Today’s twitter picks – oil and the American dollar

This is what we have feared for a long time. If the American dollar loses its status as the primary global currency, it will be bad news for the USA.

Another name for a global currency is the reserve currency.

According to the International Monetary Fund, the U.S. dollar is the most popular. As of the fourth quarter of 2019, it makes up over 60% of all known central bank foreign exchange reserves. That makes it the de facto global currency, even though it doesn’t hold an official title.

In the foreign exchange market, the dollar rules. Around 90% of forex trading involves the U.S. dollar.

Up until now, despite trillions of dollars in foreign debt and continuous large deficit spending, the United States holds global trust and confidence in its ability to pay its obligations.

 

This entry was posted in Biden Corruption, Current Events, Economy, Government, Inflation, Oil Prices. Bookmark the permalink.

2 Responses to Today’s twitter picks – oil and the American dollar

  1. Pa Hermit says:

    Prospects won’t get any better with ID10T in office!

    Liked by 3 people

  2. litenmaus says:

    On February 4th, Putin and Xi signed a thirty year contract for gas transfer through the “Siberian Pipeline” that’s supposed to be completed in three years. At the same time that contract was signed, Russia, Kazakhstan and China agreed to increase the amount of oil shipped into China.

    The settlements are contracted to be paid in Euros…Not Dollars.

    Now we have Saudi Arabia considering the Chinese Yuan.

    I don’t think the strength of the dollar can hold and we are going to be in a world of hurt…I hope I’m proven wrong but it’s not looking good for the home team at the moment.

    Liked by 3 people

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