(10-06-2021, 07:57 AM)flsprtsgod Wrote: [ -> ] (10-05-2021, 10:52 PM)Senor Fantastico Wrote: [ -> ]Renminbi, euro, sterling pound, swiss franc, gold, bitcoin - who knows, take your pick.
I'm not saying it's imminent but I thinks it's something that should be given attention. Defaulting on our debts certainly wouldn't help.
Yes, it's not imminent nor likely because the dollar is by far the most stable of any currency even in these times. Crypto isnt a serious contender because its strongest characteristic is its detachment from a stabilizing authority. The other national currencies are just too small to be effective except the Yuan which is also itself unstable. The US dollar remains the only real option for the time being and in longer term outlooks.
If we ended up defaulting on our debts, the political climate descended into more division and we devolved into a prolonged civil war, you see no scenario where we lose our reserve currency status?
So this is how I understand it, and correct me if I'm wrong. It's not just about raising the debt ceiling.
Democrats don't want to raise the debt ceiling they want to suspend the debt ceiling meaning that it's pretty much like having an "unlimited credit limit". Therefor they can ram through their "green pipe dream" legislation.
Republicans are refusing forcing the democrats to push something through by "resolution" which only requires a majority vote. The problem for the democrats is that they would have to put a number on the "credit limit" and justify it.
(10-06-2021, 02:24 PM)Senor Fantastico Wrote: [ -> ] (10-06-2021, 07:57 AM)flsprtsgod Wrote: [ -> ]Yes, it's not imminent nor likely because the dollar is by far the most stable of any currency even in these times. Crypto isnt a serious contender because its strongest characteristic is its detachment from a stabilizing authority. The other national currencies are just too small to be effective except the Yuan which is also itself unstable. The US dollar remains the only real option for the time being and in longer term outlooks.
If we ended up defaulting on our debts, the political climate descended into more division and we devolved into a prolonged civil war, you see no scenario where we lose our reserve currency status?
If those things happen we lose our Superpower status and it could happen. But someone else still has to be a better alternative and there simply isn't one.
(10-06-2021, 04:45 PM)jagibelieve Wrote: [ -> ]So this is how I understand it, and correct me if I'm wrong. It's not just about raising the debt ceiling.
Democrats don't want to raise the debt ceiling they want to suspend the debt ceiling meaning that it's pretty much like having an "unlimited credit limit". Therefor they can ram through their "green pipe dream" legislation.
Republicans are refusing forcing the democrats to push something through by "resolution" which only requires a majority vote. The problem for the democrats is that they would have to put a number on the "credit limit" and justify it.
That is one version of the story. Could be true. But we can't be sure if it's true, because the Democrats still haven't put a bill on the floor, unless I missed it.