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trick
Registered: 10/22/04
Posts: 1,059
Loc: unknown
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Dollar headed for collapse: Mahathir
#4004210 - 04/02/05 08:43 AM (19 years, 22 hours ago) |
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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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kilgore_trout
Stranger
Registered: 10/17/03
Posts: 1,607
Last seen: 15 years, 8 months
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Re: Dollar headed for collapse: Mahathir [Re: trick]
#4004326 - 04/02/05 09:39 AM (19 years, 21 hours ago) |
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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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newuser1492
Registered: 06/12/03
Posts: 3,104
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Re: Dollar headed for collapse: Mahathir [Re: kilgore_trout]
#4004368 - 04/02/05 09:56 AM (19 years, 20 hours ago) |
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Are you from an English speaking country?
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Annapurna1
liberal pussy
Registered: 05/21/02
Posts: 5,646
Loc: innsmouth..MA
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Re: Dollar headed for collapse: Mahathir [Re: trick]
#4004758 - 04/02/05 11:48 AM (19 years, 18 hours ago) |
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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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kilgore_trout
Stranger
Registered: 10/17/03
Posts: 1,607
Last seen: 15 years, 8 months
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Re: Dollar headed for collapse: Mahathir [Re: newuser1492]
#4004778 - 04/02/05 11:54 AM (19 years, 18 hours ago) |
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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 (04/02/05 10:52 PM)
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zappaisgod
horrid asshole
Registered: 02/11/04
Posts: 81,741
Loc: Fractallife's gym
Last seen: 7 years, 9 months
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Re: Dollar headed for collapse: Mahathir [Re: kilgore_trout]
#4006655 - 04/02/05 09:05 PM (19 years, 9 hours ago) |
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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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Catalysis
EtherealEngineer
Registered: 04/23/02
Posts: 1,742
Last seen: 15 years, 8 months
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Re: Dollar headed for collapse: Mahathir [Re: trick]
#4007330 - 04/03/05 12:11 AM (19 years, 6 hours ago) |
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Wouldn't make sense to peg their cash to US currency if it was headed for catastrophy.
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DirtMcgirt
in a pinch
Registered: 10/20/04
Posts: 2,213
Loc: city of angels
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Re: Dollar headed for collapse: Mahathir [Re: Catalysis]
#4007760 - 04/03/05 04:31 AM (19 years, 3 hours ago) |
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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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Great_Satan
prophet of God
Registered: 09/05/04
Posts: 953
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Re: Dollar headed for collapse: Mahathir [Re: DirtMcgirt]
#4009114 - 04/03/05 04:17 PM (18 years, 11 months ago) |
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When it collapses, buy!
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Great_Satan
prophet of God
Registered: 09/05/04
Posts: 953
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Re: Dollar headed for collapse: Mahathir [Re: Great_Satan]
#4009131 - 04/03/05 04:27 PM (18 years, 11 months ago) |
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After the Hang Sang Gang Bang of 1998 the price of oil dropped to $12 a barrel.
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