Where's the money going? (General)

by dulan drift ⌂, Monday, June 27, 2022, 18:45 (671 days ago) @ dan

My money is a joke.

Our currency is losing value. The USD is not crashing yet because it's the reserve, but others are. Sri Lanka, Turkey, Venezuela, the currency markets are in turmoil due to none of them having any real value. The US keeps printing, as do all the others, which is just now resulting in inflation, but they have no choice but to keep printing. We're in a death spiral of fiat.

This came into the mix today:

9 News: Russia has just defaulted on its foreign debt for the first time since the 1917 Bolshevik Revolution.

The country missed a Sunday night deadline to meet a 30-day grace period on interest payments originally due May 27.

In response, the Russian Finance Ministry said it would pay dollar-denominated debts in rubles and offer “the opportunity for subsequent conversion into the original currency".

Luckily Russia prints rubles so problem solved!

(Russia has US$ in overseas accounts - but they've been frozen.)


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