Posted on 04/15/2011 5:47:32 AM PDT by JRNyquist
.. inadequacies and deficiencies of the existing international monetary and financial system..
In 1998 Russian Foreign Minister Yevgeny Primakov, a strategist and master spy, conceived of an economic alliance between Russia, India and China. The purpose of this combination was to counter the international influence of the United States.
By now it should be apparent that Russia and China intend to launch an attack against the U.S. dollar. Do we yet realize that such an attack is possible? And have we reckoned the political consequences?
The first republic died in 1865.
He’s OK in my book. Worth listening to.
When the dollar goes, which will be when the world buys oil in some other currency, civilization is over. That’s when you’ll know it’s time to go Mad Max. The Dark Ages.
” And yet we still have many who push protectionism: the imposition of tariffs to punish American consumers and to featherbed unions. “
Applause!!
Thanks for having the guts to stand up to the Protectionist Bullies (and you know who and what you are) here on FR!!
Thanks!
reefdiver wrote:
So what currency have you changed your U.S. currency to? All of it ?
Funny you should ask that.
I've been doing some Internet marketing services in the past few years. Small jobs, nothing major. However, I've had customers from all over the world (wherever English is the main language). I take payments by PayPal.
Up through last year, I had my PayPal account set up for "Convert other currencies to my Primary Currency (US Dollar) immediately when payment is received." About this time last year, I switched that, and I now hold payments in whatever currency the customer pays me in. I have Pounds, Australian Dollars, Canadian Dollars, Euros and some other currencies in my PayPal account right now. And I haven't been losing so much money as the dollar falls against other currencies.
I convert to dollars when I need to withdraw to pay bills. For longer term savings, I've been buying silver (90% silver US coins and 1 ounce Bullion pieces), as well as smaller gold coins and "junk gold" jewelry. Some of the coins and bullion I am getting online. The junk gold, I tend to pick up locally (a bit risky buying that online, you don't know what might come in the mail).
I already have some $100 Trillion notes (from Zimbabwe) which are completely worthless (bought a set of $10 trillion, $20 trillion, $50 trillion and $100 trillion uncirculated bills on eBay for $4.99 shipping included). I fully expect within my lifetime, I'll hold a $1 million or larger Federal Reserve Note.
Like watching an old Bella Lugosi movie, scary, silly, but fun.
Saving
cc2K:
I am very impressed with this bit of HTML. Kudos!
what online gold/silver dealer do you use?
Protectionism worked great for Early America. We had tariffs on English imports to help our infant industries to grow. Textiles among them. Protectionism can work out very well...all depends on the time and place.
I don’t oppose protectionism on principle because I have not bought into the myth of free trade. I am not a libertarian. I don’t go for open borders and free movement of cheap 3rd world labor....So why would I be for the free movement of slave labor goods from slave labor nations like China? Screw ‘em!
Why do you think that?
” I don’t oppose protectionism on principle because I have not bought into the myth of free trade. “
Well, here’s a ‘myth’ that you, apparently, choose to ignore, also.. (Surprising, since in most of your postings, you appear to be literate in the basics of Economics..)
http://en.wikipedia.org/wiki/Demand_curve
Perhaps you could refresh your knowledge of this Basic Principle of Economics, and then explain to me how it doesn’t apply to your love of Tarrifs.....
“Putin this together with massive annual Federal budget deficits and you have the perfect recipe for disaster.”
Putin?? Putting??
Is this intentional? If not, it makes it difficult to swallow the whole article.
On an aside, how are those of us on the bare minimum of SS supposed to buy gold/silver. Not everyone had the advantages which bring in livable retirement checks. Not that I am complaining, we have learned how to be content in whatever condition we find ourselves, thanks to our Lord and by His strength.
TL, a very unprofitable servant
I was buying on eBay for silver, and bought a few small gold coins on there as well.
Dick Vomer wrote:
what online gold/silver dealer do you use?
Now I get gold coins from a local coin guy. Also, eBay has been going nuts with bid prices on silver. There are still some deals out there (you can still win at or slightly below melt values), but you have to really search for the deals. It was easier even 3 months ago.
Apologies if I have the wrong period of American history here from the one you're citing - but being forced to buy Northern was just one more bone of contention between North and South in the run-up to the Civil War. A great many Americans bitterly resented being walled off from European goods. Think on that as Obama forces you to pay for Government fleets of Chevy Volts.
Also: people in China are not slaves, except in the same way that most of us are slaves: as in 'wage-slaves'. Their pay is a living wage. Their working- and living- conditions are miserable compared with mine, but they are luxurious compared with what they were 30 years ago, and they are rapidly improving.
But let's say - for the sake of argument - that the Chinese should be dumped back into absolute stark Mao-like poverty because we can't bring ourselves to buy stuff from poor people. India and the rest of Asia will jump in to fill the gap.
In this example: will American industries and American consumers have gained a thing from destroying China? Will Americans discover that the prices in WalMart have gone up, and start shrieking about gouging? Or will they belatedly realize that the only way to compete is to compete.
Reduce the barriers to wealth production! Americans are tough cookies: they just need the burdens of crushing taxation, crushing legal vulnerability and crushing regulation lifted off their shoulders.
But don't 'protect' your industries. You'll just turn them into somnolent parasites feeding upon the Government teat. GM is a perfect example of this.
Hope this was helpful.
On the subject of Gold/Silver on a budget: if you can’t buy 1 oz silver then high-silver dimes and other currency are well worth collecting.
If you can’t afford even silver dimes (or whatever legacy silver-rich currency is available in the States) then I recommend copper coins. Their copper content exceeds their face value. Even with melt-bans in place they’re going to make better currency than paper will in the days ahead.
And of course be sure to buy whatever hard assets and lay in whatever long-lived supplies you can: and take the usual “domestic precautions” that every FReeper knows about. You know about this stuff better than I do.
Which is why this author's premise is preposterous.
Collapsing the world's economy by dumping their dollar reserves would ruin the world's economy -- not just ours. We're better off trading with them than not.
Besides, they can just sit back and watch us destroy it ourselves.
Collapsing the American economy by dumping their dollar reserves would ruin the world's economy -- not just ours.
(How come "Preview" only gets through to my brain after I've hit "Post"?)
Yeah, they love their freedom of speech and revere their freedom of religion, but question them about giving up their right to exchange their own property without the government's permission and they go silent. Or call you a 'communist'.
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