I agree that no ready-made alternative to USD dominance exists yet, but the mere fact of political will/combinations to seek alternatives is noteworthy.
The dollar and the Euro are backed by stability of democracies. It at least accepts transparency even though we have to wrench the faults out of our stock market and money managers etc.... Its stable because it has the ability to be criticized and fixed. We talk about the fed, we talk about timing and insider trading on WS. Where else do you get that? Our press is so vital to at least provide us material to even have a reason to be critically.
btw to winehole and no no.
It is true that democracies like Switzerland still have to be pried loose from their willingness to take blood money.
But at least we know what they have done and have the ability to do. Their banks are coming under more scrutiny with this war.
guessing you're referring to Credit Swisse asking investors to destroy records related to Russians currently under sanctions.
The problem is that political will alone won't get it done. You might have some isolated nation to nation cases, but we live in a globalized world, where you do business with everybody everywhere. And if you cannot, you'll be isolated. North Korea is a good example.
As much as some people about the Fed, it's actually one of the main reasons the US is special compared to other countries, where the economic stability is primarily derived from political stability.
Talking about losers...
Agreed on all points.
My man called it
Its always something with Swiss banks. "Not gonna take sides, will take your money."
True, but it wouldn't get done absent that political will. One wonders how long "everyone" will remain quiescent to US/EU bullying once alternatives exist. If Russia, China, Iran and South Asia were to form an economic bloc that would be non-trivial.
Alternatives will exist when the world actually trusts putting their own hard earned money in them. Look at the worlds leading currencies traded now and they are all under democratic governments that you can get info about. We can dig into the soundness of trust. It may not be to our liking but when the alternative is the Russian stock market or Chinese government bonds.... The dollar, the Euro, the Pound... when times get bad, these actually have meaning.
And that block would be non-trivial if it were trusted. There are certain governments in that group in which you cannot get information on and have no idea what has happened when your money is gone. People who invested in Russian associated assets knew they were taking a risk in that market. They knew what had happened before and what could happen.
Trust arrives on foot and departs on horseback. The US would do well to keep this in mind.
I wonder if the size of this investment was compatible with ERISA standards
Absolutely.
But we know about this.
We know that states and localities and retirement funds can be raided unfairly and then have the ability to take legal recourse in many cases.
I also know of cases where states had to pay people back on state retirement funds.
when these types of incidents are reported and acted on honest money put into fund by honest people benefit.
Last edited by pgardn; 03-04-2022 at 12:04 PM.
13 million is pretty small share of their likely asset pool.
(finds statement)
out of 26,000 million
Eyup. Bound to be losers like that in any investment pool. Up until the invasion it was an okay investment.
it's reported they sold the position the day before the invasion, so moot
I've read that they actually sold their holdings in February and ended up with $12.4 million return on their $15.6 million investment. Still a major loss but nowhere near the above.
https://www.courier-journal.com/stor...le/9373911002/
thanks.
My bad...I see you caught it already.
thanks.
all good, man
Who are they're going to sell to though? China is the only big economy in that group and they produce well in excess of internal demand and anything else they could sell to those other countries. The other problem for China is that they sell cheap labor, basically.
There's nothing unique to them, tech or IP wise. You can set up the same sweat shops in Honduras and Guatemala for maybe $.20 more. When Trump put tariffs in China, the immediate reaction for some companies was to move to Vietnam.
China especially has way, way more to lose than gain from an economic bloc like that.
And again thats fine as long as it can be trusted to as much as the Dollar, Euro and pound which are the dominant currencies. People that buy into currency pacts among dishonest and not to be trusted backing are asking to lose their money. Sleeping with Gold under your bed is not as wise as buying US treasury bonds for the long term as currency stands right now.
Maybe if Trump was able to somehow get completely involved in determining the value of the dollar we would see a change. He cant get a loan from a US bank so maybe if the red team elects him again he can get on with it. Had to get that dig in because its amazing to me a president has the reputation of a tycoon welcher.
Trump president money bum.
I read that the more the Russian people suffer will be no deterrent for Putin because he must win no matter the cost to Ukraine so he can tell the Russian people they're suffering has been rewarded
I hope the West are secretly figuring out how to minimize their own pain when they block Putin's oil and gas revenue which would cause the total collapse of Russia.
Russia supplies about 8 to 10% of the world's oil
For now
OPEC is refusing to increase production that would compensate for the loss of Russia's oil output
OPEC
The Poot has ya snortin', bouts.
You wantonly crave that vengeance, just as I do. Ain't a dime's worth of difference, my friend. Nary a cent.
Please! You got that dig in because you're like bouts and your old Cubby..."You wantonly crave that vengeance, just as I do. Ain't a dime's worth of difference, my friend. Nary a cent."
It always gets back to this event...
Trump President.
Not Clinton.
"You" let your guard down for 1 ing moment and ya got bit, hard. And it'll never heal. Ever. You know it. I know it. Most of all, that old man knows it...
Jr.: "Pop, you got 'em."
Sr.: "GD rights I did."
There are currently 1 users browsing this thread. (0 members and 1 guests)
Posting Permissions
Reply With Quote
