Comments by "Marvin Fine" (@torontovoice1) on "Will the Dollar Lose Reserve Currency Status?" video.

  1.  @gregalonzo747  yes I think we're coming from different directions. I have an EU passport as well, so I'm not concerned about the residency part
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  2.  @al9017  they can ditch it all they want, how's it going to help them?
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  3. I'm not sure if I would agree with that. I currently have three passports now, and you get a good feeling of mobility knowing that you can go and live in different countries. Having a passport with Visa free access is only one component of the passport equation. You can go anywhere in Europe with a Canadian passport, but you can't live there. You need an EU passport to do that.
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  4.  @antonolsh  big deal. You can't move any money from Russia. Thousands of Russians are in Cyprus. They just closed all their bank accounts, they're trying to sell their property cuz they have no money. But they can't have an account to receive the funds.
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  5. @@Jroc834 I really like the comments that Andrew makes that you go out and you get a Saint Kitts passport, and they just leave you alone. I think he's right, they do leave you alone. So she gets stuck in some country and you need consular services because you're in jail for some trumped up corrupt charge, you don't have to worry about St Kitts and Nevis. They will leave you alone! I remember when the American hostages were in Iran, and Bush said that if he won the election he'll blow the s*** out of Tehran. The day he got elected, all of the captives were released! And I remember he enforced that threat by landing a greyhound on an aircraft carrier. What a pilot!
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  6.  @gregalonzo747  that sounds good. But all those countries other than Luxembourg arrhae In tax
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  7. Reserve currencies is not necessarily the same thing as the GDP of a country. Naturally, the prominence of a country is very important as a reserve currency. When you look at the United States for example, 25% of all the oil in the world is used in the US. So you have a bunch of countries that are pissed off, with Russia leading the pack. They are pissed that the US has such domination over their assets. They want to go out and rip and tear destroy the whole world and they're trying to unite others to use other currencies. So let's think about it you have China Russia India Brazil and maybe a few others. China does not want to be a reserve currency in fact they don't want their currency to be convertible at all. Because if it was, the wealth of the country would completely dissipate. Anyone who is living under the yoke of tyranny wants to escape. Just look at what's happening in Russia now. Other countries, you mentioned the UAE for example are non-compliant countries just like turkey for example. How long is it going to be until the US starts invoking sanctions against these Banks for sanction busting. You've seen in the last week or so the United States attack crypto, and he's lawsuits are pending. What would happen to crypto if the US Euro Japanese yen said it's illegal to convert crypto into their Fiat currencies. It's already illegal in China. So traditionally most raw materials including oil we're all sold in US dollars. Russia sold car loads of oil to India. Now they're sitting with billions of rupees with no ability to convert them. Similarly, selling oil to China enables them to have a bank account in yuan's. I guess they could buy toys! So if the United States is not the dominant country in the world, who is? There is nobody at this point in time. Who knows what's going to be tomorrow. China is creeping up to the US, and when you look at their GDP, it's starting to enlarge. But they're only able to do that by subjugating their population just like other countries in the world. Eventually, money knowledge and ingenuity all leaks out of these totalitarian regimes. Warren Buffett is of the opinion that Bitcoin is worthless, and Charlie munger is even more pessimistic. So what are you going to put your assets in as far as passive investments are concerned. Sure you can buy real estate, but it's an active investment. You have to deal with all these shleppers, tenants, repairs, and all sorts of other legal issues. Pretty hard to do it from afar, and where are you going to invest? Obviously you don't want to buy real estate in an unstable emerging market, you want to buy in a developed market. And when you have countries in Europe some of them with huge debt like grease for example. There isn't the day that goes by where the legislators are thinking of some way to grab more money out of the economy balance their budget at the behest of the European Union. But they know that the more they tax, the more investors will leave, and then what are they going to be left with, a ham sandwich! The Greeks are a bunch of lazy people, how could they get into debt to that extent? They paid out huge social programs, and pensions at 55. When they had the drachma, it didn't matter they could just devaluate it. But now they're stuck with the euro which they have no control over. You see countries for example start to dollarize their economies. There are many countries in the world that have the US dollar as their currency. Bahamas Turks and Caicos Ecuador Panama and I'm sure I've missed many. When is Canada going to adopt the US dollar? In fact there's talk about Canada and the US even merging! So I think there's a lot of fear mongering around the world. But I don't think the US dollar is in any peril at the moment. There is really nothing to invest in. When you have US dollars you have a huge variety of investments. If you look at dxy, it has gone up and down over the last year or so, but you don't see a trend of devaluation of the basket of currencies. So my question to you is if not the US dollar, what is the reserve currency going to be?
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