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Europe’s central banks are starting to replace dollar reserves with the yuan

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Re: Europe’s central banks are starting to replace dollar reserves with the yuan

#191

Post by kiliantics »

mieseratte wrote: post #166
kiliantics wrote: post #154

Earlier quoted context omitted.

You can only truly believe this if you have never been an open and active supporter of non-conforming (and threatening to status quo) beliefs or are not black/brown. McCarthyism and antiblackness are still very much built into the functioning system of western nation states.

> You can only truly believe this if you have never been an open and active supporter of non-conforming (and threatening to status quo) beliefs or are not black/brown. I've been rail-roaded by vindictive government officials who abused their power. Been arrested for it, even. I know what it means to have my first amendment rights violated at a fundamental level. > McCarthyism and antiblackness are still very much bui…

Again, if you're white. Any time black people have organised and advocated for change and especially if they tried to "store enough small arms to organize an insurrection" they were murdered or locked up for life. Look up the MOVE bombing, black panthers, and basically any radical black nationalist group.

So it's not really just my opinion, man. It's demonstrable historical fact. It's just swept under the rug and shouted over with jingoism and other propaganda about how much freedom we enjoy.

Re: Europe’s central banks are starting to replace dollar reserves with the yuan

#192

Post by sangnoir »

prklmn wrote: post #123
anc84 wrote: post #100

Earlier quoted context omitted.

* causes real bad things to happen Fixed that for you. Do I need to get the CIA and various wars lists from Wikipedia?

It’s pretty easy to argue that the CIA is the antithesis of American idealism - unelected bureaucrats doing jobs that the public has no power to hold them accountable for.

> It’s pretty easy to argue that the CIA is the antithesis of American idealism - unelected bureaucrats doing jobs that the public has no power to hold them accountable for.

I think I got that one, Alex: "What is Congressional oversight?"

It's not that it's an antithesis of the ideal; it's just that things get real messy when the idealism meets reality. Elected officials are supposed to represent the public and carefully vet before appointment, and then hold the unelected bureaucrats accountable.

Alternative interpretation: the system is working exactly as designed, and "American Interests" trump any idealism.

Re: Europe’s central banks are starting to replace dollar reserves with the yuan

#193

Post by Elrac »

jv22222 wrote: post #16

Is this shift in any way related to Trump, or would it be happening right about now anyways?

Just a personal opinion from an American who's effectively European, so take it for what it's worth:

I get the impression the USA has been in a slow general decline for a decade or more. A whole bunch of indicators of societal health like life expectancy, poverty, inequality, upward mobility, teen pregnancy, prison population, etc. etc. are at odds with the USA's position as the world's wealthiest nation; as a result, the World Economic Forum (whoever they are?) have announced the US is at risk of losing its status as a developed nation (or something like that).

Whether justified or not, this is shocking news and means there's something systemically wrong. US corporations are discovering it's more profitable to litigate than to innovate, and more effective to buy Congressmen as rubber-stampers of friendly legislation than to do good business.

The USA dropped the ball badly on stem cell research and its multi-billion-dollar health spinoff industries, and again on renewable energy and carbon emission reduction. Since I got my degree, universities have turned into money making industries rather than institutions of scholarship and research... just a few things I've noticed, that in sum can't be good. I think the US will have trouble maintaining its economic position if its middle class is struggling, academics is de-valued and investment is mostly oriented toward short term gains.

Re: Europe’s central banks are starting to replace dollar reserves with the yuan

#194

Post by nwah1 »

sremani wrote: post #33

>>In June, the European Central Bank announced that it had exchanged €500 million ($611 million) worth of US dollar reserves into yuan securities. This was a small shift—the ECB has €44 billion in foreign exchange reserves Before declaring fall of USA, blaming Trump for apocalypse and anointing Xi as the new Emperor, lets take step and really see the numbers. $611 million is a marginal amount when we are talking abou…

According to this same article, 1% of Europe's current reserves are in yuan, and $611 million is about 1% of that 1%. Or, in other words, 0.01% of the total 6.9 Trillion. Actually a bit less than that.

Re: Europe’s central banks are starting to replace dollar reserves with the yuan

#195

Post by nwah1 »

kylell wrote: post #6

this is also an effect of US isolationism and America first rhetoric which also means abandoning other states, eg. Ukraine, when the US loses its influence/importance so does the dollar, meaning you can't print like crazy and export your inflation in the world.

You are reading what you want into this article, without thinking critically.

The article states that 1% of Europe's reserves are in yuan, and they increased it by $611 million, which is about 1% of that 1%. Meaning 0.01% of the total 6.9 Trillion.

And furthermore, the US has not really been printing money. It has been going into debt, to similar effect, but not to such an extent that the overall price levels are being affected. The price of a loaf of bread is still about the same from year to year.

There are particular industries that are seeing rising prices, like healthcare, education, and real estate as a result of many factors, none of which involve the money supply.

Re: Europe’s central banks are starting to replace dollar reserves with the yuan

#196

Post by anthonybsd »

romanovcode wrote: post #179
xir78 wrote: post #3

A few years ago I couldn’t tell you the name of a Chinese company off the top of my head, now I can not only rattle of a list, they’re companies I’ve worked with or have significant investments in companies in the US. I also have a roster of WeChat contacts. I also work with multiple ex-pats that fled fearing for their life due to persecution based on their religion (Falung Gong), and laugh at how freaked people are…

Yeah, and Snowden had so fun time and didn't had to flee and hide from U.S. for the rest of his life at all!

There is a world of a difference between spilling out state secrets, a crime in any Western democracy and simply voicing your displeasure with the government. False equivalence much?

Re: Europe’s central banks are starting to replace dollar reserves with the yuan

#197

Post by muninn_ »

NicoJuicy wrote: post #64
dogma1138 wrote: post #58

Earlier quoted context omitted.

Europe can buy all the yuan in the world and it won’t have any effect. The exchange rate between the dollar and the yuan is set by the rate at which China is buying US debt not by the global markets. China prints money to buy US debt it allows China to devalue its own currency without devaluing its assets and this deal allowed the US to pretty much generate as much currency as they want through cheap debt without dev…

That's rude... Source? It's definitely not the CIA Factbook: https://www.cia.gov/library/publications/the-world-factbook/... Takeaway: EU GDP > America GDP ( don't forget, also the Euro vs USD rose since the start of 2018) ;)

GDP isn't a good way to measure economic output. Nor is it relevant here.

Re: Europe’s central banks are starting to replace dollar reserves with the yuan

#198

Post by cryptonector »

slivym wrote: post #78
sremani wrote: post #33

>>In June, the European Central Bank announced that it had exchanged €500 million ($611 million) worth of US dollar reserves into yuan securities. This was a small shift—the ECB has €44 billion in foreign exchange reserves Before declaring fall of USA, blaming Trump for apocalypse and anointing Xi as the new Emperor, lets take step and really see the numbers. $611 million is a marginal amount when we are talking abou…

This is kind of ridiculous. The purpose of reserves is not to send political messages. It's to provide a mechanism to manage monetary policy and it does that through buying back its liabilities. To do this effectively you must hold a strong currency as your reserve- there's no point holding Zimbabwe dollars. So any reasonable reserves for a European country today will be part Dollar, Pound, Yen and Yuan. How much of…

> It's not a good sign for the US, but...

Why isn't it good for the U.S. that the rest of the world get wealthier? Of course it is.

Re: Europe’s central banks are starting to replace dollar reserves with the yuan

#199

Post by cryptonector »

dogma1138 wrote: post #58
sremani wrote: post #33

>>In June, the European Central Bank announced that it had exchanged €500 million ($611 million) worth of US dollar reserves into yuan securities. This was a small shift—the ECB has €44 billion in foreign exchange reserves Before declaring fall of USA, blaming Trump for apocalypse and anointing Xi as the new Emperor, lets take step and really see the numbers. $611 million is a marginal amount when we are talking abou…

Europe can buy all the yuan in the world and it won’t have any effect. The exchange rate between the dollar and the yuan is set by the rate at which China is buying US debt not by the global markets. China prints money to buy US debt it allows China to devalue its own currency without devaluing its assets and this deal allowed the US to pretty much generate as much currency as they want through cheap debt without dev…

China could abandon mercantilism, or the U.S. as its main export market. That would have an effect for sure.
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