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Saudi Arabia isn't going off the USD. That would seriously undermine their relation with the U.S. and could even have them branded an antagonistic nation. The
by UltraViolence 4y ago
Saudi Arabia isn't going off the USD. That would seriously undermine their relation with the U.S. and could even have them branded an antagonistic nation.
The dominance of the USD is EXTREMELY important to the U.S. and I can assure you that Washington is even willing to wage war over it.
But I believe the ball has already started rolling with Bitcoin and Russia's demand for payment in Rubles.
- pirate787 4y agoLOL Bitcoin is a joke, its down 65% against the dollar this year
- luciusdomitius 4y agoAnd it is going to fall more after the rug pull about to happen. Still, even in its worst, it is doing well against TRL, ARP, etc. And those are currencies used by many tens of millions.
- UltraViolence 4y agoFTX's collapse has left its mark, but this will only be temporary. Bitcoin is already demonstrating its usefulness by helping countries evade economic sanctions. There are a truckload of nations who're fed up with the West's financial dominance and are actively seeking alternatives.
- jen20 4y ago> FTX's collapse has left its mark, but this will only be temporary Bitcoin was down well in advance of the FTX collapse. The reason it is down is because it's a Ponzi scheme, and an unconscionable waste of resources so that cryptobros can LARP at being a libertarian.
- andirk 4y ago> The reason it is down is because it's a Ponzi scheme Is the rest of the stonks also a ponzi scheme? Because if you didn't notice, those are also very down.
- jen20 4y agoIf by "stonks" you mean meme stocks and SPACs, then practically yes. They both rely on the people coming afterwards being a bigger idiot onto whom poor value instruments can be offloaded.
- andirk 4y agoCommon ETFs usually trade at 20x+ their actual output. When people ask me for investment advice, I tell them that I am good at predicting this fiction and no I won't subject anyone else to it because the whole thing is 50% a complete insider trading scam. My point is to call one thing a scam and pretend the other thing is legit is a joke. To me "stonks" is a name to belittle stocks. Disclosure: I am heavily invested in both space cash and stonks.
- luciusdomitius 4y agoS. Arabia was already labeled a pariah nation by the senile old man. Just before they refused to increase production. So, no leverage there.
- UltraViolence 4y agoOl' Joe can't completely pull his hands off Saudi Arabia. Same with Turkiye. Both are too important to the strategic and economic well-being of the U.S. to cut loose.