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Your money is now worth nothing Options
Pat Miketinac
#61 Posted : Monday, June 22, 2009 3:17:03 AM
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Posts: 134,494

Back on the topic, a very disturbing article appeared on truthdig.com on 6/14/09 by Chris Hedges. He says that this week marks the end of the dollar as the world's reserve currency. The U.S. was denied participation in meetings held by the 6-nation Shanghai Cooperation Organization. The meetings are a formal step to replace the dollar. If they succeed, the dollar will plummet, the cost of imports, including oil, will skyrocket, many more jobs will be lost, and tax revenues will fall faster. Any guesses what our government will do if this happens?

John Edward Mercier
#62 Posted : Monday, June 22, 2009 3:12:46 PM
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Since they can't force holdings outside the US to be in USD... and they don't have enough demand for USD-denominated holdings inside the US.

They are either going to have to deal with higher interest rates... or fix the fiscal balance.

The fiscal balance is really between revenue and expenditure... and somehow I see revenue enhancement as winning out. IMHO the carbon tax is really about revenue enhancement.

Paratrooper
#63 Posted : Tuesday, June 23, 2009 5:06:15 AM
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           It might be worth noting that the US currency is good regardless of when it was printed . We have always been the "go to" currency on this planet . I've dealt with many people in other countries and they ALL say that US currency will be just fine with them . A good friend of mine from Rumania took some US currency back (this was some years ago) . the rate of exchange was 10:1 . He was able to make tremendous purchases with USD . Of course getting caught would probably result in death but the point stands . 2 other friends left Russia with USD and Sable hats , coats and gloves . The funds were well "hidden" and proved invaluable when they arrived in Austria . Even if the USD loses it's "place" it will be the "real" money to the masses . I remember dealing grain in the mid-west and it always began with "what are we using" . What weight , currency (and on what day) how will it be shipped and who pays . The currency is just a measure and not a referrendum on that country . Those that want the USD replaced would consider it a victory over the US while they themselves could never force us into any type of submission . Kind of like a small child kicking a grown up . Better yet , a small dog barking at a much larger dog while enjoying the safety of a high fence . BTW , the currency mostly used in the grain deals was Swiss Francs .


Tom in Kingman AZ
John Edward Mercier
#64 Posted : Tuesday, June 23, 2009 1:29:40 PM
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Posts: 134,494

Because they are using currency in the short-duration of its meaning and not  as a reserve.

Very unusual to notice much difference in short periods, except during times of unrest.

 

davisonh
#65 Posted : Tuesday, June 23, 2009 1:29:40 PM
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Posts: 134,494

I say that because the administration took a giant step last week in devaluing our fiat currency and took a huge step towards making the US a foreign-owned subsidiary of every other country on the planet(especially China) and all the while giving the wealthiest 1 percent in this country huge severance bonuses so that they can retire early to their tax-sheltered McMansions and ranches with no animals.Good plan so far as I can see for them,problem is most of us in the middle class will be paying  for this for the rest of our lives.You know,when I screw up bad at work it can cost me my life(Im an electrician/test technician)or pray tell someone elses life.So I try my hardest not to screw up.But when the corporate investment  executive sitting behind a desk,responsible for millions of peoples' retirement investments screws up,he backstabs his underlings,cries and whines that it was'nt his fault,gets let go by the board of directors and then retires to one of  his caribbean villas. Seems we need to do this with our current administration .I am glad I still have a pair, because it looks like that'll all I'll have by the time this administrations' time ends.

See there's nowhere near enough gold or property owned by our country to back up the paper and coins we print,and now we have to borrow money on an emergency basis from other countries(cant imagine what the interest rate is???)to be able just to pay the interest on the debt we owe?C'mon guys..A pretty badly run business is what all this looks like and it seems the govt is trying every tool they have to prop up the economy at our expense.This from the anti-tax and spend Republicans?I hate to say this but with all that the government is trying to do will fail eventually,slowly dragging out and sucking dry every dime we all own.See if the government had'nt done anything yes the economic fall would  have been severe,but eventually would have rebounded stronger than before.Its a natural fall.We don't have that anymore,because the government has taken the debt(Sounds a little totalitarian does'nt it?..guess what,it is..they've been planning this since 2001 so that the republican party can stay in office..has to do with that public sentiment thing)on basically nationalizing or dare i say..seizing defaulted mortgages(i.e property not worth the mortgage that backs it..).This all sounds like something the Democratic Party would do.Tax and spend,but it seems the Republican Party's got that move down pat.(you'll need to fork out $700 billion not counting the Iraq war)Problem is,is that 700 billion pesos or dollars,because thats soon to be the value of our dollar.All this is going to fall onto the next administrations' shoulders,with whomever wins,but lets face it Bush is going to leave a terrible mess on all governmental sides.Oh yea thats right his Dad instilled the biggest tax hike in history did'nt he??How dare the Bushes call themselves Republicans??They sound like Democrats to me.Sounds like we have not only the FDIC but also the FIIC.(Federal Investment Insurance Company)Any thoughts?

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