The demise of the dollar (secret moves overseas to stop using the US currency for oil trading)

Commodity Trader Alert ^ | 10/6/2009

[WoofDog123]

I cannot see an entity taking bonds demoniated at a minimum of 500,000,000 from a couple of guys alleged to be from who knows where and not verifying them. If the amount shown to any one prospective party were big enough, it would mean only japan china and UK could be the source of the bonds.

Something is very wrong with the story elements known so far, but we may never know the truth. The guys were released. They were not charged, etc.

[uncommonsense]

I don't blame the international financiers. Read this CBO report The Long-Term Budget Outlook. Page 18, Figure 1-2, shows that we are under water now and forever. From a footnote on the graph:

Spending in this figure excludes interest payments on the debt; hence, the gap between federal revenues and noninterest spending shown here does not equal the projected surplus or deficit.

Also read this speech from the Dallas Fed President, Richard W. Fisher, May 2008: Medicare Unfunded Liabilities worse than Social Security - 2008 Dallas Federal Reserve Speech. He shows we have an unfunded liability of $100 Trillion (that was before we kicked into high gear with gov spending).

No matter how we proceed (gut congress, rescind entitlements, slash taxes, etc.), we are so profoundly deep in debt - personal debt and public debt - that it will take a long-running perfect storm of wildly positive conditions and outcomes in order to remain solvent as a nation.