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Maybe he could take some of that money and pay off the creditors he stiffed.
Don't be silly, he is waiting for them to go bust!
Geeeez he did over DB AND they came back for MORE!
Sounds like they still have quite a bit of technical issues to overcome, like building a competitor to the SWIFT infrastructure.
No one under 80 want this GD job?
If international settlement agreements could be reached among BRICS countries, the BRICS currencies would only be useful in trade with the originating nation. In other words, while South Africa and India may agree to settle trade in rupees, it is unlikely that other nations would accept rupees in trade with South Africa. Furthermore, several of the BRICS countries carry a large amount of foreign debt, which must be serviced in U.S. dollars, not rupees.
Consequently, South Africa would sit on a pile of rupees that would be useless for any purpose other than trade with India. To make matters worse, while holding the rupees in reserve, South Africa would be exposing itself to currency valuation risk.
International traders use the U.S. SWIFT system to process cross-border payments because it is safe, fast, and accurate. Most importantly, it is convenient as it connects with major banks in over 100 nations. China and Russia have attempted to build SWIFT alternatives, but neither system connects with banks in Western nations.
The Kenyan was a young man.
So lows in or heartbreaker?
Yeah but he was bullet proof and could fly.
She's a serial heartbreaker...
... but one of these days she will marry.
Which brings us full circle back to Saudi Arabia and their support for the petrodollar.If they create the currency and they get critical mass then the can say if you want to trade you trade through this system.
ASX Gold Tribe knocking on the door of 7% today...
Which brings us full circle back to Saudi Arabia and their support for the petrodollar.
This NK --> Japan thing is a real drive by shooting. Japan to fire back? Under consideration... no love lost there!
RBA goes +0.25% .... losing wood!
QUESTION: Mr. Armstrong; Nobody knows history better than you. Will QE continue if we end up in war? It seems there would be no choice.
Thank you for your very enlightening blog.
PG
ANSWER: Yes. The Fed was “directed” by the White House to carry out QE during World War II. They were to prevent interest rates from rising and the debt rose. That finally led to the Federal Reserve breaking with the White House after the war when they expected it to continue for the Korean War. That is when the Fed asserted its independence.
This time, we may have a different problem. As the war unfolds in Europe, the capital will flee as usual to the States. But the money supply will have to increase because the dollar will become the only viable currency still standing. That is why you are witnessing the pound and the euro collapse. Things will unfold differently this time. The Fed has been raising rates to fight inflation that will fail because this has to do with shortages – not speculation.
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