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Ghana plans to buy oil with gold instead of dollars

aljazeera.com

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Re: Ghana plans to buy oil with gold instead of dollars

#321

Post by RC_ITR »

danielschonfeld wrote: post #135
jonnybgood wrote: post #98

This has nothing to do with USD dominance as many are suggesting. Ghana is running out of USD reserves and has to resort to buying with gold. Nothing suggests they wouldn’t use USD if they had it.

It has everything to do with USD dominance. Ghana is shouting out loud I can’t get my hands on USD. They’re echoing what the global market in general has been pricing. Now true, having your product be a hot commodity everybody wants is good for business but there’s only so much of that before your competitor starts offering a more readily available product. Pepper that with some morally objectionable stances the US h…

Lol I thought the problem was the US created too many dollars?

I guess inflation is a lot more complex than the comments section here would have you believe.

Re: Ghana plans to buy oil with gold instead of dollars

#322

Post by RC_ITR »

ShivShankaran wrote: post #286
bjornsing wrote: post #276

Earlier quoted context omitted.

> Ghana is shouting out loud I can’t get my hands on USD. If you have gold but can’t get your hands on USD then something is very wrong, but I doubt that is the case.

because it's not the case at all. de-dollarization is picking up rapidly across most neutral/anti-US countries and this is the start of it. China is trading with Russia in yuan and even India has allowed small players to bypass USD and trade in INR directly https://www.reuters.com/world/india/india-allows-internation... Something I have been shouting hoarse is that this war in Ukraine is going to have multi-generatio…

It’s so interesting to me that people see the dollar at a long term high, a proxy war in which the US is kicking ass (we don’t even need to send troops, our old equipment is enough) and their takeaway is that the US is in decline.

Re: Ghana plans to buy oil with gold instead of dollars

#323

Post by georgeplusplus »

kasey_junk wrote: post #319
georgeplusplus wrote: post #316

Earlier quoted context omitted.

I don't want Kasey junk bucks. Which is why I'm scratching my head at youre reasoning the largest economy in the world would accept worthless currency.

And if I held a gun to your head and demanded that you accept kasey_junk bucks? China has some of the strictest currency controls in the world. To the point if you are doing treasury operations for an international business there you can’t use your normal financial rails to accomplish day to day tasks like manage payroll. No one, including Chinese citizens, want to keep their cash there. For corporations this manifes…

And if I held a gun to your head and demanded that you accept kasey_junk bucks?

I don't believe that's whats happening though.

The idea that Russia is holding a gun to china's head just doesn't make sense. Russia and China are part of the BRICS economic treaty, and this treaties main purpose is to see the dollar dethroned. I live in China FWIW and I don't see any of what you describe

Re: Ghana plans to buy oil with gold instead of dollars

#324

Post by lottin »

ilammy wrote: post #317
lottin wrote: post #271

Earlier quoted context omitted.

What do you mean real dollars? Dollar deposits in bank accounts outside the US are as real as dollars deposited in US banks.

Oh sweet child, try transferring your “dollars” out of your country first – especially into US – before you claim they are real.

This is absolute nonsense. International trade is predominantly conducted in US dollars, therefore it's patently obvious that it must possible to transfer dollars abroad.

Re: Ghana plans to buy oil with gold instead of dollars

#325

Post by kasey_junk »

georgeplusplus wrote: post #323
kasey_junk wrote: post #319

Earlier quoted context omitted.

And if I held a gun to your head and demanded that you accept kasey_junk bucks? China has some of the strictest currency controls in the world. To the point if you are doing treasury operations for an international business there you can’t use your normal financial rails to accomplish day to day tasks like manage payroll. No one, including Chinese citizens, want to keep their cash there. For corporations this manifes…

And if I held a gun to your head and demanded that you accept kasey_junk bucks? I don't believe that's whats happening though. The idea that Russia is holding a gun to china's head just doesn't make sense. Russia and China are part of the BRICS economic treaty, and this treaties main purpose is to see the dollar dethroned. I live in China FWIW and I don't see any of what you describe

Sorry, we’ve been talking past each other apparently. I believe China is strong arming Russia into using the yuan when Russia would prefer anything else. My belief is that this is a sign of how weak the Russian economy is, not a sign of yuan strength.

I 100% believe that the BRICS signatories want to see the dollar dethroned. I’m not even stating an opinion on whether it should be or not. My position is simple, illiberal currencies are not a viable alternative for international trade. A prerequisite for the yuan taking over as reserve currency is it becoming more liberal. That’s not currently the trend.

And fwiw I’ve been both a fx trader and worked in treasury operations for an international. I’ve dealt specifically with moving yuan.

Re: Ghana plans to buy oil with gold instead of dollars

#326

Post by Hayvok »

jacooper wrote: post #172
Hayvok wrote: post #162

Earlier quoted context omitted.

If you want the real-politick answer then “yeah, absolutely”. What’s your point? But the U.S empire has been pretty amazing for a pretty amazing number of people across the globe, and it is shockingly easy to stay on the good side of U.S. foreign policy. Be reasonably democratic, don’t genocide undesirable elements of your population, don’t pick on other reasonably democratic countries, don’t threaten world trade and…

> But the U.S empire has been pretty amazing for a pretty amazing number of people across the globe, and it is shockingly easy to stay on the good side of U.S. foreign policy. Hell no > Be reasonably democratic, don’t genocide undesirable elements of your population, don’t pick on other reasonably democratic countries, don’t threaten world trade and resources, don’t steal all the Americans’ stuff by suddenly socializ…

Russia went from being the “evil empire” to having Starbucks and McDonalds within ten years of ticking just a couple of those boxes. If your nation is still on the international naughty list it’s because of your behavior.

Americans would much rather be selling you cheeseburgers and blue jeans and Avengers movies than fighting with you.

Re: Ghana plans to buy oil with gold instead of dollars

#327

Post by [deleted] »

Gustomaximus wrote: post #301
edgyquant wrote: post #242

Earlier quoted context omitted.

>They may be seeing a three letter agency from the USA very soon Yeah this shows how little your credibility is. Idiotic meme that was never true

2 points. 1) Please keep this site as a place for discussion and throw information rather than insults. 2) A three letter agency seems believable to me. Do you remember what happened in Libya 2011? It is believed this was in a large part due to their planned move to an afro dollar. https://theecologist.org/2016/mar/14/why-qaddafi-had-go-afri...

[deleted]

Re: Ghana plans to buy oil with gold instead of dollars

#329

Post by hnews_account_1 »

rsj_hn wrote: post #315
kasey_junk wrote: post #295

Earlier quoted context omitted.

The Chinese are demanding Russia trade in yuan because the Russian currency has, through a series of impressive self owns, become completely useless. If the Russian position was even a little less weak it wouldn’t fly because Russians don’t want yuan for the same reason Chinese people don’t, it’s an illiberal currency unsuitable for trade. That’s getting worse not better, because there is a moderate chance if China r…

> because the Russian currency has, through a series of impressive self owns, become completely useless. Huh. Checks forex rates . Not worthless, USD/RUB went from 100 to 60. It's worth 167% what it was before Feb 2022. How do you explain that? So many people forget that the value of a currency derives from considerations of supply and demand. When Russia said it demands to be paid in Rubles for some commodities, the…

This is like the stupidest voluminous comment written by someone who has never observed a market for any length of time. Just the first paragraph is enough to dismiss the rest of this, even if it is accurate lol

Re: Ghana plans to buy oil with gold instead of dollars

#330

Post by hnews_account_1 »

RC_ITR wrote: post #322
ShivShankaran wrote: post #286

Earlier quoted context omitted.

because it's not the case at all. de-dollarization is picking up rapidly across most neutral/anti-US countries and this is the start of it. China is trading with Russia in yuan and even India has allowed small players to bypass USD and trade in INR directly https://www.reuters.com/world/india/india-allows-internation... Something I have been shouting hoarse is that this war in Ukraine is going to have multi-generatio…

It’s so interesting to me that people see the dollar at a long term high, a proxy war in which the US is kicking ass (we don’t even need to send troops, our old equipment is enough) and their takeaway is that the US is in decline.

The US is incredibly strong. That does not mean the dollar is in good shape. Too much strength for your currency of exchange / account is a bad thing. It is why crypto cannot be a currency even if the blockchain was rock solid tech. Nobody in their right mind will use a currency that is that volatile. You cannot price anything properly or run a business. Same with usd. Sure the guy above is exaggerating and he probably knows that, but dollar strength is a bad thing beyond a point. People in finance already understand this very well.
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