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Entry Submitted by Vee at 10:31 AM ET on September 7, 2022
So I have been scratching my head trying to figure out how all of this change will occur. How will the rates of currencies change of it’s value ..overnight how can it be?
I’m mostly wondering about the FRN. Ya just got-had Sri Lanka and Pakistan get huge loans-bailouts from the IMF and this is done with the FRN.
The issue is the process that took place to get to this point in time.
After WW2 there was the Bretton Woods deal that the FRN became the world’s reserve currency.
SO I got wounded.. if it ,,the FRN then became the all needing currency for Nations to buy Petroleum form the OPEC nations when was OPEC formed ? Because I;m wondering about the timeline.
1960–1975 founding and expansion
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Despite strong US opposition: “Together with Arab and non-Arab producers, Saudi Arabia formed the Organization of Petroleum Export Countries (OPEC) to secure the best price available from the major oil corporations.”
https://en.wikipedia.org › wiki › OPEC
and who were the Counties ?
What countries originally started OPEC?
The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
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https://www.opec.org/opec_web/en/about_us/25.htm
These countries were later joined by Qatar (1961), Indonesia (1962), Libya (1962), the United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), Gabon (1975), Angola (2007), Equatorial Guinea (2017) and Congo (2018).
Ecuador suspended its membership in December 1992, rejoined OPEC in October 2007, but decided to withdraw its membership of OPEC effective 1 January 2020. Indonesia suspended its membership in January 2009, reactivated it again in January 2016, but decided to suspend its membership once more at the 171st
So we see several countries having withdrawn from OPEC, could this be helping in devaluing the FRN and in a sense causing inflation and as more counties may be doing the same .. is Iraq still or now selling in FRN’s? Now we know that in 71 Nixon removed the gold backing to the FRN and I’m guessing that that is when the FRN became the petro commodity needed to buy petroleum for the OPEC countries.
So the FRN had a long run into moving into the position where it is now. HOW CAN THIS ALL CHANGE IN A SNAP OF A FINGER ? I’m guessing that the BRICS etal. will somehow be involved with this change of rates. Someone or group will have to come out and say this is the rate across the board for tangible assets of natural resources. But .. will one country’s currency be of more value because they have more of these resources ?
Vee
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