Not long ago, an acquaintance had been online visiting various conspiracy theory websites. Yes, I am sure we’ve all read a headline somewhere and ended up at one of these sites, but it has really affected his ability to think. Now he’s worried about the Dollar Collapsing after it is unseated from its position at a global reserve currency. Well, it’s not going to happen, so I told him not to worry about, still he is unconvinced as many are, and he stated;
“the IMF is pushing for a global currency (the Bancor?) and China unloading U.S dollars.”
Well, actually, I’ve noticed them buying treasuries through hidden entities on the London Exchange, but China pretends to play hard ball. Where else can they find a safe haven? And today’s treasury action was one of the strongest in recent periods. Snapped up and gone extremely quickly. My acquaintance tells me the problems go deeper than this, and buy brics onlinethat China and Russia, the French are meeting with OPEC to get them to switch currencies when trading in dollars.
Still, if China is unloading dollars based on their meeting with OPEC, or an announcement of a new alliance to de-throne the dollar as the Word’s reserve currency, then they might make some money temporarily after the news hits the media, but then things will normalize after everyone realizes that’s about the stupidest thing they could ever do.
It sounds to me that my conspiracy theorist acquaintance is watching some old YouTube video of doom and gloom, as this is not really news, every nation at one time or another attempts to change the rules of the game to favor their own interests. Still, he is unconvinced and tells me;
“The replacement of the $ as a world reserve currency ending our cheap oil and creating HUGE inflation – all of the repercussions of outrageous gas and diesel prices (food costs etc. causing mass shortages).”
But alas, they’d be stupid to do this, yes, Russia has been pushing for this along with all the BRIC countries, but it’s just talk. They met before the G7, G20 in Canada, so this is not news, it’s not relevant today, right now. And be sure on this point; the US will get our oil, don’t worry, if we have to pay more, or the dollar temporarily tanks, then oil will shoot up per $’s, which is bad for economy.
Further, Saudi Arabia should hang with us, and they run OPEC. Besides if OPEC changes that transitional chaos will sink it, exporting nations will break ranks and then we will have “real oil prices” based on free markets! My acquaintance noted that; “China and Russia talks of trading with each other’s currency.”