The very stable genius now wants to devalue the dollar, what could go wrong

[bendog]

Nixon shock - Wikipedia

en.wikipedia.org

nder the floating rate system, during the 1970s, the dollar plunged by a third. Further, the Nixon shock unleashed enormous speculation against the dollar. The German Mark appreciated significantly after it was allowed to float in May 1971. It forced Japan's central bank to intervene significantly in the foreign exchange market to prevent the yen from increasing in value. Within two days August 16–17, 1971, Japan's central bank had to buy $1.3 billion to support the dollar and keep the yen at the old rate of ¥360 to the dollar. Japan's foreign exchange reserves rapidly increased: $2.7 billion (30%) a week later and $4 billion the following week. Still, this large-scale intervention by Japan's central bank could not prevent the depreciation of US dollar against the yen. France also was willing to allow the dollar to depreciate against the franc, but not allow the franc to appreciate against gold.[citation needed]

Devaluing IRA's is most trump like if it makes opening casinos overseas easier.

 

[JoeMoma]

You talking about Biden?

 

[shockedcanadian]

Nothing wrong with devaluing the currency. It will only impact the most wealthy who travel it will encourage foreign investment in U.S manufacturing and jobs.

 

[MisterBeale]

Trump trade advisers plot dollar devaluation​

Advisers close to the former president — particularly his former trade chief Robert Lighthizer — are considering policies that would weaken the dollar relative to other currencies, which could juice U.S. exports but also fuel inflation.

https://www.politico.com/news/2024/04/15/devaluing-dollar-trump-trade-war-00152009

Trump shut down Navarro over ideas to devalue U.S. dollar​

https://www.politico.com/story/2019/07/26/trump-dismissed-plan-devalue-dollar-1437276

What are Trump's plans for the economy in a potential 2nd term?

The plans aim to increase U.S. productivity but risk higher prices, experts said.

abcnews.go.com

 

[bendog]

Trump trade advisers plot dollar devaluation​

Advisers close to the former president — particularly his former trade chief Robert Lighthizer — are considering policies that would weaken the dollar relative to other currencies, which could juice U.S. exports but also fuel inflation.

https://www.politico.com/news/2024/04/15/devaluing-dollar-trump-trade-war-00152009

Trump shut down Navarro over ideas to devalue U.S. dollar​

https://www.politico.com/story/2019/07/26/trump-dismissed-plan-devalue-dollar-1437276

Thank you. I failed on the link.

 

[bendog]

You talking about Biden?

you got that ass backwards.

You may want to check on the IMF's warning today.

 

[Rawley]

Thank you. I failed on the link.

"according to three former Trump administration officials granted anonymity to discuss confidential policy plans."

Pass

 

[EvilCat Breath]

The dollar has been devalued several times. This isn’t exactly earth shattering.

 

[DGS49]

The Chinese used undervalued currency to skyrocket to the world's largest economy. When challenged, they said, Fuck You!

But that is ancient history, eh?

 

[Missourian]

Bidenomic Inflation devalues the buying power of the dollar every day.

Don't need a link...just go to the grocery store.

 

[MisterBeale]

Thank you. I failed on the link.

In all fairness, we are only going to get the establishment/lefty POV on this from those links. To be fair, we should also look to see from the other side, yes?

Playbook | Project 2025

The fourth pillar of Project 2025 is our 180-day Transition Playbook and includes a comprehensive, concrete transition plan for each federal agency. Only through the implementation of specific action plans at each agency will the next conservative presidential Administration be successful...

www.project2025.org

https://static.project2025.org/2025_MandateForLeadership_FULL.pdf#2025_MandateForLeadership_TEXT.indd%3A.122005%3A4970

<Snip>

 

[22lcidw]

Nixon shock - Wikipedia

en.wikipedia.org

nder the floating rate system, during the 1970s, the dollar plunged by a third. Further, the Nixon shock unleashed enormous speculation against the dollar. The German Mark appreciated significantly after it was allowed to float in May 1971. It forced Japan's central bank to intervene significantly in the foreign exchange market to prevent the yen from increasing in value. Within two days August 16–17, 1971, Japan's central bank had to buy $1.3 billion to support the dollar and keep the yen at the old rate of ¥360 to the dollar. Japan's foreign exchange reserves rapidly increased: $2.7 billion (30%) a week later and $4 billion the following week. Still, this large-scale intervention by Japan's central bank could not prevent the depreciation of US dollar against the yen. France also was willing to allow the dollar to depreciate against the franc, but not allow the franc to appreciate against gold.[citation needed]

Devaluing IRA's is most trump like if it makes opening casinos overseas easier.

When that happened, it was when we lost control of the Fiat Currency. The socialist agendas and incredible debts we accrued with the Viet Nam war and moon program included came to a head. That was the start. Millions of manufacturing employment with good wages were removed to pay for the growing socialist payouts. Many of those employees though got great pensions and payouts for closing of the industries. We all saw the changeover in banking. They paid us and we then paid them. Anyway, we exist today on the whims of the owners of our fiat currency. Most of them from Europe.

 

[munkle]

We will either devalue the dollar in a controlled fashion or it will devalue itself in an uncontrolled fashion which could result in Argentine style hyperinflation. That is when food prices will double overnight and Biden's new Latin gangs will be coming over your fence. You cannot print $10 trillion in a few years and have the dollar retain its value. It will happen one way or the other Trump is just opting to try and control the fall. Try and land soft or you will land hard.

 

[boevans]

Correct answer: do not elect Trump.

 

[bendog]

In all fairness, we are only going to get the establishment/lefty POV on this from those links. To be fair, we should also look to see from the other side, yes?

Playbook | Project 2025

The fourth pillar of Project 2025 is our 180-day Transition Playbook and includes a comprehensive, concrete transition plan for each federal agency. Only through the implementation of specific action plans at each agency will the next conservative presidential Administration be successful...

www.project2025.org

https://static.project2025.org/2025_MandateForLeadership_FULL.pdf#2025_MandateForLeadership_TEXT.indd%3A.122005%3A4970

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I'm not sure I understand. Heritage? Never met a deficit it didn't like. Trump devaluing the dollar to make exports cheaper. Nixon devlaued the dollar, although he decoupled the dollar from gold for a different reason.

However the effect of a weaker dollar is that it takes more dollars to buy shit, and that makes goods more expensive for US consumers. That's neither liberal nor conservative ... although Steve Forbes has weighed in recently on Kudlow. He was bashing biden, of course. And Powell for raising rates, rather than strengthening the dollar. (I sense a magic fairy wand on getting one without the other)

The gop will cut taxes and increase spending. Thank heritage. That causes inflation because it requires more dollars to fund deficits. And tax revenues do NOT automatically go up if you cut taxes. Trump was balls deep on this, and now he wants the dollar to be less valuable. Magfuckingnificant.

Biden is spending more, although deficits are currently retreating ... we are on an unsustainable path. We are looking at deficits equal to 8-9% of gnp.

I voted for Forbes once, and McCain. And then I abandoned conservatism and voted for W.

We have so much fucking liquidity (dollars) in the econ, the Fed can't pull em out fast enough. And of the three stimuluses ... the gop was the maj party for two of them. What we need to do is hold taxes steady, or even raise them on the very top, and pay off debt to take dollars out of the economy .... which would require the majority party to avoid any new spending. Neither party will do that. Although the very stable genius plans to use gasoline too.

 

[MisterBeale]

I'm just providing links. I'm not saying I support anyone in this. I've grown quite cynical, TBH.

I'm only posting information for folks.

RFK Jr.: We need to get spending under control​

Jan 31, 2024

How RFK Jr. Plans To Cut The National Debt​

Jan 11, 2024

 

[bendog]

Pols only care about spending when we demand they do. And we like the money. We need a leader, and imo none of the above fit the ticket. Who's worse? If it weren't for devaluing the dollar, I was having a hard time figuring out if Biden or Trump was more dangerous. Biden's so weak, it may still be a tie.

Imo RFJ jr is just doing a W .... I can do it too!

 

[MisterBeale]

We will either devalue the dollar in a controlled fashion or it will devalue itself in an uncontrolled fashion which could result in Argentine style hyperinflation. That is when food prices will double overnight and Biden's new Latin gangs will be coming over your fence. You cannot print $10 trillion in a few years and have the dollar retain its value. It will happen one way or the other Trump is just opting to try and control the fall. Try and land soft or you will land hard.

This is probably the most intelligent analysis.

When the establishment demonizes you and gives you flack for what you are saying? It generally means, you are over the target.

"Recession Is The Cure" - Peter Schiff Says The Fed Needs To RAISE Rates To Save The U.S Dollar​

 

[EvilCat Breath]

I'm not sure I understand. Heritage? Never met a deficit it didn't like. Trump devaluing the dollar to make exports cheaper. Nixon devlaued the dollar, although he decoupled the dollar from gold for a different reason.

However the effect of a weaker dollar is that it takes more dollars to buy shit, and that makes goods more expensive for US consumers. That's neither liberal nor conservative ... although Steve Forbes has weighed in recently on Kudlow. He was bashing biden, of course. And Powell for raising rates, rather than strengthening the dollar. (I sense a magic fairy wand on getting one without the other)

The gop will cut taxes and increase spending. Thank heritage. That causes inflation because it requires more dollars to fund deficits. And tax revenues do NOT automatically go up if you cut taxes. Trump was balls deep on this, and now he wants the dollar to be less valuable. Magfuckingnificant.

Biden is spending more, although deficits are currently retreating ... we are on an unsustainable path. We are looking at deficits equal to 8-9% of gnp.

I voted for Forbes once, and McCain. And then I abandoned conservatism and voted for W.

We have so much fucking liquidity (dollars) in the econ, the Fed can't pull em out fast enough. And of the three stimuluses ... the gop was the maj party for two of them. What we need to do is hold taxes steady, or even raise them on the very top, and pay off debt to take dollars out of the economy .... which would require the majority party to avoid any new spending. Neither party will do that. Although the very stable genius plans to use gasoline too.

The effect of a devalued dollar is that American goods are cheaper than foreign goods. Otherwise no one 8n this country will notice.

 

[BluesLegend]

Bidenomic Inflation devalues the buying power of the dollar every day.

Don't need a link...just go to the grocery store.

Made the mistake of stopping at a Wendy's yesterday. Single cheeseburger (no fry), a medium lemonade and cinnamon roll a whopping Joe Biden inflation $14 wow!!