# News & Current Events > Economy & Markets >  Destruction of the US dollar

## devil21

(This thread should have been titled "Destruction of the FRN global standard" but I was in the early stages of learning this stuff.  Dollar and FRN are not necessarily the same.)


UPDATE:  Some of the links are dead but the texts of the deleted articles are still in this thread.


We have ongoing threads that chronicle the progression of the downward spiral of things like the Friday bank closures, Corporate bankruptcies but we don't have one for the destruction of the dollar currently underway.  We have a lot of articles spread around in different threads but no central repository of these stories.

Well now we do.  Please post any news items, press releases, op-eds, etc that you come across in your travels regarding the impending and ongoing destruction of the US dollar.  I will edit your individual links into this post for quick reference.  Include date of item and the complete text if possible, in case the article disappears later for some reason.


*ARTICLES START HERE AND ARE CHRONOLOGICAL STARTING LATE 2009.  This is far from a complete volume as the orderly destruction of the dollar has been underway for a long time.*

Recent video on these developments and end stages underway:




World Bank warns that USD hegemony not to be taken for granted, other options emerging
http://www.reuters.com/article/busin...e=businessNews

UN calling for USD influence to be reduced due to financial "confidence games" being played
http://www.bloomberg.com/apps/news?p...d=aSp9VoPeHquI

Iran pushing to remove USD from oil trade revenue and reserves
http://www.presstv.ir/detail.aspx?id...onid=351020102

Chavez calls for USD to be replaced for oil trade
http://www.reuters.com/article/compa...31520620091017

Countries meeting privately about replacing the USD
http://www.independent.co.uk/news/bu...r-1798175.html

Canadian dollar rallies to near parity with USD.  Example of how falling USD boosts other currencies upward.
http://www.bloomberg.com/apps/news?p...d=aU5OBX1AsQgA

Russia ready to abandon USD for oil, gas trade with China 
http://en.rian.ru/russia/20091014/156468599.html

Geithner:  US must live with its means once the economy recovers to protect the USD
http://www.reuters.com/article/ousiv...59G24A20091018

Latin America plans USD replacement, regional trade currency called the Sucre.
http://www.presstv.ir/detail.aspx?id...onid=351020706
12-13-09 Followup
http://news.yahoo.com/s/ap/20091213/...a_leftist_bloc

Russia, China, Britain working on Iraqi oil field deals (preliminary prices listed in USD but other articles question if that's long term).
http://apnews.myway.com/article/20091017/D9BD30B83.html

Russia Times contributor Max Keiser on USD failure.
YouTube - &#x202a;Max Keiser: Dollar to be buried way before 2018&#x202c;&lrm;

Dollar decline is all Matt Drudge's fault because he's a conservative and he links to articles about the dollar collapsing.  The Fed's printing presses have nothing to do with it. 
http://www.politico.com/news/stories/1009/28530.html

Europe starting to feel the sting of a falling dollar and rising euro.  Calls to "prop up the dollar".
http://www.businessinsider.com/god-s...dollar-2009-10

Turkey drops USD for commodities trade with Russia and Iran.
http://en.rian.ru/business/20091028/156617011.html

TIME magazine:  Is the Dollar Dying a Slow Death?
http://www.time.com/time/business/ar...#ixzz0WDcxHOGj

G20 Leaves door open for fresh dollar pressure
http://www.reuters.com/article/ousiv...091108?sp=true

World bank:  Yuan to become alternate reserve currency in 10-15 years
http://www.reuters.com/article/marke...49889420091111

UN Secretary General, Ban Ki-Moon, meets privately in US Capitol with US Senators (Kerry, Lieberman, etc) to urge passing of Cap and Trade; global socialism
http://www.washingtonpost.com/wp-dyn...d=opinionsbox1

China Signals That It May Allow Currency to Rise Against Dollar
http://www.cnbc.com/id/33850971

Gulf Petro-powers to launch Currency in latest threat to Dollar Hegemony  (no more oil for USD?)
http://www.telegraph.co.uk/finance/e...-hegemony.html

Do we need a new reserve currency?
http://www.business24-7.ae/Articles/...c0ee85802.aspx

China says it can't finance US deficits any more due to shrinking current account deficit
http://www.shanghaidaily.com/sp/arti...cle_423054.htm

Dollar crisis looms if US can't curb debt: Experts
http://www.cnbc.com/id/34848783

Russia diversifies into Canadian dollar
http://www.ft.com/cms/s/0/22f1bd26-0...nclick_check=1

IMF proposes new Reserve Currency
http://abcnews.go.com/Business/wireStory?id=9958995

Federal Reserve proposes elimination of reserve requirements, as in "fractional reserve banking"
http://www.businessinsider.com/now-b...pletely-2010-3

UN report calls for USD to be scrapped as sole reserve currency
http://www.reuters.com/article/idUSTRE65S40620100629

IMF Documents show plan to turn SDR into global currency  (important!)
http://rawstory.com/rs/2010/0805/imf...obal-currency/

US Gov't secret plans to destroy USD
http://www.dailyreckoning.com.au/the...ar/2010/08/06/

France, G20 talk of new intl currency
http://www.rte.ie/news/2011/0214/g20-business.html

George Soros' meeting of elites to remake the "global economy"
http://www.foxnews.com/opinion/2011/...res-reporting/

20% of global GDP (BRICS nations) decides to abandon US dollar for credit agreements and other matters
http://articles.economictimes.indiat...cal-currencies

Russia and Iran sign OIL deal, bypassing USD.  So have China, Russia, and others.  Petrodollar is in final stages....
http://peakoil.com/publicpolicy/petr...a-day-oil-deal

How low can oil go?  Low enough to kill the petrodollar, though no MSM articles even mention this very real consequence of sustained low oil.
http://www.reuters.com/article/2014/...0K00P820141222

European countries bypassing SWIFT/dollar system for Iranian oil trade
https://www.yahoo.com/news/six-europ...022501492.html

Saudis soon joining BRICS
March 2022
https://www.wsj.com/articles/saudi-a...d=hp_lead_pos6

October 2022
https://theconservativetreehouse.com...omic-alliance/

12-7-22
Xi personally attending China-Arab summit
https://www.reuters.com/world/chinas...es-2022-12-07/

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## devil21

Here's a couple recent ones from other threads to get this thread started.  Feel free to add older articles as well.

http://www.presstv.ir/detail.aspx?id...onid=351020102




> Oct 17 09
> Iran's Trade Promotion Organization has announced a near future plan to completely exclude the US dollar from the country's foreign revenues and reserves. 
> 
> Iran has recently asked Japan to replace the US dollar with the yen in oil deals it has with the Islamic Republic, Mehr News quoted the organization as saying on Friday. 
> 
> Since October 2007, Iran has received 85 percent of its oil revenues in currencies other than the US dollar and Tehran is determined to find a substitute for the US dollar for the rest of its 15 percent of oil revenues, the report added. 
> 
> Iran suggests other currencies such as the euro and the United Arab Emirates' dirham to replace the US dollar for oil revenues. 
> 
> ...


http://www.reuters.com/article/compa...31520620091017




> COCHABAMBA, Bolivia, Oct 17 (Reuters) - Venezuelan President Hugo Chavez said on Saturday that countries including Venezuela, Russia and Iran had proposed the U.S. dollar should be replaced as the currency used for the oil trade.
> "We've been talking about this in OPEC. Venezuela agrees and there are other countries, such as Iran and Russia that have also proposed this idea," Chavez told reporters in the central Bolivian region of Cochabamba, where he was attending a summit of leftist Latin American presidents.
> 
> A debate about the issue of replacing the dollar with a basket of currencies in an attempt to stabilize revenues has been widely discussed since a report in the Independent newspaper this month said Gulf states were considering the change. (Reporting by Teresa Cespedes; Writing by Eduardo Garcia; Editing by Peter Cooney)


http://www.reuters.com/article/busin...e=businessNews




> Sept 27 09 WASHINGTON (Reuters) - World Bank President Robert Zoellick said the United States should not take the dollar's status as the world's key reserve currency for granted because other options are emerging.
> In excerpts released on Sunday from a speech that he is to deliver on Monday, Zoellick said global economic forces were shifting and it was time now to prepare for the fact that growth will come from multiple sources.
> 
> "The United States would be mistaken to take for granted the dollar's place as the world's predominant reserve currency," he said. "Looking forward, there will increasingly be other options."
> 
> Zoellick said that a meeting of Group of 20 rich and developing countries in Pittsburgh on Thursday and Friday had made "a good start" toward increased global cooperation but they will have accept global monitoring of their activities.
> 
> "Peer review will need to be peer pressure," he said.
> 
> ...

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## HOLLYWOOD

Very good idea... wish we were covering this since 2007, because things have REALLY accelerated in the past 2 years. 

But we now know, the US government has been fooling Americans and the Planet for far too long.

The Charade is up and this well painted Facade/Scheme is coming to an end. (FIAT MONEY SYSTEM)

The scary part and as I know with my levels of "experience" with government on the black side... they ".Gov" will come up with some devastating plan to maintain control. As you can see we're also now experiencing it with Republicans and Democrats taking opposite roles in the fascist state. Repubacrats/Dumbicans

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## devil21

http://www.independent.co.uk/news/bu...r-1798175.html




> In a graphic illustration of the new world order, Arab states have launched secret moves with China, Russia and France to stop using the US currency for oil trading
> 
> By Robert Fisk
> 
> Tuesday, 6 October 2009
> Iran announced late last month that its foreign currency reserves would henceforth be held in euros rather than dollars.
> 
> 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. 
> 
> ...


http://www.bloomberg.com/apps/news?p...d=aSp9VoPeHquI




> Sept. 7 (Bloomberg) -- The dollar’s role in international trade should be reduced by establishing a new currency to protect emerging markets from the “confidence game” of financial speculation, the United Nations said. 
> 
> UN countries should agree on the creation of a global reserve bank to issue the currency and to monitor the national exchange rates of its members, the Geneva-based UN Conference on Trade and Development said today in a report. 
> 
> China, India, Brazil and Russia this year called for a replacement to the dollar as the main reserve currency after the financial crisis sparked by the collapse of the U.S. mortgage market led to the worst global recession since World War II. China, the world’s largest holder of dollar reserves, said a supranational currency such as the International Monetary Fund’s special drawing rights, or SDRs, may add stability. 
> 
> “There’s a much better chance of achieving a stable pattern of exchange rates in a multilaterally-agreed framework for exchange-rate management,” Heiner Flassbeck, co-author of the report and a UNCTAD director, said in an interview from Geneva. “An initiative equivalent to Bretton Woods or the European Monetary System is needed.” 
> 
> The 1944 Bretton Woods agreement created the modern global economic system and institutions including the IMF and World Bank. 
> ...

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## jfriedman

devil21,

While this is dated, it was a large catalyst before I started posting that was seen as a signal for future dollar weakness.

http://www.independent.co.uk/news/bu...r-1798175.html

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## Bruno

http://www.bloomberg.com/apps/news?p...d=aU5OBX1AsQgA

By Matt Townsend

Oct. 17 (Bloomberg) -- The Canadian dollar rallied for a third straight week, touching a 14-month high and moving closer to parity with its U.S. counterpart as signs of economic recovery pushed commodities and stocks higher. 

Canadas currency gained as crude oil, the nations largest export, surged 10 percent and the Dow Jones Industrial Average surpassed 10,000 for the first time in a year. The Bank of Canada will keep interest rates at a record low level when it meets on Oct. 20, according to all 23 economists in a Bloomberg News survey. 

As long as equities continue to go up, it will be positive for the Canadian dollar, said Maria Jones, a currency trader in Toronto at TD Securities Inc., a unit of Canadas second-biggest bank. Stocks will continue to rally as long as we are seeing moderate growth in the U.S. and the Federal Reserve holds interest rates near zero. 

The Canadian currency, nicknamed the loonie for the aquatic bird on the C$1 coin, appreciated 0.5 percent to C$1.0370 per U.S. dollar yesterday in Toronto, from C$1.0422 on Oct. 9. One Canadian dollar buys 96.44 U.S. cents. The currency climbed to $1.0207 on Oct. 15, the strongest level since July 29, 2008. The loonie and the U.S. dollar last traded on a one-for-one basis on July 22, 2008. 

Employment in Canada rose last month six times more than forecast, unexpectedly reducing the jobless rate to 8.4 percent, the government said on Oct. 9. Service industries in the U.S., the nations biggest trade partner, expanded in September for the first time in a year, an Institute for Supply Management index showed on Oct. 5. U.S. retail sales excluding automobiles climbed 0.5 percent last month, more than forecast, the Commerce Department said on Oct. 14. 

Parity Probability 

The probability that the Canadian currency will trade at C$1 per U.S. dollar at year-end is 60 percent, according to implied volatility from options trading monitored by Bloomberg. The chance of parity in one month is 42 percent, trading shows. 

The Canadian currency pared its advance yesterday, depreciating 0.3 percent, after Statistics Canada said the consumer price index declined in September for a fourth month, the longest stretch since 1953. The report spurred speculation that subdued inflation will allow the Bank of Canada to leave borrowing costs unchanged next week. 

The annual inflation rate excluding gasoline and seven other volatile items -- the so-called core rate the central bank uses to discern future price trends -- slowed to 1.5 percent, from 1.6 percent in August. 

To Allay Fears 

The inflation data will go a long way to allay fears of an early hike by the BOC, David Watt, senior currency strategist in Toronto at RBC Capital Markets, wrote in a note yesterday. The firm is a unit of Canadas biggest bank. 

Central bank policy makers restated at their last meeting in September a pledge to keep the benchmark overnight interest rate unchanged through June 2010 unless the outlook for inflation changes. The rate has been at a record low 0.25 percent since April. It was 4.5 percent when the bank began lowering it in December 2007. 

Canadian Prime Minister Stephen Harper said yesterday in remarks to reporters in Toronto that he shares Bank of Canada Governor Mark Carneys concern that gains in the countrys currency could slow recovery. Carney said in a speech on June 4 that a persistently strong Canadian dollar would work against positive factors such as improved trade. 

Rhetoric Speculation 

The big speculation is that they might increase their rhetoric in regards to the currency, TDs Jones said. They can talk, but the question for the markets is, are they going to act? If you dont think they are going to act, then the talk really doesnt mean anything. 

The Standard & Poors 500 Index gained 1.5 percent this week as JPMorgan Chase & Co. and Intel Corp. posted better-than- expected earnings. So far, 80 percent of companies in the index surpassed third-quarter earnings estimates. 

Should companies continue to surprise investors on earnings, it will be good for equities and put ongoing downward pressure on the U.S. dollar, wrote Camilla Sutton and Sacha Tihanyi, currency strategists at Scotia Capital Inc. in Toronto, in a note yesterday. The firm is a unit of Canadas third-largest bank. 

The Reuters/Jeffries CRB Index, a gauge of 19 raw materials and commodities, rallied 5.2 percent, the biggest weekly gain since May. Canada generates more than half of its export revenue from raw materials, including oil. Crude oil for November delivery touched $78.75 a barrel on the New York Mercantile Exchange yesterday, the highest level in a year. 

Government bonds rose this week, pushing down the benchmark 10-year notes yield four basis points, or 0.04 percentage point, to 3.47 percent. The price of the 3.75 percent security maturing in June 2019 increased 31 cents to C$102.26. 

Canadian government debt lost investors 1.6 percent this year, according to a Merrill Lynch index.

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## devil21

http://en.rian.ru/russia/20091014/156468599.html




> 20:5014/10/2009
> BEIJING, October 14 (RIA Novosti) - Russia is ready to consider using the Russian and Chinese national currencies instead of the dollar in bilateral oil and gas dealings, Prime Minister Vladimir Putin said on Wednesday.
> 
> The premier, currently on a visit to Beijing, said a final decision on the issue can only be made after a thorough expert analysis.
> 
> "Yesterday, energy companies, in particular Gazprom, raised the question of using the national currency. We are ready to examine the possibility of selling energy resources for rubles, but our Chinese partners need rubles for that. We are also ready to sell for yuans," Putin said.
> 
> He stressed that "there should be a balance here."
> 
> ...

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## catdd

One of my favorite philosophers from the 60s and early 70s, Alan Watts, wrote about what is happening in this country. He wasn't a fortune teller or anything of the sort; he just had a reasonable guess that we would one day be printing more money than the production of goods and it would cause a gross imbalance.
He talked about the perpetual wars we would be having and how it would become necessary to dream up emergencies so that we could print more money to continue the illusion of prosperity.
Actually, writing from 1970, he didn't think we would last beyond the year 2000, but I guess he underestimated our resourcefulness.
It was a very interesting short essay entitled : Wealth Verses Money 

In the back of my mind, I guess I've been expecting this.

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## devil21

An example of political jawboning of the failing dollar.  No really, Geithner saying the US needs to live within its means.  I wonder if he means *us* or *them*?

http://www.reuters.com/article/ousiv...59G24A20091018




> Oct 18 09
> WASHINGTON (Reuters) - The United States must live within its means once its economy recovers if it is to preserve global confidence in the U.S. dollar's status, Treasury Secretary Timothy Geithner said on Friday.
> 
> The comments came as the Obama administration reported a record U.S. budget deficit for the fiscal year ended September of $1.4 trillion. At 10 percent of gross domestic product, it was the biggest U.S. fiscal shortfall since World War Two.
> 
> Rescuing the economy and some of the country's biggest banks from the worst recession since the Great Depression took a toll on U.S. finances, and the White House has forecast deficits of more than $1 trillion through fiscal 2011.
> 
> "Future deficits are too high, and the president is committed to working with Congress to bring them down to a sustainable level as the economy recovers," Geithner said in a statement accompanying the fiscal data.
> 
> ...

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## RSLudlum

> *Latin America plans US dollar replacement*
> Sat, 17 Oct 2009 16:13:51 GMT
> 
> Leftist Latin American leaders have agreed on using a new intra- regional trading currency, dubbed as Sucre, instead of the US dollar. 
> 
> Bolivian President Evo Morales, who hosted leaders of the Bolivarian Alternative for Latin America and the Caribbean (ALBA), said that the “document is approved.” 
> 
> During the seventh ALBA summit, the leaders agreed on the currency reform as well as approving plans to impose economic sanctions against the coup leaders in Honduras, AFP reported. 
> 
> ...



also, in light of Russia and China considering using their currencies in bilateral oil/gas trade this might be of interest:




> *Iraq approves oil deal with BP[/Chinese]-led consortium*
> 
> Oct 17, 4:59 PM (ET)
> By SINAN SALAHEDDIN
> 
> BAGHDAD (AP) - The Iraqi government said Saturday it has approved a contract with a British-Chinese consortium to develop a prized oil field in southern Iraq, a significant achievement for a country that has struggled to attract foreign investors despite its vast natural resource wealth.
> 
> The deal was the only one to emerge from a disappointing bidding round in June offering development rights for six oil and two gas fields. It was Iraq's first such bidding process in over three decades, but foreign firms felt the prices set by the government were too low given continued violence in the country and disputes over natural resource control.
> 
> ...

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## devil21

Oct 6 09
YouTube - Max Keiser: Dollar to be buried way before 2018

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## devil21

USD index. DXY, dropped briefly below 75 today.  It rebounded to 75.09 only because equities tanked in late trading.  The downward spiral continues....and it's ALL MATT DRUDGE'S FAULT!    It has nothing to do with the Fed monetizing gobs of debt...

http://www.politico.com/news/stories/1009/28530.html




> Oct 21 09
> On Tuesday, Matt Drudge ran a headline about the weakening U.S. dollar on his website, Drudgereport.com. In and of itself, that would be unremarkable, except that it was the 18th time Drudge had posted a link to a story about the weak dollar this month. 
> 
> And October was only 20 days old. 
> 
> Clearly, Matt Drudge has developed a fascination with the declining U.S. dollar. 
> 
> Hes fixated on it, said Tom Rosenstiel, director of the Pew Research Centers Project for Excellence in Journalism. Theres no question that Drudge can alter what people are paying attention to. 
> 
> ...

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## denison

great thread. keep it updated.

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## devil21

http://www.businessinsider.com/god-s...dollar-2009-10




> Oct 20 09
> With the U.S. dollar at a 14-month low against the Euro, the pressure is on for the European Union to join Brazil and certain Asian economies in helping prop up the dollar.
> 
> Concerns were voiced today as the Euro continues its climb:
> 
> European Central Bank President Trichet said “excessive volatility” in currency rates is “bad for economic development.” His comment was seconded by Jean-Claude Juncker who said “It’s a problem that worries us."
> 
> What you're seeing now is a sharp reversal from the tone from just a few weeks ago, when central bankers were stoking rumors about a new reserve currency to replace the dollar. The European Central Bank is considering taking steps to ensure that the dollar doesn't drop any further against the Pound and the Euro:
> 
> ...

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## not.your.average.joe

> http://www.businessinsider.com/god-s...dollar-2009-10Oct 20 09
> With the U.S. dollar at a 14-month low against the Euro, the pressure is on for the European Union to join Brazil and certain Asian economies in helping prop up the dollar.
> 
> Concerns were voiced today as the Euro continues its climb:
> 
> European Central Bank President Trichet said “excessive volatility” in currency rates is “bad for economic development.” His comment was seconded by Jean-Claude Juncker who said “It’s a problem that worries us."
> 
> What you're seeing now is a sharp reversal from the tone from just a few weeks ago, when central bankers were stoking rumors about a new reserve currency to replace the dollar. The European Central Bank is considering taking steps to ensure that the dollar doesn't drop any further against the Pound and the Euro:
> 
> ...


We are witnessing and living through absolute insanity right now.  Dont they realize how insane it is to think the wolrd economy would come to an end without the dollar?  This is absurd, i can hardly believe it.  
What, they dont want their currency to rise in value against the dollar so they can continue to borrow us money to buy the stuff they make!?!  
LOL, they cant trade goods without a green piece of paper that is now flooding the world!!!  Holy crap, everyone would lose their jobs if it werent for this great piece of green paper!!!

This is almost as rediculous as the tulip mania!!!

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## devil21

http://en.rian.ru/business/20091028/156617011.html




> Oct 28 09
> ANKARA, October 28 (RIA Novosti) - Turkey is switching to national currencies in trade with Iran and China, ending dependence on the U.S. dollar and the euro for about 20% of its commodity turnover, local media reported on Wednesday.
> 
> Turkey has already switched to settlements in national currencies with Russia amid weakening confidence in the greenback as the world's major reserve currency. The move was initiated by Turkish President Abdullah Gul during his visit to Moscow in February.
> 
> Turkey's decision to make settlements with Iran and China in national currencies was announced during a visit to Iran by Turkish Prime Minister Recep Tayyip Erdogan. The Turkish premier told a Turkish-Iranian business forum on Tuesday that the countries had prepared a legal framework for transition to settlements in national currencies.
> 
> "We have adopted a necessary legislative act and are prepared for the transition," the Turkish newspaper Milliyet quoted Erdogan as saying.
> 
> ...

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## devil21

http://www.time.com/time/business/ar...#ixzz0WDcxHOGj




> Nov 6 09
> Is the Dollar Dying a Slow Death?
> 
> The U.S. dollar seems to have as many lives as a cat. Even before 2008's financial crisis, as the dollar slumped against other major currencies, countless pundits and economists predicted its demise as the global economy's No. 1 currency. The doomsayers seemed vindicated when the U.S. economy descended into the worst recession since the 1930s, with its financial sector in tatters. How could an already weakened greenback maintain its value as American economic prowess withered? But then — surprise! — investors around the world decided the good old greenback was a safe haven in a time of great uncertainty. The dollar was resurrected, reversing years of slow decline. 
> 
> That strength turned out to be temporary. A ballooning U.S. budget deficit and escalating government debt has made the dollar currency non grata in many quarters once again. An index that measures the greenback's value against a basket of major currencies, including the euro and yen, has fallen about 15% from a three-year high reached in March and is now hovering near a 14-month low. Economists and analysts expect the dollar to lose a lot more ground. Daisuke Uno, chief strategist at Japan's banking giant Sumitomo Mitsui, believes the Japanese currency could strengthen to 50 yen to a dollar by 2011 (from around 90 today) due to continued weakness in the U.S. economy. Harvard historian Niall Ferguson says the dollar could slide by as much as 20% on a trade-weighted basis over the next 12 months. The process may be protracted, he argues, but the dollar is dying. In 10 years' time, he said in October, "it won't be such a dollar-dominated world. I'm sure of that." 
> (See 10 big recession surprises.)
> 
> So has the dollar finally used up the last of its nine lives? There are worrying signs that the world is losing its appetite for dollars. The International Monetary Fund announced on Nov. 2 it was selling 200 metric tons of gold to India's central bank for $6.7 billion. News of the purchase sent gold prices to an all-time high. The move was widely seen as part of an effort by central banks around the world to diversify their extensive U.S. dollar holdings. Steven Englander, chief U.S. currency strategist at Barclays Capital in New York City, figures that in the second quarter, dollars accounted for only 37% of new reserves accumulated by central banks worldwide. That's the lowest proportion on record for any quarter during which reserves increased significantly. At a time when many central banks are boosting their reserves, they are choosing to buy euro and yen instead. "Central banks are doing more than talking about reducing the concentration of [the U.S. dollar] in their reserve portfolios. They are actually acting on their statements," Englander wrote in an October report. 
> ...

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## HOLLYWOOD

The Dollar will grow in strenght since Health Care has passed... behind closed doors US montetary controllers are reassuring the finance masters of the world that the US has a newly passed resource of revenue called the "Dark Pool HC funding"

"Americans will be force and squeezed out of a every nickel into a National HC general fund that the FEDERAL RESERVE and US TREASURY will sell TRILLIONS in debt upon in the future. After the Dark Pools of Social Security, Medicare/caid, and National Health Care are maxed out... the Money Masters of the United States of America, will go to the newly conjured global currency. In their means, the Money Masters  will devalue the US greenback many times over to write down the debt and open the flood gates of Servitude upon the American people..." HOLLYWOOD

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## devil21

These sorts of articles worry me the most.  The continued G20 "commitments" to transfer wealth from developed nations, like the US, to developing nations.  It's global socialism and seems to me how they are going to restart the cycle all over again elsewhere.  That's bad news for the USD.

G20 leaves door open for more dollar pressure
http://www.reuters.com/article/ousiv...091108?sp=true 




> Nov 8 09
> LONDON (Reuters) - The U.S. dollar may come under renewed pressure from emerging market currencies and the euro after a meeting of the world's top finance officials failed to take concrete action on rebalancing global money flows.
> 
> Finance ministers and central bank governors of the Group of 20 major countries, meeting in Scotland at the weekend, launched a "framework" in which they will discuss how to reduce trade and savings imbalances between nations.
> 
> But their communique talked only in general terms about rebalancing economies, and implied they might not agree on specific policies for individual countries to adopt before the end of next year at the earliest.
> 
> The result may be a continuation of heavy fund flows into emerging markets, boosting currencies there. And central banks intervening to slow currency appreciation may keep investing much of the money they obtain in the euro, pushing up that currency too.
> 
> ...

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## devil21

World Bank:  Yuan to become alternate reserve currency in 10 to 15 years

http://www.reuters.com/article/marke...49889420091111




> SINGAPORE, Nov 11 09 (Reuters) - World Bank President Robert Zoellick said on Wednesday that the U.S. dollar's role as a reserve currency was "relatively secure", but the Chinese yuan will provide an alternative over time.
> "Over the next 10-15 years, you will firstly see renminbi to be internationalised and provide an alternative," he said at a World Bank conference in Singapore.
> 
> Zoellick also said the U.S. should not be complacent about the dollar. (Reporting by Kevin Lim and Kevin Yao; Editing by Neil Chatterjee)



I think that's an overly generous time frame considering how many gazillions of USD would be printed in that length of time.  Im thinking 5 to 10 years max.  They won't tip their cards enough for the common people to know enough to prepare accordingly.

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## zdenek795

Don't worry so much it's a positive change.

For the world it's better to have two or more reserve currencies.

Competition is good.

Does anyone know how many dollars are outside of USA???

----------


## devil21

Like I care what someone in Poland thinks about the destruction of the US standard of living.  Worry about your own money ok?  Let us worry about ours.  I don't particularly care what's good "for the world".  I care about America.

Speaking of which, the next article I'm posting should be pertinent considering zdenek795's comment.

----------


## devil21

http://www.washingtonpost.com/wp-dyn...d=opinionsbox1




> Globe may not be big enough for World Government
> By Dana Milbank
> Wednesday, November 11, 2009 
> 
> The New World Order came into being at 4:25 Tuesday afternoon. 
> 
> It arrived at the Capitol, until that moment the seat of American government, in the form of the stooped and bespectacled figure of Ban Ki-moon, who as U.N. secretary general is the de facto leader of what conspiracy theorists call the One World Government. One floor beneath the Senate chamber, Ban, a South Korean national, took his place behind a lectern bearing the Senate seal and spelled out his demands. 
> 
> "I would certainly expect the Senate to take the necessary action; that's what I have encouraged the senators," he told reporters as a trio of lawmakers stood at his side. He added an admonition for the chamber to deliver "as soon as possible." 
> ...


The stupid attempts to turn the issue into a "party issue" aside and the overall snarky tone should be ignored.  The meat of the article certainly isn't lost on me.  *UN SecGen meeting directly and privately with US Congress to "urge" (demand?) action of any sort is UNACCEPTABLE under the US Constitution*.  When the Copenhagen Treaty is signed and the subsequent Cap and Trade laws are passed, much of the USD in circulation today will go out of this country and into the UN and IMF's bank accounts for "developing nations", where they can enslave the people of those countries while knocking the US down a few pegs.  Global socialism, paid for by Americans.  I hit upon this in an article commentary a couple days ago.  So not only is the dollar being deliberately destroyed, the ones being created today that still have value aren't even going to be injected into our economy.  NOT GOOD.

----------


## zdenek795

It seems that Americans would readily take advantage of dollar's world reserve status but don't want to pay for it.

World reserve status isn't only a privilege it's a kind of obligation.

----------


## zdenek795

It pisses me off when Americans scolds China for pollution of environment, Al Gore promotes his ideas for the world but USA don't want to implement their stupid ideas at home.

----------


## devil21

Do you believe that America owes Poland something?  Do you believe that America owes the rest of the world something?  What do we owe you and why do we owe it?

Please explain the reasoning behind your posts.

*crickets*

----------


## denison

> It pisses me off when Americans scolds China for pollution of environment, Al Gore promotes his ideas for the world but USA don't want to implement their stupid ideas at home.


agreed. we're being knocked off our high horse and it's too late to save face.

----------


## denison

> It seems that Americans would readily take advantage of dollar's world reserve status but don't want to pay for it.
> 
> World reserve status isn't only a privilege it's a kind of obligation.


Now it's time to pay the dues. Our rampant greed, corruption and economic stupidity allowed to get ourselves into this position in the first place. The sooner it ends the better.

----------


## shocker315

*China Signals That It May Allow Currency to Rise Against Dollar*

http://www.cnbc.com/id/33850971

----------


## devil21

(Text of link above)

China Signals That It May Allow Currency to Rise Against Dollar




> Nov 11 09
> 
> China sent its clearest signal yet that it was ready to allow yuan appreciation after an 18-month hiatus, saying on Wednesday it would consider major currencies, not just the dollar, in guiding the exchange rate. 
> 
> In its third-quarter monetary policy report, the People's Bank of China departed from well-worn language on keeping the yuan "basically stable at a reasonable and balanced level." It hinted instead at a shift from an effective dollar peg that has been in place since the middle of last year.
> 
> "Following the principles of initiative, controllability and gradualism, with reference to international capital flows and changes in major currencies, we will improve the yuan exchange-rate formation mechanism," the central bank said in a 46-page monetary policy report.
> 
> The comments, published just days before a visit to Shanghai and Beijing by U.S. President Barack Obama, set out the possibility of a return to exchange rate appreciation that began with a landmark July 2005 revaluation.
> ...

----------


## raiha

I don't know Devil21, your policies have affected the rest of the world; your CIA backed coups; and your strutting around the world stage as King Pin. You bully smaller countries if we don't get in line with your empire building and Military Industrial Complex gameplan. The sooner the average American citizen wakes up to the reason they are not particularly liked (and it is not because we want to be 'over there!' or that we are jealous of your freedom), and take responsibility for consequences to your actions, the healthier the world will be. But I'm not holding my breath. Too much arrogance and sense of entitlement around! Sigh!

----------


## devil21

> I don't know Devil21, *your* policies have affected the rest of the world; *your* CIA backed coups; and *your* strutting around the world stage as King Pin. *You* bully smaller countries if we don't get in line with your empire building and Military Industrial Complex gameplan. The sooner the average American citizen wakes up to the reason they are not particularly liked (and it is not because we want to be 'over there!' or that we are jealous of your freedom), and take responsibility for consequences to *your* actions, the healthier the world will be. But I'm not holding my breath. Too much arrogance and sense of entitlement around! Sigh!


Who is this "you" you keep referring to?  I didn't bully anybody.  I don't control the CIA or act as a King Pin.  You confuse the American people with the policies of the government.  While I'll never defend the election of most of these criminal politicians, it's hardly fair to call Americans the problem and almost root for our demise.  At the end of the day, the people that suffer from the destruction of the dollar are the average citizens, not the people making the decisions.  "America" doesn't owe anybody anything.  We have as little control over the US government as you or the Polish poster do.

----------


## devil21

Follow up on a earlier item:
http://news.yahoo.com/s/ap/20091213/...a_leftist_bloc




> Dec 13 09
> HAVANA  Members of a leftist bloc of nine Latin American nations said Saturday they plan to use a new currency dubbed the "sucre" for trade among themselves starting in January.
> 
> No sucres will be printed or coined, but the virtual currency will be used to manage debts between governments while reducing reliance on the U.S. dollar and on Washington in general.
> 
> Cuba already signed an agreement on Saturday to pay for a shipment of Venezuelan rice in sucres, according to Rogelio Sierra, the island's deputy foreign minister. He declined to say what the shipment was worth.
> 
> That agreement was made even as ever cash-strapped Cuba has fallen behind on its debt to nations and multinational corporations amid the global recession.
> 
> ...


Funny how foreign socialists are "Leftists" yet domestic socialists are "Democrats".

----------


## denison

> Follow up on a earlier item:
> http://news.yahoo.com/s/ap/20091213/...a_leftist_bloc
> 
> 
> 
> Funny how foreign socialists are "Leftists" yet domestic socialists are "Democrats".


exactly, MSM hypocrisy.

----------


## devil21

The hits keep on coming!  This is very, very bad for the USD.  Oil no longer in dollars?

http://www.telegraph.co.uk/finance/e...-hegemony.html




> 12-15-09
> The Arab states of the Gulf region have agreed to launch a single currency modelled on the euro, hoping to blaze a trail towards a pan-Arab monetary union swelling to the ancient borders of the Ummayad Caliphate. 
> 
> The Gulf monetary union pact has come into effect, said Kuwaits finance minister, Mustafa al-Shamali, speaking at a Gulf Co-operation Council (GCC) summit in Kuwait. 
> 
> The move will give the hyper-rich club of oil exporters a petro-currency of their own, greatly increasing their influence in the global exchange and capital markets and potentially displacing the US dollar as the pricing currency for oil contracts. Between them they amount to regional superpower with a GDP of $1.2 trillion (£739bn), some 40pc of the worlds proven oil reserves, and financial clout equal to that of China. 
> 
> Saudi Arabia, Kuwait, Bahrain, and Qatar are to launch the first phase next year, creating a Gulf Monetary Council that will evolve quickly into a full-fledged central bank. 
> 
> ...

----------


## devil21

http://www.business24-7.ae/Articles/...c0ee85802.aspx




> 12-27-09
> A new global currency should replace the US dollar as the international reserve currency, as the long-term deterioration of America's economy and the greenback is fuelling a "currency-regime crisis", says Martin Wolf, associate editor and chief economics commentator of the Financial Times. 
> 
> Wolf, who has honorary doctorates from three universities, bases his argument in part on the Triffin dilemma, an economic paradox named after economist Robert Triffin. The paradox shows that the US dollar's role as a global reserve currency leads to a conflict between US national monetary policy and global monetary policy. It also points to fundamental imbalances in the balance of payments, particularly in the US current account. 
> 
> Account deficit
> 
> Speaking at an event organised by the Singapore Institute of International Affairs, Wolf said Triffin believed that the host nation of a global reserve currency will inevitably run up a huge current account deficit that would consequently undermine the credibility of its currency and adversely impact the global economy. "You can't have an open globalised economy that relies for its ultimate liquidity on the currency of one country. That was his [Triffin's] argument. And, therefore, he said the Bretton Woods system would break, which it did. And exactly the same thing happened with Bretton Woods II, which is the system of pegging. 
> 
> ...

----------


## devil21

Chinese bank official admitting they can't finance US deficits any more.

http://www.shanghaidaily.com/sp/arti...cle_423054.htm




> 12-18-09
> 
> IT is getting harder for governments to buy United States Treasuries because the US's shrinking current-account gap is reducing supply of dollars overseas, a Chinese central bank official said yesterday.
> 
> The comments by Zhu Min, deputy governor of the People's Bank of China, referred to the overall situation globally, not specifically to China, the biggest foreign holder of US government bonds.
> 
> Chinese officials generally are very careful about commenting on the dollar and Treasuries, given that so much of its US$2.3 trillion reserves are tied to their value, and markets always watch any such comments closely for signs of any shift in how it manages its assets.
> 
> China's State Administration of Foreign Exchange reaffirmed this month that the dollar stands secure as the anchor of the currency reserves it manages, even as the country seeks to diversify its investments.
> ...

----------


## devil21

http://www.cnbc.com/id/34848783




> Dollar crisis looms if US doesn't curb debt: Experts    1-13-10
> The United States must soon raise taxes or cut government spending to curb its debt, and failure to act will risk a crippling dollar crisis as investor confidence ebbs, a panel of experts said on Wednesday. 
> 
> "It has got to be done. It will be done some day. It may be done with enormous pain. Or it may be done more rationally," said Rudolph Penner, a former head of the nonpartisan Congressional Budget office who co-chaired the 24-strong Committee on the Fiscal Future of the United States. 
> 
> President Barack Obama's administration will present his budget for fiscal 2011 early next month amid intense pressure to live up to election campaign promises not to raise taxes on middle class Americans, while confronting a record deficit. 
> 
> As a result, Obama is expected to focus on long-term fiscal discipline, while maintaining policy support for an economic recovery in the near-term as the country rebuilds after its worst recession since the Great Depression. 
> 
> ...

----------


## devil21

http://www.ft.com/cms/s/0/22f1bd26-0...44feabdc0.html




> 1-20-10
> Russia’s central bank announced on Wednesday that it had started buying Canadian dollars and securities in a bid to diversify its foreign exchange reserves.
> 
> Analysts said the move could be a sign of increased diversification of emerging market central bank assets away from the dollar and into investments denominated in other commodity-linked currencies, such as the Australian dollar.
> 
> Adam Cole at RBC Capital Markets said if taken in isolation, Russia’s announcement that it was buying Canadian dollars was not significant, but if it was part of a broader trend, then it was an important step.
> 
> “If it is a barometer for the activity of other central banks, then its is structurally positive for the currencies of countries like Canada and Australia that have a commodity bias in their economies,” he said. 
> 
> ...

----------


## Zippyjuan

A weaker dollar will help slow the flow of jobs outside the country (of course China has to let it go lower relative to its currency as well) as it causes the price of our imports to go up but the price of our exports to go down.  This will help the trade imbalances we currently have.  Having a strong dollar for a long time helped start the jobs exidus many years ago as manufacturers sought out cheaper labor to produce their goods.

----------


## devil21

> A weaker dollar will help slow the flow of jobs outside the country (of course China has to let it go lower relative to its currency as well) as it causes the price of our imports to go up but the price of our exports to go down.  *This will help the trade imbalances we currently have.*  Having a strong dollar for a long time helped start the jobs exidus many years ago as manufacturers sought out cheaper labor to produce their goods.


The catch is that as the trade deficit shrinks, foreigners have less dollars to buy Treasuries with!  Who's going to fund the gov't debt?

----------


## Zippyjuan

If you have more domestic production you have more wages being paid to workers in this country instead of China and India so you should have more tax revenue coming in- even if tax rates remain unchanged. China holds about seven percent of our total debt (about $800 billion out of some $12 trillion in debt).

Would it be your preference to keep the dollar strong and send jobs and money to China so that they can lend some of it back to us?

----------


## devil21

> If you have more domestic production you have more wages being paid to workers in this country instead of China and India so you should have more tax revenue coming in- even if tax rates remain unchanged. China holds about seven percent of our total debt (about $800 billion out of some $12 trillion in debt).
> 
> Would it be your preference to keep the dollar strong and send jobs and money to China so that they can lend some of it back to us?


My preference would be to drastically cut federal spending so it's no longer a this-or-that choice.  Neither Americans nor China can finance the deficits the feds are racking up these days so it's a moot point.

----------


## swirling_vortex

> A weaker dollar will help slow the flow of jobs outside the country (of course China has to let it go lower relative to its currency as well) as it causes the price of our imports to go up but the price of our exports to go down.  This will help the trade imbalances we currently have.  Having a strong dollar for a long time helped start the jobs exidus many years ago as manufacturers sought out cheaper labor to produce their goods.


That's true from a theoretical standpoint, but realistically the dollar would have to go down quite a bit for it to make any kind of significant impact. China also keeps their currency pegged 7:1 with the dollar, so no matter where the dollar goes, the Yuan follows with it. Also, a weak dollar means that we're much more susceptible to inflation, which would basically negate any gains that we made.

----------


## devil21

http://abcnews.go.com/Business/wireStory?id=9958995




> 2-26-2010
> Dominique Strauss-Kahn, the head of the International Monetary Fund, suggested Friday the organization might one day be called on to provide countries with a global reserve currency that would serve as an alternative to the U.S. dollar.
> 
> "That day has not yet come, but I think it is intellectually healthy to explore these kinds of ideas now," he said in a speech on the future mandate of the 186-nation Washington-based lending organization.
> 
> Strauss-Kahn said such an asset could be similar to but distinctly different from the IMF's special drawing rights, or SDRs, the accounting unit that countries use to hold funds within the IMF. It is based on a basket of major currencies.
> 
> He said having other alternatives to the dollar "would limit the extent to which the international monetary system as a whole depends on the policies and conditions of a single, albeit dominant, country."
> 
> ...

----------


## devil21

*The beginning of the end*

http://www.businessinsider.com/now-b...pletely-2010-3




> 3-17-2010
> original blog source: http://theeconomiccollapseblog.com/a...nts-completely
> 
> Up until now, the United States has operated under a "fractional reserve" banking system.  Banks have always been required to keep a small fraction of the money deposited with them for a reserve, but were allowed to loan out the rest.  *But now it turns out that Federal Reserve Chairman Ben Bernanke wants to completely eliminate minimum reserve requirements, which he says "impose costs and distortions on the banking system". At least that is what a footnote to his testimony before the U.S. House of Representatives Committee on Financial Services on February 10th says. So is Bernanke actually proposing that banks should be allowed to have no reserves at all?*
> 
> That simply does not make any sense. But it is right there in black and white on the Federal Reserve's own website....
> 
> The Federal Reserve believes it is possible that, ultimately, its operating framework will allow the elimination of minimum reserve requirements, which impose costs and distortions on the banking system.
> 
> ...

----------


## devil21

bump

The destruction of the USD is still very much on the agenda.

http://www.zerohedge.com/article/wil...serve-currency

----------


## devil21

http://www.reuters.com/article/idUSTRE65S40620100629




> 6-29-10
> (Reuters) - A new United Nations report released on Tuesday calls for abandoning the U.S. dollar as the main global reserve currency, saying it has been unable to safeguard value.
> 
> But several European officials attending a high-level meeting of the U.N. Economic and Social Council countered by saying that the market, not politicians, would determine what currencies countries would keep on hand for reserves.
> 
> "The dollar has proved not to be a stable store of value, which is a requisite for a stable reserve currency," the U.N. World Economic and Social Survey 2010 said.
> 
> The report says that developing countries have been hit by the U.S. dollar's loss of value in recent years.
> 
> ...

----------


## tpreitzel

The destruction of the US dollar is readily apparent in electronic components using plated gold. Try buying a 6' HDMI cable with connectors plated in 24k gold and copper shielding. In one purchase, you'll witness the destruction of the US dollar.

----------


## devil21

IMF Document illustrates plan to turn SDRs into global currency

http://rawstory.com/rs/2010/0805/imf...obal-currency/




> 8-5-10
> It's no secret that many of the world's largest industrialized nations are somewhat eager to ease their reliance on the U.S. dollar. For months China and Russia have pushed ever subtly, for a new "global reserve currency," to give governments around the world enhanced economic stability in the event of greater fluctuations in the dollar's value.
> 
> But what wasn't known, until recently, is how far along the International Monetary Fund was in the planning of elevating its so-called "special drawing rights" from mere international agreement to an actual, legitimate global currency.
> 
> The report examines what it calls the "imperfections" of the global reserve banking structures, and how hoarding of reserves by sovereign nations can subject the system to risk and occasional shocks.
> 
> In 35 pages of extrapolation and footnotes, the IMF's Strategy, Policy and Review Department lays out the how and why of a global currency, which would move from an "inside money" as the SDR to an "outside money" that is traded by governments.
> 
> ...


Here's the IMF pdf doc link.  It'll probably be gone quickly so apologies if link dies.
http://www.imf.org/external/np/pp/eng/2010/041310.pdf

Here's commentary on the document contents from FT
http://ftalphaville.ft.com/blog/2010...cy-yes-really/

----------


## devil21

http://www.dailyreckoning.com.au/the...ar/2010/08/06/




> 8-6-10
> more at link - long article
> 
> It's all worth pointing out that an asset market crash of that size - greater than 90% - while not unprecedented (see also Great Depression) - would be massively socially disruptive. Frankly, it would be the end of the civilised world as we know it and a long, miserable descent into poverty, violence, lawlessness, and death. That's why, in today's day and age, a printing press armed by Depression student Ben Bernanke will crank into action well in advance of a prolonged deflation.
> 
> We'll leave aside the issue of what the best investment strategy is for such a scenario today. Instead, we want to take on the point that the Fed can't actually cause inflation. Not yet, that's true. Banks must lend and borrowers must borrow for the velocity of money to increase, as well as the quantity.
> 
> But as we live in extraordinary times, massively destructive monetary policy measures call for extraordinary measures. And in Title XII of the new "Wall Street Reform and Consumer Protection Act" we think we've found a smoking gun that reveals how the Feds will shoot up the economy with more junk credit: by funneling Federal grant money through FDIC-regulate banks upon pain of death.
> 
> more at link

----------


## devil21

http://www.rte.ie/news/2011/0214/g20-business.html




> France will help the transition to a global financial system based on 'several international currencies', the French Economy Minister said today.
> 
> 1 of 1  Christine Lagarde - Wants changes on world's finance system Related Stories
> G20 vows to tackle economic 'vulnerabilities' 
> France, as current head of the Group of 20 countries, will help the transition to a global financial system based on 'several international currencies', French Economy Minister Christine Lagarde said today. 
> 
> Lagarde, speaking ahead of a G20 finance ministers meeting in Paris on Friday and Saturday, said the world had to move on from the 'non-monetary system' it now has to one 'based on several international currencies'. 
> 
> Accordingly, France wants to see less need for countries, especially the emerging economies, to accumulate huge foreign reserves, she said. 
> ...


No no, go back to sleep.  There's no New World (Financial) Order plan underway.  Don't worry.  Your dollars will still be worth something when they're no longer wanted overseas     Time to protect yourself and your family!

----------


## HOLLYWOOD

> 3-17-2010
> original blog source: http://theeconomiccollapseblog.com/a...nts-completely
> 
> Up until now, the United States has operated under a "fractional  reserve" banking system.  Banks have always been required to keep a  small fraction of the money deposited with them for a reserve, but were  allowed to loan out the rest.  *But now it turns out that Federal  Reserve Chairman Ben Bernanke wants to completely eliminate minimum  reserve requirements, which he says "impose costs and distortions on the  banking system". At least that is what a footnote to his testimony  before the U.S. House of Representatives Committee on Financial Services  on February 10th says. So is Bernanke actually proposing that banks  should be allowed to have no reserves at all?*


 Why Not? It's all a PONZI SCHEME. The Federal Reserve got their backs... go ahead Bernake pull another $10 TRILLION out of the old chocolate whizzbang hole. They have a majority of the puppets on Capital Hill in their back pockets.

----------


## Seraphim

Ironically enough Canadian banks have ZERO reserve requirments and world leaders have repeatedly stated the Canadian banking system should be mirrored...so this does not surprise me.

----------


## devil21

George Soros taking it upon himself to remake the global economy, with the US taking a back seat, and presumably the dollar too.
(Kudos to Fox News for reporting this in the MSM)

http://www.foxnews.com/opinion/2011/...res-reporting/




> 4-6-11
> Apparently, megalomaniacs need schedulers.
> 
> Just ask George Soros. The left-wing billionaire is helping fund two major conferences that start on the same day, in two different locations just a three hours apart by car. Two liberal events packed into one long weekend. God created the world in six days. Apparently, Soros, who sees himself as “some kind of god,”needs just a long weekend to start remaking today's world in his image.
> 
> The emphasis of both conferences is a familiar one to American voters – change. Soros wants to begin changing the global economy in one event. In the other, his flunkies want to “Change the world. Change the media.”
> 
> Now that is change you can believe in. Sadly, those who actually report the news must believe in it because they sure as heck aren’t reporting on Soros or either event. And that’s even though staffers or even executives from Reuters, the Financial Times, NPR, PBS, The Washington Post and other major media outlets are speaking at one event or the other.  
> 
> ...

----------


## devil21

BRICS nations agree to abandon US Dollar for internal matters.   20% of global GDP there not using dollars for credit.  Not good.

http://articles.economictimes.indiat...cal-currencies




> 4-14-2011
> SANYA: *Brazil, Russia, India, China and South Africa - the BRICS group of fastest growing economies - Thursday signed an agreement to use their own currencies instead of the predominant US dollar in issuing credit or grants to each other.*
> 
> The agreement, the first-of-its-kind, was signed at the 3rd BRICS summit here attended by Indian Prime Minister Manmohan Singh, China's Hu Jintao, Brazil's Dilma Rousseff, Russia's Dmitry Medvedev and South Africa's Jacob Zuma.
> 
> "Our designated banks have signed a framework agreement on financial cooperation which envisages grant of credit in local currencies and cooperation in capital markets and other financial services," Manmohan Singh told reporters at a news conference with other BRICS leaders.
> 
> But the agreement is confined to credit and not trade. BRICS economies hold 40 percent of the world's currency reserves, the majority of which is still in US dollars.
> 
> ...

----------


## Acala

> George Soros taking it upon himself to remake the global economy, with the US taking a back seat, and presumably the dollar too.
> (Kudos to Fox News for reporting this in the MSM)
> 
> http://www.foxnews.com/opinion/2011/...res-reporting/


Soros is not to blame for the condition of the US dollar or for our impending collapse.  WE did it to ourselves, or allowed banks, military contractors, politicians, unions, and other fat cats to do it to us.

----------


## devil21

China taking custody of US gold stashed in Hawaii?  

http://www.ronpaulforums.com/showthr...-of-USA-s-gold

----------


## Libertomics

Bretton Woods or the modern US economy, inflation has been ever present. And it has had recessions in 1948, 1953, 1957, 1960, 1969, 1973, 1980, 1981, 1990, 2001 and 2007, but atleast it is not the recessions, panics and depressions of 1869, 1873, 1879, 1884, 1887, 1889, 1891, 1893, 1896, 1901, 1907, 1910, 1913 and chronic deflation.

----------


## Bern

> China taking custody of US gold stashed in Hawaii?
> ...


Thread title is correct.  Question posed above is not.

----------


## Natural Citizen

> Soros is not to blame for the condition of the US dollar or for our impending collapse.  WE did it to ourselves, or allowed banks, military contractors, politicians, unions, and other fat cats to do it to us.


I think that something to be watchful of is the quiet reshoring of jobs.

http://www.thenewamerican.com/econom...s-accelerating

Don't be fooled by the article here. It creates the illusion that this is free market phenomenon when in fact it's just a restructuring of policy by the fat cats because they know how bad of shape we're in. I don't think they'll resteer policy in scope...just a temporary shenanigan for effect.

Relevant reading... Russia sinks $1.5 billion into U.S. tech firms

----------


## devil21

bump

----------


## PRB

if you can post a weather report to disprove global warming, then i can post a 12 week dollar index gaining streak to disprove the dollar is failing. 

http://www.cnbc.com/id/102057048

----------


## devil21

Dollar index is only a measure against other currencies.  DX has literally nothing at all to do with the orderly destruction of the dollar as chronicled in this thread and elsewhere.

----------


## devil21

This thread most definitely needs an OIL post.

http://peakoil.com/publicpolicy/petr...a-day-oil-deal

Russia and Iran sign oil deal, bypassing USD.

The reason oil could drop to $20/barrel.  No mention of petrodollar consequences of sustained low oil prices.
http://www.reuters.com/article/2014/...0K00P820141222

PETRODOLLAR DEATH IS IN FINAL STAGES

----------


## devil21



----------


## Tod

Aren't China and Russia starting a currency exchange tomorrow?

----------


## devil21

> Aren't China and Russia starting a currency exchange tomorrow?


Yes.  Along with deals for commodities trading, as I detailed in another recent thread in this subforum.  12/29 could be a very interesting day on all markets.  *Disappearing plane story* is probably a fresh media distraction away from this.

Here's the thread:
http://www.ronpaulforums.com/showthr...passing-dollar

Worth noting that China and *Malaysia* just completed a deal bypassing the dollar.

----------


## Zippyjuan

They are adding Russian and Malaysian currencies to their foreign exchange (Forex) market.  They already trade in US Dollars, Japanese Yen, Euros, Australian Dollars and five other currencies. It really isn't a "by-pass" of the dollar.  Traders can buy dollars with yuan or British Pounds with rubles or Euros with yen or whatever other currencies are allowed.

----------


## trumptarget

Hope it does well...

----------


## NACBA

Oh yeah--I see that the dollar was totally destroyed

----------


## NACBA

I agree

June 19, 2013

Appearing on CNBC yesterday, former Congressman Ron Paul warned that if the US continues on its current course, the dollar will collapse, and gold will literally be priceless.

*Eventually, if were not careful, it will go to infinity, because the dollar will collapse totally, Paul said on CNBC.coms Futures Now.*

http://www.infowars.com/ron-paul-dol...o-to-infinity/

----------


## devil21

bump for historical reference

----------


## Zippyjuan

Is the dollar dead yet? Has it collapsed and "gold gone to infinity"?

----------


## PRB

> Is the dollar dead yet? Has it collapsed and "gold gone to infinity"?


no, but bitcoins are going to infinity.

----------


## oyarde

Dollar was dead long ago . Dollar has been dead since you could no longer buy anything with one .

----------


## oyarde

How many dollars do you need for 5 gallons of gas , five loaves of bread ?

----------


## oyarde

Dollar is dead , they should just print Two's , 10's , 25's and get rid of 1's ,5's ,20's .LOL

----------


## Dforkus

> How many dollars do you need for 5 gallons of gas , five loaves of bread ?


or an ounce of silver? A whole lot less than you did when this thread started...

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## Bossobass

Health care, hospital services, prescription drugs, "specialty" prescription drugs, food, college tuition, housing, automobiles, automobile insurance, automobile repairs, property taxes, credit card interest rates, bank services

Do I really have to post the data or do Zippy and PRB have their bills paid for spewing strong dollar BS, so I have to post the actual numbers?

Silver and gold are severely (and illegally) managed "commodities" so that the Zippy Zombies will believe the dollar actually has been getting stronger. 

Buy it while you can at these managed prices or forever hold your peace. 

The bullion market (as it has been proven) trades 100 times physical to manage the prices while raking in billions in profit. But don't fret, an 'investigation' is under way.

Meanwhile...




> *JPMorgan Chase, the largest U.S. bank, one the largest providers of financial services in the world and one of the most powerful banks in the world has accumulated one of the largest stockpiles of silver the world has ever seen.
> 
> The total JP Morgan silver stockpile has increased dramatically in the last four years. In 2011, JP Morgan has little or no physical silver. By 2012, they had acquired 5 million ounces of silver bullion.
> 
> Incredibly, in the last 3 years their COMEX silver stockpile has increased tenfold and is now over 55 million ounces...*





> *...while one can debate just what was the net demand/supply for various other sectors such as jewelry, technology, and physical (not paper) gold investment, one thing is clear: central banks went on a shopping spree. According to the latest World Gold Council data, in 2014 the world's central banks went on a golden shopping binge to take advantage of the ongoing dumping in paper ETF gold, resulting in bank net purchases amounted to 477 tonnes over the past year, a 17% above 2013s 409 tonnes. This was the second highest year of central bank net purchases for 50 years, coming second only to the 544 tonnes added to global gold reserves in 2012.*


Of course, the CBs just want to load up on gold tonnage in their vaults "for tradition", so Zippy recommends loading up on dollars instead. You decide.

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## devil21

bump

Remember folks, all the propaganda the Trump shill accounts post on RPF these days is just cover stories for the end stages of the death of the FRN global reserve standard.

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## DamianTV

Exactly.  They are soaking us for as much as they can before they bail out when the whole thing comes crashing down on us.

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## Bern

> Is the dollar dead yet? ...


I'm not dead.  I'm getting better.  I don't want to go on the cart.  I feel fine.  I think I'll go for a walk.  I feel happy. I feel happy.  /Dollar

~~~

It was one thing when it was just China and Russia banging the drum for challenges to dollar supremacy in global commerce.  Now that the EU is on the train, it might finally have left the station.  We'll see if they really do develop an alternative/competing clearing system to challenge the SWIFT system.  The current bruhaha with Saudi Arabia is another potential inflection point in the story.

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## DamianTV

Control of Reserve Currency seems to shift about every 80 years or so, and it looks like we are due for another shift.  Probably to China this time.

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## devil21

Seems like a good time to bump this thread and add a new post.

https://www.yahoo.com/news/six-europ...022501492.html




> PARIS — Paris, London, and Berlin today welcomed six new European countries to the INSTEX barter mechanism, which is designed to circumvent US sanctions against trade with Iran by avoiding use of the dollar.
> 
> “As founding shareholders of the Instrument in Support of Trade Exchanges (INSTEX), France, Germany, and the United Kingdom warmly welcome the decision taken by the governments of Belgium, Denmark, Finland, the Netherlands, Norway, and Sweden to join INSTEX as shareholders,” the three said in a joint statement.
> 
> … 
> 
> The Paris-based INSTEX functions as a clearinghouse allowing Iran to continue to sell oil and import other products or services in exchange.  more at link


-----------------------------------
You got your answer  @Bern ^^^^^




> I'm not dead.  I'm getting better.  I don't want to go on the cart.  I feel fine.  I think I'll go for a walk.  I feel happy. I feel happy.  /Dollar
> 
> ~~~
> 
> It was one thing when it was just China and Russia banging the drum for challenges to dollar supremacy in global commerce.  Now that the EU is on the train, it might finally have left the station.  We'll see if they really do develop an alternative/competing clearing system to challenge the SWIFT system.  The current bruhaha with Saudi Arabia is another potential inflection point in the story.


---------------------------------------




> JPMorgan Chase, the largest U.S. bank, one the largest providers of financial services in the world and one of the most powerful banks in the world has accumulated one of the largest stockpiles of silver the world has ever seen.
> 
> The total JP Morgan silver stockpile has increased dramatically in the last four years. In 2011, JP Morgan has little or no physical silver. By 2012, they had acquired 5 million ounces of silver bullion.
> 
> Incredibly, in the last 3 years their COMEX silver stockpile has increased tenfold and is now over 55 million ounces...


Today, JPM's COMEX silver holdings is officially at 161 million oz.  They short it on the paper side and buy on the physical side.

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## Bern

> You got your answer  @Bern ^^^^^


Instex has yet to facilitate a single trade. It's not clear if it ever will. But the more nations that commit to it, the harder it will be for the USA to cockblock it with hardball politics. For now at least, it seems like Europe is focused on the idea only for facilitating trade to bypass USA imposed sanctions on Iran. If it ever becomes a real thing facilitating trade, it has the potential to develop into a competitor to SWIFT.

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## devil21

3-23-20
I started this thread 11 years ago.  The thread title is close to being fulfilled.


Fed promises QE∞ to buy everything forever and melt the FRN dollar.  
https://www.cnbc.com/2020/03/23/fed-...purchases.html

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## AZJoe

Federal Reserve's Quantitative Inflation
Trump and Congress' Economic Inflation package

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## AZJoe



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## Warlord

> 3-23-20
> I started this thread 11 years ago.  The thread title is close to being fulfilled.
> 
> 
> Fed promises QE∞ to buy everything forever and melt the FRN dollar.  
> https://www.cnbc.com/2020/03/23/fed-...purchases.html


Yeah this is the big one.  They have kept it going for a long time - as evidenced by your 11 year thread! - but now the Fed are going 'all in' to destroy the dollar .

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## Warlord

By the way Gold was $1080 an ounce in Oct 2009 (when  @devil21 started this thread) so those who got out have done pretty well.  I wonder what the next 11 years will bring.

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## AZJoe

*Neel Kaskari’s 60 Minutes Interview*

"We're the lender of last resort. " …  When asked if the Fed will just *"literally print money,"* Kashkari admits: *"That's literally what congress has told us to do.* That's the authority they have given us, *to print money* and provide liquidity …  *We create it electronically* and we can also print it, with the Treasury Department, so you can get money out of your ATMs." …

the host asks: *"Can you characterize everything the Fed has done this past week as essentially flooding the system with money?"* ... Kashkari responds simply: "*YES*."

The host asks "And there's no end to your ability to do that?"  *"There's no end to our ability to do that."* ... "We're far from out of ammunition...your ATM is safe, your banks are safe. *There's an infinite amount of cash at the Federal Reserve."*

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## devil21

Petrodollar dominance ending - Saudis "consider" accepting yuan for oil instead of dollars

https://www.wsj.com/articles/saudi-a...d=hp_lead_pos6

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## osan

The globalists MUST bring America to heel.  As Americans continue to resist, Theye keep ramping up the campaign.  I suspect Theye probably destroy the dollar with some regret, but do so because nothing else seems to be working.  As things stand with the average American qualifying as nary better than a low-grade moron, both intellectually and morally, it would seem that ruining the dollar might well do the trick.  OTOH, hard times tend to shake people from their voluntary, nay willful stated of stupor, so you never know what may ultimately transpire.  Black market economies based on actual money, or perhaps bitcoin.  If enough people got on board, Theye would have either to stand down, which we all know they will not, or escalate yet again.  But one can push even a whipped dog only so far.

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## DamianTV

> Petrodollar dominance ending - Saudis "consider" accepting yuan for oil instead of dollars
> 
> https://www.wsj.com/articles/saudi-a...d=hp_lead_pos6


This is the biggest story of this DECADE and NOBODY save a few posts here and there are talking about it.

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## devil21

Looks like Saudi Arabia is close to joining BRICS.  Petrodollar almost done.

https://theconservativetreehouse.com...omic-alliance/




> At the conclusion of the summit, he confirmed the intent of Saudi Arabia to join the BRICS economic coalition, which should not come as a surprise given the previous statements by Saudi leader and Crown Prince Mohamed Bin Salman (MbS).
> 
> (MSM) Ramaphosa confirms Saudi Arabia wants to join Brics family.  This was revealed by President Cyril Ramaphosa during his two-day state visit to the kingdom on Sunday.
> 
> “The Crown Prince (prime minister Mohammad bin Salman bin Abdulaziz al Saud) did express Saudi Arabia’s desire to be part of Brics and they are not the only country,” said Ramaphosa. He confirmed this on Sunday during an engagement with the media.
> 
> Brics held its first summit in 2009, with SA (south africa) joining the following year. The bloc has generally been seen as an alternative to the dominance of the western economies.
> 
> “We did say that Brics having a summit next year under the chairship of South Africa in SA and the matter is going to be under consideration.
> ...

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## cjm

> This is the biggest story of this DECADE and NOBODY save a few posts here and there are talking about it.


Aside from a handful of folks, most people don't understand it.  It involves very complicated economic theories like supply and (artificial) demand.  Time is better spent on policing neighbors' mask wearing or solving the world's other low value problems on nextdoor.com.

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## devil21

China-Arab summit, Xi personally attending in Riyadh

https://www.reuters.com/world/chinas...es-2022-12-07/




> Chinese President Xi Jinping began a visit to Saudi Arabia on Wednesday that Beijing said marked its biggest diplomatic initiative in the Arab world, as Riyadh expands global alliances beyond a longstanding partnership with the West.
> 
> The meeting between the global economic powerhouse and Gulf energy giant comes as Saudi ties with Washington are strained by U.S. criticism of Riyadh's human rights record and Saudi support for oil output curbs before the November midterm elections.
> 
> The White House said Xi's visit was an example of Chinese attempts to exert influence, and that this would not change U.S. policy towards the Middle East.
> article-prompt-devices
> Register for free to Reuters and know the full story
> 
> "We are mindful of the influence that China is trying to grow around the world," White House National Security Council spokesperson John Kirby told reporters.
> ...

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## Brian4Liberty

> China-Arab summit, Xi personally attending in Riyadh
> 
> https://www.reuters.com/world/chinas...es-2022-12-07/


Interesting. Perhaps next we will see China broker peace between the Saudis and Iran, in an alliance against the west...

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## devil21

ZH follow-up on Xi-Saudi meet:
https://www.zerohedge.com/markets/xi...-military-ties




> Concerning the latter area, the WSJ details that "One of the agreements involves a top Saudi renewable energy company, Acwa Power, and the Industrial & Commercial Bank of China Ltd.—China’s largest commercial bank, which is a direct participant in CIPS, the Chinese version of SWIFT—hinting at deepening financial cooperation between the countries."


Saudis officially join BRICS at the June 23 2023 BRICS summit in....New York?  It's being held at UN HQ, how ironic, but probably operationally important since it's in the banking city and Wall St will no doubt be involved in the summit, probably unofficially.  Obviously there's huge ramifications across all dollar-denominated markets.  Since Sept crash hasn't really materialized this makes me want to change my markets crash prediction to _start_ in Feb and completely crash going through June.  Everything dollar-denominated would be at risk.  

Looks like there's a new sheriff in town.  Check out the Saudis genuflecting toward Xi:
https://twitter.com/AZgeopolitics/st...52277332307968

(something about an old Saudi quote about how they once rode camels....then they rode in Mercedes Benzs....then would ride on camels again.........)

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