Destruction of the US dollar

[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."

Strauss-Kahn, a former finance minister of France, said that during the recent global financial crisis, the dollar "played its role as a safe haven" asset, and the current international monetary system demonstrated resilience.

"The challenge ahead is to find ways to limit the tension arising from the high demand for precautionary reserves on the one hand and the narrow supply of reserves on the other," he said.

Several countries, including China and Russia, have called for an alternative to the dollar as a reserve currency and have suggested using the IMF's internal accounting unit.

Strauss-Kahn said the IMF also needs to do a better job of tracing how risk percolates through the global economy.

"Here it will be essential to improve our ability to monitor several dozen large complex financial institutions that make up the `plumbing' through which global capital flows," he said, while leaving national regulators the job of monitoring the solvency of individual institutions.

 

[devil21]

The beginning of the end

http://www.businessinsider.com/now-...minate-reserve-requirements-completely-2010-3

3-17-2010
original blog source: http://theeconomiccollapseblog.com/...-to-eliminate-reserve-requirements-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.

If there were no minimum reserve requirements, what kind of chaos would that lead to in our financial system? Not that we are operating with sound money now, but is the solution to have no restrictions at all? Of course not.

What in the world is Bernanke thinking?

But of course he is Time Magazine's "Person Of The Year", so shouldn't we all just shut up and trust his expertise?

Hardly.

The truth is that Bernanke is making a mess of the U.S. financial system.

Fortunately there are a few members of Congress that realize this. One of them is Republican Congressman Ron Paul from Texas. He has created a firestorm by introducing legislation that would subject the Federal Reserve to a comprehensive audit for the first time since it was created. Ron Paul understands that creating money out of thin air is only going to create massive problems. The following is an excerpt from Ron Paul's remarks to Federal Reserve Chairman Ben Bernanke at a recent Congressional hearing....

"The Federal Reserve in collaboration with the giant banks has created the greatest financial crisis the world has ever seen. The foolish notion that unlimited amounts of money and credit created out of thin air can provide sustainable economic growth has delivered this crisis to us. Instead of economic growth and stable prices, (The Fed) has given us a system of government and finance that now threatens the world financial and political institutions. Pursuing the same policy of excessive spending, debt expansion and monetary inflation can only compound the problems that prevent the required corrections. Doubling the money supply didn’t work, quadrupling it won’t work either. Buying up the bad debt of privileged institutions and dumping worthless assets on the American people is morally wrong and economically futile."

The truth is that the financial system that we have created makes inflation inevitable. The U.S. dollar has lost more than 95 percent of the value that it had when the Federal Reserve was created. During this decade the value of the dollar will decline a whole lot more.

That doesn't sound like a very good investment.

But that is what happens when you give bankers power to make money up out of thin air.

And things are only going to get worse.

Especially if Bernanke gets his way and reserve requirements are eliminated entirely.

The U.S. economy is a giant mess already, and we have got a guy at the controls who simply does not have a clue.

It's going to be a rough ride.

 

[devil21]

bump

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

http://www.zerohedge.com/article/will-usd-be-replaced-sdr-or-cny-next-reserve-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.

"Motivated in part by needs for self-insurance against volatility in commodity markets and capital flows, many developing countries accumulated vast amounts of such (U.S. dollar) reserves during the 2000s," it said.

The report supports replacing the dollar with the International Monetary Fund's special drawing rights (SDRs), an international reserve asset that is used as a unit of payment on IMF loans and is made up of a basket of currencies.

"A new global reserve system could be created, one that no longer relies on the United States dollar as the single major reserve currency," the U.N. report said.

The report said a new reserve system "must not be based on a single currency or even multiple national currencies but instead, should permit the emission of international liquidity -- such as SDRs -- to create a more stable global financial system."

"Such emissions of international liquidity could also underpin the financing of investment in long-term sustainable development," it said.

MARKETS DECIDE

Jomo Kwame Sundaram, a Malaysian economist and the U.N. assistant secretary general for economic development, told a news conference that "there's going to be resistance" to the idea.

"In the whole post-war period, we've essentially had a dollar-based system," he said, adding that the gradual emission of SDRs could help countries phase out the dollar.

Nobel Prize-winning economist Joseph Stiglitz, who previously chaired a U.N. expert commission that considered ways of overhauling the global financial system, has advocated the creation of a new reserve currency system, possibly based on SDRs.

Russia and China have also supported the idea.

But Paavo Vayrynen, Finland's Foreign Trade and Development Minister, told reporters that he doubted it was possible "to make any political or administrative decisions how to formulate the currency system in the world."

"It is based on the markets," he said. "I believe that the economic players in the market are going to have the decisive influence on that issue."

European Union development commissioner Andris Piebalgs said it would be a bad idea to dictate what the reserve currency should be.

"It is markets that decide," he said. "Any intervention would just create additional challenges and make things even less predictable."

 

[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]

important

IMF Document illustrates plan to turn SDRs into global currency

http://rawstory.com/rs/2010/0805/imf-documents-illustrate-plan-turn-drawing-rights-global-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.

However, they conclude that "the ideas discussed are unlikely to materialize in the foreseeable future absent a dramatic shift in appetite for international cooperation."

The PDF document appeared to have been taken offline at time of this writing, but a cached version was still available. The document is from April, but was only recently noticed by Financial Times.

"[In] the eyes of the IMF at least, the best way to ensure the stability of the international monetary system (post crisis) is actually by launching a global currency," they note.

"And that, the IMF says, is largely because sovereigns — as they stand — cannot be trusted to redistribute surplus reserves, or battle their deficits, themselves."

The IMF goes on to explain:

Reserve accumulation has accelerated dramatically in the past decade, particularly since the 2003-4. At the end of 2009, reserves had risen to 13 percent of global GDP, doubling from their 2000 level, and over 50 percent of total imports of goods and services. Emerging market holdings rose to 32 percent of their GDP (26 percent excluding China). Twenty-seven of the top 40 reserve holders, accounting for over 90 percent of total reserve holdings, recorded doubledigit average growth in reserves over 1999-2008.

Holdings have also become increasingly concentrated, with over half the total held by only five countries. These numbers exclude substantial foreign assets of the official sector not recorded as reserves, including in sovereign wealth funds (SWFs), and yet invested in liquid, dollar denominated financial instruments, that have grown even more in recent years.
The global currency IMF envisions, they simply call "bancor". They continue:

though an SDR-based system would move away from a dominant national currency, the SDR’s value remains heavily linked to the conditions and performance of the major component countries. A more ambitious reform option would be to build on the previous ideas and develop, over time, a global currency. Called, for example, bancor in honor of Keynes, such a currency could be used as a medium of exchange—an “outside money” in contrast to the SDR which remains an “inside money”.
Were the industrial nations of the world to agree to the IMF's prescription for the global financial system, the fund would undertake a new realm of responsibilities. It describes them as:

Encouraging reserve holders to adjust the currency composition of reserves onlygradually and discourage any “active” currency management that could potentially causelarge swings between reserve currencies.

Requiring all reserve holding members to report their reserve composition to the Fund (possibly confidentially) including information on reserve holder’s benchmark for the currency composition of reserves. Using this information, the Fund could advise reserve holders on the pace of reserve diversification (if and when the latter express interest inadjusting the currency composition of their reserves) to maintain stability in theadjustment process, including during the transition phase to a balanced reserve system. For instance Truman and Wong (2006) propose an international reserve diversificationstandard comprising two basic elements: (i) routine disclosure of the currency composition of official foreign exchange holdings; and (ii) a commitment by reserveholders to adjust gradually the actual currency composition of its reserves to any newbenchmark for those holdings.

Engaging with potential major reserve issuers to help remove obstacles to broader use oftheir currencies, if the authorities so desire.

Considering mechanisms to facilitate the use of emerging market assets to draw liquiditywith greater certainty to attenuate their demand for hard-currency reserves.
The report was issued months before a recent United Nations Economic and Social Council called on nations to move away from the dollar as their reserve currency. The U.N. based its advice on the adverse effects felt by developing nations that were hit especially hard during the 2008-2009 U.S. economic instability.

President Obama, Treasury Secretary Geithner and Federal Reserve Chairman Ben Bernanke have steadfastly maintained that the world does not need a new reserve currency.

To the contrary, Russia has predicted the world is a mere decade away from that inevitability.

“There is a need to make the IMF a true representative of the world’s leading economies. It’s not there right now,” said Russian Finance Minister Alexei Kudrin during a June 2009 economic forum, noting that China had a lower representation quota than Switzerland or Belgium.

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/2010/08/04/306346/imf-blueprint-for-a-global-currency-yes-really/

 

[devil21]

http://www.dailyreckoning.com.au/the-us-governments-secret-plan-to-destroy-the-dollar/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.

At the same time, international capital flows should be better regulated and the role of the Special Drawing Rights issued by the International Monetary Fund should be reinforced by the inclusion of China's yuan in the system.

China, whose booming economy now ranks second only to the US in size after overtaking Japan, has accumulated massive forex reserves of more than $2.5 trillion on the back of its sustained trade surpluses and foreign fund inflows.

Washington says the build-up reflects an unfair undervaluation of the yuan, a charge Beijing rejects.

France has previously said it wanted to see the global financial system reduce its reliance on the dollar for a more broad-based arrangement.

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...emake-financial-order-media-wheres-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.

The first gathering in Bretton Woods, N.H., is an economic conference Soros once described as “a grand bargain that rearranges the entire financial order.” In October 2009, Soros committed $50 million to the Institute for New Economic Thinking (INET). A week later, the glib lefty investor wrote a column calling for a new Bretton Woods event, to recreate the one that helped design the post-WWII economy. Only he wants this one to knock America down a peg or three.

Now, it's been a little over a year later and the group he funded is making King George’s wish come true – bringing together a whole slew of important people to discuss how to change the global economy. In Soros speak, that means “establish new international rules” and “reform the currency system.”

The announced speakers include a lot of prominent lefties, globalists and economists on the board of the organization he has throwing the event – more than two-thirds of the overall total have ties to Soros. To underscore their connection to history, INET is hosting the conference at the Mount Washington Resort, the very same hotel that held the first gathering.

INET Executive Robert Johnson defended his event in a March 31 interview with Lou Dobbs. Johnson, a former managing director at Soros Fund Management, who is on the Board of Directors for the Soros-funded Economic Policy Institute, avoided saying “Soros” despite Dobbs mentioning Johnson’s boss several times. In his last response, he tried to rationalize the Soros connection, by saying “I have a group of funders including George Soros.” With $50 million, Soros alone makes a pretty big group. Of course, Soros will also be speaking in Bretton Woods about “The Emerging Economic and Political Order.”

Just down the road in Boston, a Soros-funded media conference is trying to manipulate that emerging order as well. Close to 350 left-wingers from a variety of organizations are gathering there for the National Conference for Media Reform.

That “change the world” conference includes two commissioners from the FCC, House Democratic leader Nancy Pelosi, Sen. Bernie Sanders, four Democratic representatives, the head of Columbia University, and assorted left-wing journalist types, from Salon’s Glenn Greenwald to disgraced former MSNBC host David Shuster, who now works for a Soros-funded investigative operation.

The rest of the list reads like a "Who’s Who" of left-wing organizations and talking heads, including the president of PBS, a senior vice president with American Public Media, an Al Jazeera English executive, the president of the Newspaper Guild – CWA and Washington Post columnist Rob Pegoraro. Many others have Soros connections, such as:

Common Cause, which has been going after conservative Supreme Court justices who have some connection to the Koch brothers. Common Cause seems immune to similar investigations of their own gravy train.

Columbia Journalism Review’s Dean Starkman. He is chief of the review’s “The Audit” section and a 2006 Katrina Media Fellow with the Open Society Institute, the primary Soros charitable foundation.

Free Press, which is holding the conference. Free Press has received more than $1 million from Soros since 2003 and has 18 presenters pushing for things like “strong public media” or an extremely expensive national broadband plan they quaintly describe as “universal access to communications.”

Think Progress’s Koch-hating Lee Fang. Think Progress is a project of Democrat John Podesta’s Center for American Progress, which was founded with Soros money. Fang is on the panel for: “Real Issues vs. Astroturf: Confronting the Koch Brothers,” and makes the laughable claim “this is not about liberals versus conservatives” when the entire goal of the left is to shut down the Kochs to defund the right.

Everywhere you they go in Boston, they’ll be making more left turns than NASCAR. It’s an event filled with lefties dissatisfied that the news media aren’t even more liberal, and their goal will be to make that happen. Whether it’s “Beyond Pronouns: Creating Real Stories About Transgender and Gender Non-Conforming People” or pushing for illegal immigrant rights, the conference is a predictable liberal take on pretty much everything.

But the over-arching theme is getting government to fix the media. Columbia University President Lee Bollinger, whose school also includes the well-known and partly Soros-funded Columbia School of Journalism, is one of several speakers advocating for increased government funding for media. He called for federal funding of the media in a 2010 Wall Street Journal piece with the terrifying headline: “Journalism Needs Government Help.” Bollinger pushed for the creation of a public media that combines NPR, PBS and Voice of America. He also wants to “end to the regulation of ‘indecent’ language and images in broadcast programming” and return to the Fairness Doctrine.

Two other speakers, Free Press founder Robert McChesney and co-author John Nichols, have been pushing for $35 billion a year to fund media. Though their solution has gone from $20 billion a year for three years to $35 billion indefinitely, they are consistent in wanting U.S. media to be more like it is in Europe and oppose the “fantasy of a free-market solution.”

That’s not surprising. Nobel Prize-winning economist Joseph Stiglitz, who is speaking at both conferences, is wildly critical of people who support free markets, or what he calls “free market fundamentalists.” Free markets are directly in opposition with the Soros-funded group think that sees Big Government as merely a starting point for Ever Bigger Government.

This weekend, we get two visions of taxpayer-funded solution, only most in the news media are too short-sighted to see them.

 

[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.india...83_1_economies-food-security-local-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.

The BRICS summit is being held in the coastal city of Sanya in China's Hainan island.

The joint presser was held after the leaders held deliberations on the international situation, and financial, development, climate and security issues.

Manmohan Singh said: "We have had very fruitful discussions. We have reviewed the international situation, discussed international economic, financial and trade issues, the challenges of sustainable development, food security, energy security and climate change."

The grouping is significant because it is expected to have a healthy global presence in the future as the member-countries are the fastest growing economies and are projected to contribute 48 percent to the global economy in the next decade.

At present they account for 40 percent of the world's population and 20 percent of the global Gross Domestic Product (GDP).

 

[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...emake-financial-order-media-wheres-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/showth...-Is-China-about-to-take-custody-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.

 

[pmbug]

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

Thread title is correct. Question posed above is not.