Gold Replacing Dollar as World’s Reserve Currency?

Discussion in 'Economy' started by JBeukema, Mar 28, 2011.

  1. JBeukema
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    JBeukema BANNED

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    News Headlines
     
  2. william the wie
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    william the wie Gold Member

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    This is news?
     
  3. waltky
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    waltky Wise ol' monkey Supporting Member

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    Granny got her money in Halliburton an' BP stocks...
    :redface:
    Expert: U.S. should 'give up on the dollar'
    April 15, 2011: The push to replace the U.S. dollar as the world's reserve currency has been gaining steam, with one expert arguing that America "must give up on the dollar."
     
  4. Mr Liberty
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    Mr Liberty Hater of Socialism

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    China and Russia are talking about creating a new currency backed by gold, replacing the U.S. dollar as the reserve currency.

    Russia backs return to Gold Standard to solve financial crisis - Telegraph

    If the dollar loses its status as the reserve currency, we will no longer be able to use devalued dollars to pay our foreign debt. This will cause hyperinflation quite quickly. Washington has been silent on the issue.
    We need to stop the printing presses, now. We need cut deeply and balance our budget. None of this is going to happen. I am buying silver and storing food. I have never feared total economic collapse before, but I think it is a very real possibility.

    Having said all of this, I could be wrong.
     
    Last edited: Apr 15, 2011
  5. Toro
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    Toro Diamond Member

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    There's not enough gold in the world for it to replace the dollar.

    There sure is a lot of bearishness on the dollar.
     
  6. waltky
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    waltky Wise ol' monkey Supporting Member

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    Granny says dem politicians don't know what dey doin' - dey just monkeyin' around...
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    Treasury’s Geithner: Solving Fiscal Crisis Key to Maintaining Confidence in Dollar
    Thursday, May 05, 2011 – Treasury Secretary Timothy Geithner said the key to maintaining global confidence in the dollar rests with whether the U.S. government can solve its fiscal problems. The federal budget deficit projected for fiscal year 2011 is $1.6 trillion and the national debt is now $14.33 trillion.
     
  7. sparky
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    sparky VIP Member

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    yup

    and you're far from alone Liberty

    the asian monetary consortium has been moving towards a fiat all their own, pushing the IMF for SDR's in liue of the USD

    the implications could, overnight, be of an economic magnitude not seen before, the only saving grace is the debt we owe, and who holds it

    but like any gambling addict, the bookie will come down on a bad risk, even if it means his own loss



    Cotton prices at record levels.

    I'm pickin' as fast as i can.....
     
  8. expat_panama
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    expat_panama Gold Member

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    The dollar index is proof that we're in a dollar-crisis now, even though it was worse three years ago when we weren't. CNBC also tries to push the EURO becuase it's strong now, even though they didn't push it three years ago when it was stronger.

    [​IMG]

    How about instead we give up on this 'give up on the dollar' hype.
     
  9. Baruch Menachem
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    Baruch Menachem '

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    Reserve currency is not something that can be assigned. It is a status that is earned (or lost) by the actions of the governments involved.

    Russia leading a currency reform is a rich joke. they have hyper inflated so many times that they have had to take three zeros off the currency 7 times.
     
  10. percysunshine
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    percysunshine Gold Member

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    If I can easily trade toilet paper for food, I do not need a small piece of paper.
     

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