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JPMorgan: We Believe The Dollar Could Lose Its Status As World’s Reserve Currency
Almost eight year ago, we first presented a chart first created by JPMorgan’s Michael Cembalest, which showed very simply and vividly that reserve currencies don’t last forever, and that in the not too distant future, the US Dollar would also lose its status as the world’s most important currency, since it is never different this time.
As Cembalest put it back in January 2012, “I am reminded of the following remark from late MIT economist Rudiger Dornbusch: ‘Crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought.'”
Perhaps it is not a coincidence then that in light of the growing number of mentions of MMT and various other terminal, destructive monetary policies that have been proposed to kick on the current financial system the can just a little bit longer, that the topic of longevity of reserve currency status is once again becoming all the rage, and none other than JPMorgan’s Private Bank ask in this month’s investment strategy note whether “the dollar’s “exorbitant privilege” is coming to an end?”
So why is JPM, after first creating the iconic chart above which has since spread virally across all financial corners of the internet, not only worried that the dollar’s reserve status may be coming to an end, but in fact goes so far as to state that “we believe the dollar could lose its status as the world’s dominant currency (which could see it depreciate over the medium term) due to structural reasons as well as cyclical impediments.”
Read on to learn why even the largest US bank has started to lose faith in the world’s most powerful currency.
Is the dollar’s “exorbitant privilege” coming to an end?
In Brief
The U.S. dollar (USD) has been the world’s dominant reserve currency for almost a century. As such, many investors today, even outside the United States, have built and become comfortable with sizable USD overweights in their portfolios. However, we believe the dollar could lose its status as the world’s dominant currency (which could see it depreciate over the medium term) due to structural reasons as well as cyclical impediments.
As such, diversifying dollar exposure by placing a higher weighting on other currencies in developed markets and in Asia, as well as precious metals makes sense today. This diversification can be achieved with a strategy that maintains the underlying assets in an investment portfolio, but changes the mix of currencies within that portfolio. This is a completely bespoke approach that can be customized to meet the unique needs of individual clients.
The rise of the U.S. dollar
It is commonly perceived that the U.S. dollar overtook the Great British Pound (GBP) as the world’s international reserve currency with the signing of the Bretton Woods Agreements after World War II. The reality is that sterling’s value was eroded for many decades prior to Bretton Woods. The dollar’s rise to international prominence was fueled by the establishment of the Federal Reserve System a little over a century ago and U.S. economic emergence after World War I. The Federal Reserve System aided in the establishment of more mature capital markets and a nationally coordinated monetary policy, two important pillars of reserve-currency countries. Being the world’s unit of account has given the United States what former French Finance Minister Valery d’Estaing called an “exorbitant privilege” by being able to purchase imports and issue debt in its own currency and run persistent deficits seemingly without consequence.
The shifting center
There is nothing to suggest that the dollar dominance should remain in perpetuity. In fact, the dominant international currency has changed many times throughout history going back thousands of years as the world’s economic center has shifted.
After the end of World War II, the U.S. accounted for biggest share of world GDP at more than 25%. This number is brought to more than 40% when we include Western European powers. Since then, the main driver of economic growth has shifted eastwards towards Asia at the expense of the U.S. and the West. China is at the epicenter of this recent economic shift driven by the country’s strong growth and commitment to domestic reforms. Over the last 70 years, China has quadrupled its share of global GDP to around 20%—roughly the same share as the U.S.—and this share is expected to continue to grow in the years ahead. China is no longer just a manufacturer of low cost goods as a growing share of corporate earnings is coming from “high value add” sectors like technology.
China regaining its status as a global superpower
Earnings in China are becoming more balanced
In addition to China, the economies of Southeast Asia, including India, have strong secular tailwinds driven by younger demographics and proliferating technological know-how. Specifically, the Asian economic zone—from the Arabian Peninsula and Turkey in the West to Japan and New Zealand in the East and from Russia in the North and Australia in the South—now represents 50% of global GDP and two-thirds of global economic growth. Of the estimated $30 trillion in middle-class consumption growth between 2015 and 2030, only $1 trillion is expected to come from today’s Western economies. As this region grows, the share of non-USD transactions will inevitably increase which will likely erode the dollar’s “reserveness”, even if the dollar isn’t replaced as the dominant international currency.
In other words, in the coming decades we think the world economy will transition from U.S. and USD dominance toward a system where Asia wields greater power. In currency space, this means the USD will likely lose value compared to a basket of other currencies, including precious commodities like gold.
Dollar’s declining role already under way?
Recent data on currency reserve holdings among global central banks suggests this shift may already be under way. As a share of overall central bank reserves, the USD’s role has been declining ever since the Great Recession (see chart). The most recent central bank reserve flow data also suggests that for the first time since the euro’s introduction in 1999, central banks simultaneously sold dollars and bought euros.
Central banks across the globe are also adding to gold reserves at their strongest pace on record. 2018 saw the strongest demand for gold from central banks since 1971 and a rolling four-quarter sum of gold purchases is the strongest on record. To us, this makes sense: gold is a stable source of value with thousands of years of trust among humans supporting it.
USD share of central bank reserves, %
The current U.S. administration has called into question agreements with nearly all of its largest partners—tariffs on China, Mexico and the European Union, renegotiating NAFTA, as well as abandoning the Trans Pacific Partnership. A more adversarial U.S. administration could also encourage countries to reduce their reliance on USD in trade. Currently 85% of all currency transactions involve the USD despite the U.S. accounting for only roughly 25% of global GDP.
Countries around the world are already developing payment mechanisms that would avoid using the dollar. These systems are small and still developing but this is likely to be a structural story that will extend beyond one particular administration. In a recent speech on the international role of the euro, Bank for International Settlements Chief Economist Claudio Borio brought up the benefits of pricing oil in the euro saying, “Trading and settling oil in the euro would move payments from dollars to euros and thereby shift ultimate settlement to the euro’s TARGET2 system. This could limit the reach of U.S. foreign policy insofar as it leverages dollar payments.” The European Central Bank also alluded to this theme in a recent report saying that “growing concerns about the impact of international trade tensions and challenges to multilateralism, including the imposition of unilateral sanctions seem to have lent support to the euro’s global standing.”
We believe we are at an important juncture. On a real basis, the dollar stands currently more than 10% above its long-term average and on a nominal basis has actually been trending lower for 50 years (see chart below).
Given the persistent—and rising—deficits in the United States (in both fiscal and trade), we believe the U.S. dollar could become vulnerable to a loss of value relative to a more diversified basket of currencies, including gold. As we scan client portfolios, we see that many of them have far more U.S. dollar exposure than we feel is prudent. At this stage of the economic cycle, we believe this exposure should be more diversified. In many cases, our recommendation would likely be to place a higher weighting on other G10 currencies, currencies in Asia and gold (see chart).
FX exposure
330 Comments on "JPMorgan: We Believe The Dollar Could Lose Its Status As World’s Reserve Currency"
JuanP on Wed, 24th Jul 2019 5:22 am
OOps this is a Zero Hedge article so read it at your own risk:
https://www.zerohedge.com/news/2019-07-23/jpmorgan-we-believe-dollar-could-lose-its-status-worlds-reserve-currency
Antius on Wed, 24th Jul 2019 6:04 am
Look at this shit.
https://www.zerohedge.com/news/2019-07-23/european-union-massive-expansion-top-down-powers
For all those in favour of remaining in the EU; how long are you prepared to wait for things to start getting better? How much are you prepared to wager that EU leaders won’t still be the Marxist shitheads that they are now in 5 years time?
The EU’s new leader is a totalitarian left-wing extremist.
Hello on Wed, 24th Jul 2019 6:21 am
>> Look at this shit.
The US also started as a loose associations of independent states. Over time more and more power was taken from the states and concentrated in DC.
It’s foolish to believe not the same will happen in the EU. The EU is evil, ruled by megalomaniacs.
I salute the brave people of the UK, who bravely fight for their independence from the evil empire.
I congratulate the clever Swiss, who never even signed up for that shit organization. But I condemn them for incorporating many of the EU laws and guidelines, out of pure greed.
MAGA on Wed, 24th Jul 2019 7:37 am
Donald Trump has single-handedly done more to cause the global populace to despise the US than any other person or event in recent history.
Another four years of DJT in 2020 will be just the leverage necessary to topple USD hegemony.
MAGA 2020. Please keep up the hate.
More Obvious Davy ID Theft on Wed, 24th Jul 2019 7:40 am
JuanP on Wed, 24th Jul 2019 5:22 am
Just one little problem with your critique, Davy, the Zero Hedge article is nothing more than a summation of a well respected JP Morgan research report.
Davy on Wed, 24th Jul 2019 7:43 am
Despite my frequent ID THEFT and SOCK PUPPETEERING, I am spending less time on this lame unmoderated forum to concentrate on my own blog. I do want to thank all those who have attacked me with giving me material for growth. I have saved the best of my comments for my new blog. I have years worth of material. I have enjoyed moderating the worst of you and neutering your selfish useless agendas. I will still be here it is just I will be spending more time putting out a blog. I don’t expect much of a following with my blog. This is more a personal effort to assemble what I have learned over the last 10 years of formulating my REAL Green Deep Adaptation. Many of my ideas and lifestyles are not mine. I barrow what ever works. I do not claim anything either. It is an open source effort. Anyone can take what I am offering and use it however you want. Take my title if you like. For the stalkers here I hope you find my blog and visit the comment forum. It will be only lightly moderated to prevent juanpee identity theft and excessive cloggo spamming. LOL. There will be a prize for juanpee and annoymouse if you can stalk my blog. Double LOL. Anyway fuck my enemies and many thanks to those who contributed to my metamorphous.
I guess I could have joined the moderated section at PO dot com, but I knew I’d get my ass permanently banned. I’ll try not to let the door smack me up the backside on the way out.
ID theft on Wed, 24th Jul 2019 8:04 am
Davy on Wed, 24th Jul 2019 7:43 am Despite my frequent ID THEFT and SOCK PUPPETEERING””
Davy on Wed, 24th Jul 2019 11:25 am
Also, FYI, I’ll be interviewed by AJ on InfoWars next week!
ID theft on Wed, 24th Jul 2019 11:34 am
Davy on Wed, 24th Jul 2019 11:25 am Also, FYI, I’ll be interviewed by AJ”
Gaia on Wed, 24th Jul 2019 12:03 pm
I have no sympathy for the bankers.
Gaiaa on Wed, 24th Jul 2019 12:15 pm
JuanP should seek counseling for cyber stalking
Cloggie on Wed, 24th Jul 2019 1:28 pm
Typical case of the public being fooled by a politician:
https://www.dailymail.co.uk/news/article-7281479/Carrie-Symonds-appears-Downing-Street-Boris-meets-Queen-Buckingham-Palace.html
“Boris Johnson’s girlfriend Carrie Symonds makes an unexpected appearance to watch him deliver his first speech as PM – but DOESN’T join him as he walks through doors of No10”
More Davy Sock Puppetry and Stalking on Wed, 24th Jul 2019 2:06 pm
Gaiaa on Wed, 24th Jul 2019 12:15 pm
“JuanP should seek counseling for cyber stalking”
Outcast_Searcher on Wed, 24th Jul 2019 2:53 pm
Much ado about nothing. In the modern world, over $5 trillion of FX exchange takes place for the major currencies.
People and entities with means and a brain can have virtually any mix of FX exposure they want, and plenty of liquidity to trade it as needed.
And in the modern world, it’s also very easy to have whatever mix of assets re international stocks, gold, etc. one wants.
The only “inconvenient” bit is holding things like PM’s physically as a hedge against “collapse”. It’s worth it if it helps one sleep better, but as a long term investments, stocks certainly outperform that by quite a bit.
This “world reserve currency” thing really mattered a lot before, say, the 90’s, but modern technology has made the whole discussion mainly something for doomers to fret about (or try to sell investment advice about).
Cloggie on Wed, 24th Jul 2019 3:04 pm
The Tory party is now the Brexit party and the multi-ethnic Global Britain Party:
https://www.dailymail.co.uk/news/article-7282067/Boris-launches-brutal-Cabinet-cull-Penny-Mordaunt-Liam-Fox-swathe-Remainers-axed.html
“Boris’s night of the long knives: New PM makes Brexit hardliner Dom Raab his de facto deputy, Priti Patel Home Secretary and Sajid Javid Chancellor as he brutally sacks Jeremy Hunt and swathe of Remainers to clear way for No Deal”
White Remainer wannabe Europeans are replaced by hardline darkies and jews. The complete demolition of the English biosphere is next.
BoJo won’t be able to deliver Brexit, but no worries Brexiteers, the EU will do it for him, keep the honor to itself and give the humiliating boot to those who never wanted to be European.
Oceania, here we come! The Americans will break in and ruthlessly take over and turn the hapless territory in oligarch country. Trump during his last visit already announced that the US wants to see the NHS abolished and leave English patients to the mercy of big US pharma:
https://www.thesun.co.uk/news/brexit/9223014/donald-trump-state-visit-nhs-row/
“Independence”, you said?
Cloggie on Wed, 24th Jul 2019 3:16 pm
The Mueller farce:
https://twitter.com/_RAZQR_/status/1154067874039902208/photo/1
Mueller was never anything else the usual tired, gullible goy front for the real anti-Trump attackers:
https://twitter.com/_RAZQR_/status/1154067874039902208/photo/1
Cherchez le juif.
https://en.wikipedia.org/wiki/Andrew_Weissmann
Cloggie on Wed, 24th Jul 2019 3:19 pm
After Brexit, new alliances are forming:
https://www.theguardian.com/world/2019/jul/24/salvini-avoids-questions-over-league-links-to-russian-money
“Matteo Salvini avoids questions over alleged League links to Russian money”
#TheWestIsDead
JuanP on Wed, 24th Jul 2019 3:21 pm
“White Remainer wannabe Europeans are replaced by hardline darkies and jews. The complete demolition of the English biosphere is next.”
clog, please spare us your idiot drama. it gets old.
JuanP on Wed, 24th Jul 2019 3:22 pm
“#TheWestIsDead”
In your head, clog.
JuanP on Wed, 24th Jul 2019 3:28 pm
Michael Moore Joins Chorus Of Defeated Democrats Panning “Frail, Forgetful” Mueller Testimony
by Tyler Durden
Robert Mueller’s dual Wednesday testimonies were, by most accounts, a total disaster for Democrats hoping to bolster the case for impeaching President Trump. Not only were there no smoking guns, Mueller’s stumbling, fumbling, confused performance alone was a massive backfire for Democrats looking to spotlight the former FBI Director – whose ‘stellar reputation’ as a career public servant melted away to reveal a befuddled old man who was clearly unfamiliar with his own report. Robert Mueller literally just said he wasn’t familiar with Fusion GPS. My Lord. My Lord. — Mollie (@MZHemingway) July 24, 2019 Drug test everyone in Washington. Everyone! pic.twitter.com/ETcLrgwpJ6 — MATT DRUDGE (@DRUDGE) July 24, 2019 Don’t take our word for it. Filmmaker Michael Moore perfectly captures the somber tone amongst Democrats panning Mueller’s Wednesday performance. “frail old man, unable to remember things, stumbling, refusing to answer basic questions…I said it in 2017 and Mueller confirmed it today,” tweeted Moore, adding “All you pundits and moderates and lame Dems who told the public to put their faith in the esteemed Robert Mueller — just STFU from now on.” A frail old man, unable to remember things, stumbling, refusing to answer basic questions…I said it in 2017 and Mueller confirmed it today — All you pundits and moderates and lame Dems who told the public to put their faith in the esteemed Robert Mueller — just STFU from now on — Michael Moore (@MMFlint) July 24, 2019 Moore was joined by the likes of Chuck Todd, Michael Isikoff, and NeverTrumper Bill Kristol. WATCH: Did Democrats get a dramatic moment from Robert Mueller’s testimony this morning? #MuellerHearings “On substance, Democrats got what they wanted,” says @chucktodd “On optics, this was a disaster.” pic.twitter.com/57GzwADE4f — Meet the Press (@MeetThePress) July 24, 2019 “On optics, this was a disaster,” tweeted Todd. On substance, Democrats got what they wanted: that Mueller didn’t charge Pres. Trump because of the OLC guidance, that he could be indicted after he leaves office, among other things. But on optics, this was a disaster. #MuellerHearings — Chuck Todd (@chucktodd) July 24, 2019 “Impeachment’s over,” said ANC News Senior National Correspondent Terry Moran. ABC News Senior National Correspondent Terry Moran on Democrats’ Robert Mueller hearing: “impeachment’s over” pic.twitter.com/X0l9EPTuL6 — Ryan Saavedra (@RealSaavedra) July 24, 2019 CNN’s Oliver Darcey tweeted “Seems pretty clear at this point that Mueller is not the best spokesperson for his own report.” Seems pretty clear at this point that Mueller is not the best spokesperson for his own report. — Oliver Darcy (@oliverdarcy) July 24, 2019 Yahoo News’ resident deep state conduit Michael Isikoff even agreed, “Mueller seems increasingly befuddled.” Mueller seems increasingly befuddled. — Michael Isikoff (@Isikoff) July 24, 2019 Even NeverTrumper Bill Kristol struggled to find a silver lining. These could both be true: Robert Mueller isn’t a dazzling or dynamic or even a particularly compelling witness at a congressional hearing; and his report, along with his testimony, is entirely truthful and damning. — Bill Kristol (@BillKristol) July 24, 2019 White House counsel Jay Sekulow sums it up: …who, as hard as they tried, were unable to establish either obstruction, conspiracy, or collusion between the Trump campaign and Russia. It is also clear that the Special Counsel conducted his two-year investigation unimpeded. — Jay Sekulow (@JaySekulow) July 24, 2019 The American people understand that this issue is over. They also understand that the case is closed.” — Jay Sekulow (@JaySekulow) July 24, 2019
Robert Inget on Wed, 24th Jul 2019 3:33 pm
This whole Mueller thing is awful. I can’t believe this has happened. Trump is a shoo-in now.
majece majece on Wed, 24th Jul 2019 3:49 pm
I am sure that on https://homeworkhelper.net/blog/argumentative-thesis-statement you will get info about Argumentative Thesis Statement. It will help you to get a high grade
More Davy Identity Theft on Wed, 24th Jul 2019 3:49 pm
JuanP on Wed, 24th Jul 2019 3:21 pm
More Davy Identity Theft on Wed, 24th Jul 2019 3:50 pm
JuanP on Wed, 24th Jul 2019 3:22 pm
Cloggie on Wed, 24th Jul 2019 3:51 pm
House of Cards latest:
https://www.dailymail.co.uk/news/article-7280697/Labour-secret-talks-Tory-Remainers-nuclear-option-bringing-Johnson-government.html
“Labour claims to be in secret talks with Tory Remainer rebels over ‘nuclear option’ of bringing down Boris Johnson’s government with no confidence vote”
BoJo thrown out of #10 in a couple of days?
#RevolvingDoorPM?
More Davy Identity Theft on Wed, 24th Jul 2019 3:51 pm
JuanP on Wed, 24th Jul 2019 3:28 pm
Cloggie on Wed, 24th Jul 2019 4:08 pm
The demise of a once great company:
https://www.theguardian.com/business/2019/jul/24/boeing-reports-largest-ever-quarterly-loss-following-737-max-grounding
“Boeing says it could halt production of 737 Max after grounding”
JuanP on Wed, 24th Jul 2019 4:30 pm
“The demise of a once great company:”
Hardly Clog. Boeing has a diversified base with significant military sales. This is just more of your narrow minded low business IQ parading as a Euro chauvinist. If you want an example of demise look in your back yard with Deutsche Bank, you mongrel.
JuanP on Wed, 24th Jul 2019 4:55 pm
The aircraft full of passengers that we tried to use as a decoy, for the drone we were flying illegally in Iranian airspace, was a Boing 737 derivative. Bet you didn’t know that cloggo. Now did you?
dumbass
More Davy Identity Theft on Wed, 24th Jul 2019 4:57 pm
JuanP on Wed, 24th Jul 2019 4:30 pm
JuanP on Wed, 24th Jul 2019 4:55 pm
JuanP on Wed, 24th Jul 2019 5:19 pm
It’s Boeing juanpee, not Boing.
Dumbass
Davy on Wed, 24th Jul 2019 5:22 pm
Your stupid.
JuanP is me.
You mongrel!
ID theft on Wed, 24th Jul 2019 6:30 pm
Davy on Wed, 24th Jul 2019 5:22 pm Your stupid. JuanP is me. You mongrel!”
makati1 on Wed, 24th Jul 2019 7:29 pm
This article is nothing new. Countries are moving away from the USD as fast as they can without collapsing the system. They are moving their dollar resources into other currencies and gold. Most new deals between countries are in their currencies, not the USD. Trump is speeding up this flow with his tariffs and threats. GO TRUMP!
The Real Bob Inget on Wed, 24th Jul 2019 8:32 pm
Apparently, trolls have ruined this (web site).
One wonders, why?
If, If, Iran, Venezuela, Russia, China, manage to knock out, replace USD as world’s reserve currency, US banks, the Fed Reserve, can no longer service our six.five Trillion dollar debt.
juanpee on Wed, 24th Jul 2019 8:49 pm
“Apparently, trolls have ruined this (web site).”
Troll, as in singular Robert. The identity it most commonly uses is ‘Davy’.
Chrome Mags on Wed, 24th Jul 2019 9:45 pm
I suggest a message board is not unlike the trajectory of mankind. Starts off good with clarity and ends up muddled with discord.
Cloggie on Thu, 25th Jul 2019 1:25 am
Breakfast with he DailyMail:
The modern day Chamberlain is leaving office:
https://www.dailymail.co.uk/news/article-7282865/JAN-MOIR-reflects-Theresa-Mays-quiet-courage-understated-resolve.html
“Oh, the relief after all the spite that poisoned her: After watching Theresa May’s last speech as Prime Minister, JAN MOIR reflects on her quiet courage and understated resolve”
European at heart, a decent woman, who dutifully volunteered to carry out the democratic verdict by the English population regarding the European project, initiated by the lies of the two globalist charlatans Nigelle Fromage and BoJo, while trying to minimize the damage for both the UK and EU. Now the UK is run by a Churchill wannabee. Ah well, as Marx said: “first time a tragedy, second time a farce”. If Britain is lucky the May-deal will be adopted after all by her successor, of all people, in order to avoid becoming the shortest serving PM in British history. No major concessions are to be expected from Brussels, other than, perhaps, small cosmetic changes around the buttplug… err backstop, as long as it won’t compromise the integrity of the Single Market.
Life in Europe is potentially going to be extremely interesting again. Ah well, say for yourself, isn’t geopolitical conflict so much more interesting than programming your iPhone or watching yet another jewish propaganda flick, like Seinfeld, All in the Family, The Cosby Show or best of all, Foyle’s War?
https://www.youtube.com/watch?v=mRoKBEu5eyc
In peace-time you grow fat, in war time the best in you CAN surface. In 1648 and the landmark Peace of Westphalia, Protestant Holland emerged as the victor over Catholic Spain and became the premier power in Europe, much to the dismay of the English and French and their Catholic kings. Five years later we were already at war with the English (the opening scenes of the video above), culminating in the siege of the Netherlands by England, France and German Catholic bishops in 1672, who tried to annihilate the Netherlands and almost succeeded:
https://en.wikipedia.org/wiki/Rampjaar
(the topic of the video above)
But we won, temporarily, because we knew a second attempt would follow. What followed was the preparation of the invasion by the Dutch of England, in order to turn them into fellow Protestants, a project that majestically succeeded:
https://www.dailymail.co.uk/news/article-560614/The-1688-invasion-Britain-thats-erased-history.html
The 17th century was our Golden Century and would never have happened without almost perpetual war. By the end of the 17th century we had Peak Dutch and the Dutch were “larger than life”, much in contrast to the political correct dwarfs and meek members of the US empire we are today.
“Hello” won’t like this, but the contrast is perfectly illustrated by comparing Renaissance Italy with Switzerland: the former one giant murder and mayhem but it resulted in magnificent cities and spectacular art, where the Swiss eternal peace resulted in, well, the cuckoo clock.
Cuckoo!
joe on Thu, 25th Jul 2019 2:18 am
Yawn, you still here cloggie fake Dutch fake green neocommie EUSSR supporter?
Cloggie on Thu, 25th Jul 2019 3:50 am
“Yawn, you still here cloggie fake Dutch fake green neocommie EUSSR supporter?”
Wanna make a point, empty spleenhead?
I AM THE MOB on Thu, 25th Jul 2019 7:58 am
Breakfast of champions huh?
Another hard day of work spamming and spreading lies and hate?
You have got to be one the stupidest people on earth..
I AM THE MOB on Thu, 25th Jul 2019 8:26 am
German prosecutors charge ex-SS soldier over incitement and Holocaust denial
https://www.timesofisrael.com/german-prosecutors-charge-ex-ss-soldier-over-incitement-and-holocaust-denial/
Cloggie on Thu, 25th Jul 2019 8:43 am
Meanwhile in a US jail:
https://www.dailymail.co.uk/news/article-7283825/Jeffrey-Epstein-injured-jail-cell-following-possible-suicide-assault.html
“Pedophile Jeffrey Epstein is found ‘semi-conscious with neck injuries’ in his jail cell following a ‘possible suicide attempt’, a week after he was denied bail in his sex trafficking trial ”
They are getting vulnerable!
Pogrom mood.
Antius on Thu, 25th Jul 2019 8:45 am
“German prosecutors charge ex-SS soldier over incitement and Holocaust denial”
It comes to something when an eye witness is prosecuted for saying what he saw! When stuff like that happens, you know the people in charge are arseholes.
Cloggie on Thu, 25th Jul 2019 8:52 am
Define “greatest”
https://www.dailymail.co.uk/news/article-7285043/Boris-runs-gauntlet-Remainer-fury-Commons.html
“I’ll make Britain the greatest country on earth’: Echoes of Donald Trump as new PM Boris Johnson runs the gauntlet of Remainer fury in the Commons and vows he WON’T hand the EU £39bn unless they offer a better deal”
“He insisted the Irish border backstop must be dropped altogether if Brussels wants to strike an agreement”
We won’t
“Mr Johnson threatened to withhold the £39billion Brexit divorce bill if the EU does not offer a better deal”
Keep em, we’ll take Gibraltar, Scotland, united Ireland and Shell/Unilever HQ. Additionally we’ll take your market positions within the Common Market.
Spend your 350 million per week on the NHS… if the Americans let you.lol
Cloggie on Thu, 25th Jul 2019 9:18 am
“Nicola Sturgeon demands Boris Johnson agrees to new Scottish INDEPENDENCE referendum as she rages at his ‘do or die’ Brexit stance and says the people have a right ‘to determine their own future’”
https://www.dailymail.co.uk/news/article-7285359/Nicola-Sturgeon-demands-Boris-Johnson-agrees-new-Scottish-INDEPENDENCE-referendum.html
If Britain can leave the EU without a deal, Scotland can leave the UK without a deal.
Cloggie on Thu, 25th Jul 2019 9:22 am
We’re almost there:
https://www.dailymail.co.uk/news/article-7284157/US-warship-sails-Taiwan-strait-amid-China-tensions.html
“US warship sails through the Taiwan Strait hours after China said it was ‘ready to go to war’ with anyone who interferes in its relations with the island”
Cloggie on Thu, 25th Jul 2019 9:52 am
Germany 41.6C
https://m.spiegel.de/panorama/wetter-41-5-grad-in-lingen-deutscher-hitzerekord-im-emsland-gemessen-a-1279011.html
Had a discussion with an Indian collegue this morning near the coffee machine. His personal record was 45C.
Davy on Thu, 25th Jul 2019 10:00 am
“Keep em, we’ll take Gibraltar, Scotland, united Ireland and Shell/Unilever HQ. Additionally we’ll take your market positions within the Common Market.”
Who is “we”, cloggo?? maybe your over sized ego running away with you?
Davy on Thu, 25th Jul 2019 10:02 am
“Had a discussion with an Indian collegue this morning near the coffee machine. His personal record was 45C.”
Wow, cloggo is talking with a person of color. does the Indian colleague realize how racist and hateful you are with people of color? LOL