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Old 07-07-2022, 02:41 AM   #201 (permalink)
It's all about Diesel
 
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Subsidizing oil and its derived products such as gasoline, keeping them below international market prices, was a recipe for disaster in Venezuela, even though Venezuelan oil requires a blend with imported oil (which is not as heavy) to enable its refining.

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Old 07-07-2022, 12:51 PM   #202 (permalink)
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Market manipulation usually results in unintended negative consequences.

Reality can only be suspended for so long before it reasserts itself violently. All debts will be repaid, often with interest.
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Old 07-08-2022, 01:32 AM   #203 (permalink)
It's all about Diesel
 
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And sometimes the interests become more expensive than all the rest...
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Old 07-08-2022, 01:38 PM   #204 (permalink)
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And sometimes the interests become more expensive than all the rest...
When a country borrows money in a currency they do not control.
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Old 07-09-2022, 04:35 PM   #205 (permalink)
It's all about Diesel
 
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When a country borrows money in a currency they do not control.
Just look at Venezuela. Much of its oil export output is already compromised to pay China for loans on Dollar.
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Old 07-10-2022, 01:07 PM   #206 (permalink)
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Just look at Venezuela. Much of its oil export output is already compromised to pay China for loans on Dollar.
What currency are the Chinese loans denominated in? Surely the Chinese didn't let Venezuela borrow money in bolivars.

Every country I can think of that has gone bankrupt or defaulted on their debts owes money in a currency they do not control. If they did control the currency it would be basically impossible to default because they could just print the money to pay off the debt.

On the other side the USA owes all of our debts in US dollars. We cannot default on these debts unless we chose to do so for political reasons. We could quite literally pay off all our debts tomorrow by printing money. That would be stupid, devalue the dollar, and dry up our borrowing opportunities but it is an option.

Today people are paying to loan the US government money - that is a good position to be in.

Venezuela has been a wreck for a long time and is a poster child for mismanagement and corruption.

But this is a thread of gas prices. Rising prices and now falling. Gas is below $5 a gallon again around me. Costco's current price is $4.99

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Old 07-10-2022, 06:31 PM   #207 (permalink)
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$6 & change for diesel in RENO, I don't use gasoline but it's only $20 more to Durango from here.
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Old 07-10-2022, 06:59 PM   #208 (permalink)
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$6 & change for diesel in RENO, I don't use gasoline but it's only $20 more to Durango from here.
Yes, Diesel is still high here too.

$6.29 for Diesel
$5.35 for Premium
$4.99 for Regular

The price of diesel pretty much makes diesel engines uneconomical for passenger vehicles. There is still a place for them in larger vehicles but only because manufacturers haven't started selling hybrids in that space.
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Old 07-12-2022, 11:18 PM   #209 (permalink)
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Quote:
Originally Posted by JSH View Post
On the other side the USA owes all of our debts in US dollars. We cannot default on these debts unless we chose to do so for political reasons. We could quite literally pay off all our debts tomorrow by printing money. That would be stupid, devalue the dollar, and dry up our borrowing opportunities but it is an option.

Today people are paying to loan the US government money - that is a good position to be in.

But this is a thread of gas prices. Rising prices and not falling. Gas is below $5 a gallon again around me. Costco's current price is $4.99
Well, at this point in time the US is effectively printing money to pay off debt because foreigners are net selling US debt. When times were "good", lots of debt was unloaded onto foreigners, and now those foreigners are paying for some of the inflation/money printing.

If the federal government runs a deficit, even if the central bank is "independent", the central bank isn't going to let the government collapse, so it will go along with the program and print however much money it takes to keep the government afloat. Right now we're entering a recession so prices are moderating a bit but the inflation will be persistent going forward.
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Old 07-13-2022, 12:40 AM   #210 (permalink)
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Do we blame the POTUS in office when the USD ceases being the de facto currency, or how far back should we attribute the continuous catastrophe?

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