As we all know, the dead live longer! Even the end of the informal Petrodollar agreement with Saudi Arabia cannot change the fact that the US dollar remains the king among the major currencies within the Swift payment system, accounting for around half of all transactions. What is particularly striking in the statistics is the drastic withdrawal of economic entities from the euro. The markets are anticipating the structural weaknesses of the eurozone and are certainly also reducing the euro in the bundle of reserve assets. It looks as if the euro has a tough ride ahead of it in view of the festering debt crisis, the recession and the Europeans' inability to reform.
53 sats \ 2 replies \ @Coinsreporter 20 Jun
IMO, this sharp decline is only due to Europe's extra involvement in the Russia-Ukraine conflict. Now it's not that steep but still falling. I also agree that debt pressure, impending recession and misleading policies have their say on this. But the real cause is always found where it all started.
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42 sats \ 0 replies \ @IamSINGLE 20 Jun
IMO, the fall of greatest European empires have actually started in 2002.
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0 sats \ 0 replies \ @TomK OP 20 Jun
yes, the involvement in this war has indeed been a great tragic mistake. european societies are neither capable of war nor economically strong enough to participate.
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42 sats \ 3 replies \ @zapsammy 20 Jun
is taylor swift going to rally the dollar around the world?
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0 sats \ 2 replies \ @TomK OP 20 Jun
Lol
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42 sats \ 1 reply \ @zapsammy 20 Jun
subliminal messaging is everywhere. awakening starts with awareness.
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0 sats \ 0 replies \ @TomK OP 20 Jun
And the others were really thinking I was debating the USD and int. payments ..
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42 sats \ 5 replies \ @Undisciplined 20 Jun
US productivity spikes at the start of Covid. That's pretty fishy.
My hypothesis is that you're just seeing a compositional change in the labor force. Many higher earning people kept working through the lockdowns, while many working class jobs were shut down.
Some of this might be demographic, too. Millennials are entering their prime earning years and there are tons of them, with relatively few younger adults who generally don't earn much.
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42 sats \ 4 replies \ @TomK OP 20 Jun
don't you think that the on shoring of industry and technical know-how associated with this could also have something to do with it? the flight of capital from europe is actually increasing
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42 sats \ 3 replies \ @Undisciplined 20 Jun
I'm sure you're right. I just don't know where that's manifesting. Nobody over here seems to think the economy's booming.
It's a bit paradoxical.
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42 sats \ 2 replies \ @TomK OP 20 Jun
yes, looking at the stock market and especially at stocks like Nvidia, you have to say that it's probably really an industry and tech story. the small and medium-sized companies are suffering badly
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76 sats \ 1 reply \ @Undisciplined 20 Jun
Even in the tech sector, there have been lots of layoffs pretty recently.
The people I know who work for big tech companies don't feel like these are boom times. They're really nervous about getting laid off and more stressed by the workload than ever.
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21 sats \ 0 replies \ @TomK OP 20 Jun
Sounds really disturbing if this is the 'booming' part
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42 sats \ 0 replies \ @mf 20 Jun
Like the famous US philosopher said on the phone: "Fuck Europe"
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42 sats \ 1 reply \ @Hamstr 20 Jun
Slow burn?
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0 sats \ 0 replies \ @TomK OP 20 Jun
Yes, slowly at first, then it burns more and more intensely.
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42 sats \ 1 reply \ @0xbitcoiner 20 Jun
The most important precondition for the U.S. dollar to lose its dominance would be the existence of a viable alternative currency. Bitcoin's in the race!
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21 sats \ 0 replies \ @TomK OP 20 Jun
We're working on it...
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42 sats \ 0 replies \ @Satosora 20 Jun
Shows you how important infrastructure is.
Not saying that the USD is the best, but they system behind it is very strong.
Makes moving money a lot easier.
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42 sats \ 5 replies \ @IamSINGLE 20 Jun
US is enjoying this and Eurozone thinks that they are allies with US. US had always been aware that Euro was created to challenge the throne of Dollar instead of making trade easier among eurozone.
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12 sats \ 4 replies \ @TomK OP 20 Jun
You can also look at it this way: with the introduction of the euro, the German mark disappeared as a safe haven and competitive currency.
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44 sats \ 3 replies \ @IamSINGLE 20 Jun
EU has lead to more problems rather than reforms. Not only German Mark but franc and Peseta, which were doing well in those times, became totally obsolete suddenly in 2002.
I think that by leaving their currency into the hands of another organisation which isn't under anyone's control, European nations lost much of their sovereignty.
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13 sats \ 2 replies \ @Undergotten 20 Jun
Are you saying the Euro is decentralized? Cause I'm pretty sure that's not the case. ;)
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42 sats \ 1 reply \ @IamSINGLE 20 Jun
Haha! I mean that countries that are under EU do not Control it anymore.
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55 sats \ 0 replies \ @Undergotten 20 Jun
I know. I was just goofing around. :)
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42 sats \ 9 replies \ @riberet19 20 Jun
Do not worry! all of this will be magically fixed with the digital Euro CBDC, and we will live happily ever after!
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32 sats \ 8 replies \ @TomK OP 20 Jun
yesterday i had a conversation with one of my best friends from germany. he sat down with his buddies who also know me and who know about my bitcoin story and they made bitterly angry fun of me, what my problem was with the state with the euro and this bitcoin shit had no value at all. that was roughly the o-ton that is the state of affairs in germany and we are talking about engineers and lawyers here. they will swallow the digital surveillance euro, as they have accepted everything so far
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43 sats \ 2 replies \ @Satosora 20 Jun
What else can they do?
They live within the system and dont want to think outside of the box.
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20 sats \ 1 reply \ @TomK OP 20 Jun
yes, stepping out of the once learned and established seems to cause physical pain for many people
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42 sats \ 0 replies \ @Satosora 20 Jun
They have the intelligence to recognize that the situation isnt good.
That is the first step.
"The first step in avoiding a trap is to know of its existence."
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42 sats \ 2 replies \ @riberet19 20 Jun
Or as they say in Spain, who laughs last laughs best.
I don't understand why they laugh at you, probably because they don't know basic economics theory, they are lawyers and engineers who perhaps never bothered to know about economics, they just don't understand what's coming, and that's why I consider economics to be one of the most complex sciences, time will tell who is right, you or them, I am clear about who has it...
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32 sats \ 1 reply \ @TomK OP 20 Jun
the problem with them is that they saw my bitcoin story linked to their submission to the covid regime, which i had criticized so strongly. for me this is a complex that belongs together and that means there is a deep rift in society that is reflected in this group
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42 sats \ 0 replies \ @riberet19 20 Jun
And after Covid issue they continue without learning, let themselves crash into the same wall again, the human being is the only animal that trips 100 times over the same stone.
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42 sats \ 1 reply \ @halalmoney 20 Jun
Maybe things will turn out fine for the establishment:
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Let inflation eat away at the burden of governmental debt.
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Enact some sort of tax grab under the guise of some sort of emergency.
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Keep another lockdown in the back pocket in case the people get restive.
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1 sat \ 0 replies \ @TomK OP 20 Jun
so far, the inflation of government debt has not really worked. economies are drifting into recession, the private sector is being squeezed out, debt continues to rise and inflation is destroying the consumer.
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