bank though.
BS! This has woke written all over It!
This is faulty reasoning.
With biden that’s true as he is reducing it to nothing.
So said the Portuguese the Spanish the Dutch the British and soon us.
It’s a federal reserve note. An IOU.
Not your keys not your money. DLT is the future, banks are not needed.
Perhaps the skeptics here can name what other candidates there might be for a global reserve currency? The Yuan? The Euro? Both are far mor sketchy than even the dollar. Crypto? Yeah, that’s going really well. The ruble, perhaps? Part of the “inherent value” of the dollar as the leading global reserve currency is the…relative…political stability of the U.S. Yeah, we’re a mess in many serious ways, but everyone else is worse. Most are far worse. There’s nowhere else for foreign or domestic investors to go.
This is exactly correct.
nope – your man Biden has made sure the rest of the world can’t trust in us or hates up. he has made us a pariah. China will take over, backed by russian oil and chinese minerals. We. Are Screwed.
You realize how screwed up the U.S. is, but never underestimate the arrogant stupidity of a dictator for life or his fawning advisors.
The FDIC is now lending to banks based upon the face value of their collateral.
That’s like a bank lending to you based upon the original value of your now 8 year old vehicle.
Wow is that not smart.
This is true, however the collateral required is more stringent than the standard collateral for Discount window borrowing. It is most definitely will NOT help with inflation. It’s the exact opposite, opening the money supply spigots to banks/credit unions.
This is contingent on what the collateral is.
Requirements are more stringent for collateral pledged to this new facility than the standard discount window. Act is definitely inflationary, however.
Requirements are more stringent for collateral pledged to this new facility than the standard discount window.
he’s not wrong
He’s about as wrong as he can be…and if he really believes that we are in even worse trouble.
Although, it cannot get much worse…the dollar will go the way of the Weimar Mark and the Zimbabwe currency.
So we didn’t bomb Qaddafi and Saddam because they had tried to build a panNorth Africa or panArab currency trading block based on gold and oil?
Pewpew Powell is either lying or believes what he is saying.
eF this guy.
Actually he’s spot on. I don’t think people understand what actually determines value. It isn’t the ability to print money (a monkey can do that). It’s what’s backing up the money.
The USA approximately $19T in circulation globally, and the currency can be exchanged without a hiccup in value.
Not sure if your number for total USD currency is accurate. The size of the US bond market I believe is estimated at 46 trillion. Fed’s balance sheet is about 8 trillion. (Can be found on their website.)
Balance sheet just accounts for assets and liabilities. It’s a bit more complicated than that because governments don’t use traditional statements for valuation (such as BS, income statements and statement of cash flows). There is no equity account in the USSGL for government wide financial statements. The valuation is based on GDP.
until 1971 it was backed by gold.
then it was backed by rather relatively impressive naval power.
the naval power and usa military power in general is fading fast.
and its now clearer than ever before that simply having nukes isnt good enough to make fiat toilet paper strong.
the dollar will be replaced unless the ship gets righted quickly.
I thought post 1971 it was backed by a deal with OPEC whereby they only sold oil in USD. They called it the “petrodollar”. Just recently OPEC agreed to sell it using the yuan, and in the future we’ll have the BRICS basket.
You are correct…the petrodollar was what kept the USD afloat and now that is over.
Clown world. “We’ll bail out the rich owners of tech companies, but more inflation for you plebes!”