In fact, the rest of the world already is taking action - because they see our demise. We have fools preaching lies - that if we default it is "no big deal."
Fools.
Posted on 10/13/2013 12:31:40 PM PDT by SeeSharp
And I when it stops being the reserve currency all of those dollars being held overseas will come rushing home. The result? Inflation the likes of which we’ve never seen before.
And whose money will be stepping in to fill the spot of the US dollar?
I would guess the Chinese Yuan.
The Chinese now export as much as we do. Much of it, to us.
We have “solved” our trade situation by importing everything. Now we just may learn, how foolish that has been.
BRING BACK US MANUFACTURING.
To America.
“And whose money will be stepping in to fill the spot of the US dollar?”
China or precious metals. Most likely both.
In fact, the rest of the world already is taking action - because they see our demise. We have fools preaching lies - that if we default it is "no big deal."
Fools.
I don’t think the world is ready to accept the Chinese yuan over the US dollar quite yet. Nor an IMF bill.
Well we could debate that and, hope to heck we decide correctly.
Or ... we could bring back American industry, have a balanced budget, a healthy growing economy, and improve American employment for generations to come.
I vote for Plan B.
We need a someone. A democrat or a republican, ANYONE to be brave enough to mention that America currently is embarked upon a policy of destroying ourselves.
Bring back American jobs.
Now.
You may also be interested in this article:
http://www.zerohedge.com/news/2013-10-13/chinas-official-press-agency-calls-new-reserve-currency
The #2 lender to the US, second only to the Federal Reserve, is calling for a new reserve currency to replace the US dollar. This article appeared in Xinhua, the official Chinese press agency.
The Bible says the borrower is slave to the lender (Proverbs 22:7). By electing officials who run up huge deficits and make promises that require even larger deficits, and by abusing credit themselves, Americans have collectively ignored this wisdom, and are responsible for their sorry status.
The IMF has already considered the prospects of an end in US$ reserve status. It will be very interesting to watch transpires when the Chinese and the oil exporting countries decide to replace the US Dollar as the unit of exchange for their export goods. Interesting, but not fun, because the party will be over.
I agree that a default would be bad for the government and for the US$, but it is not unprecedented.
The basic definition of default is “failure to fulfill an obligation”. With this definition, I argue that the US has defaulted at least three times in the past century.
First, in 1933, when it confiscated gold from US citizens. Prior to the confiscation, the US issued gold certificates, which promised payment in gold upon demand, as currency. The US refused to honor these certificates in 1933.
Following gold confiscation, the US issued silver certificates as currency. The US refused to honor silver certificates in 1964.
Even though US citizens were prohibited to own gold since 1933, the US represented that the US$ had a gold redemption value of $35/oz in international trade. This was reset several times at higher prices, and the US balked at making physical delivery against redemption. In 1974, the US formally refused to honor its gold redemption promises.
Each of these earlier cases is “failure to fulfill an obligation”.
Governments have a very long history of disappointing their creditors and those who use its currency. The US government is no exception.
Make unions illegal or optional and the manufacuring would come back like a boomerrang.
History gives us windows to the past, but it does not give us a view of all its doors.
The events of today are ordained by God.
A US default, in today's global economy, and with the United States on the run militarily, economically, and politically would be national suicide.
You must see this truth.
Plan B is the winner, IMO too.
Business leaders are quietly saying pass the amnesty bill and the manufacturing will come back like a boomerang.
Make unions illegal or optional and the manufacturing would come back like a boomerrang.
As soon as our national bankruptcy is complete. We’ve only entered the early stages at the moment.
What the power elites plan on is a global “EBT” card for all, cash will no longer be necessary.
China simply CAN NOT fulfill the role of the world's reserve currency. It is a non-tradable currency. You can not move money in and out freely. Its domestic banks are probably bankrupt, sitting on trillions of yuan of bad debt due to politically-directed lending and corruption.
The US would have to get A LOT worse for the Chinese Yuan to look attractive to anyone, IMHO. I would rather hold gold and silver.
Ummm, you forgot ‘min. wage’, OSHA, EPA, et.c and the highest corp. tax rate of the WORLD. Why the HELL would biz. come back to the U.S. to get raped left/right by gov’t??
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