What is Digg?240 Comments
- TheEngineer2008, on 04/01/2009, -7/+94FYA: "The Russian Central Bank was creating a new global currency, the “gold reserve dollar,” which would be issued by a financial agent in London and backed by tons of Russian gold shipped to secure vaults in Switzerland, the press release said."
That could never happen. Who'd want gold-backed currency when they can have fiat money backed by the full faith and credit of the Federal Reserve's 24/7 printing press? - jsffive, on 04/02/2009, -4/+63"Sneak attack"?
Is that how this is going to be framed by our ignorant and fawning media?
It hardly constitutes a "sneak attack" if the Austrian economists have been predicting this for the past year!
Indeed, how long should we expect the Chinese and Russian governments to continue holding onto a continuously devaluing reserve currency?
They are setting you up America. When the governments of this world finally decide to cut their losses by dumping the U.S. dollar, our media will try to make this seem like it's someone ELSE'S fault, and not the fault of the Federal Reserve in conjunction with opportunistic politicians.
"Hostile governments" indeed.
WAKE... THE *****... UP... AMERICA. - stoanhart, on 04/02/2009, -6/+62I like how it's automatically a "hostile" foreign government; like it's some sort of attack on the US.
If the US ***** up the global economy, and other governments lose faith in the US's management and set up a new currency to protect themselves, that's not hostile behavior. That's simply looking out for your own interest. It's nothing personal. - inactive, on 04/01/2009, -3/+39After the hyperinflation in Hungary
http://en.wikipedia.org/wiki/File:Inflaci%C3%B3_ut ...
Hyperinflation in Germany 1923
http://www.youtube.com/watch?v=lfwIXdOoWiE - Hillsfar, on 04/02/2009, -5/+31China is using its purchasing power right now to buy commodities and access to commodities. Its ties to unsavory Sudan is why nothing is being done other than lip service from Western heads of state. Sudan has oil. 'Nuff said. China has ties to corrupt government in the DRC so it can get access to raw minerals such as tungsten and "coltan". Its buying up mining and refining companies or parts of them. It knows when the hyper-inflation of fiat currencies comes, it will have the raw commodities it needs for its production, its consumption, and its military.
- Striker101, on 04/02/2009, -1/+24Good article, altho I object to "sneak attack" when the destruction of our dollar has been so visible for so long, and is the big trigger in what has become global collapse. Not at all sneaky, other countries discussing how they might escape the effects is totally rational.
- Trekhawk, on 04/02/2009, -4/+26While I love the idea of money backed by something, I don't really like the idea of a global currency. It's one more step towards global government. No thanks.
- inactive, on 04/02/2009, -0/+22Funny...I have a similar feeling, but it's more like this: My one ounce gold coin seems likely to be worth more than both, and for FAR longer.
- magoghm, on 04/02/2009, -4/+25Don't worry about sneak attacks on the dollar by foreign governments, they will be tiny compared to the attacks on the dollar by Bernanke and Geithner.
- fabkebab, on 04/02/2009, -1/+21Just my internet economist view -
I think it makes sense for foreign governments to diversify their financial holdings, to protect themselves a little from glitches in any one country, including the USA. Trouble is the "basket" of currencies only has about 4 currencies of significance, that are all horribly tied together - Dollar, Euro, Yen, what else? Australian dollar? - orientis, on 04/02/2009, -9/+29Reap what ye have sown, bitches.
- inactive, on 04/02/2009, -0/+20I have a feeling the trillions in fiat money being lent in our names to the powers that be will be able to buy them a whole lot of this gold-backed reserve currency before our dollars implode.
- inactive, on 04/02/2009, -4/+23The article mentions a suggestion that US intelligence pay more attention to the gold supplies of *foreign* powers....Uh, what about our OWN alleged gold supplies???
http://digg.com/politics/Ron_Paul_GATA_show_me_the ...
http://digg.com/business_finance/Gov_t_OCC_Data_Go ...
http://digg.com/business_finance/GATA_s_Chris_Powe ...
http://digg.com/political_opinion/Is_there_any_gol ...
http://digg.com/business_finance/Gold_Ponzi_Expose ...
(among others) have details. It's not politically-correct to talk about it, but slowly that's changing as the fraud becomes more-obvious. My prediction: An eventual "I told you so" festival, which will be very-much resented by the very people who wish to bury these articles instead of debating them. But I'll have a good time... - frcc, on 04/02/2009, -4/+22The dollar is under attack by our own government. People will beg for a new currency when they've finished undermining the economy by printing trillions.
- Moonkeeper, on 04/02/2009, -1/+16I wonder if a gold-backed currency, when subject to the market, would effectively replace our home currency from a voluntary exchange point of view? History shows that when a population has access to multiple currencies, they go with the more stable one.
- linkmandx, on 04/02/2009, -1/+16http://en.wikipedia.org/wiki/False_dichotomy
- wissler, on 04/02/2009, -3/+18If we had a commodity-backed currency rather than a fiat currency then it couldn't be "attacked" in the first place.
- richmomz, on 04/02/2009, -1/+16Most precient quote from the article: "Over the long haul, though, the manager is skeptical of the dollar’s ability to maintain its central place in the global economy.
“Every fiat currency through history has a finite lifetime and ultimately collapses,” he said. “We’ve had a nice run with this one. But the likelihood that the dollar eventually collapses as a global fiat currency is 100 percent.” - kaelyiesta, on 04/02/2009, -3/+16Fiat money can't be worth anything. It can only be forced upon people as a medium of exchange. As long as it represents nothing sound behind it, it's a faith based and force based currency with no real value.
- thatoneguydunno, on 04/02/2009, -3/+16Those sneaky foreign bastards! Well I'm glad the US is on top of this and prints more dollars to counter this hostile inflat... no wait, what?
- slickmick, on 04/02/2009, -4/+17"Sneak attack"? That's how the government is trying to frame this? Give me a break.
No country has any moral or legal duty to use or accept another country's currency. You can't expect to inflate your currency to the skies, devalue the crap out of it, and then label a "sneak attack" another country getting sick of you stealing from them, which is what central banks do.
I like how the article stigamtizes gold as something the US government needs to "monitor." You don't need to monitor it, you need to back the dollar with it. It's since 1971, when the dollar became unlinked to gold, that this whole mess all started.
PS -- this "politico.com" site looks like the most pathetic DC dictation-takers around. - richmomz, on 04/02/2009, -3/+15This scenario has been looming over our heads since this crisis began, and is probably the reason why Hillary has been frantically kissing Russia and China's asses lately (the objective obviously being to persuade them not to dump their trillions worth of U.S. Treasuries and dollars).
- inactive, on 04/02/2009, -2/+14I think your answer would be, "yes, and that explains the Bush administration's attacks on honest currencies like e-gold.com & the Liberty Dollar." Fortunately for the government, the news media did their usual *****, biased job in "covering" both unjustified legal/regulatory attacks, so that few people are aware of the stupidity/waste/injustice.
- NuWeb, on 04/02/2009, -1/+13No, Its not a Sneak Attack, its what we call "The Economy".. Please don't put this stupid titles or the next thing is their will be a "War on Economy", "War on Drugs" and "War on Terrorism"...
- Bilabrin, on 04/02/2009, -5/+16I think you may have just combined both a straw man and a red herring all in one :)
- censormagnet, on 04/02/2009, -0/+11i love how everyone suddenly listens and admits a problem after its already pretty much too late...
they wont admit that train is bearing down on them till it freaking NAILS them.. - MorganMghee, on 04/02/2009, -4/+14The words 'likelihood' and '100 percent' in the same sentence does not compute.
- bcclist, on 04/02/2009, -0/+9difference: if the us fails, the world fails. they have us by our ball sacks and vice versa.
- Rugrash, on 04/02/2009, -1/+10The dollar is the new peso. Buy ammo people (if you can get any). Just more excuses for us to give trillions to the international bankers that have orchestrated this whole thing.
- jejeje666, on 04/02/2009, -1/+9As long as the value isn't zero, you can always drive it down another 75% =D
- stewacide, on 04/02/2009, -1/+9It makes sense to stop using the US dollar as the primary reserve currency, since it seems increasingly likely the US will have to, at some point, print away all its debt.
- sirloxelroy, on 04/02/2009, -3/+11Hmmm a gold standardized money. I believe Ron Paul is recommending that also, but for our currency. Perhaps we should look at cutting off the problem before it happens by switching our currency to the gold standard.
- JasonCox, on 04/02/2009, -0/+8Sure, switch to gold. Instead of just printing more money, the Fed will just start spray-painting steel ingots with gold paint.
- Yage2006, on 04/02/2009, -2/+10Is it still april fools ?
- Triplastic, on 04/02/2009, -5/+13Buried for 'B. Hussein Obama'.
I think the shock value has been used up by now. - monkeyrun, on 04/02/2009, -0/+7hmm are you implying printing trillions of dollars, which we don't have, is not an attack on the dollar?
- inactive, on 04/02/2009, -0/+7No commodity-backed currency can sustain the US government spending. It's all a house of cards built on valueless paper currency.
- Triplastic, on 04/02/2009, -0/+7I'm not shocked, but I find it pretty obvious that's what fragapal00za was trying to do.
Why didn't we all call George W. Bush, 'G. Walker Bush' instead? If Barak H. Obama's middle name was 'Hugs' I bet you'd never type start your comments as 'B. Hugs Obama' because it doesn't shock anyone. - PeppermintPig, on 04/02/2009, -2/+9They should be holding our debt, and if they don't, we'll force them to!!!
/typical nationalist rhetoric - kemp34, on 04/02/2009, -0/+7Long term central government deficit spending is the root of this problem.
- Barackalypse, on 04/02/2009, -0/+7Meanwhile, the full frontal assault of massive deficit spending by Congress goes totally unchecked! I'm sure $11 trillion in debt and $1+ trillion yearly budgets represent absolutely zero threat of inflation and only sneaky manipulation by hostile Governments represent any threat. Just like the Government assaults civil liberties, but its only the terrorists we have to worry about because they hate our freedom.
- kemp34, on 04/02/2009, -2/+9http://www.treas.gov/tic/mfh.txt
If China and Japan, with a combined nearly $1.5 trillion in Treasury debt (they also own ***** loads of agency debt - Fannie Mae and Freddie Mac) dumped their holdings, the US$ would significantly crash.
This is not "tin-foil" this is reality sir. - utnow, on 04/02/2009, -1/+8Personally I like to have choice in my government. No governmental monopolies for me...
- slickmick, on 04/02/2009, -0/+7There is plenty of gold (and silver) in the world. As you say, the price of gold -- which has been manipulated downward by the central bank cartel for decades, as GATA has exposed repeatedly -- would rise to its natural level as money.
Let the market decide what good money is, the way the market decides what good soft drinks, shoes, and lampshades are. Don't let thieving, corrupt central banks tell you what money to use. Let each person decide! - inactive, on 04/02/2009, -1/+7Just like the Yen, the Euro and the Australian dollar. A mix of fiat currencies may be safer than one currency manipulated by a very irresponsible government.
- richmomz, on 04/02/2009, -0/+6Sure there's enough - it would just have to be revalued at a much higher level (like $12,000 per oz. of gold).
- fabkebab, on 04/02/2009, -0/+6yes of course, but not much use as a foreign holding if you are china
- bcclist, on 04/02/2009, -1/+7please explain who is going to buy "their" tshirts, flat screen tvs, expensive wines, etc. if even a minority of 303,824,640 Americans are removed from the global economy?
- PeppermintPig, on 04/02/2009, -0/+6Passively waiting for someone else to protect your wealth isn't an idea I would recommend.
- kukurio, on 04/02/2009, -2/+8If China really thought that there was a serious danger of hyperinflation in fiat currencies, they wouldn't keep buying U.S. debt.
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