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What would this mean if it happened? What would the ramifications be for us? Different people have different views regarding this topic. Soem say it would never happen cuz too many nations have a stake in our debt, others think that it will happen, cuz the dollar is borderline worthless anyway. Anyone want to toss in their 2 cents? Oh, and please, discuss this, and don't come in throwing attacks, or BS, in every direction. I'm genuinely interested in hearing what everyone has to say.
The demise of the dollar
Tuesday, 6 October 2009
Exclusive report by Robert Fisk
Death to the U.S. Dollar
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.
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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." Leo Tolstoy, 1897
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It would mean the US gov would have a tough time selling our debt (bonds).
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"Some guys play in all-star games, some guys don't. I don't know who picks all those all-star teams. In all honesty, I don't know who picks the combine, for that matter," Belichick said. "How does (Miami-Ohio offensive lineman Brandon) Brooks not get invited to the combine? How did Vollmer not get invited to the combine? I don't know. We can't really worry about that. We just have to try to evaluate them the best we can."
1) How do you peg the price of oil to 5 different currencies that all move relative to each other?
2) Its one thing to say that the dollar isn't the best currency anymore (I'm assuming that's the reason oil's been traded in dollars all these years) but quite another to say that its not even in the top 5 anymore. We're not the only nation that's trying to spend its way out of recession.
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Give a man a gun and he can rob a bank, give a man a bank and he can rob everyone.
indeed, predicted long ago by Schiff and others. This will be cataclysmic in its effect on the U.S. economy, and the clearest indicator yet that "recovery" is a mirage (among an endless line of indicators).
I never thought I'd see the day when Drudge linked to a Robert Fisk article, let alone in his giant red ALERT font as the main title. Does this mean he now thinks Robert Fisk is a credible source? If so I'd love to show him 99% of his other articles....
I never thought I'd see the day when Drudge linked to a Robert Fisk article, let alone in his giant red ALERT font as the main title. Does this mean he now thinks Robert Fisk is a credible source? If so I'd love to show him 99% of his other articles....
lol... no doubt... Matt Drudge is a moron...
from Wiki:
"Fisking"
The blogosphere term fisking[28] refers not to what Fisk does but to what is done to him, and others; the fisker begins by copying text from the fiskee, and then produces an interlinear critique pointing out flaws and raising doubts. "The fisker can without too much trouble make the fiskee look ridiculous."[29] The term originated from partisan attacks on Fisk's credibility,[30] but has been extended to others, even the Archbishop of Canterbury.[31]
Next the Russian Ruble's going into this basket of currencies? What comes after that? Haitian Penny Stocks or Confederate money? The Ruble's one of the most unstable currencies out there.
I'd also point out that anyone who stoops to hinting that the reason for our 1990 attack on Iraq was because Saddam stopped trading his oil in dollars has character issues.
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Give a man a gun and he can rob a bank, give a man a bank and he can rob everyone.
maybe we should just have another cash for clunkers program
nobody has the guts to do what has to be done which is to eliminate our dependence on foreign energy
nuclear power(interim), hydrogen fuel cells (long term), green energy forms to go along with a new attitude about energy consumption that we are all guilty of abusing now
you want to put americans to work and world economy tailspin since american demand for foreign oil is the only thing that drives the cost of it......without american consumption of foreign oil, it would destroy the revenue stream of every OPEC country and in no time, the middle east would destroy itself.
Last edited by tanked_as_usual; 10-06-2009 at 09:13 AM..
__________________
"Some guys play in all-star games, some guys don't. I don't know who picks all those all-star teams. In all honesty, I don't know who picks the combine, for that matter," Belichick said. "How does (Miami-Ohio offensive lineman Brandon) Brooks not get invited to the combine? How did Vollmer not get invited to the combine? I don't know. We can't really worry about that. We just have to try to evaluate them the best we can."
I'm glad everyone is doing as I pleaded, and is explaining what they think the ramifications would be. Nice going all.
So we got an attack on Matt Drudge, an attack on capitalism, and the price quote for an ounce of gold. Sweet. I feel so much smahtah now.
So, anyone want to discuss what the ramifications would be?
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To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." Leo Tolstoy, 1897
Last edited by Real World; 10-06-2009 at 11:15 AM..
The demise of the dollar
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