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Congressional Speech: The End of US Dollar Hegemony

Discussion in 'Political Discussion' started by maverick4, Aug 10, 2006.

  1. maverick4

    maverick4 Banned

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    February 2006 speech by Congressman Ron Paul before the US House of Representatives:
    http://www.house.gov/paul/congrec/congrec2006/cr021506.htm

    Short Excerpt:
    Our whole economic system depends on continuing the current monetary arrangement, which means recycling the dollar is crucial. Currently, we borrow over $700 billion every year from our gracious benefactors, who work hard and take our paper for their goods. Then we borrow all the money we need to secure the empire (defense budget $450 billion) plus more. The military might we enjoy becomes the backing of our currency. There are no other countries that can challenge our military superiority, and therefore they have little choice but to accept the dollars we declare are today's gold. This is why countries that challenge the system-- like Iraq, Iran and Venezuela-- become targets of our plans for regime change.
     
    Last edited: Aug 10, 2006
  2. Blue Collar

    Blue Collar 2nd Team Getting Their First Start

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    Very informative my friend, thank you for bringing this to the forum..
     
  3. Blue Collar

    Blue Collar 2nd Team Getting Their First Start

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    Maverick I would like to expand on this valuable link you provided.
    This is the meat of the war in my opinion...
     
  4. All_Around_Brown

    All_Around_Brown In the Starting Line-Up

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    If we only had more Ron Pauls in Congress. Here's a guy who "gets it".
     
  5. maverick4

    maverick4 Banned

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    This is the real reason for Iraq, and soon Iran and Venezuela. WMD's and 'Spreading Freedom' are not the real reasons behind our foreign policy.

    I have been trying to make this more well known for months now, and I was afraid that the links I provided were not 'legit' enough. I am glad to have come across this speech. A US House speech by a Congressman is about as legit as it gets, and he explains things very well in my opinion.

    How long will countries like Japan remain willing to ship us their Hondas and Toyotas in exchange for our monopoly play money?

    .
     
    Last edited: Aug 10, 2006
  6. Blue Collar

    Blue Collar 2nd Team Getting Their First Start

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    You have a willing person in blue collar to engage in this discussion..

    Lets build this thread with informative links and dialogue..

    What do you say maverick, want to do it...We can converse politely and become more educated on the subject and be better people and more informed because of our decision to engage in this great topic..

    Beats arguing over no win politics....What you say?
     
  7. All_Around_Brown

    All_Around_Brown In the Starting Line-Up

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    In 03, Saddam was threatening to sell his oil in Euros IIRC. Thus, he had to go. Any links on that?

    THere it is:

    In November 2000 Saddam Hussein demanded Euros for his oil. His arrogance was a threat to the dollar; his lack of any military might was never a threat. At the first cabinet meeting with the new administration in 2001, as reported by Treasury Secretary Paul O’Neill, the major topic was how we would get rid of Saddam Hussein-- though there was no evidence whatsoever he posed a threat to us. This deep concern for Saddam Hussein surprised and shocked O’Neill.

    It now is common knowledge that the immediate reaction of the administration after 9/11 revolved around how they could connect Saddam Hussein to the attacks, to justify an invasion and overthrow of his government. Even with no evidence of any connection to 9/11, or evidence of weapons of mass destruction, public and congressional support was generated through distortions and flat out misrepresentation of the facts to justify overthrowing Saddam Hussein.

    There was no public talk of removing Saddam Hussein because of his attack on the integrity of the dollar as a reserve currency by selling oil in Euros. Many believe this was the real reason for our obsession with Iraq. I doubt it was the only reason, but it may well have played a significant role in our motivation to wage war. Within a very short period after the military victory, all Iraqi oil sales were carried out in dollars. The Euro was abandoned.
     
    Last edited: Aug 10, 2006
  8. maverick4

    maverick4 Banned

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    Blue Collar, sounds good. Glad you have also seen the light.

    All Around Brown - in his speech, Congressman Paul pointed out how Iraq changed to the Euro in 2000 (first country in the world to shift from the dollar), and after their government was immediately toppled, the US changed their oil currency back to the dollar. It's an interesting coincidence.

    What is more interesting is how Iran plans to launch an oil trading platform in Euros. It is almost hilarious how closely connected their announcement was with American rhetoric against Iran. Read the link below for more details.

    http://www.energybulletin.net/2913.html

    .
     
    Last edited: Aug 10, 2006
  9. Blue Collar

    Blue Collar 2nd Team Getting Their First Start

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    Allright my friend, I will search for some links for this discussion..

    This will be an excellent dicussion for all who wish to partcipate.

    I will post a link and lets dissect it like a frog in biology class;)
     
  10. maverick4

    maverick4 Banned

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    http://www.financialsense.com/editorials/petrov/2006/0120.html

    This paper by an Austrian Ph.D economist talks about oil, Iran, and the ramifications for us if we lose the petro dollar.

    He links the demise of the petro dollar to rising inflation, massive unpaid debt, real estate collapse, and basically the second coming of the depression in the United States.

    .
     
    Last edited: Aug 10, 2006
  11. Blue Collar

    Blue Collar 2nd Team Getting Their First Start

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  12. All_Around_Brown

    All_Around_Brown In the Starting Line-Up

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    http://www.energybulletin.net/2913.html

    and they said this wasn't about OIL? :confused:
     
  13. maverick4

    maverick4 Banned

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    Over the past 40 years, maybe even longer, I think our government has learned that it can act a certain way in foreign lands, keep the real motive quiet, while trumpeting an easy to remember rationale that the common man can believe in (spreading freedom, democracy), when in actuality it has nothing to do with the action.

    Here is an article about the US dollar crisis on the horizon:
    http://www.globalresearch.ca/index.php?context=viewArticle&code=CLA20060210&articleId=1937

    Oil, Currency, and the War on Iraq:
    http://www.feasta.org/documents/papers/oil1.htm

    .
     
    Last edited: Aug 10, 2006
  14. maverick4

    maverick4 Banned

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  15. wistahpatsfan

    wistahpatsfan Pro Bowl Player

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    #75 Jersey

  16. wistahpatsfan

    wistahpatsfan Pro Bowl Player

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    #75 Jersey

    From the linked article by Nunan:

    "...America's willingness to use violence to defend its economic interests does not seem to have reduced the number of oil exporters considering switching to the euro as they recognise that their use of the dollar enables the US to build up its military strength. In addition to Malaysia, Indonesia has the switch under consideration17 while Iran has been shifting its currency reserves into euros. Moreover, according to the Vice-President of the Iranian central bank, it has actually sold some of its oil to Europe for euros and is encouraging members of an Asian trade organisation, the Asian Clearing Union, to pay for Iranian oil in the European currency18 . Along with Malaysia, it is also at the forefront of efforts to establish a new gold-backed currency, the Islamic Gold Dinar, to be used in international trade amongst Muslim countries instead of both the dollar and the euro19 . In a further development, in June 2004, Iran announced that it had plans to establish an oil-trading market for Middle Eastern and OPEC producers which could threaten the dominance of London's International Petroleum Exchange and New York's Nymex20 . Such a move could help remove some of the technical difficulties that exist with a switch away from dollar-denomination of oil sales.

    It is therefore not surprising to find that, just as with Iraq, the European Union and the US are dealing with Iran in very different ways. While the EU has been holding trade negotiations with Iran21 and involved in dialogue about its nuclear programme, the US has refused to get involved in direct talks with the Iranian government which it views as 'evil'..."
     
  17. Blue Collar

    Blue Collar 2nd Team Getting Their First Start

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    Great job guys, I will try to add to this tommorrow, good night:)
     
    Last edited by a moderator: Nov 15, 2005
  18. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    Ron's a good guy. I don't think his foreign policy stuff is realistic in this day and age. I really love his idea of abolishing the 16th amendment and doing away with the social welfare programs I'm a bit suprised you socialist (or progressives) would go for that sort of Libertarian agenda.
     
  19. wistahpatsfan

    wistahpatsfan Pro Bowl Player

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    #75 Jersey

    I'm a hard-core Libertarian, whoch means I'm an expert at not winning elections, but I can tell you that on the political spectrum, we are kind of the bridge between the left and right. The lefties think we're radican conservatives because of our hatred of taxes and welfare, and t the right thinks we're radical liberals because we hate the social laws and military industrial complex.
     
  20. maverick4

    maverick4 Banned

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    I don't see any issues with a repub or dem slant.
    I merely see the TRUTH.
     

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