Abandoning the Dollar

Now, what news on the Rialto?
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Enki
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Abandoning the Dollar

Post by Enki »

http://consciouslifenews.com/5-10-top-e ... r/1153333/
The U.S Dollar is quickly losing its status as the world reserve currency. Five of the top ten economies in the world, plus a few others, no longer use the dollar as an intermediary currency for trade. This trend poses a huge risk to the dollar and the United States along with it.
ZeroHedge points out today that Australia, the world’s 12th-ranked economy, has now joined a growing list of nations that have agreed to bypass the dollar in bilateral trade with China. China, ranked 2nd behind the U.S., also has similar agreements with Japan (3rd), Brazil (6th), India (9th), and Russia (10th).
Although unilateral agreements have been in place for some time between China and the countries listed above, last week the BRICs (Brazil, Russia, India & China) agreed to set up a development bank to compete with the IMF, indicating it’s gearing up to compete in a post-dollar world.
Additionally, Brazil, who agreed in principle to drop the dollar with bilateral trade with China some time ago, just made it official with $30 billion in annual currency swaps which will facilitate around 50% of all trade between them.
Men often oppose a thing merely because they have had no agency in planning it, or because it may have been planned by those whom they dislike.
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Simple Minded

Re: Abandoning the Dollar

Post by Simple Minded »

It about time.

Thank You.....er, em, I forget the name of the god of economics.... :oops:
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Enki
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Re: Abandoning the Dollar

Post by Enki »

Simple Minded wrote:It about time.

Thank You.....er, em, I forget the name of the god of economics.... :oops:
Adam Smith
Men often oppose a thing merely because they have had no agency in planning it, or because it may have been planned by those whom they dislike.
-Alexander Hamilton
Mr. Perfect
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Re: Abandoning the Dollar

Post by Mr. Perfect »

Enki wrote:
The U.S Dollar is quickly losing its status as the world reserve currency. Five of the top ten economies in the world, plus a few others, no longer use the dollar as an intermediary currency for trade. This trend poses a huge risk to the dollar and the United States along with it.
Elect a Democrat, don't be surprised at the results.
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Enki
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Re: Abandoning the Dollar

Post by Enki »

Mr. Perfect wrote:
Enki wrote:
The U.S Dollar is quickly losing its status as the world reserve currency. Five of the top ten economies in the world, plus a few others, no longer use the dollar as an intermediary currency for trade. This trend poses a huge risk to the dollar and the United States along with it.
Elect a Democrat, don't be surprised at the results.
Yeah, destroys the country at .95 times the rate of a Republican.

As bad as Obama is, he can't hold a candle to Bush.
Men often oppose a thing merely because they have had no agency in planning it, or because it may have been planned by those whom they dislike.
-Alexander Hamilton
Mr. Perfect
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Re: Abandoning the Dollar

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With Bush we had 6 good years, 2 bad years, the 2 bad years coming from Democrats. With Obama we've had 4 bad years working on infinity.

You live in an alternate dimension.
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Nonc Hilaire
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Re: Abandoning the Dollar

Post by Nonc Hilaire »

Bush: “I’ve abandoned free market principles to save the free market system”

It sounds even more stupid now that it sounded then, with Bush's Treasury secretary on his knees in front of Nancy Pelosi.
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Mr. Perfect
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Re: Abandoning the Dollar

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Only to be outdone by various summers of recovery, jobs saved or created, "spending our way out of bankruptcy" and on and on and on as the largest intervention in our history has produced the weakest aftermath, and sealed our doom.

Thanks leftists.
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Simple Minded

Re: Abandoning the Dollar

Post by Simple Minded »

Enki wrote:
Simple Minded wrote:It about time.

Thank You.....er, em, I forget the name of the god of economics.... :oops:
Adam Smith
I thought Adam Smith was the actor who played the lead in the movie I, Robot.

I was thinking about that other guy, Al Chemy....I don't think he is any relation to Dick.
noddy
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Re: Abandoning the Dollar

Post by noddy »

Enki wrote:http://consciouslifenews.com/5-10-top-e ... r/1153333/
The U.S Dollar is quickly losing its status as the world reserve currency. Five of the top ten economies in the world, plus a few others, no longer use the dollar as an intermediary currency for trade. This trend poses a huge risk to the dollar and the United States along with it.
ZeroHedge points out today that Australia, the world’s 12th-ranked economy, has now joined a growing list of nations that have agreed to bypass the dollar in bilateral trade with China. China, ranked 2nd behind the U.S., also has similar agreements with Japan (3rd), Brazil (6th), India (9th), and Russia (10th).
Although unilateral agreements have been in place for some time between China and the countries listed above, last week the BRICs (Brazil, Russia, India & China) agreed to set up a development bank to compete with the IMF, indicating it’s gearing up to compete in a post-dollar world.
Additionally, Brazil, who agreed in principle to drop the dollar with bilateral trade with China some time ago, just made it official with $30 billion in annual currency swaps which will facilitate around 50% of all trade between them.
yep, australia will stop paying its american money tax soon and join itself at the hip to china.

mayhaps the long discussed day of reckoning for the american dollar will be sooner rather than later.
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Re: Abandoning the Dollar

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I expect Obama's popularity to go up.
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noddy
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Re: Abandoning the Dollar

Post by noddy »

Mr. Perfect wrote:I expect Obama's popularity to go up.
all the proper modern economists know money is but an illusion and all you need to do is print more and more of it so that house prices keep going up.

the trick is creating enough government jobs that we all can get rich making houses cost more.. half the population doing the home improvements and the other half monitoring it for standards.

you is just an econommic dinosaur who believes in archaic nonsense, obama is riding the wave of the new prosperity, fighting the demons of austerity.
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Re: Abandoning the Dollar

Post by Mr. Perfect »

Yes, poverty is the new prosperity.
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Azrael
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Re: Abandoning the Dollar

Post by Azrael »

international currency should replace Dollar as reserve currency -- Bank of China

>> Issuing countries of reserve currencies are constantly confronted with the dilemma between achieving their domestic monetary policy goals and meeting other countries´ demand for reserve currencies. On the one hand,the monetary authorities cannot simply focus on domestic goals without carrying out their international responsibilities??on the other hand,they cannot pursue different domestic and international objectives at the same time. They may either fail to adequately meet the demand of a growing global economy for liquidity as they try to ease inflation pressures at home, or create excess liquidity in the global markets by overly stimulating domestic demand. The Triffin Dilemma, i.e., the issuing countries of reserve currencies cannot maintain the value of the reserve currencies while providing liquidity to the world, still exists. <<
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Azrael
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Re: Abandoning the Dollar

Post by Azrael »

Mr. Perfect wrote:
Enki wrote:
The U.S Dollar is quickly losing its status as the world reserve currency. Five of the top ten economies in the world, plus a few others, no longer use the dollar as an intermediary currency for trade. This trend poses a huge risk to the dollar and the United States along with it.
Elect a Democrat, don't be surprised at the results.
Having an international currency replace the Dollar as the reserve currency would be very good for the U.S. economy.

It sounds like you've never heard of the Triffin Dilemma.

Having the Dollar as the reserve currency essentially makes the Dollar our main export; like the Dutch Disease in that it crowds out other industries, only worse.

You can thank Nixon for closing the gold window. Elect a Republican and don't be surprised with the results.
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Enki
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Re: Abandoning the Dollar

Post by Enki »

What is really messed up is that people need this piece of paper in order to begin acting. It's an insane spiritual prison that we live in.
Men often oppose a thing merely because they have had no agency in planning it, or because it may have been planned by those whom they dislike.
-Alexander Hamilton
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Azrael
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Re: Abandoning the Dollar

Post by Azrael »

Enki wrote:What is really messed up is that people need this piece of paper in order to begin acting. It's an insane spiritual prison that we live in.
I agree. People have taken on the mentality of finance capitalism, which has established a state of cultural hegemony, especially in the Anglosphere.

Your preferred system of Distributionism (based upon the principles of Catholic social teaching, especially the teachings of Pope Leo XIII in his encyclical Rerum Novarum) would definitely be an improvement, with its emphasis on autonomy with coöperative action in free association, rather than finance capitalism's reification of green pieces of paper.
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noddy
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Re: Abandoning the Dollar

Post by noddy »

its all part of that hazy ranting about the death of adulthood and the intellectual and moral lazyness of thinking life is solved and its someone elses fault you havent been told what to do... there is an expert for that (tm)

which is mostly why i dont get too caught up in my own political tastes - its just too sad to think about the amount of the population which reacts angrily when you suggest to them that their life is their problem and they should stop waiting for the knight in shining armour to save em from themselves.

cooperating with the people outside your door and getting things done is straight up natural for a traditional adult in a traditional community.. shame any political attempt to enable those aspects of a healthy society are themselves parodies of the original from specific personal viewpoints.

no matter - the dollar is being abandoned as the world is moving on past america now that the one thing you offered (many rich consumers) is fading.. step by step you can start on trying new things.
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Re: Abandoning the Dollar

Post by Mr. Perfect »

Azrael wrote: Having an international currency replace the Dollar as the reserve currency would be very good for the U.S. economy.
Who could ever argue with that. If a bigger government does the job it will just work better. If a small govenment messes it up a bigger government, a worldwide government will make it better.

But one must ask, when STPN began they said this wouldn't happen. What changed i wonder? Anyone have any ideas?

BTW there is an international currency coming but it won't work quite like you are thinking (666).
It sounds like you've never heard of the Triffin Dilemma.

Having the Dollar as the reserve currency essentially makes the Dollar our main export; like the Dutch Disease in that it crowds out other industries, only worse.

You can thank Nixon for closing the gold window. Elect a Republican and don't be surprised with the results.
Sounds like you've never read why Nixon ended the gold thing. Google "Nixon DeGaulle gold", let me know what you find out.
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Mr. Perfect
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Re: Abandoning the Dollar

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Enki wrote:What is really messed up is that people need this piece of paper in order to begin acting. It's an insane spiritual prison that we live in.
There are any number of countries you could move to and be free of it instantly. Why don't you do that I wonder.
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Azrael
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Re: Abandoning the Dollar

Post by Azrael »

Blame everyone but Nixon. How predictable. :roll:

The French government had every right to buy gold.

What are you? A communist? :lol:

And when did I demand world government? I didn't. Special Drawing Rights already exist.
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Mr. Perfect
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Re: Abandoning the Dollar

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I guess you didn't do the reading. I invite everyone else to do the reading.

How would you do "global currency" without global government?
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Enki
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Re: Abandoning the Dollar

Post by Enki »

Mr. Perfect wrote:I guess you didn't do the reading. I invite everyone else to do the reading.

How would you do "global currency" without global government?
We already have a global government, might as well have a global currency right?
Men often oppose a thing merely because they have had no agency in planning it, or because it may have been planned by those whom they dislike.
-Alexander Hamilton
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Re: Abandoning the Dollar

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But would Jesus be any happier?

Don't worry, 666 was going to ushered in by someone, that's unavoidable. I guess it's you guys. What's that like? Preparing the way for the anti-christ and Satan. To me, I think it would give me pause. Do you like it, do you think it will work out in your favor, working for Satan?
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Azrael
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Re: Abandoning the Dollar

Post by Azrael »

Mr. Perfect wrote:I guess you didn't do the reading.
I did. Perhaps you don't understand my response because you know so little about economics.
I invite everyone else to do the reading.
So do I. Then people will see how ignorant you are and laugh.
How would you do "global currency" without global government?
I was not referring to a currency that private individuals spend at their local 7-11. I didn't say get rid of national currencies, such as the Dollar.

You've obviously never heard of Special Drawing Rights (and yet you brag about how much you know about finance).

Special Drawing Rights already exist and can be used for international trade, international agreements, to denominate bonds, etc.

The fact that they exist doesn't make the Dollar, or the Pound, or the Euro or the Yen cease to exist or cease to be used.

And a world government isn't required, nor have I suggested it. The IMF defines and maintains Special Drawing Rights and already exists (since 1944).

The value of a SDR is defined by a weighted currency basket, so it would logically follow that it doesn't end national currencies in favor of the mark of the beast.

I'm sorry if this is over your head.
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