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dreamdancer

The demise of the dollar

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this is the end now...

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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.

The Americans, who are aware the meetings have taken place – although they have not discovered the details – are sure to fight this international cabal which will include hitherto loyal allies Japan and the Gulf Arabs. Against the background to these currency meetings, Sun Bigan, China's former special envoy to the Middle East, has warned there is a risk of deepening divisions between China and the US over influence and oil in the Middle East. "Bilateral quarrels and clashes are unavoidable," he told the Asia and Africa Review. "We cannot lower vigilance against hostility in the Middle East over energy interests and security."

This sounds like a dangerous prediction of a future economic war between the US and China over Middle East oil – yet again turning the region's conflicts into a battle for great power supremacy. China uses more oil incrementally than the US because its growth is less energy efficient. The transitional currency in the move away from dollars, according to Chinese banking sources, may well be gold.



http://www.independent.co.uk/news/business/news/the-demise-of-the-dollar-1798175.html
stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding

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this is the end now...

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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.

The Americans, who are aware the meetings have taken place – although they have not discovered the details – are sure to fight this international cabal which will include hitherto loyal allies Japan and the Gulf Arabs. Against the background to these currency meetings, Sun Bigan, China's former special envoy to the Middle East, has warned there is a risk of deepening divisions between China and the US over influence and oil in the Middle East. "Bilateral quarrels and clashes are unavoidable," he told the Asia and Africa Review. "We cannot lower vigilance against hostility in the Middle East over energy interests and security."

This sounds like a dangerous prediction of a future economic war between the US and China over Middle East oil – yet again turning the region's conflicts into a battle for great power supremacy. China uses more oil incrementally than the US because its growth is less energy efficient. The transitional currency in the move away from dollars, according to Chinese banking sources, may well be gold.



http://www.independent.co.uk/news/business/news/the-demise-of-the-dollar-1798175.html

I'm surprised it took so long for somebody to post this. I predicted a long time ago (on this site) that the world has had enough of American imperialism and other countries were going to gang up on the USA, military wise and economicaly wise. This is just the beginning. It isn't going to be pretty. The USA needs to back off fucking w/ everybody and take care of their own. There isn't a damn thing we need from other countries. We have everything we need right here. Seal and guard the borders. Fuck the rest of the world. Flame away people.
I hold it true, whate'er befall;
I feel it, when I sorrow most;
'Tis better to have loved and lost
Than never to have loved at all.

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to bad the fucked up liberals in power won't do what is needed. they don't have the courage to take care of the US and forget what other countries feel. We do have all we need here and we should spend all of our money and efforts building our country and stop sending money to the middle east and other countries that don't like us. We need to seal our borders and send home the illegals, then when we get ourselves back on track we can once again help others. After a while the countries that lost our support will apreciate the help we will be able to afford.

We have sold our country to China while helping other countries that spit in our face. It is time to stop and help ouselves. If we keep on our currant path we won't have anything for ourselves much less other countries.

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>to bad the fucked up liberals in power won't do what is needed.

What do we have to "do" that "is needed" to force other countries to use the dollar?

>We do have all we need here and we should spend all of our money
>and efforts building our country and stop sending money to the middle
>east and other countries that don't like us.

You willing to stop driving, skydiving and flying to make that happen?

Perhaps we could switch to alternative sources of energy to continue to do those things. Wait, forgot, that's what the "fucked up liberals" want so you can't support that.

>We need to seal our borders and send home the illegals . . .

Result: inflation as americans refuse to work for illegal wages, further erosion of the dollar. Sounds like the fucked up conservatives WANT the rest of the world to abandon the dollar!

>It is time to stop and help ouselves.

Uh, as I recall you were a staunch supporter of the Iraq war and a vocal opponent of health care reform. Can't have it both ways.

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>We need to seal our borders and send home the illegals . . .

Result: inflation as americans refuse to work for illegal wages, further erosion of the dollar. Sounds like the fucked up conservatives WANT the rest of the world to abandon the dollar!
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Inflation? with the US supporting itself and reducing taxes while paying down the debt because we are not spending billions on the middle east and other countries would only strengthen the dollar. With the illegals gone more americans would be employed causing more taxes to be paid and more people able to afford insurance helps our situation greatly. (and if the unemployed don't want to work at burger king or cut grass then they deserve to starve)



>It is time to stop and help ouselves.

Uh, as I recall you were a staunch supporter of the Iraq war and a vocal opponent of health care reform. Can't have it both ways.



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I still support the war and believe it is in our best interest, but that doesn't mean we should spend billions on contries that don't like us or our way of life. they take the money but then criticize the way of life that produced it, that is being hypocritical.

as far as health care goes, get a job and pay for it. if the illegals are sent home the uninsured would drop to about 30 million, and the jobs that open up would help millions maybe afford health insurance and that would leave us with less uninsured than the bill that the senate finance commity just passed. The CBO said that the bill would leave 21 million uninsured still after 10 years and would add 800 billion to the national debt. I think my plan sounds better and cheaper.

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to bad the fucked up liberals in power won't do what is needed. they don't have the courage to take care of the US and forget what other countries feel. We do have all we need here and we should spend all of our money and efforts building our country and stop sending money to the middle east and other countries that don't like us. We need to seal our borders and send home the illegals, then when we get ourselves back on track we can once again help others. After a while the countries that lost our support will apreciate the help we will be able to afford.

We have sold our country to China while helping other countries that spit in our face. It is time to stop and help ouselves. If we keep on our currant path we won't have anything for ourselves much less other countries.



Shortsighted statements - what a shattering crap.

As a start, it would be good to work on some basic skills, such as proper spelling.

You really think that closing your borders (as well as the rest of your weird post) would be helpful? Seems, you have no clue what's going on in the world.

Please, correct me if I'm wrong, I'm just an alien:

GWB was no liberal, as far as I remember. But, you do remember his close connection to the *Middle East*, right?

And, how many of your fellow countrymen would be prepared to work for a salary below the minimum wage, as most of the illegals are doing actually?

:S

Leaving in disbelief ....

dudeist skydiver # 3105

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>with the US supporting itself and reducing taxes while paying down
>the debt because we are not spending billions on the middle east and
>other countries would only strengthen the dollar.

Those are all separate issues. Getting rid of illegal labor will INCREASE inflation because legal employees will not work for what illegal immigrants will. That's just plain economics, and it's hard to get around math.

(BTW if you think "reducing taxes while paying down the debt" really makes sense, you'll have about as much luck as Obama will in reducing the debt.)

>I still support the war . . .

You just said you didn't want to spend billions in the Middle East! What you really meant is "I only want billions spent on MY Middle East causes." That's fine - but that's what everyone does. The next time you wonder why we're wasting so much money over there, take a look in the mirror - the answer will be staring right back at you. (And it won't be a "fucked up liberal.")

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What do we have to "do" that "is needed" to force other countries to use the dollar?



Have it work as an actual stable store of value, by, for example, not borrowing and stiffing the rest of the world with trillions of dollars that are continuously declining in value?

That's not a liberal/conservative issue. It's a fiscal responsibility issue, and since 1980 the USA hasn't seen any real fiscal responsibility in it's government.
-- Tom Aiello

Tom@SnakeRiverBASE.com
SnakeRiverBASE.com

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>with the US supporting itself and reducing taxes while paying down
>the debt because we are not spending billions on the middle east and
>other countries would only strengthen the dollar.

Those are all separate issues. Getting rid of illegal labor will INCREASE inflation because legal employees will not work for what illegal immigrants will. That's just plain economics, and it's hard to get around math.

(BTW if you think "reducing taxes while paying down the debt" really makes sense, you'll have about as much luck as Obama will in reducing the debt.)

>I still support the war . . .

You just said you didn't want to spend billions in the Middle East! What you really meant is "I only want billions spent on MY Middle East causes." That's fine - but that's what everyone does. The next time you wonder why we're wasting so much money over there, take a look in the mirror - the answer will be staring right back at you. (And it won't be a "fucked up liberal.")



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if we would use our own oil and other resources we would not be buying nearly as much oil from the middle east along with the elimination of just sending money over there, the militia groups like the taliban, would not have the money or the means to fight us and that would have made the iraq war unnessesary. the money we send to those countries is partly being used to fight us, I say cut them off until they change their ways.

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>Have it work as an actual stable store of value, by, for example,
>not borrowing and stiffing the rest of the world with trillions of dollars
>that are continuously declining in value?

That's an excellent approach to the problem, if it is indeed a problem. I'm not really concerned how other countries value their resources. I am more concerned about maintaining the stability of our own monetary system.

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>if we would use our own oil and other resources we would not be buying
>nearly as much oil from the middle east.

OK. Let's say we do that; switch to 100% domestic oil. Drill every reserve we've found. Open ANWR. Allow offshore drilling everywhere.

We'll be out of oil in three years. What do you do then? Practice groveling to Chavez?

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As a start, it would be good to work on some basic skills, such as proper spelling.

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first of all this comment is stupid, makes you look like you don't have a good reply so you missdirect to try and minimise the post because of spelling.



You really think that closing your borders (as well as the rest of your weird post) would be helpful? Seems, you have no clue what's going on in the world.
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our problem is we help to many people and seem to forget obout ourselves and our country. we cannot help feed others if we cannot feed ouselves. we are getting to the point that we will be the ones needing the help and there is no other country capable of doing that. so I say lets back up, fix our situation them move forward.



Please, correct me if I'm wrong, I'm just an alien:

GWB was no liberal, as far as I remember. But, you do remember his close connection to the *Middle East*, right?

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and he wasn't a conservative either. I did agree with alot of what he did up to the last couple years when the dem controled congress handed him nothing but wasted spending bills to sign and then he was stupid enough to sign them.



And, how many of your fellow countrymen would be prepared to work for a salary below the minimum wage, as most of the illegals are doing actually?

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depends on how hungry you get. If we stopped with the free handouts maybe people would start to actually work hard again and apreciate what this country offers. the kids today are lazy expect things to be given to them, some good blue collar work will be good for them.

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>if we would use our own oil and other resources we would not be buying
>nearly as much oil from the middle east.

OK. Let's say we do that; switch to 100% domestic oil. Drill every reserve we've found. Open ANWR. Allow offshore drilling everywhere.

We'll be out of oil in three years. What do you do then? Practice groveling to Chavez?




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how do you determine 3 years to be out of oil? there are articles that say we could get enough oil and gas to get us through several decades. we are developing other sources to produce energy and those would also help. at least until we bring our financial situation back from being bankrupt.

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if we would use our own oil and other resources we would not be buying nearly as much oil from the middle east along with the elimination of just sending money over there, the militia groups like the taliban, would not have the money or the means to fight us and that would have made the iraq war unnessesary. the money we send to those countries is partly being used to fight us, I say cut them off until they change their ways.



The Taliban make most of their income from opium sale and transportation. There's pretty much zero oil in Afghanistan. And the Iraq war has pretty much nothing to do with the Taliban.
As for cutting them off, that's what allowed the Taliban to ascend in Afghanistan in the first place, which led to them allowing Al Qaeda to operate out of Afghanistan, which led to 9-11. Good plan. :S

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>if we would use our own oil and other resources we would not be buying
>nearly as much oil from the middle east.

OK. Let's say we do that; switch to 100% domestic oil. Drill every reserve we've found. Open ANWR. Allow offshore drilling everywhere.

We'll be out of oil in three years. What do you do then? Practice groveling to Chavez?




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how do you determine 3 years to be out of oil? there are articles that say we could get enough oil and gas to get us through several decades.



Please provide a link to these articles.

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we are developing other sources to produce energy and those would also help. at least until we bring our financial situation back from being bankrupt.



Developing alternative energy is a liberal cause. Are you becoming a liberal?
...

The only sure way to survive a canopy collision is not to have one.

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There isn't a damn thing we need from other countries. We have everything we need right here.




Right!

Well, except chromium.

Oh, and manganese.

But other than those we have everything we need.

Except platinum. And cobalt, don't forget cobalt.

Did I mention neodymium?

Oh, and tin, and nickel, and diamonds, and gold.
...

The only sure way to survive a canopy collision is not to have one.

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>how do you determine 3 years to be out of oil?

We use 22 million barrels a day, or 8 billion barrels a year. We have 21 billion barrels of P90 proven reserves. (i.e. reserves that we have a 90% chance of getting.) At that rate we'll be out in under 3 years.

Or let's say you want to live dangerously. Let's say you want to gamble on the P50 level of reserves, the reserves we have a 50% chance of getting. Now we're at 52 billion barrels. That will last us 6.5 years. At the end of that we have no easily recoverable oil left. No more "just open ANWR", no more "just drill offshore" - we have none left. Who will have it? Venezuela, Russia and the Middle East. And if you think we kiss their asses now, just wait until we have no other choice.

>there are articles that say we could get enough oil and gas to get
>us through several decades.

The ONLY way to do that with current sources of oil and gas is to immediately and dramatically cut back on oil consumption. If we cut back to 5 million barrels a day starting tomorrow, and maintain that level, we can extend our P90 reserves to 12 years, our P50 reserves to 29 years.

That means dramatic changes. More expensive skydiving, reduced commercial aviation, more efficient cars running on ethanol, biodiesel and electric power. Are you willing to do that?

>we are developing other sources to produce energy and those would
>also help.

We are indeed! The "fucked up liberals" have been pushing that very solution for years, and that's another way around that problem. Let's hope we can start to work together on solutions like that, instead of resorting to the usual name calling from both sides.

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Don't forget tantalum and lithium, two materials we will be needing a lot more of.



Well of COURSE tantalum and lithium - that goes without saying.

And tungsten.

And hafnium.
...

The only sure way to survive a canopy collision is not to have one.

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As a start, it would be good to work on some basic skills, such as proper spelling.



Cool idea! I dont see how that will fix the value of the dollar. Can you shed some light on that for us?

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And, how many of your fellow countrymen would be prepared to work for a salary below the minimum wage, as most of the illegals are doing actually?



Can you show us your stats on this? I will bet you that you are wrong on this. I know a little bit about this and you have no proof. Most illegals get paid above min. wage!
Nothing opens like a Deere!

You ignorant fool! Checks are for workers!

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There isn't a damn thing we need from other countries. We have everything we need right here.




Right!

Well, except chromium.

Oh, and manganese.

But other than those we have everything we need.

Except platinum. And cobalt, don't forget cobalt.

Did I mention neodymium?

Oh, and tin, and nickel, and diamonds, and gold.




Well, as a plan B, you could talk to invade us...


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South Africa is the largest producer of gold, and contains 87.7 percent of the world’s platinum reserves, 80 percent of its manganese ore, 72.4 percent of its chrome ore..





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As a start, it would be good to work on some basic skills, such as proper spelling.



Cool idea! I dont see how that will fix the value of the dollar. Can you shed some light on that for us?

Quote

And, how many of your fellow countrymen would be prepared to work for a salary below the minimum wage, as most of the illegals are doing actually?



Can you show us your stats on this? I will bet you that you are wrong on this. I know a little bit about this and you have no proof. Most illegals get paid above min. wage!



which implies that the minimum wage is far too low...
stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding

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