Is the USD reign as the worlds fiat currency over?

[HDGristle]

Originally Posted by lustylad

No Bam, PNC Bank isn't "falling"...

It's closing a small fraction of its retail branches, mostly in other states (like Virginia and Texas) and including a handful of unprofitable operations in stores & supermarkets.

It's also actively bulding new branches where it has legacy locations too close together that don't warrant having two roofs and where it makes more sense to build to need to accommodate shifting mobile banking trends and the need for more drive-through self-service ATM's that weren't possible in those legacy branches.

Those 2:1 and sometimes 3:1 consolidations started last year as they continue to evaluate branch utilization.

[Jacuzzme]

You can no longer cash a check at a PNC ATM and the line inside takes forever.

[lustylad]

Originally Posted by bambino

I sure wish America would return to gold-backed dollars!!!

Russia is ahead of us.

America cannot lead from behind.

We must throw out the Monopoly paper money and return to the GOLD standard.

Just my opinion!!!

What do you think???

https://www.farmprogress.com/comment...ruble-comeback

What do I think? I think the idea of our returning to a gold standard is a terrible one. Absurd and unworkable. For reasons too numerous and detailed to explain here.

If you don't trust the dollar or fiat money, you're free to buy & own gold. Then if inflation continues to rip, you can feel protected. But don't put our economy into an anachronistic straitjacket that would mostly benefit countries like Russia and South Africa.

By the way, your "ruble comeback" story is a year old. The ruble has been declining since last summer.

[lustylad]

Originally Posted by Jacuzzme

You can no longer cash a check at a PNC ATM and the line inside takes forever.

If that's your biggest frustration of the day, consider yourself lucky!

How did people ever manage their money back in the pre-ATM days?

By the way... how big a check were you cashing? Most banks let you deposit checks at an ATM and simultaneously make cash withdrawals.

[lustylad]

From a study published by the BIS (Bank for International Settlements) four months ago:

"The USD was involved in nearly 90% of global FX transactions, making it the single most traded currency in the FX market (Graph A1). The dominance of the USD is evident across all FX instruments and counterparties. At least 85% of trading in the spot, forward and swap markets features the USD in one leg of the transactions."

https://www.bis.org/publ/qtrpdf/r_qt2212x.htm

There is no need for the dollar to be involved in a whopping 90% of the world's FX trades. If Saudi Arabia or Brazil now decide to simplify their goods exchanges with China by taking payment partly in yuan or renminbi, I wouldn't get my panties all twisted in a bunch.

Moreover, the dollar still accounts for around 60% of global central bank reserves. That's way ahead of the next favorite currency (Euro). The dollar is fully convertible, whereas the yuan remains subject to all kinds of conversion and capital flow controls. Which would you rather hold?

(None of the above should be taken to suggest the Biden administration's economic stewardship has been anything less than abysmal. The Democrats' ignorantly misguided and recklessly irresponsible fiscal & monetary policies have ignited inflation and are spelling disaster for the US economy.)

Let's try to keep everything in historical perspective:

[Jacuzzme]

Originally Posted by lustylad

If that's your biggest frustration of the day, consider yourself lucky!

How did people ever manage their money back in the pre-ATM days?

By the way... how big a check were you cashing? Most banks let you deposit checks at an ATM and simultaneously make cash withdrawals.

Deposit > withdraw defeats the purpose. I don’t want them ever seeing my accounts, obviously for tax reasons. You used to be able to cash checks at the issuers bank, that’s been gone for a while though. Now you have to do it at your own bank, which they will do as long as your account has at least as much in it as the check is written for, sans a paper trail. This was possible at an atm up until about 6 months ago, now you’ve gotta go in or to the drive through.

[bambino]

Originally Posted by lustylad

What do I think? I think the idea of our returning to a gold standard is a terrible one. Absurd and unworkable. For reasons too numerous and detailed to explain here.

If you don't trust the dollar or fiat money, you're free to buy & own gold. Then if inflation continues to rip, you can feel protected. But don't put our economy into an anachronistic straitjacket that would mostly benefit countries like Russia and South Africa.

By the way, your "ruble comeback" story is a year old. The ruble has been declining since last summer.

Well LL, over half the worlds population and GDP has moved away from the USD. Saudi Arabia is now accepting the gold backed Ruble and the Chinese Yuan as payment. The USD is no longer the worlds fiat currency. What happens when foreigners start dumping their bonds because the USD is as worthless as toilet paper. Don’t be the last person in line at your bank when that happens. And I’ve been stacking silver for 15yrs. After the last financial meltdown I thought it was wise to have an insurance policy. I have a little gold, more silver. Silver is far more affordable and has far more commercial uses. I picked up some Canadian silver maples Saturday. $33.50/oz. The premium on Eagles is too steep now in my opinion. 99.9% silver is 99.9% silver in my book.

So when shit hits the fan, I won’t be standing in line at PNC. Which I have two accounts. It’s not a matter of if, but when. My silver is in my possession. I’ll have a whiskey and smoke a Cuban.

https://youtu.be/JmoIQjSknVQ

BTW LL, I am betting on America, not Joey Bribes and the gangsters that seemingly are in charge now. It’s crashing. By design