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The Pub For General Automotive Related Talk |
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09-06-2024, 09:58 AM | #1 | ||
Al
Join Date: Feb 2015
Location: South Aus.
Posts: 1,839
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I see the Saudi's are said to be set to drop the U.S. $ when the contract runs out tomorrow. Countries will be able to buy in their own currency , silver, gold etc.
Start of hyperinflation? |
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09-06-2024, 10:01 AM | #2 | ||
Donating Member
Join Date: Jan 2005
Posts: 5,350
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If true, I wonder how long before the US says they're a country with WMD and need to be invaded? Like when Iran said they'd sell their oil in any currency other than USD.
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09-06-2024, 02:08 PM | #3 | ||
FF.Com.Au Hardcore
Join Date: Jan 2010
Posts: 11,325
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A while back, when OPEC was looking to push up the the price of oil,
Biden sold 100 billion barrels from the US Strategic Reserve, forcing Oil buyers to take the US oil over OPEC import oil. That created an excess that forced down the price and then the US started replenishing its reserve stocks at the lower prices. Not normally a fan of politicians interfering in the free market but in this case, the US stopped OPEC in its tracks and also made the US treasury a tidy profit. |
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09-06-2024, 02:17 PM | #4 | ||
FF.Com.Au Hardcore
Join Date: Sep 2014
Location: Catland
Posts: 3,750
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Let Freedom rain from the skies.
Jokes. Anyway, the US are Saudi now: https://www.eia.gov/todayinenergy/detail.php?id=61545 Been watching for the demise of the petrodollar for most of my adult life, and it remains the cleanest dirty shirt of the fiat currencies.
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I6 + AWD |
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09-06-2024, 02:52 PM | #5 | |||
Regular Member
Join Date: Nov 2020
Location: Maryborough VIC Votes for: Coalition
Posts: 450
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Quote:
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09-06-2024, 03:20 PM | #6 | ||
FF.Com.Au Hardcore
Join Date: Sep 2014
Location: Catland
Posts: 3,750
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Not to mention, what else out there, could replace the volumes of the Eurodollar system? (This is different to the petrodollar). Offshore Yuan? Gold? BTC? SDRs? Rubles lol? If you look at how the Fed's rate cycle has dragged the world with it, there is nothing else out there that could replace it. They are the ones willing to provide the liquidity. My personal preference would be for a free floating gold:silver bimetallic standard based on weight - much closer to the 19th century, but 'It is what it is'.
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09-06-2024, 03:48 PM | #7 | ||
Al
Join Date: Feb 2015
Location: South Aus.
Posts: 1,839
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Interesting to see how BRICS countries go............
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09-06-2024, 05:38 PM | #8 | ||
Al
Join Date: Feb 2015
Location: South Aus.
Posts: 1,839
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We know what happens to countries that want to go gold standard.
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09-06-2024, 09:17 PM | #9 | ||||
FF.Com.Au Hardcore
Join Date: Nov 2005
Posts: 1,031
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Quote:
Lower oil prices results in lower inflation. It also rolls through to lower gas and coal prices. Quote:
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09-06-2024, 11:09 PM | #10 | ||
Ford screwed the Falcon
Join Date: Sep 2013
Posts: 7,223
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Gaddafi proposed something similar and see what happened to him!
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10-06-2024, 12:27 AM | #11 | |||
Thailand Specials
Join Date: Aug 2009
Location: Centrefold Lounge
Posts: 49,433
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Quote:
Who do you reckon is going to be the next crown prince of Saudi Arabia? I checked Sportsbet but they're not offering wagering on American led coups on middle eastern leaders. Mohammed bin Salman's days are numbered if he goes down this path, The US tolerates Saudi Arabia because they play the game, they sell the west and others oil in USD, they buy US/UK weapon systems - go look at their military and the equipment they operate. In exchange, they're allowed to keep their 'kingdom' and we tolerate their war on Yemen that's killed 500,000 people (strangely the Melbourne protesters don't know about that one) I'd say MBS and the Saudi leadership are sitting down and going to stick to the status quo. Last edited by Franco Cozzo; 10-06-2024 at 12:34 AM. |
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12-06-2024, 09:47 AM | #13 | ||
FF.Com.Au Hardcore
Join Date: Aug 2005
Location: Melb.
Posts: 4,458
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So...for my accounts....should I now be paying around $1.75/L for diesel....or is that in-grown toe-nail of the security guard at the terminal gate for the country we lock our wholesale price to going to be blamed for the continued higher price when all factors show it should have dropped....
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12-06-2024, 10:13 AM | #15 | ||
Al
Join Date: Feb 2015
Location: South Aus.
Posts: 1,839
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We're in good hands with that highly respected ACCC on the job!
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12-06-2024, 09:18 PM | #16 | ||
Ford screwed the Falcon
Join Date: Sep 2013
Posts: 7,223
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And the FIRB
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13-06-2024, 06:00 AM | #17 | ||
Al
Join Date: Feb 2015
Location: South Aus.
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13-06-2024, 08:36 AM | #18 | |||
FF.Com.Au Hardcore
Join Date: Sep 2015
Location: nz
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Quote:
Situation normal ?
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