China, Russia, India meet to dump the Dollar
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China, Russia, India meet to dump the Dollar

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    Senior Member cbcp's Avatar
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    Default China, Russia, India meet to dump the Dollar

    The following first appeared on Truthdig.org:
    http://www.truthdig.com/report/item/...e_is_bankrupt/
    Posted on Jun 14, 2009

    By Chris Hedges


    This week marks the end of the dollar’s reign as the world’s reserve currency. It marks the start of a terrible period of economic and political decline in the United States. And it signals the last gasp of the American imperium. That’s over. It is not coming back. And what is to come will be very, very painful.


    Barack Obama, and the criminal class on Wall Street, aided by a corporate media that continues to peddle fatuous gossip and trash talk as news while we endure the greatest economic crisis in our history, may have fooled us, but the rest of the world knows we are bankrupt. And these nations are damned if they are going to continue to prop up an inflated dollar and sustain the massive federal budget deficits, swollen to over $2 trillion, which fund America’s imperial expansion in Eurasia and our system of casino capitalism. They have us by the throat. They are about to squeeze.


    There are meetings being held Monday and Tuesday in Yekaterinburg, Russia, (formerly Sverdlovsk) among Chinese President Hu Jintao, Russian President Dmitry Medvedev and other top officials of the six-nation Shanghai Cooperation Organization. The United States, which asked to attend, was denied admittance. Watch what happens there carefully. The gathering is, in the words of economist Michael Hudson, “the most important meeting of the 21st century so far.”


    It is the first formal step by our major trading partners to replace the dollar as the world’s reserve currency. If they succeed, the dollar will dramatically plummet in value, the cost of imports, including oil, will skyrocket, interest rates will climb and jobs will hemorrhage at a rate that will make the last few months look like boom times. State and federal services will be reduced or shut down for lack of funds. The United States will begin to resemble the Weimar Republic or Zimbabwe. Obama, endowed by many with the qualities of a savior, will suddenly look pitiful, inept and weak. And the rage that has kindled a handful of shootings and hate crimes in the past few weeks will engulf vast segments of a disenfranchised and bewildered working and middle class. The people of this class will demand vengeance, radical change, order and moral renewal, which an array of proto-fascists, from the Christian right to the goons who disseminate hate talk on Fox News, will assure the country they will impose.


    I called Hudson, who has an article in Monday’s Financial Times called “The Yekaterinburg Turning Point: De-Dollarization and the Ending of America’s Financial-Military Hegemony.” “Yekaterinburg,” Hudson writes, “may become known not only as the death place of the czars but of the American empire as well.” His article is worth reading, along with John Lanchester’s disturbing exposé of the world’s banking system, titled “It’s Finished,” which appeared in the May 28 issue of the London Review of Books.


    “This means the end of the dollar,” Hudson told me. “It means China, Russia, India, Pakistan, Iran are forming an official financial and military area to get America out of Eurasia. The balance-of-payments deficit is mainly military in nature. Half of America’s discretionary spending is military. The deficit ends up in the hands of foreign banks, central banks. They don’t have any choice but to recycle the money to buy U.S. government debt. The Asian countries have been financing their own military encirclement. They have been forced to accept dollars that have no chance of being repaid. They are paying for America’s military aggression against them. They want to get rid of this.”


    China, as Hudson points out, has already struck bilateral trade deals with Brazil and Malaysia to denominate their trade in China’s yuan rather than the dollar, pound or euro. Russia promises to begin trading in the ruble and local currencies. The governor of China’s central bank has openly called for the abandonment of the dollar as reserve currency, suggesting in its place the use of the International Monetary Fund’s Special Drawing Rights. What the new system will be remains unclear, but the flight from the dollar has clearly begun. The goal, in the words of the Russian president, is to build a “multipolar world order” which will break the economic and, by extension, military domination by the United States. China is frantically spending its dollar reserves to buy factories and property around the globe so it can unload its U.S. currency. This is why Aluminum Corp. of China made so many major concessions in the failed attempt to salvage its $19.5 billion alliance with the Rio Tinto mining concern in Australia. It desperately needs to shed its dollars.
    “China is trying to get rid of all the dollars they can in a trash-for-resource deal,” Hudson said. “They will give the dollars to countries willing to sell off their resources since America refuses to sell any of its high-tech industries, even Unocal, to the yellow peril. It realizes these dollars are going to be worthless pretty quickly.”


    The architects of this new global exchange realize that if they break the dollar they also break America’s military domination. Our military spending cannot be sustained without this cycle of heavy borrowing. The official U.S. defense budget for fiscal year 2008 is $623 billion, before we add on things like nuclear research. The next closest national military budget is China’s, at $65 billion, according to the Central Intelligence Agency.
    There are three categories of the balance-of-payment deficits. America imports more than it exports. This is trade. Wall Street and American corporations buy up foreign companies. This is capital movement. The third and most important balance-of-payment deficit for the past 50 years has been Pentagon spending abroad. It is primarily military spending that has been responsible for the balance-of-payments deficit for the last five decades. Look at table five in the Balance of Payments Report, published in the Survey of Current Business quarterly, and check under military spending. There you can see the deficit.


    To fund our permanent war economy, we have been flooding the world with dollars. The foreign recipients turn the dollars over to their central banks for local currency. The central banks then have a problem. If a central bank does not spend the money in the United States then the exchange rate against the dollar will go up. This will penalize exporters. This has allowed America to print money without restraint to buy imports and foreign companies, fund our military expansion and ensure that foreign nations like China continue to buy our treasury bonds. This cycle appears now to be over. Once the dollar cannot flood central banks and no one buys our treasury bonds, our empire collapses. The profligate spending on the military, some $1 trillion when everything is counted, will be unsustainable.


    “We will have to finance our own military spending,” Hudson warned, “and the only way to do this will be to sharply cut back wage rates. The class war is back in business. Wall Street understands that. This is why it had Bush and Obama give it $10 trillion in a huge rip-off so it can have enough money to survive.”


    The desperate effort to borrow our way out of financial collapse has promoted a level of state intervention unseen since World War II. It has also led us into uncharted territory.


    “We have in effect had to declare war to get us out of the hole created by our economic system,” Lanchester wrote in the London Review of Books. “There is no model or precedent for this, and no way to argue that it’s all right really, because under such-and-such a model of capitalism … there is no such model. It isn’t supposed to work like this, and there is no road-map for what’s happened.”


    The cost of daily living, from buying food to getting medical care, will become difficult for all but a few as the dollar plunges. States and cities will see their pension funds drained and finally shut down. The government will be forced to sell off infrastructure, including roads and transport, to private corporations. We will be increasingly charged by privatized utilities—think Enron—for what was once regulated and subsidized. Commercial and private real estate will be worth less than half its current value. The negative equity that already plagues 25 percent of American homes will expand to include nearly all property owners. It will be difficult to borrow and impossible to sell real estate unless we accept massive losses. There will be block after block of empty stores and boarded-up houses. Foreclosures will be epidemic. There will be long lines at soup kitchens and many, many homeless. Our corporate-controlled media, already banal and trivial, will work overtime to anesthetize us with useless gossip, spectacles, sex, gratuitous violence, fear and tawdry junk politics. America will be composed of a large dispossessed underclass and a tiny empowered oligarchy that will run a ruthless and brutal system of neo-feudalism from secure compounds. Those who resist will be silenced, many by force. We will pay a terrible price, and we will pay this price soon, for the gross malfeasance of our power elite.

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    That's some scarry sh!ot.... We may be screwed beyond screwed.. See how many people respond though.

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    Senior Member scooooter7's Avatar
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    Quote Originally Posted by bonesfab View Post
    That's some scarry sh!ot.... We may be screwed beyond screwed.. See how many people respond though.
    Sure sounds dooms day to me. Spooky for sure.

    Will America survive?
    HALEY: “I’m just worried about this house that’s on fire and I’m trying to keep it from burning down.” Well it looks like Haley's time in KC burned down, so off to the Steelers he goes. See ya!

    http://www.theworldwar.org/s/110/new...community.aspx

    http://en.wikipedia.org/wiki/Super_Bowl_IV

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    Red Blooded American The Doctor's Avatar
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    Two things come to mind here:

    * The American people are now the only ones who can save America. Depending upon elected officials is as smart as putting the fox in the hen house to babysit them.

    * Say what you want about George W. Bush but I don't remember stories like this ever surfacing during his presidency. This is real disaster - not liberal rhetoric like the press tried to expose him for every single day he was in office. Oh, checking snopes on this won't make a bit of difference.
    The best things in life aren't things!

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    Senior Member cbcp's Avatar
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    I really don't think people fully realize the shit that's going on.

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    Senior Member scooooter7's Avatar
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    Quote Originally Posted by cbcp View Post
    I really don't think people fully realize the shit that's going on.
    That's for sure...that was dated June 14th and it is what, 5 weeks later and this is the first I have heard about this?
    HALEY: “I’m just worried about this house that’s on fire and I’m trying to keep it from burning down.” Well it looks like Haley's time in KC burned down, so off to the Steelers he goes. See ya!

    http://www.theworldwar.org/s/110/new...community.aspx

    http://en.wikipedia.org/wiki/Super_Bowl_IV

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    Senior Member cbcp's Avatar
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    Quote Originally Posted by scooooter7 View Post
    That's for sure...that was dated June 14th and it is what, 5 weeks later and this is the first I have heard about this?

    Yeah it's amazing how we never hear this shit from our "media" outlets, they are more concern about some fag child molester dying then what's going on in the real world.

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    we are headed into a king and his people type of world,kinda like sadam,or hitler....we are screwed!!!
    all the illegals and welfair cases will love it,more of the somthing for nuthing mindset
    speedfreak

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    Add this to the mix if this story holds any water we may only have 2 months before the Sheite hits the fan.Anybody thats has a inside line on Getting FAA flight plans 2 weeks before Sept 9th I would like to know how many Privite jets along with charters booked by large companys just so happen to be going to safe havens here is the predicter a high stream of travel out of the US by people that have a inside line.


    Bankster “Holiday” Planned for September?
    Text size
    Kurt Nimmo
    Infowars
    June 22, 2009Bob Chapman’s influential International Forecaster is reporting on the possibility of a so-called “bank holiday” planned for late August or early September. According to Chapman’s sources, U.S. embassies around the world are selling dollars and stockpiling money from respective countries where they operate.




    FDR imposed a "bank holiday" soon after taking office. It resulted in the government stealing gold from the American people and giving them useless fiat paper money in return.


    “Some US embassies worldwide are being advised to purchase massive amounts of local currencies,” writes Harry Schultz, “enough to last them a year.” Schultz publishes the Harry Schultz Letter, an international investment, financial, economic, and geopolitical newsletter named as “Newsletter of the Year” by Peter Brimelow of Market Watch in 2005 and 2008.

    Schultz believes the global elite are in the process of engineering an FDR-style “bank holiday” of undetermined length in order to “sort-out the bank mess” and impose new bank rules.

    On March 5, 1933, in the depths of the banker engineered “Great Depression,” newly elected Franklin Roosevelt declared a “bank holiday” that forced banks closed for four days. Roosevelt then rammed the Emergency Banking Act through the legislature. Passed by Congress on March 9, the act granted FDR near dictatorial control over the dealings of banks. It also allowed the Secretary of the Treasury the power to compel every person and business in the country to relinquish their gold and accept paper currency in exchange.

    On March 10, Roosevelt issued Executive Order No. 6073, forbidding people from sending gold overseas and forbidding banks from paying out gold. A few weeks later, on April 5, Roosevelt issued Executive Order No. 6102 ordering Americans to deliver their gold and gold certificates to the Federal Reserve bank in exchange for paper fiat money.

    In other words, FDR engaged in one of history’s greatest rip-offs — that is until now.

    FDR not only ripped-off the American people, but foreigners holding dollars as well, thus ensuring the “Great Depression” would spread around the world like a bankster engineered contagion.

    As Schultz notes, another forced “bank holiday” will likely lead to a formal devaluation of the already broadsided U.S. dollar. “But devalue against what? The euro? Doubtful. Gold? Maybe. Or vs. the IMF basket of currencies,” which he feels is more likely.

    In fact, this is precisely what the globalist have in mind. In March, the media reported the IMF was poised print billions of “global quantitative easing” dollars to be dubbed global “super-currency” to address the (bankster engineered) economic crisis. “The principle behind it is that everyone would get bonus dollars and instead of the Federal Reserve having to print them, everyone gets them,” declared Simon Johnson, former chief economist at the IMF.

    Can you say inflation

    It is no secret the elite have envisioned a global currency for some time now. In 2007, the director of international economics at the Council on Foreign Relations stated that the dollar and the euro are but temporary currencies. “It is the market that made the dollar into global money – and what the market giveth, the market can taketh away. If the tailors balk and the dollar falls, the market may privatize money on its own,” Benn Steil pontificated.

    More like the banksters taketh away — and not only money but national sovereignty as well because a global currency will demand an end to “monetary nationalism.”

    Or as Richard N. Haass, president of the Council on Foreign Relations, has said, “states must be prepared to cede some sovereignty to world bodies if the international system is to function.”

    Mr. Schultz believes a “bank holiday” would suit the burning desires of the international bankster elite. It will lead to “nationalization,” which is a polite word for brazen thievery. It will allow the government — owned lock, stock and barrel by the global elite and run by their corrupt whores and cronies — to rape secured creditors and bondholders. Nationalization is the unfettered process of grabbing up of insurance companies, mortgage companies, banks, medical care, and car companies and handing them over to the monopoly men.

    During the FDR “bank holiday,” Schulz notes, “thousands of banks never reopened; it was a face-saving way of shutting them down. I would guess the same would occur today; thousands have little or no net value, loaded with debt, bad mortgages.”

    In order soften the nation up for the coming pillage, the Obama administration has proposed a plan to give the privately-owned and unaccountable Federal Reserve complete regulatory oversight across the entire U.S. economy. The new rules would see the Fed given the authority to “regulate” any company whose activity it believes could threaten the economy and the markets — that is to say if it “threatens” the monopolistic interests of the bankers.

    “Obama’s regulatory ‘reform’ plan is nothing less than a green light for the complete and total takeover of the United States by a private banking cartel that will usurp the power of existing regulatory bodies, who are now being blamed for the financial crisis in order that their status can be abolished and their roles handed over to the all-powerful Fed,” write Paul Joseph and Steve Watson. “The government is ready to hand over everything to a monolithic private corporation and a gaggle of bastard banker offspring, that have gobbled up an amount close to the entire GDP of the country in taxpayers’ money and figuratively stuck the middle finger up regarding questions over where that money has gone.”

    A “bank holiday” would work wonders for any “regulation” the Fed and the bankers have in mind. It would compliment the criminal consolidation now underway. It would allow them to finally and formally devalue the dollar and usher in a global “super currency” of control and enslavement.

    A Bob Chapman subscriber added a little dinger to the prospect of the banks going dark. The subscriber claims to have overheard two men in FEMA jackets talking with a police chief in California, all who agreed that the federalization of police around the country — a process largely complete — will be required if the banks are shuttered in late August or early September because it will get “ugly” out there.

    No doubt. Because the sort of enduring and polite American who weathered the “Great Depression” is now in seriously short supply.

    If Mr. Schultz’s prediction is correct, we can expect riots in bank foyers and ultimately martial law to be imposed

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    Already miss the 310/562 2manymustangs's Avatar
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    Shut the door on China, screw Russia and send all of the Indian contractors that are here PACKING, while pulling back all of our oursourced jobs in India. Lets see how viable this new currency would be in that scenerio...

    I know how to create American jobs...
    Pat Eason, the voice of reason...

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    Senior Member scooooter7's Avatar
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    And just this week the Dow goes above 9K.
    HALEY: “I’m just worried about this house that’s on fire and I’m trying to keep it from burning down.” Well it looks like Haley's time in KC burned down, so off to the Steelers he goes. See ya!

    http://www.theworldwar.org/s/110/new...community.aspx

    http://en.wikipedia.org/wiki/Super_Bowl_IV

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    Quote Originally Posted by scooooter7 View Post
    And just this week the Dow goes above 9K.
    Look for the drop when this story gets more noticed.

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    Quote Originally Posted by 2manymustangs View Post
    Shut the door on China, screw Russia and send all of the Indian contractors that are here PACKING, while pulling back all of our oursourced jobs in India. Lets see how viable this new currency would be in that scenerio...

    I know how to create American jobs...
    Or deport 22 million illegals!!!

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    Senior Member Gravyboat's Avatar
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    Not saying whether any of this article is true or untrue but I would encourage you to browse around that website before you accept it hook, line and sinker.
    Freedom Without Authority is Anarchy.
    Authority Without Freedom is Tyranny

    “The trouble with socialism is that you eventually run out of other people's money”
    –Margaret Thatcher

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