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OfflineScavengerType
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The American Economy is Dead.
    #11191591 - 10/06/09 04:31 AM (8 years, 1 month ago)

Yrat posted this in another thread, but it really deserves it's own.

The demise of the dollar

Quote:

In the most profound financial change in recent Middle East history, Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar.

Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer be priced in dollars.

The plans, confirmed to The Independent by both Gulf Arab and Chinese banking sources in Hong Kong, may help to explain the sudden rise in gold prices, but it also augurs an extraordinary transition from dollar markets within nine years.




In short this will make the value of the USD plummet.

America, were you worried about what China was going to do with all that debt you owe, well I hope you borrowed in USD. Cause if you did, it's about to get a lot easier to pay them back.

If you do not understand the underlying economic issues with regard to OPEC oil trade and the USD
Here is a funny video explaining it clearly in a comedic matter.


In short this will kill the US currency. It's value is about to become relatively equivalent to Mexico. People will be ditching it left right and center eventually here. It's already been announced so as soon as the stampede starts. Inevitably you may have to wait until it's official before you see it begin.

Oh and America, if you are reading this the rest of the world wanted to deliver a message to you.

and the horse you rode in on.


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"Have you ever seen what happens when a grenade goes off in a school? Do you really know what you’re doing when you order shock and awe? Are you prepared to kneel beside a dying soldier and tell him why he went to Iraq, or why he went to any war?"
"The things that are done in the name of the shareholder are, to me, as terrifying as the things that are done—dare I say it—in the name of God. Montesquieu said, "There have never been so many civil wars as in the Kingdom of God." And I begin to feel that’s true. The shareholder is the excuse for everything."
- Author and former M6/M5 agent John le Carré on Democracy Now.
Conquer's Club


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InvisibleArmFromTheAbyss
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Registered: 10/09/02
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Re: The American Economy is Dead. [Re: ScavengerType]
    #11191942 - 10/06/09 08:16 AM (8 years, 1 month ago)

First of all, this is old news, second, how will this destroy the dollar? Are you saying the Iranian Oil Bourse will trade more oil than NYMEX? WTI is still the benchmark crude price, its still in DOLLARS. Brent crude is priced in dollars. Iran is not the financial capital of the world and never will be.


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InvisibleArmFromTheAbyss
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Re: The American Economy is Dead. [Re: ArmFromTheAbyss]
    #11192106 - 10/06/09 09:28 AM (8 years, 1 month ago)

Whats this?? It was all bullshit?


http://www.bloomberg.com/apps/news?pid=20601082&sid=apt5We30uqlA

Quote:

Oct. 6 (Bloomberg) -- Saudi Arabia hasn’t held talks with China and other countries on dropping the dollar as the currency for pricing oil, Saudi Central Bank Governor Muhammad al-Jasser said, denying a report in the U.K.’s Independent newspaper.

The Independent report is “absolutely incorrect” and there has been “absolutely nothing” of that nature discussed between Saudi Arabia, the world’s biggest oil exporter, and other countries, al-Jasser told reporters in Istanbul, where he’s attending an International Monetary Fund summit. The dollar pared losses after his remarks.





:lol:


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OfflineJT
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Re: The American Economy is Dead. [Re: ArmFromTheAbyss]
    #11192351 - 10/06/09 10:53 AM (8 years, 1 month ago)

well they wouldn't just come out and admit it.

i think that in light of everything that has been going on with new currency, american debt, etc. there has to have been some talk about dropping the dollar. it is probably still in the speculation phase though, and the saudi's want to minimize animosity for as long as they can.


it's not enough to destroy the dollar anyways. it could hurt its international spending power for a while, but many factors contribute to the dollar's value and in all honesty, and in the long term, our desire for oil is only going to decrease.


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Offlinelonestar2004
Live to party,work to affordit.
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Re: The American Economy is Dead. [Re: ScavengerType]
    #11192389 - 10/06/09 11:02 AM (8 years, 1 month ago)

i agree the dollar is shit but don't the Arabs make this threat every year? besides if they bankrupted the U.S. who would protect them from themselves? :smirk:


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America's debt problem is a "sign of leadership failure"

We have "reckless fiscal policies"

America has a debt problem and a failure of leadership.

Americans deserve better

Barack Obama


Edited by lonestar2004 (10/06/09 11:36 AM)


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Offlinezappaisgod
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Re: The American Economy is Dead. [Re: ScavengerType]
    #11192521 - 10/06/09 11:36 AM (8 years, 1 month ago)

Since the Chinese, among others, hold enormous amounts of our paper what do you think would happen to them if the dollar collapsed?  They would be more fucked than us by a long shot.


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OfflineScavengerType
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Re: The American Economy is Dead. [Re: zappaisgod]
    #11193626 - 10/06/09 03:03 PM (8 years, 1 month ago)

I think this following the talks about a global currency makes it sound more serious. Saudi Arabia would be the last to admit it, so their denial of it doesn't seem to confirm or deny it in my eyes. Particularly with the massive US prescience in the country.

China's reserve of US currency only helps them if the US stops running a deficit and a collapse of the american dollar would create a lot of opportunity for them.

The one real blocker to this issue is that nations know the oil trade is going to be a temporary boom and nobody wants it to be traded by default in their currency when expectations are for radical oil price shifts in their lifetimes. Nobody wants to do what the US did, particularly at this point.

Perhaps it's just a bargaining chip to bring the US back to the table on the world currency issue, but it could be legit as well. I agree with JT there is no way they are not considering this by now.


--------------------
"Have you ever seen what happens when a grenade goes off in a school? Do you really know what you’re doing when you order shock and awe? Are you prepared to kneel beside a dying soldier and tell him why he went to Iraq, or why he went to any war?"
"The things that are done in the name of the shareholder are, to me, as terrifying as the things that are done—dare I say it—in the name of God. Montesquieu said, "There have never been so many civil wars as in the Kingdom of God." And I begin to feel that’s true. The shareholder is the excuse for everything."
- Author and former M6/M5 agent John le Carré on Democracy Now.
Conquer's Club


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Offlinezappaisgod
horrid asshole


Registered: 02/11/04
Posts: 81,741
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Re: The American Economy is Dead. [Re: ScavengerType]
    #11193875 - 10/06/09 03:39 PM (8 years, 1 month ago)

You still don't get it.  China doesn't hold currency so much as it holds IOUs payable in American dollars.  If the dollar goes in the toilet so do their IOUs.


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InvisibleArmFromTheAbyss
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Registered: 10/09/02
Posts: 1,368
Loc: Down here in Babylon
Re: The American Economy is Dead. [Re: zappaisgod]
    #11193926 - 10/06/09 03:47 PM (8 years, 1 month ago)

Quote:

zappaisgod said:
If the dollar goes in the toilet so do their IOUs.





Finally somebody knows what they're talking about.

Btw anybody realize the original story was MADE UP?


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Offlinezappaisgod
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Re: The American Economy is Dead. [Re: ArmFromTheAbyss]
    #11193938 - 10/06/09 03:49 PM (8 years, 1 month ago)

Yeah, I saw that.  It doesn't stop some people (the usual suspects) if they click their heels together enough times.


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