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Greenback being abandoned as petrodollar?

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  • Greenback being abandoned as petrodollar?

    So in arguably one of the most underreported stories in America, China is now buying up oil in their currency. This is a seismic shift in prevailing global monetary policy that has existed for the past few decades. China is the biggest oil importer in world, so this really matters. They are now pressuring Iran and Saudi Arabia to sell their oil in chinese currency.

    So here's the trillion dollar question - what happens to the greenback if other countries follow suit and ditch the greenback on the oil market? Does it inevitably collapse?

    Thoughts? Is this something one should think about when setting up one's investment portfolio?

  • #2
    Are you related to Crixus?

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    • #3
      Who is crixus?

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      • #4
        bravotwozero, meet Crixus.
        Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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        • #5
          oh, wow. I looked through his topics, looks like he beat me to the punch. I have nothing to do with him though, I assure you. I guess this idea has already been brought up, and looks like people don't think the dollar will collapse...

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          • #6
            don't disappoint us - you need to come up with a great avatar  8-) !
            Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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            • #7
              What I learnt over time is that for me, the free newsletters and emails are worth zero. I stopped reading John Mauldin, Zero Hedge, John Hussman, Grantham. They are not really worth much to me. The fear mongering makes people read articles and news though.

              Getting a market return is insanely easy. Going from 0 to average is amazingly easy, just get a balanced index fund or 3 funds if you want to do the balancing yourself.

              But once you try to get above average the game changes. Once you get off the index performance, the game transforms suddenly and completely: it is ridiculously hard to significantly beat the market over time. It is like a performance sport, you are suddenly competing with the best of the best. It is possible but very difficult. It is not an endeavor where a little bit of extra effort will get you a little extra better performance. A little extra effort or even a lot of extra effort may radically reduce your performance by going from index to discretionary active.

              Just realizing the nature of the game is probably more important than your particular worry.

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              • #8
                Maybe we need a subforum for this stuff. We can call it the Crixus/bravotwozero/valuedoc forum.
                Helping those who wear the white coat get a fair shake on Wall Street since 2011

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                • #9
                  Thoughts? You should stick to medicine.

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                  • #10
                    There is no doubt in my mind that someday the US dollar will lose global reserve status.  When this happens--next year or in 200 years or when our sun devolves into a red giant--is anybody's guess.

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                    • #11
                      Oil going off the dollar has been in the news for a long time, at least since I've been reading the journal.  It's still on the dollar.  Not going anywhere.

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