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Invisibletrick

Registered: 10/22/04
Posts: 1,059
Loc: unknown
Dollar headed for collapse: Mahathir
    #4004210 - 04/02/05 10:43 AM (11 years, 10 months ago)

http://www.taipeitimes.com/News/world/archives/2005/03/31/2003248499

AFP , KUALA LUMPUR
Thursday, Mar 31, 2005,Page 5

The US dollar is facing an imminent collapse and the global economy will suffer a "catastrophe" when it is rejected as the currency for trade, former Malaysian prime minister Mahathir Mohamad said in remarks published yesterday.

Mahathir, who famously ignored International Monetary Fund (IMF) advice and instead chose to peg his country's ringgit to the US dollar during the Asian financial crisis, said a standard gold currency was now the best alternative for world trade. The dollar was retaining some value because of fears of a global economic catastrophe if it was rejected, he told a conference of some 650 chief executives from 30 countries at a conference in Kota Kinabalu on Borneo island on Tuesday, The Star newspaper reported.

"But the catastrophe will come one day because even the most powerful country in the world cannot repay loans amounting to US$7 trillion," Mahathir said.

The former premier said he believed central banks worldwide were reducing their US dollar reserves and he suspected that Malaysia was also switching to other currencies.

Telling reporters that he was giving his personal views, he warned that "unless [the Americans] change their president and have a more responsible president who will try to reduce the deficit, they will have serious trouble with the US currency."

Mahathir told the CEOs it was doubtful that the sliding dollar could regain its old strength as the administration of US President George W. Bush did not consider deficits worth reducing.

The huge deficit meant that the dollar had no backing but it continued to be used internationally because some people still accepted payments in dollars.

"But there will come a time when we will switch away from the dollar and we have suggested the use of gold for international trade," he said.

Meanwhile, if companies did not want to be "short-changed" they should insist on payments in alternative currencies such as the euro or be paid in US dollars but at euro-equivalent value, he said.

Mahathir, who was widely condemned internationally for imposing capital controls and pegging the ringgit to the dollar during the Asian financial collapse 1998, has since won plaudits for his handling of the crisis. He created a stir in January when he joined a chorus of calls for Malaysia to review the currency peg of 3.8 to the dollar given the US unit's decline in value.


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Offlinekilgore_trout
Stranger
Registered: 10/18/03
Posts: 1,607
Last seen: 8 years, 7 months
Re: Dollar headed for collapse: Mahathir [Re: trick]
    #4004326 - 04/02/05 11:39 AM (11 years, 10 months ago)

perhaps the us thinks if monopolizes the oil resources and forces payment in dollars when the scarcity of oil gets unbelievable due to over consumption and the prices sky rocket that 7 trillion isnt as much in the future as it is now. check my other thread.


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Offlinecb9fl
Senior ChildMolestationExpert
Registered: 06/12/03
Posts: 3,104
Loc: florida
Last seen: 7 years, 6 months
Re: Dollar headed for collapse: Mahathir [Re: kilgore_trout]
    #4004368 - 04/02/05 11:56 AM (11 years, 10 months ago)

Are you from an English speaking country?


--------------------
It is better to be hated for what you are than to be loved for what you are not. -Andre Gide

"Generosity is nothing else than a craze to possess. All which I abandon, all which I give, I enjoy in a higher manner through the fact that I give it away. To give is to enjoy possessively the object which one gives."


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InvisibleAnnapurna1
liberal pussy
Female User Gallery
Registered: 05/21/02
Posts: 5,646
Loc: innsmouth..MA
Re: Dollar headed for collapse: Mahathir [Re: trick]
    #4004758 - 04/02/05 01:48 PM (11 years, 10 months ago)

yes..there is already a thread on this topic...otherwise..the islamic gold dinar is just another liberty dollar...


--------------------


"anchor blocks counteract the process of pontiprobation..while omalean globes regulize the pressure"...


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Offlinekilgore_trout
Stranger
Registered: 10/18/03
Posts: 1,607
Last seen: 8 years, 7 months
Re: Dollar headed for collapse: Mahathir [Re: cb9fl]
    #4004778 - 04/02/05 01:54 PM (11 years, 10 months ago)

are you refering to me and my typos and run on sentences and occasional poor grammar? yes i speak english and am from an english speaking country, but i type it poorly when im esp. sleep deprived. also i usually dont proof read or spell check before posting.


Edited by kilgore_trout (04/03/05 12:52 AM)


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Offlinezappaisgod
horrid asshole

Registered: 02/11/04
Posts: 81,741
Loc: Fractallife's gym
Last seen: 8 months, 19 days
Re: Dollar headed for collapse: Mahathir [Re: kilgore_trout]
    #4006655 - 04/02/05 11:05 PM (11 years, 10 months ago)

You didn't answer the question. It's a yes or no type question. You can choose not to but if you're going to reply, reply directly. Or not. Whatever.


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OfflineCatalysis
EtherealEngineer

Registered: 04/23/02
Posts: 1,742
Last seen: 8 years, 7 months
Re: Dollar headed for collapse: Mahathir [Re: trick]
    #4007330 - 04/03/05 03:11 AM (11 years, 10 months ago)

Wouldn't make sense to peg their cash to US currency if it was headed for catastrophy.


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InvisibleDirtMcgirt
in a pinch
 User Gallery

Registered: 10/20/04
Posts: 2,213
Loc: city of angels
Re: Dollar headed for collapse: Mahathir [Re: Catalysis]
    #4007760 - 04/03/05 06:31 AM (11 years, 10 months ago)

Yeah, no shit.

"The dollar will collapse and we are all fucked! But, my countries exchange depends on it. We are all still fucked based on my armchair economics though!"


--------------------
"And we, inhabitants of the great coral of the Cosmos, believe the atom (which still we cannot see) to be full matter, whereas, it too, like everything else, is but an embroidery of voids in the Void, and we give the name of being, dense and even eternal, to that dance of inconsistencies, that infinite extension that is identified with absolute Nothingness and that spins from its own non-being the illusion of everything."


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InvisibleGreat_Satan
prophet of God
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Registered: 09/05/04
Posts: 953
Re: Dollar headed for collapse: Mahathir [Re: DirtMcgirt]
    #4009114 - 04/03/05 06:17 PM (11 years, 10 months ago)

When it collapses, buy!


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InvisibleGreat_Satan
prophet of God
 User Gallery

Registered: 09/05/04
Posts: 953
Re: Dollar headed for collapse: Mahathir [Re: Great_Satan]
    #4009131 - 04/03/05 06:27 PM (11 years, 10 months ago)

After the Hang Sang Gang Bang of 1998 the price of oil dropped to $12 a barrel.


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