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The Biden Regime canceled its plan to refill the Strategic Petroleum Reserve because oil is “way too expensive.” Biden drained the U.S. Strategic Petroleum Reserve to its lowest level in 40 years. Now, the Biden administration is CANCELLING their plans to refill it because oil is "way too expensive." pic.twitter.com/NYqEZ2Aosa — RNC Research (@RNCResearch) April 3, 2024 This comes as gas prices are once again skyrocketing. Recall that Biden drained the SPR to its lowest level in 40 years. Biden sold the U.S. Strategic Petroleum Reserves (SPR) to Europe, India and China. Joe Biden depleted the SPR to help China....

KEY TAKEAWAYS Biden’s unprecedented freezing of U.S. dollars owned by a foreign central bank has fundamentally jeopardized the currency’s hard-won reserve status. Janet Yellen dropped a bombshell last year, casually admitting that not only is de-dollarization happening, but Americans should expect more. At a minimum, it’d be multiple years of double-digit inflation like we’re used to seeing in third world countries. At worst, it’d be a full-blown Weimar Republic. America’s political establishment has less respect for the U.S. dollar than our foreign adversaries. That was made clear when Tucker Carlson recently interviewed the Russian strongman President Vladimir Putin, who clearly...

Federal Reserve chairman Jerome Powell is not known for his resolve. It’s the main reason why the new and emerging consensus among Wall Street Fed watchers is that he will cut interest rates at least twice this year despite signs of persistent inflation, the Post has learned. If the CEOs and top executives who follow the Fed can be believed — and these folks have sources inside the central bank’s building in DC — Powell is already brushing off last week’s high inflation reads as a likely anomaly. His first rate cut since he started to raise them in March...

The recently-retired banking oracle - who forecast the 2008 housing crisis - made the dramatic prediction this week.. Bove, 83, claimed other analysts won't make the same admission because they're 'monks praying to money' who rely on the mainstream financial system.. It comes despite the collapse of its property sector, which accounts for roughly a quarter of the country's economy, and US growth ... China will soon overtake the American economy and the US dollar will catastrophically collapse, according to famed financial analyst Richard X Bove. In a characteristically histrionic forecast, the recently-retired 83-year-old banking oracle has announced that 'the...

Over his 54 years as a financial analyst, Richard X. Bove perfected the art of grabbing attention. Through thousands of newspaper interviews, cable news appearances and radio segments, Mr. Bove turned what can be a dull, by-the-numbers career into a more showy one. Weighing in on the economy and the inner workings of Wall Street, he often bucked conventional wisdom and made enemies along the way. By his own recollection, he never turned down a media request; American Banker once called him “the country’s most quotable bank analyst.” Last week, a few hours after completing a spot on Bloomberg television,...

Joe Biden’s America. The Strategic Petroleum Reserve is near historic lows after Biden drained the SPR down to just 17 days of supply as war broke out in the Middle East. And Biden has no plans to refill it anytime soon.

The use of the US dollar as a reserve currency is under threat — and the greenback is headed for a vicious cycle that will further erode its dominance, according to the Australian think tank the Lowy Institute. That's because the declining use of the dollar could lead to hyperinflation, which would, in turn, lead to higher interest rates as central banks combat high prices. And those rate hikes will weigh on asset prices like stocks, researcher Michael Roach said in a recent op-ed for The Interpreter, a publication run by the think tank. This outlook is furthered by speculation...

This addresses some of the questions I've had about the pros vs. cons of a reserve currency. (Source article has links)

After decades meting out sanctions and financial coercion, the US may soon feel its grip on world trade beginning to loosen...Change is good, but dollars are better, a US author of romance novels once wrote. A similarly light-hearted sentiment often inspires discussions about the future role of the US dollar as the world’s leading currency. The consensus view is that the dollar is safe. I think the consensus is wrong.The dollar is the foundation of US global leadership, and the future of the dollar is therefore intricately linked to the debate about geopolitical fragmentation. Brazil’s president, Luiz Inácio Lula da...

Earlier this month, Larry Kudlow insisted that it is "it's incumbent on the U.S. government, no matter who's in power, to maintain the reserve currency status of the dollar." Kudlow laments that a toppling of the dollar from that perch "seems to be the direction we're going in." Kudlow's remarks came a day after Donald Trump declared that China is trying to displace the U.S. Dollar [sic] as the NUMBER ONE CURRENCY" and that if this occurs, it would be the biggest defeat for our Country [sic] in its history." Neither Trump nor Kudlow actually explain why maintaining reserve currency...

The “novel” coronavirus pandemic marks the greatest turning point in U.S. monetary history since the creation of the Federal Reserve in 1913. In large measure, the “novel” coronavirus pandemic narrative serves as a convenient cover story that distracts from and even masks the Federal Reserve’s unprecedented maneuvers in 2020—maneuvers that happen to have been planned and discussed in August 2019 some four months prior to the first mention of any “novel” virus in Wuhan, China. What marks the Fed’s maneuvers in March 2020 as unprecedented really is not its sudden creation of $3.5 trillion in reserves; that amount, $3.5 trillion...

Federal Reserve Chairman Jerome Powell on Tuesday cautioned that interest rates are likely to head higher than central bank policymakers had expected. “If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes,” the central bank leader said in prepared remarks for appearances this week on Capitol Hill.

The U.S. dollar enjoys the world reserve currency status due to numerous factors.Legal and investor security, an open and transparent market, as well as independent institutions with checks and balances that limit political power and strengthen the country’s currency in relative terms. No, a country does not have a world reserve currency due to military power. No one accepted the kopek when the Soviet Union ruled half the world.For a fiat currency to be a world reserve it needs to be widely accepted as unit of measure, method of payment and reserve of value.The problem is that all the above...

President Biden appeared taken aback Wednesday at multiple reporters suggesting that his tapping into the Strategic Petroleum Reserve (SPR) was politically motivated with the midterms three weeks away. Biden announced the release of 15 million more barrels of oil from the emergency reserve, saying it would lower gas prices and bolster domestic oil production. As he concluded his remarks at the White House, a reporter shouted out at him, leading him to sarcastically ask her to "speak louder." "What is your response to Republicans who say you are only doing this SPR release to help Democrats in the midterms?" the...

President Biden on Wednesday rejected criticism that his latest release of oil from the Strategic Petroleum Reserve was politically motivated as the White House aims to bring down gas prices with just a few weeks until the midterm elections. “It’s not politically motivated at all,” Biden told reporters after announcing plans to release another 15 million barrels of fuel from the country’s reserves.

President Joe Biden plans to release even more barrels of oil from the federal government’s strategic reserves to keep gas prices low before the midterm elections. Bloomberg News reports that the Biden administration plans to release another ten million to 15 million barrels of oil from the Strategic Petroleum Reserve. Biden’s latest decision marks more than 200 million barrels set for release in less than two years as president, more than all previous presidents combined according to the Wall Street Journal. The oil reserves are currently at the lowest level since 1984. Despite Biden’s historic oil releases to bring down...

The Strategic Petroleum Reserve, which was established in 1975 as a reaction to the 1973 oil embargo, is now at its lowest level since December 1984.Ultimately, the SPR is not as important today as it was in the past, in large part that is because the U.S. is no longer heavily reliant on oil imports.Historically the SPR tends to grow during Republican administrations and fall during Democratic administrations, although it did fall by 10% under Trump.What is the U.S. Strategic Petroleum Reserve (SPR)? What are the implications of depleting the SPR, which the U.S. has been doing now since 2016?...

Biden’s administration is getting more and more desperate as the Midterms loom as the pace at which they are draining the nation’s so-called ‘strategic’ reserve of crude oil just went to ’11’. Last week saw almost 8.54 million barrels withdrawn from the SPR – the biggest weekly drain in history. ... This unprecedented collapse of the Strategic Petroleum Reserve to its lowest since September 1984 has helped lower oil prices (from their record highs)… ... the price of gas at the pump is still up 76% since Biden was . ... But ‘average joe’ doesn’t care about ‘president joe’ actions...

The U.S. Strategic Petroleum Reserve (SPR) hit historic lows this week as President Joe Biden continues to order a record release of barrels from the emergency stockpile. The SPR now sits at around 453 million barrels – the lowest level in 37 years. For perspective, the U.S. Energy Information Administration estimates that in 2021, the United States consumed an average of about 19.78 million barrels of petroleum per day. If oil and gas production were to halt completely, today’s SPR would have just enough supply to fuel the United States for 22 days. ------------------------------- Whole story depicted in Bloomberg Graph...

On Friday’s “CNN Newsroom,” House Majority Leader Rep. Steny Hoyer (D-MD) stated that the Inflation Reduction Act will help deal with inflation right now by reducing healthcare costs, but the Federal Reserve “making judgments on interest rates…is really how you deal with inflation.”