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MAX KEISER says the U.S. DOLLAR is FINISHED
While 20-year highs for the CNY
may be enough for many to question the USD’s ongoing reserve status, it
is clear that there are many other plans afoot that undermine the
dominance of the greenback.
Submitted by Michael Snyder of The Economic Collapse blog,On the global financial stage,
China is playing chess while the U.S. is playing checkers, and the
Chinese are now accelerating their long-term plan to dethrone the U.S.
dollar. You see, the truth is that China does not plan to allow the U.S.
financial system to dominate the world indefinitely. Right now, China
is the number one exporter on the globe and China will have the largest
economy on the planet at some point in the coming years.The Chinese would like to see
global currency usage reflect this shift in global economic power. At
the moment, most global trade is conducted in U.S. dollars and more than
60 percent of all global foreign exchange reserves are held in U.S.
dollars. This gives the United States an enormous built-in advantage,
but thanks to decades of incredibly bad decisions this advantage is
starting to erode. And due to the recent political instability in
Washington D.C., the Chinese sense vulnerability. China has begun to
publicly mock the level of U.S. debt, Chinese officials have publicly
threatened to stop buying any more U.S. debt, the Chinese have started
to aggressively make currency swap agreements with other major global
powers, and China has been accumulating unprecedented amounts of gold.
All of these moves are setting up the moment in the future when China
will completely pull the rug out from under the U.S. dollar.Today, the U.S. financial
system is the core of the global financial system. Because nearly
everybody uses the U.S. dollar to buy oil and to trade with one another,
this creates a tremendous demand for U.S. dollars around the planet. So
other nations are generally very happy to take our dollars in exchange
for oil, cheap plastic gadgets and other things that U.S. consumers
“need”.Those wild and crazy Mayans put
down their marker that the end of the world would occur on Dec. 21,
2012 — about two months from now. There is, of course, some small chance
that they might be right. On the other hand, there is a very large
probability that the real end of the world will occur around March 4,
2014.The doomsday clock will ring
then because the U.S. economy may fully crash around that date, which
will, in turn, bring down all world economies and all hope of any
recovery for the foreseeable future — certainly over the course of most
of our lifetimes.Interest rates will skyrocket,
businesses will fail, unemployment will go to record levels, material
and food shortages will be rampant, and there could be major social
unrest.Any wishful thinking that America is in a “recovery” and that “things are getting better” is an illusion.The problem is not Medicare,
which won’t quit on us for another six or seven years. Nor is it Social
Security, which will not be fully bankrupt for another 15 years or so.
The crisis is much more immediate and much more serious. “max keiser”
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black 9/11 conspiracy financial crime whistleblower insider trading building 7 clintonAppearing on CNBC yesterday, former Congressman Ron Paul warned that if the US continues on its current course, the dollar will collapse, and gold will literally be priceless.“Eventually, if we’re not careful, it will go to infinity, because the dollar will collapse totally,” Paul said on CNBC.com‘s Futures Now.“As long as we have excessive spending, and excessive computerized money, we are going to see gold go up,” Paul urged, noting that as the value of the dollar is destroyed, everything measured against dollars will increase in value.Paul added that recent drops in gold prices do not factor into the long term outlook.“Markets do these types of things—they go up sharply, and sometimes they take a rest,” Paul said. “I was never very good on short term, whether it’s the stock market, or whatever.”“If you look at the record of the value of the dollar since the Fed’s been in existence, we have about a 2-cent dollar. And gold used to be $20 an ounce. So I’d say the record is rather clear on the side of commodity money.” Paul said.
black 9/11 conspiracy financial crime whistleblower insider trading building 7 clintonAppearing on CNBC yesterday, former Congressman Ron Paul warned that if the US continues on its current course, the dollar will collapse, and gold will literally be priceless.“Eventually, if we’re not careful, it will go to infinity, because the dollar will collapse totally,” Paul said on CNBC.com‘s Futures Now.“As long as we have excessive spending, and excessive computerized money, we are going to see gold go up,” Paul urged, noting that as the value of the dollar is destroyed, everything measured against dollars will increase in value.Paul added that recent drops in gold prices do not factor into the long term outlook.“Markets do these types of things—they go up sharply, and sometimes they take a rest,” Paul said. “I was never very good on short term, whether it’s the stock market, or whatever.”“If you look at the record of the value of the dollar since the Fed’s been in existence, we have about a 2-cent dollar. And gold used to be $20 an ounce. So I’d say the record is rather clear on the side of commodity money.” Paul said.
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