Chavez: US dollar is worthless; printing more money won't fix crisis

[FrankRep]

Chavez says U.S. can't fix financial crisis

Reuters
Sep 26, 2008

Venezuelan President Hugo Chavez took a fresh swipe at his arch foe the United States on Friday, saying Washington was unable to handle the financial crisis and wanted to use a worthless dollar to own the world.

The leader of South America's biggest oil exporting country had just met French President Nicolas Sarkozy on a visit that had already taken him to Cuba, China, and Russia.

"The Americans harass us and attack us... (they) want to buy the world with paper that does not have any value," Chavez told reporters in the courtyard of the presidential palace.

Washington expected to remedy the current crisis "by running the money printer, and I strongly doubt we'll be able to resolve the crisis that way," he said.

An official from Sarkozy's office who spoke on condition of anonymity said the French president had urged Chavez to think ahead to the next U.S. administration and not give his adversaries a pretext to "caricaturise" him.

The official added that France was eager to help Venezuela diversify its economy and was ready to transfer technology in the transport and energy sectors, as well as in defence to help fight illegal trafficking in the Caribbean.

Chavez said the activities of French oil companies Total (TOTF.PA: Quote, Profile, Research, Stock Buzz) and Perenco came up in his talks with Sarkozy, as well as projects involving the auto industry and underground trains in Caracas. Further talks would be held at a meeting on October 2-3, he added.

U.S. oil companies Exxon (XOM.N: Quote, Profile, Research, Stock Buzz) and ConocoPhillips (COP.N: Quote, Profile, Research, Stock Buzz) quit Venezuela after Chavez launched nationalisation programmes last year, while Total and Norway's StatoilHydro (STL.OL: Quote, Profile, Research, Stock Buzz) reduced their holdings and received around $1 billion in compensation.


SOURCE:
http://www.reuters.com/article/marketsNews/idUSLQ4692420080926

 

[FreeMarketEconomy]

Chavez says U.S. can't fix financial crisis

Reuters
Sep 26, 2008

Venezuelan President Hugo Chavez took a fresh swipe at his arch foe the United States on Friday, saying Washington was unable to handle the financial crisis and wanted to use a worthless dollar to own the world.

The leader of South America's biggest oil exporting country had just met French President Nicolas Sarkozy on a visit that had already taken him to Cuba, China, and Russia.

"The Americans harass us and attack us... (they) want to buy the world with paper that does not have any value," Chavez told reporters in the courtyard of the presidential palace.

Washington expected to remedy the current crisis "by running the money printer, and I strongly doubt we'll be able to resolve the crisis that way," he said.

An official from Sarkozy's office who spoke on condition of anonymity said the French president had urged Chavez to think ahead to the next U.S. administration and not give his adversaries a pretext to "caricaturise" him.

The official added that France was eager to help Venezuela diversify its economy and was ready to transfer technology in the transport and energy sectors, as well as in defence to help fight illegal trafficking in the Caribbean.

Chavez said the activities of French oil companies Total (TOTF.PA: Quote, Profile, Research, Stock Buzz) and Perenco came up in his talks with Sarkozy, as well as projects involving the auto industry and underground trains in Caracas. Further talks would be held at a meeting on October 2-3, he added.

U.S. oil companies Exxon (XOM.N: Quote, Profile, Research, Stock Buzz) and ConocoPhillips (COP.N: Quote, Profile, Research, Stock Buzz) quit Venezuela after Chavez launched nationalisation programmes last year, while Total and Norway's StatoilHydro (STL.OL: Quote, Profile, Research, Stock Buzz) reduced their holdings and received around $1 billion in compensation.


SOURCE:
http://www.reuters.com/article/marketsNews/idUSLQ4692420080926

Everyone who hates the USA wants to spread fear that the USD is worthless, which will force it to be self fulfilling. These anti-Americans want the US economy to collapse, thus why they are against the emergency bailout. Their preaching of doom and gloom, whilst claiming the emergency bailout will just make it worse is compelling Americans to pull their money from banks causing a run on the banks. This propaganda is the true cause of a potential depression, the precursor of the total collapse of the US.

 

[FrankRep]

Everyone who hates the USA wants to spread fear that the USD is worthless, which will force it to be self fulfilling. These anti-Americans want the US economy to collapse, thus why they are against the emergency bailout. Their preaching of doom and gloom, whilst claiming the emergency bailout will just make it worse is compelling Americans to pull their money from banks causing a run on the banks. This propaganda is the true cause of a potential depression, the precursor of the total collapse of the US.

The fiat dollar is worthless. America's enemies know this and they know how to exploit it. I just wish the American people knew this and demand the repeal of the Federal Reserve Act.

 

[RSLudlum]

Isn't it amazing that a socialist like Chavez would be criticizing our own government's socialistic leanings and be right on target...Oh the irony of it all. It's a sad sad day in America.

 

[Zolah]

Everyone who hates the USA wants to spread fear that the USD is worthless, which will force it to be self fulfilling. These anti-Americans want the US economy to collapse, thus why they are against the emergency bailout. Their preaching of doom and gloom, whilst claiming the emergency bailout will just make it worse is compelling Americans to pull their money from banks causing a run on the banks. This propaganda is the true cause of a potential depression, the precursor of the total collapse of the US.

I'm gonna pretend you were being sarcastic. Chavez isn't far off the mark as usual, my favourite quote of his is when he proclaimed that "McCain will be worse than Bush for USA" early this year.

 

[ChickenHawk]

The fiat dollar is worthless. America's enemies know this and they know how to exploit it. I just wish the American people knew this and demand the repeal of the Federal Reserve Act.

I'm sure Venezuela also has worthless fiat currency. If it wasn't for high oil prices Senor Psychopath would probably have to print lots of money to pay for his socialist utopian pipe dreams.

 

[JoshLowry]

Everyone who hates the USA wants to spread fear that the USD is worthless, which will force it to be self fulfilling. These anti-Americans want the US economy to collapse, thus why they are against the emergency bailout. Their preaching of doom and gloom, whilst claiming the emergency bailout will just make it worse is compelling Americans to pull their money from banks causing a run on the banks. This propaganda is the true cause of a potential depression, the precursor of the total collapse of the US.

tool.

 

[jonahtrainer]

Everyone who hates the USA wants to spread fear that the USD is worthless, which will force it to be self fulfilling. These anti-Americans want the US economy to collapse, thus why they are against the emergency bailout. Their preaching of doom and gloom, whilst claiming the emergency bailout will just make it worse is compelling Americans to pull their money from banks causing a run on the banks. This propaganda is the true cause of a potential depression, the precursor of the total collapse of the US.

You are joking right? Most people on these forums are not complete idiots.

The true cause for bank runs is that banks are inherently fraudulent. See The Case Against the Fed by Murray Rothbard.

The Federal Reserve Note US Dollar is worthless. Federal law defines a Dollar in many different ways including gold, silver, copper and zinc. Those are not worthless as they are tangible assets. The problem with FRN$ is that they are bills of credit and violate the US Constitution in Articles 1 Section 8 Clause 5 and Articles 1 Section 10 Clause 1. They are 'bills of credit' and cannot be 'coin'ed. They should not be Legal Tender and having them be such is unConstitutional.

Likewise, the bailout is unConstutional. It is theft through counterfeiting. Ron Paul spoke on this topic:

Counterfeiting the nation's money is a serious offense. The founders were especially adamant about avoiding the chaos, inflation, and destruction associated with the Continental dollar. That's why the Constitution is clear that only gold and silver should be legal tender in the United States. In 1792 the Coinage Act authorized the death penalty for any private citizen who counterfeited the currency. Too bad they weren't explicit that counterfeiting by government officials is just as detrimental to the economy and the value of the dollar.

The consequences you mentioned are legitimate but are caused by different sources and cannot be avoided. The true cause of the potential depression is the Federal Reserve because of the market intervention by government in the supply and cost of money. The Federal Reserve Act is UnConstitutional. Therefore, the Federal Reserve Act should be repealed, Federal Legal Tender laws should be repealed, if States make anything Legal Tender it should be only gold and silver and the economic dislocations that result from disobeying economic law will be mitigated or avoided.

 

[KMA-NWO]

COINTELPRO COINTELPRO, BEEP BEEP!

Ah, my COINTELPRO sensor has dectected COINTELPRO in this post. Yea, sure, people who hate the USD would want to see it go down, but the USD is in a world of trouble anyway and besides, it's NEVER smart to invest in a ponzi scheme, especially one on the brink of collapse!!!

there are those who hate the US, but there are many more who are legit in saying "get the hell out!"

Don't dare demonize and associate those who have no confidence in the system with "people who hate the US." I sure hope no one buys into your psych. attempt.

EDIT: This may also be a perfect example of Operation Mockingbird, where the reasonable 'idea' (in reality social programming) spreads on its own as if it were legit. Most fail, but some spread like grass fires before quickly dying. It is all subtle power of suggestion. This is why most political commentators use 'association'* and flaky straw men* to discredit truth tellers and manipulated semi-truth mostly-lies to suck in the gullible.

*Such arguments are easy on the brain for a simple majority of the population due to mental and psychological tendencies. Refer to Meyers-Briggs research on psychological types.

Everyone who hates the USA wants to spread fear that the USD is worthless, which will force it to be self fulfilling. These anti-Americans want the US economy to collapse, thus why they are against the emergency bailout. Their preaching of doom and gloom, whilst claiming the emergency bailout will just make it worse is compelling Americans to pull their money from banks causing a run on the banks. This propaganda is the true cause of a potential depression, the precursor of the total collapse of the US.

 

[ARealConservative]

The fiat dollar is worthless. America's enemies know this and they know how to exploit it. I just wish the American people knew this and demand the repeal of the Federal Reserve Act.

can I give you my address so you mail all your worthless dollars to me?

It is getting embarrassing how every two bit fascist is getting defended on this forum.

 

[FrankRep]

I'm sure Venezuela also has worthless fiat currency. If it wasn't for high oil prices Senor Psychopath would probably have to print lots of money to pay for his socialist utopian pipe dreams.

America is in crisis mode right now, not Venezuela. I'm not defending Chavez's socialist policies.

 

[FrankRep]

can I give you my address so you mail all your worthless dollars to me?

It is getting embarrassing how every two bit fascist is getting defended on this forum.

I'd rather find suckers who are willing to take worthless fiat money in trade for real assets.

I'm merely pointing out that even Chavez knows the Federal Reserve prints dollars out of thin air. It's embarrassing that the American people don't know that.

 

[FreeMarketEconomy]

I'm gonna pretend you were being sarcastic. Chavez isn't far off the mark as usual, my favourite quote of his is when he proclaimed that "McCain will be worse than Bush for USA" early this year.

Since you want a socialist Democrat controlled US Executive branch and Congress, why not just move to Venezuela since you admire him so much?




... If Ron Paul miraculously becomes US President he would still have to square off against the the socialists in Congress.

 

[ARealConservative]

I'd rather find suckers who are willing to take worthless fiat money in trade for real assets.

I'm merely pointing out that even Chavez knows the Federal Reserve prints dollars out of thin air. It's embarrassing that the American people don't know that.

there isn't a single sound currency left in the world is there?

One thing that I don't think people get is we are screwing the rest of the world with our global reserve currency. Most people that complain about how we are being screwed don't actually see the big picture. Our wage scale is out of proportion and we export depreciating dollars and import cheap goods. It is immoral what we are doing, but if you are smart about things, you could of benefited from this ride that is coming to an end.

 

[FrankRep]

Since you want a socialist Democrat controlled US Executive branch and Congress, why not just move to Venezuela since you admire him so much?

... If Ron Paul miraculously becomes US President he would still have to square off against the the socialists in Congress.

FreeMarketEconomy completely missed the point.
NO ONE is defending Chavez or Socialism.

 

[DrCap]

The real issue is not what Chavez says, it's the fact that we have a financial system and currency which is built on 'faith' and nothing more.

Isn't it a pretty weak link in the chain if the words of a rogue dictator are enough to erode that faith?

We as a country should be ashamed that we abused the power of our former gold backed currency, and we now basically charge a tax on others to use our currency by inflating their money away. It is destined to collapse, just as eventually a tree will fall down. There will be a run for the exits, it's just not clear when.

I thought I'd someday teach my kids about the 'faith' of our currency as I pass my PM's to them but who knows, maybe they will grow up in a very different world.

 

[FreeMarketEconomy]

I'd rather find suckers who are willing to take worthless fiat money in trade for real assets.

I'm merely pointing out that even Chavez knows the Federal Reserve prints dollars out of thin air. It's embarrassing that the American people don't know that.

Are you trying to indirectly insult us Americans by saying that people in Venezuela, like President Chavez, are smarter than the American people?

What if the American people already know this and understand that the advantages far outweigh the disadvantages?

 

[FrankRep]

Are you trying to indirectly insult us Americans by saying that people in Venezuela, like President Chavez, are smarter than the American people?

What if the American people already know this and understand that the advantages far outweigh the disadvantages?

I have talked to enough people to realize how little the general population knows about the Federal Reserve System and fiat money. The public educational school system has failed them.

 

[Otter Mii-kun]

I don't mean to defend but...

Isn't it amazing that a socialist like Chavez would be criticizing our own government's socialistic leanings and be right on target...Oh the irony of it all. It's a sad sad day in America.

I was about to say much the same thing... ironic that a "nutcase" like him said pretty much the same thing many of us-including myself-here on RPF have been saying-we can't print our way out of this mess-our debt has simply run wildly out of control!
All it does is create the false appearance of "improvement" and "recovery" for a short period of time while ultimately making the situation worse.

This meltdown truly is a monetary policy disaster.

 

[FreeMarketEconomy]

I was about to say much the same thing... ironic that a "nutcase" like him said pretty much the same thing many of us-including myself-here on RPF have been saying-we can't print our way out of this mess-our debt has simply run wildly out of control!
All it does is create the false appearance of "improvement" and "recovery" for a short period of time while ultimately making the situation worse.

This meltdown truly is a monetary policy disaster.

It's all about psychology and the lack of confidence, such as in the financial market forcing people to conduct a run on the banks. All this fear propaganda is just adding the potential to an economic collapse.

Hmm, I'm curious to know that since a nutcase like President Chavez is siding with you what would that really entail?