Tacopacalypse

[publicduende]

I wouldn't go as far as saying that the Ruble would be the new Petrodollar. What's quite clear is that the world has gotten sick and tired of using dollars to pay for non-US oil.

Considering that the US have been waging war..."democracy export" to half of the Middle East for the sole reason that this or that leader (Saddam, Gaddafi, etc.) even tried to sell their oil in another currency, it's either of the two:

• they will step in militarily against Russia (and Venezuela, and China, India etc.) and call it WW3,
• will finally get the memo that we live in a multipolar world and the Petrodollar age is over, even if this means bankruptcy and untold pain for the decades to come

.

[Taco]

Gonzalo Lira, aka Coach Red Pill, predicts that the Russian ruble will be the new reserve currency for oil. Is that possible? See his latest rants below about why the US is suiciding its economy.

Currently, all the oil revenue is processed through New York City banks. If Rubles are used to buy oil that will end and cause a financial crisis...

A US dollar crash is no longer a "conspiracy theory".

Russia sets ruble gas payment deadline by March 31
https://www.rt.com/business/552820-gas- ... nts-putin/

Putin wants ‘unfriendly’ countries to pay for Russian gas in rubles
https://www.cnbc.com/2022/03/23/putin-w ... ubles.html

[MrMan]

Why does oil have to be paid for in US dollars? If oil-producing countries insist on their own currency being used, and enough of them do it, won't oil traders comply? It could be that since Europe is so influential, this ruble decision will have a really huge impact.

In this case, Putin is probably trying to prop up the value of the ruble to offset the currency decline. Russia produces maybe 10% of the world oil supply. The US produces about 20%, but I'm not sure if those are Biden administration numbers.

The US dollar is the vehicle currency not only for oil but also for exchange of other currencies. It's an historical artifact of WWII, Breton Woods, and Jamaica.

It might be that the US being a vehicle currency somehow causes other countries to __have to__ put some trust in it and prop it up and not let it drop, allowing the US to go crazy with debt and inflation without worrying. If that does collapse, our currency might be affected more by our government's economic policies to a greater extent. But that kind of analysis is pretty technical, and I'm not sure of the details.

[Cornfed]

Why does oil have to be paid for in US dollars?

Because the Saudis agreed to only sell it in US dollars and if anyone else tried to trade it in another currency the evil global elite would sanction or bomb or invade them, and there was a general interest in a global reserve currency.

[HouseMD]

In a few weeks things could get very crazy...

How many years have we been doing this for, Taco? 10? How many decades into you accept the world isn't ending?

[Taco]

How many years have we been doing this for, Taco?

12 years

[Winston]

Why does oil have to be paid for in US dollars?

Because the Saudis agreed to only sell it in US dollars and if anyone else tried to trade it in another currency the evil global elite would sanction or bomb or invade them, and there was a general interest in a global reserve currency.

Yeah what Gonzalo Lira said was that the US and Saudi Arabia made a deal long ago that the Saudis would receive US military protection and in exchange they would sell their oil in dollars. That is what started the petrodollar. I don't know how the dollar became the world's reserve currency though. Maybe that was part of the deal the US made with Europe and Japan after WW2 in exchange for rebuilding their economies?

[Taco]

Inflation will kill the petrodollar and the US economy. Currently, inflation is at a 40 year high. The US owns money to everyone because of the trade deficit. Also, food shortages coming soon...

[MrMan]

Why does oil have to be paid for in US dollars?

Because the Saudis agreed to only sell it in US dollars and if anyone else tried to trade it in another currency the evil global elite would sanction or bomb or invade them, and there was a general interest in a global reserve currency.

Bombing Russia or China might have some undesirable consequences.

[Taco]

It will happen this year...

[Taco]

Each time the yield curve drops below zero a big crash occurs. It just inverted for the first time since 2006...

[Taco]

The dollar is ready to crash...

20 year bond ETF Teetering
https://www.investmentwatchblog.com/tre ... n-history/

10-year Treasury yields spike to breach top of downward trend channel seen since mid-1980s
https://www.marketwatch.com/story/the-d ... 1648492268

[Taco]

This is huge. CNBC admitting the dollar is going to crash...



Your credit cards will stop working soon...

[HouseMD]

How many years have we been doing this for, Taco?

12 years

And yet you still seem intent on the world ending every moment of the day. In another 12 years, when things stand more or less as they still do now, will you still cry that the sky is falling? Will not those 24 years have been better spent on more productive endeavors?

[Cornfed]

In another 12 years, when things stand more or less as they still do now, will you still cry that the sky is falling? Will not those 24 years have been better spent on more productive endeavors?

This is purely hypothetical because things will not be the same in 12 years.