OMG!!! This is TERRIFYING!

[Will]

China threatens to crash the US dollar!!!

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/08/07/bcnchina107a.xml

[Man from La Mancha]

More fake pro wrestling.

[pazzo83]

Fuck.

[Lord Xar]

are my CD's safe? they are insured...

[kalami]

They have to find a buyer first, so if they do this it's not going to be overnight.

[Syren123]

Yeah? And then what? When nobody's money is worth anything, who will they find to insatiably consume all the mountains of crap they make? There isn't a more voracious market for their garbage than the US and they know it.

It's more hardline bloviating. They don't want us or anyone else telling them what to do or calling them on their criminal behavior and blatant disregard for the treaties they sign.

I'll believe it when I see it.

[FreedomLover]

Go for it china. I dare ya.

[ButchHowdy]

We will have to learn how horse-trade with each other like the olden days.

By the way, anybody looking for a nice 189K home in the Spacecoast of Florida? I'll even finance!

[SeanEdwards]

Cheap plastic toys won't be cheap anymore.

[JosephTheLibertarian]

lol the politicians will just blame whoever is currently in power for it

[constituent]

I'm not very heavily invested in the dollar anyway.

[Hook]

If the politicians didn't borrow $3Bil a day from the Chinese they wouldn't have any thing to worry about. This is all squarely layed at the feet of Congress. China has the right to set whatever monetary policy they want, just as we have the right to set our own. The only reason that Congress cares is because China's move will ultimately limit how much Congress can borrow and counterfeit money.

[nunaem]

I'm not very heavily invested in the dollar anyway.

LOL. I'm going to use this to say 'I'm broke' from now on.

[jonahtrainer]

Yeah? And then what? When nobody's money is worth anything, who will they find to insatiably consume all the mountains of crap they make? There isn't a more voracious market for their garbage than the US and they know it.

It's more hardline bloviating. They don't want us or anyone else telling them what to do or calling them on their criminal behavior and blatant disregard for the treaties they sign.

I'll believe it when I see it.

I do not think so. I have spent significant time in Asia and in mainland China and their economies are rapidly growing. In the past 20 years over 300 million people have been lifted out of poverty in China alone.

Other people's money will still be worth something. Americans are long overdue for some hyperinflation, like Argentina or Zimbabwe, and an incredible decrease in our standard of living. One can live on a credit card only so long. Our budget and trade deficits are, to use Buffett's analogy, like selling off pieces of the farm and increasing the mortgage. Very stupid financial policy.

However, if we retain our liberties we can make our wealth back. If we lose our liberties then when this stage of liberty is packed up and the cement walls are left it will be all we have.


are my CD's safe? they are insured...

Bank runs have been rare since the significant market intervention of the FDIC. However, it too is a sham and the people will discover this soon enough. I however hold a significant portion of my cash balances in GoldMoney.com. (http://www.goldmoney.com)

[jonahtrainer]

I'm not very heavily invested in the dollar anyway.

Same with me. For the last 5 years I have been heavily short US$ and long C$ or gold or oil.

[SeanEdwards]

Let's default on all that debt, thank China for all the junk, and congratulate them on holding tons of our worthless paper.

[conner_condor]

I don't think it is anything to really worry about. China does huge trades with the US in an obscene amount of money. If it was to happen, Remember reading about the great depression? I doubt they will do this because of our trade with them. We are to big to them of a trade partner for now.

[constituent]

(sean)that's what i've been saying the elite have been planning all along...

utse... i think the thread had something to do w/ a war on Iran.

[Akus]

More fake pro wrestling.

it's real to me dammit :(

[ARealConservative]

Dr. Paul has long warned the nation of this risk, landing mostly on deaf ears.

[Man from La Mancha]

GoldMoney.com.[/U] (http://www.goldmoney.com)

Not bad. Easy transfer of money in and out.

This one stores anomously one's gold in Switzerland instead of London.
http://pecunix.com/money.refined...ind.features

.

[Will]

It's real to me too. If I lose my job because of a depression, I don't think that I could find a decent IT job in another country. I've got a sneaking suspicion that they would get a good laugh at a white American DBA (English only) looking for work in India...

[constituent]

better grab that copy of Stalking the Wild Asparagus!

[freelance]

For anyone following Wantagate, this is not news!

[DisabledVet]

Well for me I'm a lowley landlord...I own ugly mobile home parks, which odly enough have been seeing an INCREASE in tenancy...I'm at roughly 98% occupancy and rising.
Ill still have room for all those that cant weather the crash.

Real estate, its land and god isn't making any more of it- Benjamin Franklin

[jonahtrainer]

I don't think it is anything to really worry about. China does huge trades with the US in an obscene amount of money. If it was to happen, Remember reading about the great depression? I doubt they will do this because of our trade with them. We are to big to them of a trade partner for now.

That is probably what we will do. They will want farmland (http://www.farmland.org/)to replace all theirs that has succumed to desertification (http://www.iht.com/articles/ap/2007/07/17/asia/AS-GEN-China-Deserts.php). So, they will probably send their 30M (http://thestar.com.my/lifestyle/story.asp?file=/2007/8/2/lifefocus/18448499&sec=lifefocus) surplus of young men to young women to possess the collateral.

[conner_condor]

Look at all you conspiracy nuts? I wish ron Paul wouldn't attract people like you.
LMFAO.

[conner_condor]

It's real to me too. If I lose my job because of a depression, I don't think that I could find a decent IT job in another country. I've got a sneaking suspicion that they would get a good laugh at a white American DBA (English only) looking for work in India...


Pathetic you are. Go back to my post you hypocrit.

[Will]

Pathetic you are. Go back to my post you hypocrit.

Whatever dorkfish...

[conner_condor]

Whatever dorkfish...

I know the spin and denial is in your neo con republican blood. But a few blood transfusion from the good Dr. will clear that shit out of your body and you won't
show any neo con hypocritcy. Hell you might need a few enimas also .:D

[Perry]

We deserve it. Get those damned so-called neo-cons(Republican & Democrat alike) out of office!

[aravoth]

Look at all you conspiracy nuts? I wish ron Paul wouldn't attract people like you.
LMFAO.

Did I miss something? I don't see how a fact regarding china's Creditor status is a conspiracy. I've been saying this for well over 2 years now, If china ever called in the debt, our dollar wouldn't be worth the brown smudge on the top of a peice of toilet paper we wipe our asses with. And Just like that brown smudge, no sane person would want to touch it.

Unless this is some kind of inside joke or something.

[Bossobass]

Let's not forget that it's part of the big picture for the dollar to tank, and it's also part of the plan that Clinton be the big cheese when it happens.

1) Allow illegal aliens to flood into the US.

2) Vote to give them free everything and birthright citizenship to entice them and to further add straws to the camel's financial back.

3) Flood the market with cheap cash and relax lending laws to allow truckloads of mortgages and credit card debt to go to people who can't afford it.

4) Position yourself militarily in the oil fields of the middle east and Russia, just as Russia's disarmament nears completion.

5) Invest heavily in Asian industrialization and move all of your industry there.

6) Have Jr. sign a series of executive orders giving the Executive Branch total control of every facet of the US economy, transportation, assets, people, property and all forms of money (silver and gold included).

7) Rush the Patriot Act and Homeland Security through Congress in a time of extreme stress, wherein the Executive Branch holds the secret power to dictate the continuity of government specifics, which they have refused to allow the Homeland Security Commitee of Congress to even see.

8) Let the dollar crash and sit back as Americans blame the Chinese while you declare a National Emergency.

9) Let Hillary ride in on a white horse with the NAU and Amero to bring back strength and stability to America by combining the US, Canada and Mexico and introducing a new North American currency.

10) Watch the roundup of 'criminal dissenters' as the remaining panicked saps thank god for Hillary's excellent leadership in this time of collapse and chaos.

One hitch in that plan: Ron Paul. He knows what's going on. He knows how to wreck the plan and restore the US. He has a growing number of supporters who aren't stupid and are dedicated as hell.

Tell everyone, exert yourselves, get to the apathetics and let's win this thing.

I'm just sayin'

Bosso

[jpa]

Look at all you conspiracy nuts? I wish ron Paul wouldn't attract people like you.
LMFAO.

Where is the conspiracy? This is a very real possiblity. Granted, it would hurt China pretty bad as well.. but our astronomical debt with China does give them control over the value of the dollar.

[V-rod]

Illegals in the United States will suffer the most in an economic crash. Just like in the 30's when they started deporting many Mexicans, some of them had ancestors living in USA territory before USA was even created. There would be a huge sweep of illegals or chaos in the streets if the government did nothing.

[Mani]

I think this is scary.

Ron Paul is not the only one that has been warning us about China. Other economists (who are NOT MSM) have been complaining for several years we are screwing ourselves so badly with the Chinese and our crazy money printing habits a day will come when the dollar's value will be in serious jeopardy.

I attended an international investment conference last year and SEVERAL of the speakers kept WARNING TO STAY AWAY FROM THE DOLLAR it's heading for disaster! It's on a crash course and no one is doing ANYTHING to stop it.

They weren't chicken little's but rather they explained the history of the dollar and fiat currencies in general, explained the problem we're in, how we got there, and the path we are headed on. It wasn't pretty.

While I don't think China is going to do anything tomorrow, I think they are flexing their muscles and showing who's the boss. Unfortunately it's not us.

[Original_Intent]

Don't we send like 10,000 tons of grain per day to China? If you destroy the dollar didn't you just guarantee that millions of your citizens are gonna starve?

Oh yeah, it's China. For a second I thought we were talking about a country that gives a crap about it's own people. Of course,I guess people in glass houses shouldn't throw stones.

[michaelwise]

At the point that China does that, I propose we implement a nuclear option of our own. No, not real nukes, I propose that congress passes "The Universal Bankruptcy Act". By the stroke of a pen, all American debts, public and private, except for corporate debt, are forgiven. I don't like to be threatened.

[ladyjade3]

I've been thinking of reducing my dollar holdings as well. I might convert some dollars to Euros.... and some to Manolo Blahniks while I still can. ;)

[Syren123]

I've been thinking of reducing my dollar holdings as well. I might convert some dollars to Euros.... and some to Manolo Blahniks while I still can. ;)

Unlike FRNs, Manolo Blahniks will never be worth nothing.

[inibo]

I've been thinking of reducing my dollar holdings as well. I might convert some dollars to Euros.... and some to Manolo Blahniks while I still can. ;)


My "dollar holdings" currently consist of about $480.00 in my checking account, another fifty or sixty in my wallet and about 20 pounds of loose change.

My stomach hurts.

[disinter]

The big thing holding the Dollar afloat is the fact that oil is traded in Dollars - which Iran and some other oil countries are getting away from (thus the reason for the Iran war-mongering).

The next biggest thing is that huge creditor nations such as China either hold their Dollar reserves, buy oil with them, or re-invest them in US debt. This was long thought to be a none-issue because it is in their interest to keep the dollar, and thus the US economy afloat. Some on this board ignorantly think the same thing. As you can see from the article, and if you have been paying attention, many countries are moving away from the dollar.

If you were to "just default" as some on here argue, then the dollar definitely collapses, hyper-inflation ensues and a depression occurs that makes the "great depression" look like a piece of cake.

I am thinking this may not be happening by accident and is part of an overall plan to move to the NAU and the Amero. Once the dollar, and economy, collapses it will be a very easy sell. Wether it is a conspiracy or not, you can bet the NAU/Amero are being planned as insurance by the owners of the Federal Reserve.

[thomaspaine23]

Don't we send like 10,000 tons of grain per day to China? If you destroy the dollar didn't you just guarantee that millions of your citizens are gonna starve?

Oh yeah, it's China. For a second I thought we were talking about a country that gives a crap about it's own people. Of course,I guess people in glass houses shouldn't throw stones.

Actually, if the dollar dives our grain becomes REALLY cheap. China could buy it from us, or bu it from other countries (who bought it from us)

[Hook]

The Euro is backed 30% by gold last I heard, so it will be rock-solid against our currency.

[Thomas_Paine]

better grab that copy of Stalking the Wild Asparagus!

Great comment

[michaelwise]

Declare Universal Bankruptcy.

[SeanEdwards]

If you were to "just default" as some on here argue, then the dollar definitely collapses, hyper-inflation ensues and a depression occurs that makes the "great depression" look like a piece of cake.



I am not convinced that a default would be such a disaster. Argentina and Russia both defaulted recently, and while there was a period of instability, both countries are doing ok. Argentina actually experienced an employment boom since they become unable to buy imports.

Default, and introduce a new gold backed currency. :D

(Just make sure you aren't holding a bunch of Fed funny money when the hammer drops ;) )

[SeanEdwards]

At the point that China does that, I propose we implement a nuclear option of our own. No, not real nukes, I propose that congress passes "The Universal Bankruptcy Act". By the stroke of a pen, all American debts, public and private, except for corporate debt, are forgiven. I don't like to be threatened.

Hell, we could even be vicious about it and say only debts held by non-Americans are defaulted. That would be like shooting the whole world a big F-YOU. As long as we're sitting on enough nukes to turn the planet into a charcoal briquette, what are they gonna do about it?

[lapi7]

Well, time to pay the landlord!

[IRO-bot]

My "dollar holdings" currently consist of about $480.00 in my checking account, another fifty or sixty in my wallet and about 20 pounds of loose change.

My stomach hurts.

Amen brother. After paying my mortage bill every month, I'm lucky if i have 20 bucks in my bank. Stupid house insurance goes up over 100%. $1100 to $2300 in one year. Bad move on my part? Probably. I can't even sell my stupid house now. Bought it for $165,000. Which was cheap at the time. Now I might be able to get $110,00 out of it. Plus my property taxes goes up by about $200 a year.
But, I have a roof over my head. So I'm not allowed to complain right?

[disinter]

Default, and introduce a new gold backed currency. :D

It's called the Amero, and it won't be backed by gold.

[Original_Intent]

Actually, if the dollar dives our grain becomes REALLY cheap. China could buy it from us, or bu it from other countries (who bought it from us)

No, I think the grain sells for whatever price WE AGREE to sell it to them.

I do not like the idea of defaulting because you are looking at a global economic meltdown in either scenario.

I hate to sound like a "blame America first" person, but we have knowingly been living the good life on Chinese slave labor. I had a person argue with me yesterday that Chinese were "lucky" to get in a sweatshop because a sweatshop worker made $20 per week as opposed to the farmer making $5 a week.

As a country and for many of us personally we have lived the credit card lifestyle. Just because we have "the most nukes" is no justification to give the rest of the world the finger when the bills come due.

[richard1984]

So what back's China's currency?

Could we be trading Monopoly money for Monopoly money? I rather doubt the World Bank is our friend--more like a crooked illusionist.

[Darren McFillintheBlank]

..

[Kregener]

It is not some much terrifying as it is inevitable.

Does anyone else find themselves goaded to extreme anger that CHINA holds our collective futures in their hands?

Government broke many years ago.

[Darren McFillintheBlank]

..

[Electric Church]

I know the spin and denial is in your neo con republican blood. But a few blood transfusion from the good Dr. will clear that shit out of your body and you won't
show any neo con hypocritcy. Hell you might need a few enimas also .:D



Troll...just place on egnore:cool:

[rp4prez]

Here's what the US Treasury rep, Mr. Paulson, says about this.

http://www.forbes.com/markets/feeds/afx/2007/08/08/afx4000465.html

[Syren123]

Also, the Comptroller of the GAO has been going around the counrty for the past several months, talking to anyone who will listen (nobody does) that the US is broke. We ARE broke already. Done deal.
Yes he has. It's call the Fiscal Reality Tour. You can download it at the GAO website.



The only good news is that, as with most bubbles, this fiat currency mess will probably get strung out far longer than a sane person would believe is possible. That gives you time to protect yourself. Bad news is that the longer this crap gets drawn out, the worse the crash will be when it comes.

But....that's the object. Lowering the American living standard, crashing the currency, and waltzing in with the World Bank's 'savior', the Amero. Meanwhile, hard assets will be bought up cheap by globalist multinationals and presto-chango, we're owned.

New World Order right on schedule.

[Darren McFillintheBlank]

..