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Thread: Ron Paul: How Long Will the Dollar Remain the World’s Reserve Currency?

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    Default Ron Paul: How Long Will the Dollar Remain the World’s Reserve Currency?

    Ron Paul: How Long Will the Dollar Remain the World’s Reserve Currency?


    Ron Paul
    September 4, 2012

    We frequently hear the financial press refer to the U.S. dollar as the “world’s reserve currency,” implying that our dollar will always retain its value in an ever shifting world economy. But this is a dangerous and mistaken assumption.

    Since August 15, 1971, when President Nixon closed the gold window and refused to pay out any of our remaining 280 million ounces of gold, the U.S. dollar has operated as a pure fiat currency. This means the dollar became an article of faith in the continued stability and might of the U.S. government.

    In essence, we declared our insolvency in 1971. Everyone recognized some other monetary system had to be devised in order to bring stability to the markets.

    Amazingly, a new system was devised which allowed the U.S. to operate the printing presses for the world reserve currency with no restraints placed on it– not even a pretense of gold convertibility! Realizing the world was embarking on something new and mind-boggling, elite money managers, with especially strong support from U.S. authorities, struck an agreement with OPEC in the 1970s to price oil in U.S. dollars exclusively for all worldwide transactions. This gave the dollar a special place among world currencies and in essence backed the dollar with oil.

    In return, the U.S. promised to protect the various oil-rich kingdoms in the Persian Gulf against threat of invasion or domestic coup. This arrangement helped ignite radical Islamic movements among those who resented our influence in the region. The arrangement also gave the dollar artificial strength, with tremendous financial benefits for the United States. It allowed us to export our monetary inflation by buying oil and other goods at a great discount as the dollar flourished.

    In 2003, however, Iran began pricing its oil exports in Euro for Asian and European buyers. The Iranian government also opened an oil bourse in 2008 on the island of Kish in the Persian Gulf for the express purpose of trading oil in Euro and other currencies. In 2009 Iran completely ceased any oil transactions in U.S. dollars. These actions by the second largest OPEC oil producer pose a direct threat to the continued status of our dollar as the world’s reserve currency, a threat which partially explains our ongoing hostility toward Tehran.

    While the erosion of our petrodollar agreement with OPEC certainly threatens the dollar’s status in the Middle East, an even larger threat resides in the Far East. Our greatest benefactors for the last twenty years– Asian central banks– have lost their appetite for holding U.S. dollars. China, Japan, and Asia in general have been happy to hold U.S. debt instruments in recent decades, but they will not prop up our spending habits forever. Foreign central banks understand that American leaders do not have the discipline to maintain a stable currency.

    If we act now to replace the fiat system with a stable dollar backed by precious metals or commodities, the dollar can regain its status as the safest store of value among all government currencies. If not, the rest of the world will abandon the dollar as the global reserve currency.

    Both Congress and American consumers will then find borrowing a dramatically more expensive proposition. Remember, our entire consumption economy is based on the willingness of foreigners to hold U.S. debt. We face a reordering of the entire world economy if the federal government cannot print, borrow, and spend money at a rate that satisfies its endless appetite for deficit spending.


    original article here:
    http://paul.house.gov/index.php?opti...2008&Itemid=69

    Edit to add the article in Ron Paul's own voice:

    Last edited by John F Kennedy III; 09-06-2012 at 12:37 PM.
    Quote Originally Posted by Origanalist View Post
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    Bump
    Quote Originally Posted by Origanalist View Post
    There would be riots in the streets, if boobus gave one shit about his honor.
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    bump because everyone should read this.

    I think you can read between the lines that Irans actions in regaurds to oil is the reason we're going to go to war with them. Not their non existant a-bomb program.

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    What Ron is talking about here is what is driving our foreign policy and is the reason for the first Gulf War, our invasion of Iraq, the overthrow of Libya and now the threats against Iran and Syria.

    The USD is the official trading currency of OPEC. Saudi Arabia leads OPEC. Saudi Arabia is Sunni controlled. We are doing the Saudis bidding in order to preserve the USD. The Saudis want a Sunni dominated ME while most of the oil reserves sit under Shia lands, even in Saudi Arabia.

    I started a thread on this subject last year on a different forum. Some good info posted there with lots of links.

    Here's the link to the thread.

    http://www.politicalforum.com/curren...r-warfare.html

    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

    This link explains very well why Saddam invaded Kuwait and did not expect a US response.

    http://www.csun.edu/~vcmth00m/iraqkuwait.html

    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

    On the Shia/Sunni conflict (and why the Arab League is against Syria):

    http://m.theglobeandmail.com/news/wo...service=mobile

    http://www.npr.org/templates/story/s...toryId=7332087
    "The principle for which we contend is bound to reassert itself, though it may be at another time and in another form"..... Jefferson Davis

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    .....Edmund Burke

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    ......jay_dub

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    Quote Originally Posted by jbauer View Post
    bump because everyone should read this.

    I think you can read between the lines that Irans actions in regaurds to oil is the reason we're going to go to war with them. Not their non existant a-bomb program.
    I don't think it's saying too much to say that our support for Israel is primarily a moral crutch to mask our true purpose in the ME.

    It sells better here at home than the truth.
    "The principle for which we contend is bound to reassert itself, though it may be at another time and in another form"..... Jefferson Davis

    "When bad men combine, the good must associate; else they will fall one by one, an unpitied sacrifice in a contemptible struggle".
    .....Edmund Burke

    "A corrupt electoral process can only lead to corrupt Government."
    ......jay_dub

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    Last edited by tod evans; 09-05-2012 at 09:38 AM.

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    Quote Originally Posted by tod evans View Post
    Lol.
    Quote Originally Posted by Origanalist View Post
    There would be riots in the streets, if boobus gave one shit about his honor.
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    “The people of the various provinces are strictly forbidden to have in their possession any swords, bows, spears, firearms, or other type of arms. The possession of these elements makes difficult the collection of taxes and dues and tends to permit uprising, therefore, the heads of the provinces, official agents, and deputies are ordered to collect all weapons mentioned above and turn them over to the government.”

    Toyotomi Hideyshi, Shogun, August 29, 1558




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    Fist BUMP
    "You can prevent crimes by becoming a Police State. So if you advocate the Police State............the crime then will be against the American People and against Our Freedoms. And we will throw out so much of what Our Revolution was fought for." - Ron Paul, Nov. 22, 2011

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    Good sweet God, the answers...the truth...my brain says OMNOMNOMNOM

    Thanks for the extra information, Jay_Dub. Read it all, and am looking for more. The light bulbs are turning on...
    “The people of the various provinces are strictly forbidden to have in their possession any swords, bows, spears, firearms, or other type of arms. The possession of these elements makes difficult the collection of taxes and dues and tends to permit uprising, therefore, the heads of the provinces, official agents, and deputies are ordered to collect all weapons mentioned above and turn them over to the government.”

    Toyotomi Hideyshi, Shogun, August 29, 1558




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    Quote Originally Posted by NorfolkPCSolutions View Post
    Good sweet God, the answers...the truth...my brain says OMNOMNOMNOM

    Thanks for the extra information, Jay_Dub. Read it all, and am looking for more. The light bulbs are turning on...
    I kinda went...'Oh, Wow!'...when I saw Ron laying it out. The picture became clear to me after the Libyan invasion. Glad to see him confirm I wasn't alone in connecting the dots.

    Here's a link to a thread I started on that forum about Libya. There's a couple of interesting links and some YouTube vids. The vids were linked, but when the site was re-formatted the links were gone and all that's left are the URLs. You should be able to copy & paste to view them.

    I guess you noticed I'm "Woogs" on that site. My avatar is the same as here, though.

    http://www.politicalforum.com/curren...nda-libya.html

    As you digest this, remember that OPEC is the linchpin for the USD retaining world reserve status. With $16 Trillion (and counting) in debt, having this (world reserve) status is the thing that has allowed us to avoid financial collapse already. This is why you see no real change in our FP no matter who sits in the Oval Office.
    Last edited by jay_dub; 09-05-2012 at 06:58 PM.
    "The principle for which we contend is bound to reassert itself, though it may be at another time and in another form"..... Jefferson Davis

    "When bad men combine, the good must associate; else they will fall one by one, an unpitied sacrifice in a contemptible struggle".
    .....Edmund Burke

    "A corrupt electoral process can only lead to corrupt Government."
    ......jay_dub

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    Lybia...home of the fastest created central bank of all time. Who knew a bunch of "rag tag rebels" had such banking knowledge? Any "Oil for gold" idea is the surest way to find a missle headed straight to your country's capital. Look at the list of the last few remaining countries that do have central banking. Be sure and note who has been scratched off in the last several years too since this is equally important. You now have an explanation for the "axis of evil" past regimes, and you can even foretell our future "conflicts!"
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    im bought gold 3k worth.. hopefully in a few years itll be 6-9k.

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    Quote Originally Posted by paulbot24 View Post
    Lybia...home of the fastest created central bank of all time. Who knew a bunch of "rag tag rebels" had such banking knowledge? Any "Oil for gold" idea is the surest way to find a missle headed straight to your country's capital. Look at the list of the last few remaining countries that do have central banking. Be sure and note who has been scratched off in the last several years too since this is equally important. You now have an explanation for the "axis of evil" past regimes, and you can even foretell our future "conflicts!"
    Have you seen Wesley Clark talk about the US's plan to take down 7 countries in 5 years? The timetable's a little off, but we're well on our way.

    In July, 2011 Obama officially recognized South Sudan, which had seceded from Sudan. So that's another one off the list.

    "The principle for which we contend is bound to reassert itself, though it may be at another time and in another form"..... Jefferson Davis

    "When bad men combine, the good must associate; else they will fall one by one, an unpitied sacrifice in a contemptible struggle".
    .....Edmund Burke

    "A corrupt electoral process can only lead to corrupt Government."
    ......jay_dub

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    Quote Originally Posted by jbauer View Post
    bump because everyone should read this.

    I think you can read between the lines that Irans actions in regaurds to oil is the reason we're going to go to war with them. Not their non existant a-bomb program.
    What "regards to oil" ?
    You might want to ask , Who owns the US Dollar?

    Who owns the Federal Reserve?

    They are the same people that created Israel,,
    Iran does not have Rothschild banks. Neither did Libya,, but they do now. Syria?? (same thing)

    Not about oil,, it is about World Domination.
    And they want a major war. They will have it..
    A World War so devastating that the world will accept their Leader when they present him.
    Liberty is lost through complacency and a subservient mindset. When we accept or even welcome automobile checkpoints, random searches, mandatory identification cards, and paramilitary police in our streets, we have lost a vital part of our American heritage. America was born of protest, revolution, and mistrust of government. Subservient societies neither maintain nor deserve freedom for long.
    Ron Paul 2004

    Registered Ron Paul supporter # 2202
    It's all about Freedom

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    Quote Originally Posted by pcosmar View Post
    What "regards to oil" ?
    You might want to ask , Who owns the US Dollar?

    Who owns the Federal Reserve?

    They are the same people that created Israel,,
    Iran does not have Rothschild banks. Neither did Libya,, but they do now. Syria?? (same thing)

    Not about oil,, it is about World Domination.
    And they want a major war. They will have it..
    A World War so devastating that the world will accept their Leader when they present him.
    Oh, I think they'd be fine with domination without a major war. We've slowed down a bit on our approach due to recognizing that China and Russia have interests we are stepping on.

    If we truly looked out for our own interests, we'd have a balanced budget pronto as a matter of national security. We can't bully our way around the globe and we could easily set off WW3 due mostly to our spendthrift ways.

    It's very upsetting to think of our prospects with either Romney or Obama. Until we change our economic policy, we won't change our foreign policy. Romney seems especially foolish and dangerous.
    "The principle for which we contend is bound to reassert itself, though it may be at another time and in another form"..... Jefferson Davis

    "When bad men combine, the good must associate; else they will fall one by one, an unpitied sacrifice in a contemptible struggle".
    .....Edmund Burke

    "A corrupt electoral process can only lead to corrupt Government."
    ......jay_dub

  18. #17

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    Physical (unclassified) War WILL start soon with Iran and any of their sympathizers...

    because, it's already started...

    The dollar-war-debt economy and NAM

    http://www.tehrantimes.com/opinion/1...economyand-nam

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    Thank you Dr. Paul. Keep 'em coming.


    Boomp.

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    Quote Originally Posted by pcosmar View Post
    What "regards to oil" ?
    You might want to ask , Who owns the US Dollar?

    Who owns the Federal Reserve?

    They are the same people that created Israel,,
    Iran does not have Rothschild banks. Neither did Libya,, but they do now. Syria?? (same thing)

    Not about oil,, it is about World Domination.
    And they want a major war. They will have it..
    A World War so devastating that the world will accept their Leader when they present him.
    I agree with you (as usual). When people say, it's all about the oil, this is partially true. It is not just about the petro as much as it is about the petrodollar. They want another war and they will get it to keep the dollar the reserve currency and keep the facade of its worth alive and well. Which may very well be one of the few remaining things alive and well after the kind of war they are willing to unleash on us all. I find it ironic that Russia of all countries keeps mucking up their plans for it. Was a relief to hear Dempsey over in the Pentagon say he has no wish to get involved in another Middle East bloodbath. Things are getting very interesting.
    "Perfect safety is not the purpose of government." - Ron Paul

    Quote Originally Posted by brushfire View Post
    "I was in the rain forest once, and it rained on me..."
    Quote Originally Posted by Carson View Post
    Ron Paul suggested a very good first step to the process of restoring sound money... It was beautiful. It left them all standing with their fiats out.
    Quote Originally Posted by acptulsa View Post
    'Excuse us, we'll be leaving now. Oh, and you don't mind if we just steal this Constitution before we go? You @#$%s aren't using it anyway...'

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    Wow. Just had a coworker forward me this article from Dr. Paul. Maybe some of the things I have brought up have not been for nothing.
    “First of all, if you’ve got health insurance, you like your doctors, you like your plan, you can keep your doctor, you can keep your plan. Nobody is talking about taking that away from you.” Lying Sack of Crap

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    Quote Originally Posted by bunklocoempire View Post
    Thank you Dr. Paul. Keep 'em coming.
    I do appreciate Dr.Paul's perspectives and education. Economics was not the issue that brought me here,, but have learned much over the last few years.
    Ron Paul has focused on the US economy and the Dollar from the points Of both the Constitution and Austrian Economics.
    From the Sound Money perspective.

    I think those manipulating the economic markets are doing so deliberately.. And the destruction of economies is the end goal.

    I had often thought the Saudi/Israel connections were a bit strange..
    Not so much when looking into Rothschild connections to the House of Saud.

    I am wondering if they might share some Khazar ancestry.

    edit.. Seems there has been that connection made by others.
    http://www.thetruthseeker.co.uk/?p=31407
    Last edited by pcosmar; 09-06-2012 at 11:05 AM.
    Liberty is lost through complacency and a subservient mindset. When we accept or even welcome automobile checkpoints, random searches, mandatory identification cards, and paramilitary police in our streets, we have lost a vital part of our American heritage. America was born of protest, revolution, and mistrust of government. Subservient societies neither maintain nor deserve freedom for long.
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  23. #22

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    Quote Originally Posted by John F Kennedy III View Post
    Ron Paul: How Long Will the Dollar Remain the World’s Reserve Currency?
    here is the article in RP's own voice ..not sure if you want to add to your OP

    Life long democrat recently turned RonPaulitan

    Originally Posted by Austrian Econ Disciple
    "I like that guys spunk."

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    Quote Originally Posted by papitosabe View Post
    here is the article in RP's own voice ..not sure if you want to add to your OP

    Added to OP.
    Quote Originally Posted by Origanalist View Post
    There would be riots in the streets, if boobus gave one shit about his honor.
    UN Agenda 21 Explained

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    How the GOP stole the nomination

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    Quote Originally Posted by John F Kennedy III View Post
    Added to OP.
    doesn't everything just sound so much better coming out of RP?? whenever he explains things, I just understand it and it makes sense for some reason...
    Life long democrat recently turned RonPaulitan

    Originally Posted by Austrian Econ Disciple
    "I like that guys spunk."

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    Quote Originally Posted by papitosabe View Post
    doesn't everything just sound so much better coming out of RP?? whenever he explains things, I just understand it and it makes sense for some reason...
    Yeah it does. I feel the same way.
    Quote Originally Posted by Origanalist View Post
    There would be riots in the streets, if boobus gave one shit about his honor.
    UN Agenda 21 Explained

    The Single Most Important Documentary I've Ever Found

    Robert Downey Jr will learn you how to pimp. If you ever need to know.

    How the GOP stole the nomination

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    Quote Originally Posted by papitosabe View Post
    doesn't everything just sound so much better coming out of RP?? whenever he explains things, I just understand it and it makes sense for some reason...
    I think it's because he as a good grasp of the overarching problems and how they all tie together. Economy, moneytary policy, foreign policy, civil rights, constitution, the founding fathers intent (and arguments), etc...

    As he always has said, economic freedom and civil rights freedom go hand in hand.
    The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.

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    lolz Calling the Asian banks "benefactors" is a brilliant bit of rhetoric (there's lots to be found throughout, really). I bet most will miss that subtlety, too.
    Quote Originally Posted by Ron Paul
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