Will the Dollar lose it's Reserve Status?

[eagle1462010]

Will the Dollar lose it's Reserve Status?

Countries like Russia and China are making moves that suggest it is already underway.

The World Waves Goodbye to the US Petro-Dollar ? Lawmakers Call to Ditch It and Countries Barter Not to Use It « Golden Age of Gaia

tephen: Everything is pointing to the US dollar being replaced as the petro dollar sooner rather than later - ironically sped up BECAUSE of the sanctions put in place on Russia over the Ukraine situation. This week’s talk of a $20 Billion oil-for-goods deal between Iran and Russia is one definitive sign of this. Now lawmakers in Russia are calling for the dollar to be dumped altogether. These are interesting times indeed.

 

[eagle1462010]

Petrogold: Are Russia And China Hoarding Gold Because They Plan To Kill The Petrodollar?

Will oil soon be traded in a currency that is thousands of years old? What would a "gold for oil" system mean for the petrodollar and the U.S. economy? Are Russia and China hoarding massive amounts of gold because they plan to kill the petrodollar? Since the 1970s, the U.S. dollar has been the currency that the international community has used to trade oil around the globe. This has created an overwhelming demand for U.S. dollars and U.S. debt. But what happens when the rest of the globe starts rejecting the increasingly unstable U.S. dollar and figures out that gold can be used as a currency in international trade? The truth is that it doesn't take a lot of imagination to figure that out. Demand for the U.S. dollar and U.S. debt would fall off the map and there would be a rush into gold unlike anything we have ever seen before. So are Russia and China accumulating unprecedented amounts of gold right now because they eventually plan to cut the legs out from under the petrodollar and they want to gobble up huge stockpiles of gold before the cat is out of the bag? Of course they will never admit this publicly, but there are rumblings out there that this is exactly what is happening.

Not that you can really blame any nation that wants to get into gold right now. News outlets all over the globe are telling us that we are in the midst of a "currency war" as central banks all over the planet race to devalue their currencies.

So why would anyone want to be in paper in such an environment?

And of course the Federal Reserve is one of the biggest offenders. The Fed has been printing money like it is going out of style, and nobody at the Fed or in the U.S. government really seems too concerned that all of this money printing could be endangering the petrodollar.

But the truth is that the Fed is endangering the petrodollar. Just read some foreign news stories about the U.S. dollar. They mock us for our reckless money printing.

In the end, our recklessness will make it very easy for the rest of the world to ditch the U.S. dollar.

At some point, it will happen. In fact, there are persistent rumors that Russia and China actually intend to make it happen.

 

[Mad Scientist]

The rest of the world is nice to us because they HAVE to use the dollar in International Markets, especially in Oil. When the reserve status is taken, when the dollar is reduced in value to what it SHOULD be, the world will not have to kiss America's ass anymore.

Then we'll find out what the World REALLY thinks of us. Hint: You aint gonna' like it.

 

[eagle1462010]

The rest of the world is nice to us because they HAVE to use the dollar in International Markets, especially in Oil. When the reserve status is taken, when the dollar is reduced in value to what it SHOULD be, the world will not have to kiss America's ass anymore.

Then we'll find out what the World REALLY thinks of us. Hint: You aint gonna' like it.

We've been seeing this coming for a long time, and the result of this will suck.

We are not the only ones manipulating the currency. Japan is famous for it. The IMF is also cranking out the Euro's as well. It doesn't bode well for our future.

 

[Mr. H.]

The rest of the world is nice to us because they HAVE to use the dollar in International Markets, especially in Oil. When the reserve status is taken, when the dollar is reduced in value to what it SHOULD be, the world will not have to kiss America's ass anymore.

Then we'll find out what the World REALLY thinks of us. Hint: You aint gonna' like it.

The Dollar is already reduced in value, albeit not to what it "should be".

It's one reason that crude is priced so high today.

 

[eagle1462010]

bump

 

[Toro]

Er, no.

At least not in our lifetimes.