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Thread: China, Russia quit dollar

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    Re: China, Russia quit dollar

    Quote Originally Posted by Heavy Duty View Post
    Wonder what happens if we started cutting into the trade deficit we have with these two countries?
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    Re: China, Russia quit dollar

    Quote Originally Posted by Heavy Duty View Post
    Wonder what happens if we started cutting into the trade deficit we have with these two countries?
    You mean "Trade Imbalance" right? There is really no such thing as a Trade Deficit, unless one side is gaining 'something'(as in goods and services), and has not paid for that 'something' yet. If you buy something on credit, you are creating a trade deficit. This is a common misconception, and tends to make people think that it is bad, when it isn't. When you go to the store and buy clothing, you are paying with money(physical or electronic). But you didn't pay with clothing, so you are working a "Trade Imballance".
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    Re: China, Russia quit dollar

    Quote Originally Posted by Heavy Duty View Post
    Wonder what happens if we started cutting into the trade deficit we have with these two countries?
    I suppose we'll see, though I doubt if anything major would occur, even in the unlikely event the US does start to pay it off. Why would that affect the Russo-Chinese switch to domestic currency? Are there not still exhcange rates between the dollar and the rouble? XD

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    Re: China, Russia quit dollar

    Quote Originally Posted by Le Marteau View Post
    This has nothing to do with the Cold War or communism or anti-American sentiment, or any other little conspiracy theories you've brewed up. This is just intelligent fiscal policy -- the US has been on the decline for a decade now, and the economic crisis has just proven to the world that times change. The US dollar is destined for severe power loss, perhaps even collapse -- and it's been declining for a long while now.

    Don't be so Amero-centric as to think it has anything to do with snobbing the States -- this is just Russia and China looking to pursue their own best interests.

    Amero-centric? What the heck does that even mean? That we should just stand by and take it? Letting China, and Russia undermine the dollar further is an attack on the US. Mu thinking is that you see this as a good thing largely because you agree with a Socialist-Communist mindset.

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    Re: China, Russia quit dollar

    Quote Originally Posted by j-mac View Post
    Amero-centric? What the heck does that even mean? That we should just stand by and take it? Letting China, and Russia undermine the dollar further is an attack on the US. Mu thinking is that you see this as a good thing largely because you agree with a Socialist-Communist mindset.

    j-mac
    Why should any sovereign country have to hold your currency? It MIGHT be a move to undermine you, but there's also nothing illegal or wrong with it, unless it had a knock on effect to other currencies that held yours.

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    Re: China, Russia quit dollar

    Quote Originally Posted by Jetboogieman View Post
    Why should any sovereign country have to hold your currency? It MIGHT be a move to undermine you, but there's also nothing illegal or wrong with it, unless it had a knock on effect to other currencies that held yours.

    How could it not?


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    Re: China, Russia quit dollar

    Why should it not? The USD has historically been the de facto international currency, but times have changed.
    Don't work out, work in.

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    Re: China, Russia quit dollar

    You know, sometimes other countries do things that arent solely to benefit or detriment us.
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    Re: China, Russia quit dollar

    Nations that hold massive currency reserves can be considered currency manipulators. For example, US foreign currency reserves are around 1% of US GDP. In China, they are in excess of 50% of their GDP.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: China, Russia quit dollar

    Wen said at the press conference that the partnership between Beijing and Moscow has "reached an unprecedented level" and pledged the two countries will "never become each other's enemy".

    Over the past year, "our strategic cooperative partnership endured strenuous tests and reached an unprecedented level," Wen said, adding the two nations are now more confident and determined to defend their mutual interests.

    "China will firmly follow the path of peaceful development and support the renaissance of Russia as a great power," he said.
    I'm less concerned about their dive in/out of using our currency - seeing as how many other countries don't use it, either, I really don't comprehend the implication and can't realize if it's good or bad. (ignorance yes - bliss maybe).

    But this part I quoted is notably disturbing to me.

    If our one major fall-back bailout ally is now saddled with our constant grudge then what does that make them - and what does that make them and us?

    I think we're going to suffer the consequences of assuming we're "squared away with Russia" - and I note the significance behind this announcement coming *from* St Petersburg.
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