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Marjorie Taylor Greene Says States Should 'Consider Seceding From the Union' (www.rollingstone.com)

submitted 1 year ago by FlyingSquid@lemmy.world to c/politics@lemmy.world

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[-] ShoeboxKiller@lemm.ee 2 points 1 year ago

Hey everyone, this idiot I’m replying to can’t even read. Literally from the link:

And that also starts to impact the oil market. Yes, Texas has substantial oil reserves. They’re the leading producer of crude oil and natural gas in the USA, and the leading refinder of petroleum products. But of course, that’s all done by foreign companies in the Republic of Texas. Does Texas itself own any oil? Maybe, but I couldn’t find it. Do they Nationalize all petroleum production and send the oil companies running? That’s an annual $223 billion!

But here’s the other thing: all oil is currently bought and sold in Petrodollars. You buy oil in dollars, you sell oil in dollars. So the TexBux situation in Texas is a big problem… relative to other things in Texas, the cost of oil will go up. And this dynamic makes Republic of Texas less interesting for investors and oil companies than Texas, USA. Particularly if it’s unstable. Not that, after a century in the Middle East, they’re not strangers to how one gets the best of an unstable country. It’s just never good for that unstable country.

[-] Kecessa@sh.itjust.works 1 points 1 year ago

Other nations sell their petrol exploited by private businesses in USD, other nations are rich from that exploitation.

Texas doing the same thing though? Nah mate, impossible!

And no, "texbux" isn't an issue as anyone who knows even a tiny bit about economy and politics would tell you, no country can prevent another from using their currency as theirs. That's why eleven nations other than the USA have USD as their money and the number is even higher when counting countries that peg their currency to the USD's value.

Same for the Euro which is legal tender in some places outside Europe.

Maybe you should go check if someone talked about that somewhere on Quora.

K bye! 😘

[-] ShoeboxKiller@lemm.ee 2 points 1 year ago

Just reinforcing that you can’t read, huh? Literally in the same link already provided:

An associated problem starts pretty quickly with the fiscal health of Texas. They will have to print their own money and swap out US dollars for their own money (Republic of Texas Dollars or Pesos or whatever they’d like to call them)… let’s call them TexBux (thanks Nicholi Valentin). If they don’t get their financial house in order from the get-go, that will see high inflation, where TexBux quickly fall against the USD and the MNX.

Maybe they just peg the TexBuck to the US Dollar? That’s possible: about 66 countries peg their currencies to the US Dollar. However, this is kind of magic trick conducted by their central bank — you can’t just make the claim that a TexBuck is the same as a Dollar. The central bank in such a country will buy up large numbers of US Treasury Notes. If TexBux fall next to the US Dollar, they sell Treasuries and buy TexBux, which both lowers the value of the US Dollar just a bit, and raises the value of the TexBuck.

Of course, this presumes that The Republic of Texas magically turns into a real country. Given the typical Texas leadership, that seems pretty unlikely. Yeah, they’d need some kind of central bank and mint to print money, but would they really have a monetary policy capable of pinning the TexBuck to the Dollar? Would that even be possible in the Texas economy — this is not The Bahamas we’re talking about here. There’s an awfully good chance that US imports get expensive, real fast.

this post was submitted on 12 Sep 2023

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