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Dollar as world's reserve currency going bye bye

Discussion in 'Politics, Elections & Legislation' started by wireguy, Oct 5, 2009.

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  1. wireguy

    wireguy TS Member

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    Dollar as world

    FROM FOX NEWS.COM

    Report: Gulf States in Secret Talks to Drop Dollar
    Tuesday, October 06, 2009

    Gulf Arab states are in secret talks with Russia, China, Japan and France to replace the U.S. dollar with a basket of currencies for the trading of oil, Britain's The Independent newspaper reported on Tuesday.

    "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," said the report, which cited unidentified sources in Gulf Arab states and Chinese banking sources in Hong Kong. It added that France had also been involved in the talks.

    According to The Independent, the plans are to transition the trading of crude oil over nine years from the U.S. dollar 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 Cooperation Council, including Saudi Arabia, the United Arab Emirates, Kuwait and Qatar.

    U.S. officials, which are "sure to fight this international cabal," are aware the meetings have taken place but have not fully discovered all of the details, the newspaper said.

    The report cited an unnamed Chinese banker as saying the plan "will change the face of international financial transactions. America and Britain must be very worried. You will know how worried by the thunder of denials this news will generate."

    The issue of shifting oil trade away from the U.S. dollar has been raised occasionally in recent years, but analysts and experts told Reuters it is unlikely to occur any time soon.

    In wake of the report, the U.S. dollar fell against the yen and euro on Tuesday.

    “There are worries that Middle Eastern countries may stop using the dollar in oil transactions,” Yuji Saito, head of the foreign-exchange group in Tokyo at Societe Generale SA, told Bloomberg. “This is causing the dollar to be sold across the board.”
     
  2. chuckles

    chuckles Member

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    Not in our lifetime but remotely possible...
     
  3. halfmile

    halfmile Well-Known Member

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    Sooner than you think. There has been a massive increas in the amount of dollars, but the GDP has not had a corresponding increase.

    This has the same effect as putting water in the soup. There may be more soup, but it has less food value.

    TARP and the Obama administration's tender mercies have turned the dollar into the next peso. In a short time there will be new lows in the dollar index.

    Remember you heard it here first.

    HM
     
  4. chuckles

    chuckles Member

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    As bad off as the American economy is, it is not forever...Obama is out in two years, things change....

    Huge Iran, Russia, Israel, USA confrontation on Near Horizon...

    this may be to the 2000's what WWII was to the 1930's...???

    Carol Lister...where did you go...???

    regards
     
  5. grnberetcj

    grnberetcj Active Member

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    Buy oil boys......

    Curt
     
  6. stokinpls

    stokinpls Well-Known Member

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    "Morons, I've got morons on my team,"

    Smooth move Barry.

    "Geitner should be hung from the white house front porch for agreeing with china publicly that we need a new fractional reserve currency - and this move is just furtherance of that from months ago."
     
  7. Bisi

    Bisi TS Member

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    You have Ojackass as president of the US, who has never had a real job in his life printing not millions, not billions, but TRILLIONS of dollars, no wonder other countries would like to have an alternative to the dollar.

    Stock up on things that can be traded easily, rifle and pistol ammo, silver, gold, canned food. The dollar isn't going to worth nothing in a few short years. Barack Nobrains Obama already has a 2 TRILLION dollar deficit in one year and the clown is wanting to spend more and more money on programs that won't work anyway.

    Thanks Dubhub, Lard Pigeon, crappy!
     
  8. crusha

    crusha TS Member

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    Hope you're wrong...but fear you're right.


    It can't be put off forever. Maybe not now - but eventually...
     
  9. The Rock

    The Rock Active Member

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    Mr Charles These changes are not as reversible as easy as they were passable. When and if the presidents health care passes (and it will pass) the dollar will be worth a lot less than today even.

    Countries holding US dollars see what has happened to our dollar's value and know what they have will lose value of up to 30%. They will dump them and demand payment. Everyday they hold on to the US dollar the less they will have.

    The world will dump the dollar as soon as possible to get as much as possible this will do what to our economy?

    They will trade dollars for Euros (or what other currency) then the USA must pay for the Euros. Only problem now is the Euro is now twice as expensive to buy with the dollar.

    At a time when Europe is starting to back away from socialism we go blindly forth.

    Rock

    Jim
     
  10. highflyer

    highflyer TS Member

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    The liberals and Obama have spent us over the edge. Our socialism has destroyed us. Obama and the Dems now in charge are the biggest danger this country has ever faced. I knew the Baby Boomers would destroy this country. The are the most self-centered, hedonistic, corrupt generation ever to lead this country. They are so degenerate that they can't see their own destruction they are causing. Truth is dead. You can be jailed for saying the truth in this country. At the very least you will be destroyed. Obama was going to spend our way to prosperity, and the fools believed him.
     
  11. The Rock

    The Rock Active Member

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    You may be right about baby boomers but not the way you are thinking. We stood by with the rest of the country and did nothing. We knew better and did nothing until the Tea Parties got a few of us a little ticked. We at least are trying to do something now.

    In general the baby boomers did not vote for BamBam but they did nothing to stop the lies either.

    And the really sad part is neither did you.

    Rock

    Jim
     
  12. highflyer

    highflyer TS Member

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    I am talking about the first generation raised on television. The first generation with their brains polluted by day time talk shows and sitcoms that degrade America. The fools that paraded around in the 60's celebrating their degeneration. The sexual revolution. The drugs. The rebellion against the old truths and traditions. The only thing we are good at is spending money. We have trashed the next generation with our broken families and broken values. It is no wonder we are broke. I am surprised it took this long. We reelected Clinton even after he was caught doing a 19 year old in the White House. Now look who we elected. He is the very picture of corruption and degeneracy. He has open disgust for our freedom and our constitution. Obama is filthy. He is the perfect figurehead for what we have become.
     
  13. timberfaller

    timberfaller Well-Known Member

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    Right on Highflyer!

    You forgot one thing, the 99% of the other elected scumbags!
     
  14. wolfram

    wolfram Well-Known Member

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    Highflyer,

    Do you suppose all of the moral decay of the boomer generation and now gen X is actually a result of having life too easy? I'll qualify that by saying I am a member of the 60/70's generation. I'm grateful to have not been subject to a military draft and I did have very good and affordable eductional opportunities but could it be that the lack of challenges is what has weakened us as a whole?

    As painful as it may be, the current global economic crisis may be the corrective stimulus that is necessary to get us back on track.
     
  15. PerazziBigBore

    PerazziBigBore TS Member

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    Well..I see we're all on the same page..
     
  16. PerazziBigBore

    PerazziBigBore TS Member

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    Well.. An end to Acorn is at least a start to one man.. one vote.. dead man.. no vote.. I don't think the shift will be overnight.. as China does not want to be stuck with a shrinking American dollar.. same for the Arabs..
    i'd watch future payments.. and sales.. I can tell you in gemstones.. EVERYTHING was based in dollars... Today.. EURO And that's just the beginning..
     
  17. bigdogtx

    bigdogtx Well-Known Member

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    "According to The Independent, the plans are to transition the trading of crude oil over nine years from the U.S. dollar 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 Cooperation Council, including Saudi Arabia, the United Arab Emirates, Kuwait and Qatar."

    Does this mean that we no longer have to give our dollars to them in the form of loans????
     
  18. halfmile

    halfmile Well-Known Member

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    Actually deficit spending is what the whole mess springs from. This goes back a lot further than you think.

    New Deal, War Bonds, FDR.........

    Once the heady wine of spending money before you had it the course was set.

    AT THIS POINT 43 CENTS OF EVERY DOLLAR THE GOVERNMENT SPENDS IS BORROWED!

    (when will it be paid back?)

    Ponzi schemes abound, including Social Security, Treasury Instruments, and a host of other grab schemes.

    When was the last time you heard of funding the National Debt? For most of you, probably never.

    When we default we will be China's bitch.

    HM
     
  19. PerazziBigBore

    PerazziBigBore TS Member

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    HM.. I'd love to share coffee with you one day.. I see we think very much alike.. Where's BigDon..?? I'd like his take on this also.. Merlyn and I are on the same page.. Never in my life have I been so aware of the screwing America is getting.. 2012 will not get here soon enough..
     
  20. Brian in Oregon

    Brian in Oregon Well-Known Member

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    Darth Obama is merely doing the bidding of his master, Emperor Soros.
     
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