Tass: Russia, China to sign agreement on payments in national currencies

Discussion in 'Politics' started by Taco Gratis, Jun 5, 2019.

  1. Taco Gratis

    Taco Gratis Often wrong, never in doubt.

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  2. Detroitgator

    Detroitgator General Factotum
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    This doesn't matter if you don't understand velocity of money and holding US reserves, otherwise, it's kinda important.
     
    • Politigator

      Politigator L-boy's Cousin

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      1. Russia gdp is really small
      2. I'm still not convinced that the world slowly moving to other forms of currency denominated transactions will bring the catastrophic consequences predicted by some.

      This has already been happening for some time.

      Countries like the UK haven't fallen apart. They can still get reasonably priced debt.
       
    • rogdochar

      rogdochar Senior Member
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      Would this have hampered those bribes to Hillary?
       
    • Taco Gratis

      Taco Gratis Often wrong, never in doubt.

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      You subscribe to the view that humans are likely causing significant climate change, correct?

      1. Human CO2 is a tiny % of CO2 emissions, why worry?
      2. Like Climate Change, this is likely a non-linear relationship. It seems slow, until it isn't.
      3. We've been adding CO2 for some time.
      4. The catastrophe hasn't happened like the doomsayers said it would, so everything is good.
       
    • Detroitgator

      Detroitgator General Factotum
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      Correct... they are just irrelevant. The one thing the were #1 at was banking/finance, but they've lost that mantle too.
       
    • Politigator

      Politigator L-boy's Cousin

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      No. With climate change there is at least a theoretical danger/ negative outcome. I'm not sure that having other countries use other currencies is in itself that big of a deal.

      While I do get there are advantages to being the world's reserve currency, I don't think slowly losing that status is a catastrophic thing.


      As to whether we are economically relevant, that is more the size of our economy vs whether the dollar denominates 25%, 50% or 75% of the world's transaction.

      Now if you can articulate that I'm wrong I'm all ears.
       
    • Detroitgator

      Detroitgator General Factotum
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      You are wrong.

      Articulate enough?
       
      • Swamp Donkey

        Swamp Donkey Come get Papa Bear!!!!
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        As a percentage of gdp, it is hardly noticeable.
         
        • rogdochar

          rogdochar Senior Member
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          [QUOTE="Politigator, post: 903405, member: 2214]
          Now if you can articulate that I'm wrong I'm all ears.[/QUOTE]

          But your ears seem non-existent.
           
        • Politigator

          Politigator L-boy's Cousin

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          Meh.

          US gdp as a percent of world gdp has gone from 40% to less than 25% over 50 years. Mainly due to China and other rapidly emerging markets. So even if the the dollar percent of world transactions declines slowly, it doesn't mean the dollar volume actually decreases (and I'm skeptical of this whole less dollars= velocity crash = squirrel ranch scenario anyway)

          U.S. Role In Global Economy Declines Nearly 50%
           
        • Politigator

          Politigator L-boy's Cousin

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          As somebody repeatedly posts:

          "Typical"
           
        • Detroitgator

          Detroitgator General Factotum
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          No, what’s “typical” is that after 15 years, you still claim to “not get it” all while posting the same reasons why it doesn’t matter.

          Typical.

          See the difference?

          Lemme guess... also after 15 years, you still don’t understand how it allows us to export our inflation either? And even is you did, you’d “suspect” that that was unimportant as well... at least theoretically
           
          • Detroitgator

            Detroitgator General Factotum
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            Actually, it’s both, but your earlier post was basically correct.
             
          • gatorev12

            gatorev12 Well-Known Member

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            They have the 5th largest global GDP and while Brexit uncertainty has seen some shifting about banking/finance, London is still either #1 or a close #2 across most financial hub metrics.
             
          • Detroitgator

            Detroitgator General Factotum
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            Yes, that’s what I said.
             
          • Politigator

            Politigator L-boy's Cousin

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            Listen. You clearly don't get it. We have two quasi adversaries who have decided to transact their business in something other than US dollars. If you can't see this as a sign of the coming apocalypse then accept the fact you are stupid and doomed.
             
          • Politigator

            Politigator L-boy's Cousin

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          • gatorev12

            gatorev12 Well-Known Member

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            You said they're "irrelevant"...which doesn't exactly square with what I wrote in response and you agree with.
             
          • gatorev12

            gatorev12 Well-Known Member

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            There are risks if this becomes common practice; but no one follows Russia financially and the Chinese aren't going to dump the dollar when it suits them and their neighbors just fine to have the dollar as the de facto global currency. People freaked out when Iran did a version of this (pricing oil in euros instead of dollars), but no one else followed.
             

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