Posted on 03/04/2012 2:52:45 PM PST by ak267
For anyone wondering how the abandonment of the dollar reserve status would look like we have a Hollow Men reference: not with a bang, but a whimper... Or in this case a whole series of bilateral agreements that quietly seeks to remove the US currency as an intermediate. Such as these: "World's Second (China) And Third Largest (Japan) Economies To Bypass Dollar, Engage In Direct Currency Trade", "China, Russia Drop Dollar In Bilateral Trade", "China And Iran To Bypass Dollar, Plan Oil Barter System", "India and Japan sign new $15bn currency swap agreement", and now this: "Iran, Russia Replace Dollar With Rial, Ruble in Trade, Fars Says." And ironically, the proposal to dump the greenback did not come from Iran. Per Bloomberg: "Iran and Russia replaced the U.S. dollar with their national currencies in bilateral trade, Iran’s state-run Fars news agency reported, citing Seyed Reza Sajjadi, the Iranian ambassador in Moscow. The proposal to switch to the ruble and the rial was raised by Russian President Dmitry Medvedev at a meeting with his Iranian counterpart, Mahmoud Ahmadinejad, in Astana, Kazakhstan, of the Shanghai Cooperation Organization, the ambassador said." Is Iran gradually becoming the poster child of an energy rich country that just says no to the dollar: "Iran has replaced the dollar in its oil trade with India, China and Japan, Fars reported." Next thing you know China, Russia and Japan will engage in bilateral trade agreements with the Eurozone in exchange for purchasing European or EFSF (which at last check are now forced to give 30% guarantees) bonds, and bypassing dollars completely. But yes, aside from everyone else, virtually everyone (footnote 1) is still using the dollar as currency of global exchange.
(Excerpt) Read more at zerohedge.com ...
I just got home from grocery shiopping and I am PISSED off. Beranake, Geither, Pelosi, Reid and Hussein deserve to be charged with Treason - right now.
I am ready for a Florida Dollar. I will accept Florida, South Carolina, Alabama and Texas dollars. I am tired of being paid with this counterfirt trash that is an empty promise of socialist schemes.
Sorry about the spelling. Shopping, Bernanke...
But if the coupon is worth one dollar, when the dollar inflates, so does the coupon.
That’s OK, but me thinks the camel jockeys had better plan on buying K-Y jelly by the oil tanker quantity.
That’s OK, but me thinks the camel jockeys had better plan on buying K-Y jelly by the oil tanker quantity.
That’s OK, but me thinks the camel jockeys had better plan on buying K-Y jelly by the oil tanker quantity.
I swear ONE CLICK on Post.
“I just got home from grocery shiopping and I am PISSED off. Beranake, Geither, Pelosi, Reid and Hussein deserve to be charged with Treason - right now.”
While I would love to see thousands of politicians charged with Treason and punished accordingly, you must admit that Republicans are not any better at creating small government. Bernanke was nominated by Bush. TARP was was started by Bush. Bush started Medicare Part D. Government has grown each and every year under both parties, even under Reagan.
If you want to stop inflation, we need a gold and silver standard and must end The Federal Reserve system.
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