Lol I refuse to waste any more time on you so I'm gonna make this quick
This is what happens when you regurgitate talking points you read somehwere without making any effort whatsoever to really understand what you are posting.
Yes, you can do both with a fiat currency, because there isnt a limit factor to the amount of USDs that can be printed.
More like a byproduct of international tax evasion where third world corrupt politicians hide their money in western banks.
But this is another place where you are contradicting yourself, you claim the US is hamstringed by a flight of USD (which the US can print at will) now you accept that the US account is indeed balanced but unhealthy for some reason.
Well established among conspiracy nuts.
Also if the USD was pegged to oil there wouldnt be as much variation on the price of oil.
Rod, the only reason the US can now do that is because, again, it's a commodity backed currency
I don't think the US is hamstringed, I described what would happen under your premise that the petrodollar doesn't exist. You know, the very thing that happened to the USD before the establishment of the petrodollar. It's called the Triffin Dilema and I've posted about it numerous times itt yet I doubt anyone has actually read or comprehended the concept
International Monetary Fund -- conspiracy nuts
http://www.imf.org/en/News/Articles/2015/09/28/04/53/sp032306a
Harvard Business School -- conspiracy nuts
https://hbr.org/2008/09/where-oil-rich-nations-are-placing-their-bets
The Economist -- conspiracy nuts
https://www.economist.com/node/5136281
Georgetown University -- conspiracy nuts
http://faculty.georgetown.edu/imo3/petrod/define.htm
I could go on but it's occurring to me that you really don't have any substantive base of knowledge on this topic. Should've tipped me off when you didn't even know the standard term for "USD capital flow and services surplus" lol. I let it pass cause I figured it might've been a language barrier thing but now I realize that's probably not the issue. And I have no idea how you got the USD being pegged to the price of oil from anything I've said but tbh I really don't care how you arrived there
Anyways Rod, it's not 2005 anymore and the petrodollar is no longer some internet conspiracy. And don't ever talk to me about economics or the US monetary system again
Expect that this never happened, so your entire premise is shit.
No idea why you're even participating in this discussion. You've offered nothing of substance and yet here you are refuting very well known US history. I posted the clip of Nixon announcing the default ffs
Please, just try your very hardest to read this:
By 1966, non-US central banks held $14 billion, while the United States had only $13.2 billion in gold reserve. Of those reserves, only $3.2 billion was able to cover foreign holdings as the rest was covering domestic holdings.
[6]
By 1971, the
money supply had increased by 10%.
[7] In May 1971,
West Germany left the Bretton Woods system, unwilling to revalue the
Deutsche Mark.
[8] In the following three months, this move strengthened its economy. Simultaneously, the dollar dropped 7.5% against the Deutsche Mark.
[8] Other nations began to demand redemption of their dollars for gold.
Switzerland redeemed $50 million in July.
[8] France acquired $191 million in gold.
[8] On August 5, 1971, the
United States Congress released a report recommending
devaluation of the dollar, in an effort to protect the dollar against "foreign price-gougers".
[8] On August 9, 1971, as the dollar dropped in value against European currencies, Switzerland left the Bretton Woods system.
[8] The pressure began to intensify on the United States to leave Bretton Woods.
https://en.wikipedia.org/wiki/Nixon_shock
If you need someone to explain to you what that^^^ means, ask someone else cause I'm done trying to reason with you guys. I'm legit pissed off that I've wasted my valuable time itt today
