The fall of the Dollar & the rise of international socialism.

[Krustee]

Reading this The Economic Times article literally sent chills up my spine as I read & contemplated the underlying message being expressed by the representatives from countries around the world.

The overall opinion is that the capitalists in America have destroyed the economies of the rest of the world.

We are facing the real possibility of seeing the dollar replaced as the currency for major commodities.

There also is a consensus building to give control of all state economies to a central body who will regulate them thus effectively removing the US as the dominate economic power.

The repercussions of doing this would turn our planet inside out.

Black markets would pop up everywhere & eventually we would see a world police state resembling communism.

These are scary times indeed folks!

WEF sees need for govt intervention globally
8 Feb 2009, 0248 hrs IST, AGENCIES


DAVOS/ZURICH: The atmosphere at the Davos 2009 meeting of the World Economic Forum was gloomy. The IMF had just downgraded the world GDP growth rate for 2009 to 0.5%. The Davos Man was clueless. Intended to find a road map for the post-crisis world businessmen, academica, and governments were unable to predict how long the financial crisis would last, and offer solutions.

All agreed that confidence and trust had been lost, business ethics had disappeared, and that in order to build strong institutions it was also important to review regulations. As Montek Ahluwalia said, “Confidence takes as long as a coconut tree to grow, and falls as fast as a coconut falls.”

There was consensus that action against the crisis should be rapid, concerted and global, instead of each state doing its bit - a recipe for disaster. Policies should be co-ordinated globally.

The role of the government in the economy was debated upon. Unusually the corporate world and free market believers agreed with Ahluwalia that under the current crisis there was no other alternative but for governments to step in until necessary, particularly if they were providing fiscal stimulus. There was consensual support for government and governance institutions. It was recognised that the IMF reserves of $250 billion are too low, unless tripled.

There seemed to be a return to the role of the Father State, and towards the newly founded G-20. The upcoming G-20 meeting in April to address the systemic risks in the financial system and ways and means of stabilising the world economy was looked forward to as a panacea. However, others warned against expecting too much from the G-20 meeting, planned to be a technical meeting.

Fingers unanimously pointed towards the US as being the origin of the crisis; but it was also towards the US, who was missing at Davos, that the world looked to sort out the mess. President Obama was barely five days in office, while Economic advisor Larry Summers and head of the National Security Advisor General Jones were withdrawn, and Tim Geithner not confirmed as Treasury secretary.

US Federal Reserve head Ben Bernanke was absent at the meeting of central bankers.

Both Chinese Premier Wen and Russian Prime Minister Putin held the US responsible for the global economic crisis, focusing on the role of the dollar. Putin described over-reliance on the dollar as ‘dangerous’. Wen called for better regulation of major reserve currencies.

Concern was expressed as to how the US will pay for its bailouts in the long-term, for its stimulus packages could reach $1 trillion in over two years.

The resultant long-term fallout, and increased spending by the government would cause rise in interest rates and inflation. Experts warned of a sharp fall of the dollar if the United States budget deficits did not decrease, and savings did not increase.

It was agreed that climate change, which is impacting economies, particularly developing ones, must also be part of the economic revival package with business already looking forward opportunities in finding alternative industries to oil.

http://economictimes.indiatimes.com...intervention_globally/articleshow/4093834.cms

Comments?

 

[wess]

Reading this The Economic Times article literally sent chills up my spine as I read & contemplated the underlying message being expressed by the representatives from countries around the world.

The overall opinion is that the capitalists in America have destroyed the economies of the rest of the world.

We are facing the real possibility of seeing the dollar replaced as the currency for major commodities.

There also is a consensus building to give control of all state economies to a central body who will regulate them thus effectively removing the US as the dominate economic power.

The repercussions of doing this would turn our planet inside out.

Black markets would pop up everywhere & eventually we would see a world police state resembling communism.

These are scary times indeed folks!





Comments?

Any talk about international control on anything will not happen. Just look at the WTO meetings that happen year to year. The talks collapse or break down every time.

 

[felix29]

I believe the goal is for an international banking regulator with the potential for an international central bank.

 

[Shakerod]

Wess, you can bury your head in the sand if you like...but we are heading for a one world currency, pronto. Brace yourself, pal.

 

[Yman]

Krustee, Do you have a job ? Seem like you have a lot of time for posting on PERB

 

[Krustee]

Krustee, Do you have a job ? Seem like you have a lot of time for posting on PERB

Actually, I work for one of the largest corps in the nation.
I average 45-55 hour work weeks. (used to be 60-80)

I also have a lot of debt to pay off, lost quite a bit in my investment portfolio & have way too many toys to maintain, which I'm not ready to sell, so ...

I have reduced the amount I spend on "entertainment" thus I am home a lot more than usual as opposed to skiing, partying & going out for dinner constantly. (I cooked my first meal in my new oven last year after living in my house for quite a while)

My lifestyle has changed quite a bit in the last 10 months.

I will be the first to admit I allowed myself to hold too much debt before this economy took a nose dive.
(bought a sports car I've always wanted last summer which added to the pile)

I still see my regular SP (or two) cuz I am a hedonist.

On top of all that -
today is laundry day!

So my outlet for CHEAP entertainment is -
here!

Glad to see you appreciate my contributions.

 

[Yman]

Thanks for the honest reply. I too noticed, like another poster in another thread, that you seem fixated on the doom and gloom out there.

Let all just work hard and do our bit and hopefully go forward a little wiser. We shouldn't allow FEAR to follow for the mistakes that were made. Past is past.

Lets all assume the crash position.

I just thought of new sexual position....huh

 

[wess]

Wess, you can bury your head in the sand if you like...but we are heading for a one world currency, pronto. Brace yourself, pal.

We already have the US dollar as the default currency.

Do some research on the WTO meetings, evidently you havnt.

 

[Krustee]

Wess, you can bury your head in the sand if you like...but we are heading for a one world currency, pronto. Brace yourself, pal.

We already have the US dollar as the default currency.

Do some research on the WTO meetings, evidently you havnt.

I am afraid he is right wess because there are a lot of countries upset about this economic mess & out of sheer jealousy they would like to see the US dollar replaced with a currency they can manipulate in an effort to break the US.

It sounds petty & childish but let's face it that's what people in power are like.

The US will resist this change at all cost because they know it will cause them to lose power & influence in the world.

Ultimately, whichever country has the strongest economy should be the currency for major commodities trading.

The IMF must have a standard to value other currencies against.

If we were not so dependant on trade with the US we could be in contention for that role.

 

[Shakerod]

The U.S. Federal Reserve is a fractional reserve system. It is predicated on people continuing to get loans to keep the pyramid going, since Federal Reserve notes are really just money made out of thin air, it relies on the interest from tomorrows loans to pay the piper. If people stop borrowing, the whole pyramid collapses, which means the dollar collapses unless foreign money comes along to prop up the dollar, which is NOT HAPPENING anymore. There is a good book on the subject titled" The Creature from Jekyll Island" by G. Edward Griffin.

 

[LightBearer]

Shakerod you sound like an extremist, are you with Al Qaeda!?!?

 

[Shakerod]

LightBearer... you are right! According to the Bush doctrine "If you are not with us, you are with the terrorists". So I guess that would put me on the side of Al Queda.

 

[sevenofnine]

i noticed myself you can get into that gloom and doom mentality,

the sky is falling, the sky is falling.

even with in the terms of this hobby i think, i got into it for awhile. to emotionally involved with a lady, etc etc,

but you know there seems to be always oppurtunity, even when you think its bleakest.

im not a trader, but a guy i know, he is just loving it, he is making lots of money,
he took all of his money out, just sat on the side lines for maybe six months and now he is back is pretty much a day trader now, making good return on his investments.

and as far as me in this hobby, it was gloom and doom for awhile
got involved to heavly with one lady in an emotional sense,
wondered what the fuck was going on, my posts were all over the place,

met one other lady, she is alot more physical, and doesn't play the emotional card at all, emailed with several more, would like to meet,

so what im trying to say
is get past the gloom and doom,
life goes on,

 

[LightBearer]

i noticed myself you can get into that gloom and doom mentality,

the sky is falling, the sky is falling.

even with in the terms of this hobby i think, i got into it for awhile. to emotionally involved with a lady, etc etc,

but you know there seems to be always oppurtunity, even when you think its bleakest.

im not a trader, but a guy i know, he is just loving it, he is making lots of money,
he took all of his money out, just sat on the side lines for maybe six months and now he is back is pretty much a day trader now, making good return on his investments.

and as far as me in this hobby, it was gloom and doom for awhile
got involved to heavly with one lady in an emotional sense,
wondered what the fuck was going on, my posts were all over the place,

met one other lady, she is alot more physical, and doesn't play the emotional card at all, emailed with several more, would like to meet,

so what im trying to say
is get past the gloom and doom,
life goes on,

When you go to the doctor and you have a tumor in your brain, do you ignore it or do you say CUT IT OUT OF THERE! The economy falling apart isnt something to ignore.