Comments by "Fredinno" (@innosam123) on "" video.

@renaissance17 The Petrodollar is a myth. The US is not propped up by oil- otherwise, they’d have done to war with Venezuela and would not increase domestic production (doing so makes it easier to keep oil traded in USD, as the main market is in USD.) Also, Russia is using Chinese Financial service companies to overcome Western Sanctions on payment services. Also, even if it IS a gold standard, Switzerland had a gold standard until 1999. The Soviet Bloc was also not using the dollar system during the Cold War, so there is precedent for competing currency systems. This is more just a fracturing of the world order than anything else.
6
@AuAdventures 3 problems happened. Gold is heavy and is inconvenient for transactions. Therefore, paper currencies were made to represent the gold. Gold-backed currencies are based on trust, like fiat currencies. Thus, they eventually failed when more paper (either for justified or unjustified reasons) were printed than the gold in existence. Gold supply growth tends to be lower than the economic growth rate of the world (also, half of gold is used for jewelry or industrial applications.) Therefore, to prevent deflation, problem 2 may become inevitable (or require costly outwards expansion to try to get more gold supply- eg. Boer War, Opium War.)
4
@emceeboogieboots1608 Global export volume is $20.5 trillion (about double incl. imports.) Global oil trade market is $1.7 trillion (incl. refined products.) Not sure how you use 8.2% to control 100%. Also, the fact the US is no longer importing oil incentivizes people NOT to use USD. You would think the US would try to regulate shale out of existence instead of hailing its accomplishments.
2
@AuAdventures Also, note that most of the debt is owed to the Federal Reserve, which is partially controlled by the government and sends its profits to the Government (same with all nations owing money to its own central bank). Aka. Interest payments are sent back to the government after being paid. :P This is why Japan’s not collapsed the same as Greece despite similar debt-to-GDP.
2
@AuAdventures GDP is as much an ‘arbitrary number’ as IQ. Yes, it can be misleading, and lacks nuance (eg. Is the economy in bubble? Is the money all going to the top?); but it’s best tool we have to measure an economy’s size.
2
@AuAdventures The Soviet economic system was horrifically inefficient and shortages were rampant because the Soviet Union kept wages artificially high above production. They could ensure full employment, but not that the employment was actually competitive with the wider global economy. When it collapsed, industry collapsed and hyperinflation ensued. Argentina did something similar under Peron (and even now, arguably.)
2