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03/30/2009 03:11 PM ID: 77920 Permalink   

China and Now Russia Want to Get Rid of the Dollar

 

China recently publicly called for the US dollar to be replaced as the world’s reserve currency through use of the IMF. Russia’s President Medvedev has now stated his agreement with this assessment.

Medvedev told the BBC, "You know, I have just discussed this issue with Gordon Brown and other partners. Of course, we are realistic, and I hope that my position is realistic, as well as that of our Chinese colleagues."

Other G20 members have stated their support for the US dollar as being the main reserve currency. Russia supports the expansion of the IMF’s Special Drawing Rights to include gold, the yuan, and rouble.

 
  Source: uk.news.yahoo.com  
    WebReporter: slavefortheman Show Calling Card      
  Recommendation:  
ASSESS this news: BLOCK this news. Reason:
   
  18 Comments
  
  every time  
 
I pay something with US dollars I snicker silently to myself and think "suckerrrrrrr"
 
  by: Trevelyan   03/30/2009 03:32 PM     
  Oh yeah  
 
invest in the rouble..that proved lucrative before...0_o
 
  by: jediman3     03/30/2009 03:43 PM     
  ,.,.,.  
 
Well I decided to go look up how the dollar stack against other currencies. The result was pretty obvious, the dollar is still the one of the strongest currencies in the market. The only ones I could find beating it right now was the yen and the euro.
 
  by: splicer   03/30/2009 04:33 PM     
  @splicer  
 
I think the reason China and Russia are wanting this is because they know the truth. If the Federal Reserve didnt keep the M3 data on the dollar a secret, it would probably collapse overnight. My guess is there are tons more dollars in circulation as well is stored electronically than what economists are aware of. In other words we are probably already suffering from Weimar styled inflation but since the data is secret, we are unaware of it...

Add that to the massive amounts of money being pumped into the system right now and also the new federal deficits, and you have trillions upon trillions that must be created out of thin air.

In other words, the USD is really teetering on a total meltdown if we keep pursuing these massive bailouts and wasteful spending.
 
  by: slavefortheman     03/30/2009 04:41 PM     
  @slave  
 
I think even without the spending, the dollar is screwed. However, I really don't know what a safe investment is anymore. Gold? Maybe, but what do you really do with it, apart from using is as currency? Wheat? Pork bellies? Scratch and win tickets?
 
  by: Mister crank     03/30/2009 04:56 PM     
  @Mister crank  
 
I would place my bets on metals like gold and silver. However the one thing I am worried about is the possibility of the US government making gold sales illegal much like it did in the Great Depression.

This depression is going to be bad and its going to last for years.
 
  by: slavefortheman     03/30/2009 05:18 PM     
  silly kids  
 
Don't put your money in metals....please! Those things are things that last....duh.



Mister crank had it right with scratch off tickets. I'm personally going out and investing after work
 
  by: polkaspotted   03/30/2009 05:28 PM     
  Damn right  
 
lets change it to what they use in zimbabwe. that way nobody will ever go cold cuz they will have plenty of paper to burn!
 
  by: RyanB     03/30/2009 11:56 PM     
  hey obama  
 
Do not worry, you can just keep spending trillions, just throw some money at them, that should keep them quiet, right? I means that's what you did to the other problems that arose.
 
  by: Motorcyclejim   03/30/2009 11:57 PM     
  I have a solution  
 
To this....

The Us and Europe wanna get rid of Russia and China.

So we combine the dollar with the euro, call it the eurollar. Then bomb the F*** out of Russia and China..That should do it...LOL
 
  by: steve2045     03/30/2009 11:58 PM     
  @Mister Crank  
 
Slave makes a good point about gold and silver. Silver is really good, imo, because it is a consumed metal.
Another thing that is always a sound investment regardless of the economy is real estate. The commonality of those three investments is their finite supply.

As for the dollar, slave nailed that one. We really have no idea the actual amount of currency we have in circulation, much less what is held in non cash vehicles.

BB
 
  by: bbeljefe     03/31/2009 04:53 AM     
  so heres a question  
 
what do we use if we don't have a dollar.

what is the evolution of currency and what does it look and act like. taking into consideration the reality of our future, and to be safe, a somewhat cynical view of what might happen. what do we do? anyone have any ideas on what may happen then? i'd like to know.
 
  by: mrmarler     03/31/2009 06:42 AM     
  @mrmarler  
 
It's hard to predict what might happen to the US dollar in the not too distant future but the words we just heard from China and Russia are eminent forecasts of what will most likely come of our currency. Sadly, those warnings will be ignored just like the warnings of our forefathers and early Presidents.

As for the evolution of currency, fractional reserve banking, privatization of supply and hyperinflation are (IMO) among the main problems with it (at least in our case).

Fractional reserve banking and privatization of supply for laymen:
http://www.relfe.com/...

Hyperinflation:
http://en.wikipedia.org/...

BB
 
  by: bbeljefe     03/31/2009 07:01 AM     
  .  
 
Still hanging out for the Amero
 
  by: The_Frag_Man   03/31/2009 10:33 AM     
  @bbeljefe  
 
I agree with you on those main problems. However with the oncoming collapse of the economy, it is possible the dollar may be split into several currencies.

Imagine if you will a Texas Dollar and or a Californian Dollar. The idea may have sounded far fetched just a few years ago but not anymore.

Total breakup of the US is very possible at this juncture. We have a budget that is literally 3x what we rake in in taxes. And thats not even counting the wars we are waging. I would say the real budgetary numbers are probably closer to 4-5x what we bring in in taxes.

Pile on top of this the credit markets recent collapse and probably further market collapses along with big companies like GM and Chrysler and you have not just an economic depression but the ingredients for a total collapse of the state as well.

Once the rest of the world realizes how dire of a situation the US is in, they will probably stop using the dollar or scale back their use of it.

All these things combined may just create a perfect storm that will sweep away the US as we know it if some common sense isnt knocked into our leaders heads soon.
 
  by: slavefortheman     04/01/2009 03:05 PM     
  @steve  
 
Good plan!
 
  by: Big Bird     04/02/2009 09:39 AM     
  Why not  
 
use the Zimbabwe dollar? It's pretty stable.
 
  by: elzorro   04/02/2009 10:00 PM     
  @ Big Bird  
 
Are you ok M8, your not coming down with the Bird flu are you..I mean youve agreed with me ,,AGAIN...
Im not sure I can cope with this...LMAO...
 
  by: steve2045     04/04/2009 12:31 PM     
 
 
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