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U.S. dollar --What happens if Dollar is Replaced as world's currency ?
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<blockquote data-quote="wkmac" data-source="post: 816471" data-attributes="member: 2189"><p>Good point. Now I'm not a fan of fiat currency not because fiat currency can't work but when one grants a monopoly to any fiat or for that matter any form of currency, even gold and silver, the fact that any one entity holds that monopoly presents a danger for possible exploitation. And no, I'm not a bullionist either but in a monopolized currency system, a gold and/or silver backing does work best. Currency as a means of exchange unit is something 2 parties to a market contract should decide for themselves. If Joe's rocks are of value as an exchange unit, then use Joe's rocks but let the parties of the contract decide. Like all other things, I also believe in a true free market with currency as well. Let open competition between currencies in the market determine what works best. BTW: A number of States have introduced legislation to allow <a href="http://tpmdc.talkingpointsmemo.com/2011/03/utah-house-approves-gold-and-silver-as-currency-bill.php" target="_blank"><span style="color: red">gold and silver to be used as currency</span> </a>so we'll have to see how that goes going forward.</p><p> </p><p></p><p> </p><p>Excellent analysis. In the 1980's I became aware of a Federal Reserve Bank of Chicago publication entitled, Modern Money Mechanics and it details just how money is created. It's dry, boring reading and most just want to ignore it for that fact and one might argue that's why it's dry and boring. A couple of years ago after mentioning Modern Money Mechanics, someone told me to lookup a documentary called Zeitgiest Addendum and watch the first 30 minutes and I did. Their coverage of Modern Money Mechanics was excellent and thus the first 30 minutes of this video (available for free on google video) is worth the view. After the 30 minutes however, depends on the person as to where they want to go with the rest. The first hour or so is very good in a number of areas but in the 2nd half as to solutions, the idea of a society run by technocrats just reminded me to much of the scientific social theories advocated by Friedrich Engles not that the econocrats and bureaucrats have done any better. </p><p> </p><p>Now that said, I've seen the "Wisconsin thread" and commented a couple of times but felt the whole thing was more politically driven than the forum it was in dictated so I stayed out for respect of how BC has tried to segregate it's topic forums. Something I did want to post and it does kinda fall into what Island was speaking of is an article from Global Research entitled: <a href="http://www.globalresearch.ca/index.php?context=va&aid=23550" target="_blank"><span style="color: red">"How Wisconsin Can Turn Austerity into Prosperity-Own A Bank"</span></a>. Now if I were god for a day other than my first duty being to declare there is no god so I'm powerless to do anything in the first place, I'd go another route but in the context of state systems, this idea does offer some merit to consider, especially if one wanted to try and maintain the current system as it is while removing the burden of the taxpayer directly. Then again, could the taxpayer be a 2nd partner to the state employee pension fund with the bank and thus profits from the bank offset taxbills for state services? From a "statist" POV, it does offer some interesting options to consider.</p><p> </p><p>As to the collaspe of the currency, I say watch the Middle East oil producers first and foremost. When Nixon closed the gold window for all time and Bretton Woods faded into the night, OPEC, Big Oil, Federal Reserve and Uncle Sam cut a deal to make the US dollar the lone currency that all global oil transactions would take place in. If you wanted oil, you had to buy it in dollars and nothing else. Thus goods and services are sold in dollars by foreign countries and entities and between them so they can buy the oil they need to keep going. Our money isn't backed by gold or silver but it is backed by a barrel of oil as as long as that transaction monopoly stays in play, the dollar will remain. This is also another reason any push to move beyond oil for an energy commodity is blocked and also the reason true energy conservation never goes anywhere. If all cars and oil consuming instruments could overnight get twice as far on the same oil consumed, this would cut the exchange of currency being traded in half and if the global market only needed half the currency to operate, what becomes of the other half? Overnight a lot of rich people might not be as rich as they were the day before.</p><p> </p><p>So many have said the dollar is history as reserve currency and on a technical level I'd agree but the powers that be are able to play beyond technical boundaries so trying to call the dollar collaspe may indeed be a fools errand. I think it is although I'm not blindly naive to be unconcerned either. In fact, all bad things considered, I'll openly admit I want it to collaspe and I've got no magic carpet out of here either. I'll be riding the same wave as everyone else so to speak.</p><p> </p><p>What would the collaspe of the dollar do? Without knowing what or who would take it's place, one of the first things to happen is that foreign made goods and services would go up in America. Walmart wouldn't be the cheap discount store it is now <a href="http://www.dailyfinance.com/story/company-news/dollar-stores-walmart-customers-market-share-competition/19740366/" target="_blank"><span style="color: red">although of late someone else has been taping their lunch money!</span> </a>Prices would go up so that the nice comfortable seat that American companies have enjoyed pumping out jobs to far lands and pumping in goods from afar would end because the economic advantage would then shift to making it at home and moreso making it very close to home. Transport costs are already eroding into the advantage and then add in exchange rates and the gig is up! Why pay for the goods and then the exchange rate on top of that to get the same thing you could make cheaper here at home? If the currency has collasped, seems logical another would emerge not burdened with debt and inflation so labor rates and all other values would have collasped to reset making the homefires very warm and inviting. </p><p> </p><p>Before you jump up and down thinking this is good and in some respects I'd agree, the downside is that a lessened global trade would likely harm UPS for obvious reasons if it wasn't already obvious anyway. Some if not a lot of us might not enjoy the life we've been living so fair warning here. This beast has many faces and many fangs dug in deep so pulling out one could lead to lots of blood loss so this is not painfree at all. I have my other reasons, mostly philsophical, as to why I want the US Dollar to collapse but I'm not naive to the toll it's gonna take or could take. As I said, I'm not convinced yet that this is going to happen anyway as long as oil remains king and the dollar continues it's primacy as the only buyer of oil. This is another reason behind the spinface of Washington DC as they in reality are scared schittless of the threats to the US puppet govt's that control the Middle East Oil Countries. Those 2 change, oil and dollar and all bets are off. </p><p> </p><p>That's my take for now!</p><p> </p><p>BTW Island: You brought up the meeting that many of the OPEC nations had with Russia, China, Japan but the US wasn't invited? Watch the whole first hour of Zeitgiest Addendum and then look again at the recent turmoil across the Middle East. Does make one wonder.</p><p><img src="/community/styles/default/xenforo/smilies/FeltTip/wink.png" class="smilie" loading="lazy" alt=":wink2:" title="Wink :wink2:" data-shortname=":wink2:" /></p></blockquote><p></p>
[QUOTE="wkmac, post: 816471, member: 2189"] Good point. Now I'm not a fan of fiat currency not because fiat currency can't work but when one grants a monopoly to any fiat or for that matter any form of currency, even gold and silver, the fact that any one entity holds that monopoly presents a danger for possible exploitation. And no, I'm not a bullionist either but in a monopolized currency system, a gold and/or silver backing does work best. Currency as a means of exchange unit is something 2 parties to a market contract should decide for themselves. If Joe's rocks are of value as an exchange unit, then use Joe's rocks but let the parties of the contract decide. Like all other things, I also believe in a true free market with currency as well. Let open competition between currencies in the market determine what works best. BTW: A number of States have introduced legislation to allow [URL="http://tpmdc.talkingpointsmemo.com/2011/03/utah-house-approves-gold-and-silver-as-currency-bill.php"][COLOR=red]gold and silver to be used as currency[/COLOR] [/URL]so we'll have to see how that goes going forward. Excellent analysis. In the 1980's I became aware of a Federal Reserve Bank of Chicago publication entitled, Modern Money Mechanics and it details just how money is created. It's dry, boring reading and most just want to ignore it for that fact and one might argue that's why it's dry and boring. A couple of years ago after mentioning Modern Money Mechanics, someone told me to lookup a documentary called Zeitgiest Addendum and watch the first 30 minutes and I did. Their coverage of Modern Money Mechanics was excellent and thus the first 30 minutes of this video (available for free on google video) is worth the view. After the 30 minutes however, depends on the person as to where they want to go with the rest. The first hour or so is very good in a number of areas but in the 2nd half as to solutions, the idea of a society run by technocrats just reminded me to much of the scientific social theories advocated by Friedrich Engles not that the econocrats and bureaucrats have done any better. Now that said, I've seen the "Wisconsin thread" and commented a couple of times but felt the whole thing was more politically driven than the forum it was in dictated so I stayed out for respect of how BC has tried to segregate it's topic forums. Something I did want to post and it does kinda fall into what Island was speaking of is an article from Global Research entitled: [URL="http://www.globalresearch.ca/index.php?context=va&aid=23550"][COLOR=red]"How Wisconsin Can Turn Austerity into Prosperity-Own A Bank"[/COLOR][/URL]. Now if I were god for a day other than my first duty being to declare there is no god so I'm powerless to do anything in the first place, I'd go another route but in the context of state systems, this idea does offer some merit to consider, especially if one wanted to try and maintain the current system as it is while removing the burden of the taxpayer directly. Then again, could the taxpayer be a 2nd partner to the state employee pension fund with the bank and thus profits from the bank offset taxbills for state services? From a "statist" POV, it does offer some interesting options to consider. As to the collaspe of the currency, I say watch the Middle East oil producers first and foremost. When Nixon closed the gold window for all time and Bretton Woods faded into the night, OPEC, Big Oil, Federal Reserve and Uncle Sam cut a deal to make the US dollar the lone currency that all global oil transactions would take place in. If you wanted oil, you had to buy it in dollars and nothing else. Thus goods and services are sold in dollars by foreign countries and entities and between them so they can buy the oil they need to keep going. Our money isn't backed by gold or silver but it is backed by a barrel of oil as as long as that transaction monopoly stays in play, the dollar will remain. This is also another reason any push to move beyond oil for an energy commodity is blocked and also the reason true energy conservation never goes anywhere. If all cars and oil consuming instruments could overnight get twice as far on the same oil consumed, this would cut the exchange of currency being traded in half and if the global market only needed half the currency to operate, what becomes of the other half? Overnight a lot of rich people might not be as rich as they were the day before. So many have said the dollar is history as reserve currency and on a technical level I'd agree but the powers that be are able to play beyond technical boundaries so trying to call the dollar collaspe may indeed be a fools errand. I think it is although I'm not blindly naive to be unconcerned either. In fact, all bad things considered, I'll openly admit I want it to collaspe and I've got no magic carpet out of here either. I'll be riding the same wave as everyone else so to speak. What would the collaspe of the dollar do? Without knowing what or who would take it's place, one of the first things to happen is that foreign made goods and services would go up in America. Walmart wouldn't be the cheap discount store it is now [URL="http://www.dailyfinance.com/story/company-news/dollar-stores-walmart-customers-market-share-competition/19740366/"][COLOR=red]although of late someone else has been taping their lunch money![/COLOR] [/URL]Prices would go up so that the nice comfortable seat that American companies have enjoyed pumping out jobs to far lands and pumping in goods from afar would end because the economic advantage would then shift to making it at home and moreso making it very close to home. Transport costs are already eroding into the advantage and then add in exchange rates and the gig is up! Why pay for the goods and then the exchange rate on top of that to get the same thing you could make cheaper here at home? If the currency has collasped, seems logical another would emerge not burdened with debt and inflation so labor rates and all other values would have collasped to reset making the homefires very warm and inviting. Before you jump up and down thinking this is good and in some respects I'd agree, the downside is that a lessened global trade would likely harm UPS for obvious reasons if it wasn't already obvious anyway. Some if not a lot of us might not enjoy the life we've been living so fair warning here. This beast has many faces and many fangs dug in deep so pulling out one could lead to lots of blood loss so this is not painfree at all. I have my other reasons, mostly philsophical, as to why I want the US Dollar to collapse but I'm not naive to the toll it's gonna take or could take. As I said, I'm not convinced yet that this is going to happen anyway as long as oil remains king and the dollar continues it's primacy as the only buyer of oil. This is another reason behind the spinface of Washington DC as they in reality are scared schittless of the threats to the US puppet govt's that control the Middle East Oil Countries. Those 2 change, oil and dollar and all bets are off. That's my take for now! BTW Island: You brought up the meeting that many of the OPEC nations had with Russia, China, Japan but the US wasn't invited? Watch the whole first hour of Zeitgiest Addendum and then look again at the recent turmoil across the Middle East. Does make one wonder. :wink2: [/QUOTE]
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