151–160 of 282 posts
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I thought it was data
I thought it was Bitcoin.
"We're Past The Point Of No Return" | Luke Gromen and Lyn Alden
Data from a chart in the article: Share of gold before relocation: New York: 31.33% Zeist: 30.83% Ottawa: 19.72% London: 18.12% Share of gold after relocation New York: 18.52% Zeist: 30.83% Ottawa: 18.52% London: 32.13% In other words, if you read the headline and thought the Netherlands was just pulling gold out of the US and it was pulling ALL of its gold out, you're not seeing the whole story. And if you read the…
There is a persistent rumour that there is a physical link between jpmorgan and comex. My understanding is that there is no real way to audit whats in there (unlike the BoE where they have tour guides that show you the gold)
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That said, it's not necessarily a great deal for the US middle class anymore, due to the Triffin Dilemma: https://en.wikipedia.org/wiki/Triffin_dilemma This 2020 piece by Lyn Alden is a great explainer: https://www.lynalden.com/fraying-petrodollar-system/ (Not that I think anything Trump has done has helped the situation even accidentally.)
Nothing there explains why it's a bad deal for the middle class. The middle class actually benefits the most from this situation! More goods, more government services, etc. How much more? Just add up all the trade deficits, that's all benefit accrued almost entirely to the middle class.
How is the situation with Bitcoin? Do Europeans have options to hold Bitcoin in ETFs, ETPs etc that are not storing the coins in the USA?
yes, but why would you want to? The only thing you would gain is instant trade settling (assuming the exchange is open)
I know it sounds like europe is a financial backwater, but we have all the things the US has, apart from the capitalisation.
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Nothing there explains why it's a bad deal for the middle class. The middle class actually benefits the most from this situation! More goods, more government services, etc. How much more? Just add up all the trade deficits, that's all benefit accrued almost entirely to the middle class.
It is explained in the Alden piece, section "The Fraying of the Petrodollar System", subsection "The Triffin Dilemma Unfolds". What I meant was "blue collar working class" as opposed to the neo-artistocrat professional class. The Triffin Dilemma is a contributor to the K shaped economy and rise of populism. >And from there, the value of the system depends on who you ask. Folks who are often on the higher end of the i…
The piece puts increasing trade deficits next to lots of stuff about increasing inequality, but it does not make the case that trade deficits are the cause of increasing inequality.
There's a person that had a job making physical things, but they are not inherently a "person that only makes physical things." The idea that bringing back the making of physical things will make these people wealthier is, well, suspicious. Unions? Better taxations systems? Modernizing manufacturing so that each worker is far more productive and we can compete with the world? That may help. But reducing trade deficits will not fix any of the K shaped economy.
see:
>“Considering your Country decided not to give me the Nobel Peace Prize for having stopped 8 Wars PLUS, I no longer feel an obligation to think purely of Peace,” he wrote, adding that the US needed “complete and total control” of Greenland.
not quite sure what's up with this timeline.
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I am not defending the US government but the reason why you hold treasuries is because if you want to buy something in two years, or ten years, etc. there is a good chance you will want to buy something with dollars. Oil, soy beans, New York real estate..
Until you can buy oil without dollars. This was an explicit agreement called the Petrodollar system, which was premised on the US navy securing international trade. If the US navy proves unable to do that (and exhausts its arms and demonstrates unpreparedness for future conflicts) then the whole premise falls apart. You might also stop buying real estate if the government seems unstable and economy is poised to colla…
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Until you can buy oil without dollars. This was an explicit agreement called the Petrodollar system, which was premised on the US navy securing international trade. If the US navy proves unable to do that (and exhausts its arms and demonstrates unpreparedness for future conflicts) then the whole premise falls apart. You might also stop buying real estate if the government seems unstable and economy is poised to colla…
Or until you don't need to buy oil at all. China has reduced its consumption by 1.5M barrels/day this year alone.
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In all fairness, I deal with British tourists a lot and they always talk about "going to Europe" when they refer to their summer holiday in Benidorm.
But almost invariably in this context they mean "the continent" ie France, Spain, Italy and so on, probably not Scandi and not Ireland. So that's more like how people would say they're going "to the UK" when actually they're travelling to like the Isle of Man or even sometimes Jersey which are not in the UK but like sure, people who speak English live there, if some lunatics attacked them the military forces would wo…
I'm being highly pedantic here.