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CEO Of One Of The World's Largest Energy Majors "Sees No Reason For Petrodollar"
The USA is fast running out of friends to support its 'exorbitant privelege'. Having alienated the Germans over NSA-eavesdropping, 'boomerang'd the Russians into de-dollarization, tariffed and quantitatively eased China into diversification, and finally 'punished' France into discussing the dollar's demise; it appears no lessor person than the CEO of Total (the world's 13th biggest oil producer and Europe's 2nd largest), believes "There is no reason to pay for oil in dollars." Clearly, based on Christophe de Margerie's comments, that we have passed peak Petrodollar.
Oil major Total's chief executive said on Saturday the euro should have a bigger role in international trade although it was not possible to do without the U.S. dollar.
Christophe de Margerie was responding to questions about calls by French policymakers to find ways at EU level to bolster the use of the euro in international business following a record U.S. fine for BNP.
...
"There is no reason to pay for oil in dollars," he said. He said the fact that oil prices are quoted in dollars per barrel did not mean that payments actually had to be made in that currency.
So even a major beneficiary of the status quo appears to see the end in sight for the Petrodollar.
As we showed only yesterday...(and have ever since 2010)... nothing lasts forever
Meanwhile, somewhere Putin is still laughing.
As Brandon Smith concluded previously with regard the 'anything but random' nature of th emore frequent discussion of the dollar as resever currency:
The dollar is no more invincible than any other fiat currency in history. In some ways, it is actually far weaker than any that came before. The dollar is entirely reliant on its own world reserve status in order to hold its value on the global market. As is evident, countries like China are already dumping the greenback in trade with particular nations. It is utterly foolish to assume this trend is somehow “random” rather than deliberate. Foreign countries would not be initiating the process of a dollar dump today if they did not mean to follow through with it tomorrow. All that is left is for a cover crisis to be conjured. Existing tensions in the Mideast signal a pervasive crisis, most likely an energy crisis, in the near term.
It appears that making friends and influencing people is the opposite of what America is achieving...at a time when it needs them the most.
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Problem is they set the moment the collapse happens so by that time they are all already working from their home office on the Mediterranean islands of Mallorca and Ibiza, or Sardinia and Corsica etc. Nice safe places from the mobs statesides. Not to mention great weather and lots of beautiful women to seduce with all the stolen precious metals in their Swiss bank accounts.
End even if the collapse happens before they plan it, its a quick helicopter flight over the cities with no stinger missiles to threaten them as they get to the private jets to a nice safe island getaway and their luxury yachts. From there they will watch TV as they see the 99% kill each other on the streets of the concrete jungles.
When perps can front-run 9/11. When its proven/ admitted that Fed minutes are released early to some, you can bet your bottom Philharmonic that The Collapse will be expertly and magnificently front-run.
You might think that, but I suggest you read up on what happened to Trotsky...chances are we will have a Stalin like figure appear in the US to stop the insanity.
RM,that's the shortest post I've ever seen by you! :)
Will our military come to our rescue and tell all others no you can't. We are the 800 pound gorilla, take away our bannanas and we will go off. Haven't we created our military to be this big for this reason? Intimidation rules.
That is why the military has been at least about 50% privatized, in order to try to catch up to the already about 99% privatization of the monetary system.
Amazingly (well, maybe not) these concentration camps on US Military Bases are being operated by Private Mercenary Contractors.
I, and later I found out, a buddy from back in the day were both approached by one of these companies. We both had interesting backgrounds and actually both of us served in S-2. I think they wanted intel operatives to interrogate the concentration camp prisoners.
There was also UN involvement, but I do not remember the exact details- this was 3 years ago!
I smell something fishy-- rotten fishiness.
Re. no you can't
That's what happened to Saddam, Gaddafi, others
But, difficult to play that card with Mother Russia and China and a growing posse of others.
The whole point of de-dollarization is to defang the enforcer military machine.
The Printing Press is the engine that enables war for plunder, the homeland police state and just enough swill from the pot to leave the sheeples complacently believing they're leading the good life.
Mission Accomplished!
America will soon be destroyed by those who hate America, i.e. B. Obama.
Good
Go for it Christophe. I wish you and the Euro well. Seriously, stop talking and just do it. I have never been more sincere. Stop talking. Yak, yak, yak. STFU you whining piece of shit AND JUST DO IT!! No ballz coward.
As soon as we started using dollar oriented banking system as a tool for punishment, its days were numbered. The power in the global dollar based banking system was not about punishment and coercion. There were always alternatives. All the world needed to move aways was a reason. And we have given the world nothing but reasons.
Absolutely.
I could never understand the idea of the mechanism to begin with. Perhaps some smaller currencies weren't liquid enough for huge trade etc. On the other hand, if i wanted to pay in Swedish Krona I could and should be able to. Why not? Why should the Swedes be forced to take dollars etc? This just doesn't seem all that groundbreaking to me.
You have to take it a step deeper and get into the pschology and motivations of all these various world leaders operating in a petrodollar world. Buying petroleum with you Swedish Krona is prohibited. Sure, on the day of sale you could do a conversion. But that carries additional risk. What if on the day you go to convert, there just aren't any dollars available for a variety of possible reasons you could not foresee? If we were talking about a cartel that only took dollars for some product with, I think the term is, elastic demand, like mangoes, the mangodollar, then we would just say, 'oh well, we'll buy mangoes some other day. Today we'll buy jack fruit'. But national petro imports for countries that need it, which is most of the countries in the world, is the Spice that has to flow ... or the modern economy stops. Dollars and only dollars come to represent paper-oil. In fact the only currency that can quickly be turned into oil imports.
As a result, everyone, to protect their most important trade, has to have a store dollar reserves.
Because they're all holding dollar reserves and trading in dollars any way, for convenience, for hedgemonic reasons, other currency flows for nonpetro trade are gradually replaced by the dollar trade.
BTW, This first came clear to me when I would enter poor countries, which at the time were on the fringe of the dollar universe and see first hand the high degree of official and unofficial USD demand. Things like 1yr USD CDs at 3x the interest rate available in the big px.
They need to buy fuel and don't want any hassles when they go to do so.
Finally, to finish the story, approaching the peak of dollar demand, our financial oligarchs stuffed the dollar system full of fraud and knowingly sold all the fraud to each of our friends and allies.
I think you are pretty spot on. What makes this situation work is that Saudi Arabia and the emirates are like basically unrecognized US states since they sell their hard earned oil in only dollars...Russia is breaking out right now and this can cause a headache by decreasing the need for dollars, but Russia, Iran(which is still sanctioned when it comes to oil exports?), and may be Venezuela cannot provide all the oil the world needs....so until almost all of the petroexproters agree that they no longer trade in exclusively dollars, or those that decide to not trade in dollars increase their production to match the demand the dollar will remain powerful. With that in mind it is obvious that the elephant in the room is the middle east...unless Venezuela can greatly increase production since they have the biggest reserves.
I truly appreciate the thoughtful response but it did not convince me. Well, one part was convincing: Buying petroleum with Swedish krona is prohibited. I know that and perhaps Sweden is a bad example. If I were from Norway, I would definitely sell oil in NOK, for example. I understand some big, bad wolf would come looking for me, but techically it is 100% possible and it is being done/explored.
If dollars were not available on a particular day? That would mean that dollars are not a reliable trading mechanism and would force countries to switch, as quickly as possible, to a more stable platform/currency. On the contrary, I think the FED makes certain that dollars are available at all times as opposeed to smaller currencies which may be illiquid/unavailable, as mentioned before.
In the past, I understand how the dollar was important. It was readily available, had a stable value etc. Today, there are so many payment mechanisms, alternative forms of energy etc., that I find it a bit backward.
I think what this really boils down to is that oil producing countries are paying protection money. Russia doesn't need protection and ,as such, is able to "stray".
Hey, I've benefited from the Petrobux thing myself. I'm not complaining, you understand. I just think that it is very easy to switch to something else in today's day and age as opposed to the past. The only thing preventing this switch is either someone's "psychology" or force.
Events are accelerating.
You are watching the overthrow and destruction of The Republic in real time.
So what pops up on the left ad column when I open this article, but that commercial for investing in oil exporation. You know, with that that smug mother wearing a cowboy hat? I wonder what currency they deal in? Perhaps its a domestic operation.
Was rather enjoying the Venus swimsuit ads there for a while. Not sure if they are marketing to females, or males who will purchase for their females, but the models are especially beautiful.
Edit: Haven't seen that Venus ad for days, but the minute I posted with this link two of them popped up on the page. Realtime monitoring for ad targeting? Wow.
Venus are bikinis for your moms!
Try these: http://models.TeenyB.com
Yawnnnnnnnn.....! Tired of waiting, want $ collapse now. Going to bed. Wake me when it happens. Good night.....
I don't get it when one can trade in USD but right after settlement dump dollars in the FX market to convert to local currency. What's the difference between that and trading in USD? The net demand for dollars is zero in both situations.
It may seem obvious, but I think the idea is not to trade in the USD at all. Period. Trade in local currencies, commodity exchange, IMF SDRs (Special Drawing Rights)... anything but the USD. Thus NO demand for $$.
no trade in dollars = no demand for dollars = no having to suck up dollar inflation
if/when it comes who knows what the worst will be but even the best outcome means a drastic reduction in the ability to maintain the deficit at current levels.
so in simplisitc terms if you define the deficit as the welfare state plus the warfare state then the decision will be how much of each to cut
then if you figure they'll want to retain as much of the warfare state as possible that will mean big cuts in the welfare state - which means a repressive state to stop the cities burning down
so that points at the US becoming a bit like the soviet union used to be because it had a military too big for its economy (except with private corporations instead of soviet-style state corporations)
which means most people who read this site will prob end in a camp :)
If you are caucasian, you will end up in a camp, and you will be liquidated.
Same for Christians of any race, most Jews and veterans of the Armed Forces.
You may get a pass if you are homosexual, have sex with animals, or can recruit young children for the Leaders' pleasure.
You forgot to add necrophiliacs for the passes.
The exorbitant privilege has been a great thing for the government. It has been able to sell debt and spend wildly. Atrillion is just a number to the government. The problem has been for the average American. Yes we got cheap gas and we were made crazy promises that could only be kept if things went on forever. The pric3e we paaaaid was a currency thatt wass so strong our manufacturing could not compete on the world market. We lost it all.
Robert Triffin saw this coming and told Congress in 1960. The decision was made then I would guess to go for over printing. As long as the extra cash was being stuffed iiin the mattresses of the world's central banks it did not come back hhhhome to cause the hyperinflation it would have in any other country.
Now we are there. The fed does what it can to silence the alarms and keep up appearances but the end of the dollar is near. I do not see a way it can survive. All debt will be gone with it as debt is the very essence of fiat currency. And no...they will not find a way to make some debt stick. The French tried that back in the 1790s with the assignants and mandants....all debt has to go.
This wwwwill probably be quick and brutal. Hang on to real wealth.
Oh...that future reserve 'currency'...it will be gold. It won't be worth just $1300 either. For gold to function as the new reserve gold has to be 2 things. It has to be physical only and it has to have a much higher purchasing power.
Thiis has been obvious for a long time but only to those who demanded full and logical answers.
keyboard is stuttering.
Yes, hang on to real wealth. I agree that our Fed will just push events to a bitter end. But, my guess (guess!) is that the Europeans, Japanese and everyone else will all fall down too.
Just IMO.
I agree, DCRB. If the US had not let all its manufacturing go overseas, we would not be in this jam.
Of course, that is not the plan of the Money Powers.
The only thing you can do is keep some other currencies in the safe and a lot of PMs. That is all a regular person can do.
When I was going thru the UK a while back, they were beefing about inflation. When I got back to India, prices were getting jacked on fuel, concrete, and a lot of other stuff. Inflation is world-wide. The US lies about it domestically, but in these other countries they are raising hell. All the builders here (which affects my work) are revolting against supply costs.
What is going on in Peru w/bearings? Are your costs up, too? My construction costs are going up too fast.
If it all was run logically in this world, yes a bi-metallic reserve currency would return, but that will not be allowed to happen, because the people in control will front-run and keep the priviledge to print. Matters not wether it is SDR's or anything else. It's just too sweet to own the way to fabricate money.
The future reserve currency may very well be gold, but if it is you can bet your last ounce that the people won't be allowed to own it. It will be "reserved" for the Lords, Ladies and other VIPs, who will claim they are "protecting" us.
There is reason to believe that ultimately there will be a fascist government much like Germany, Spain and Italy of the 1930s. The ones with the guns had the gold. Everyone else had both their guns and their gold confiscated. If they resisted, the rest of their property was confiscated and there were places they were sent to (not necessarily alive). This WILL happen in the USA if there's a large scale dollar collapse.
What's telling is that there are an increasing number of articles coming out these days in the MSM that ZH quickly references (thanks!), but there's no official word to counter or otherwise, such as back in the late 2000's of statements of a 'strong dollar policy'.
Two words come to mind: silent acquiescence.
The winds of change have arrived.
"BRICS bank will start lending within 1-2 years from now...The five countries are negotiating to fund the $100 billion development effort equally."
http://thebricspost.com/brics-bank-to-start-lending-soon-brazil/#.U7jfBb...
USD not required.
I take a little of each paycheck, go down to the FX and get Yuans, Rubles, and Pounds. Actually, come to think of it, I have no greenbacks at all, the rest is in rupees. I am thinking of opening a Swiss account and put Francs in it. I am trying to figure out which currency will devalue the least vs. dollars and denominate the account in that currency.
Why not? Everyone else is getting rid of dollars. Besides, I suspect The City will fuck the Yanks and join up with China.
Of course, PMs are your best bet, but I keep losing mine.
By the way, Gold, Bit-Chez!
Look at the Norweigan Krona.
Oil/energy backed,no debt,stable politics/country.
Safer than Swissies, IMO.
If they somehow do SDR's,the Krona will come out well.
This is what Obama meant when he told Medvev to tell Putin that he would have more "flexibility" after his re-election. Do you think of all this is by chance or through incompetence? This is how they will bring down the USA, and every President since FDR has been in on it {slowly turning the US into a socialist state, and bringing about global governance.} Once the US$ looses it's world reserve currency status, the dollar will be folded into the new global supra currency. This is what the Kenyan has meant by his slogan: CHANGE.
Great observation! The current unopposed invasion of the US homeland (all federal forces were ordered to stand down, a direct act of Treason) equates to a levy of War against the United States.
Under cover of the noise, Bath House Barry has directly committed Treason. He has ordered the surrender of US Forces (Border Patrol, National Guard). His army, the "DHS" has usurped Constitutional Law, and is now engaged in the overt overthrow of the US Government while the vaunted, "loyal" US Armed Forces do absolutely nothing to uphold their Oath. The US Armed Forces have abandoned the American People to the Barbarians. We now know the reason for the Stalin-esque purge of the US Officer Corps. One can only hope those officers are in clandestine contact with each other.
You must shake off the normalcy bias. We are under direct attack.
I think the next stop is the NAU/Amero monetary unit.
Enemy forces have control of the Mass Media. They have neutralized both houses of congress. When it sinks in to Joe America the "president" has betrayed the United States, we will find out who the next inhabitants of the concentration camps are, and how fast the DHS can use that ammo stockpile against Americans.
This is a move a guy like Adolf Hitler or Stalin would admire! The Bath House has stated in no dubious terms he is going to rule exclusively by EO, unless he gets a rubber-stamp from the neutered Reichstag.
You have to admire the audacity of such a plan. Men like Bath House Barry, warped, perverted, evil bastards, are creatures who simply like to watch the world burn.
I think within a year, the United States, as it has been for over 200 years, will cease to exist.
*****
Somewhat off-topic, but I have been banging several servers after they have begun showing 404 messages for this website, Infowars, Beck's news site, and a couple of others. The result of my detective work: These servers are managed by Google/Gestapo.
I would like to hear if any others have seen the same messages. Apparently, these sites and other alternative media are killed if they propagate thru a google-O&O server.
There are numerous ways around it, so not a problem---yet. The 404 message says something to the effect "this website does not exist, that is all we know." which I thought was a snarky message.
-30-
But, but ,but wait....
Boner said he is going to SUE.... So we will all be safe soon, once he files his Brief!
X22 Report channel taken off youTube (yesterday?)
I am interested in all this electronics the US invented - do you have a listing ? I am also fascinated how much the US lived off the research and personnel from Europe fleeing Big Government to develop technologies and whether their successors might flee Big Government in the USA or simply kow-tow and work for it.
The USA looks a bit like the USSR nowadays with Nomenklatura in control and Gulags -- Virtual and Real
;-)
as much as i principally agree with the sentiment, i love how tyler left this contextual quote out:
How does "exorbitant privilege" become "exorbitant privelege"?
How does Cristophe Margerie step outside the Oil petrodollar cabal and stay in Iraq?
Is he now playing Putin's stalking horse in the energy-monetary combined great game thread. If so then the Oil cabal of Seven Sisters cum Aramco fame -- Along with its Arab monarchy sister states-- is getting battered by the fact that China is now more and more their biggest client.
Ha, ha...when thieving Oligarchs fall out.
Just a reminder : Total; alike Shell and BP in Nigeria, Libya and Sudan; in the context of Francafrique politico-economic Gaullist construct-- under head ideologue and french hit man Jacques Foccart-- created the biggest rip-off of black wealth from Gabon/Braza-Congo and Kinshasa-Congo over 40 years. 300 Billion $ of countries's wealth just disappeared into the Swiss/Caymanista banking world to feed the Corporate cum crony political profit pump-- a handful of super oligarchs and their political clans.
Hey Presto! Now ain't that the Oligarchy Zeitgeist of the times?
That model is still operational as these crony baloney stooge governments of Africa continue to rape their own people to the benefit of the Western Corporate Oligarchies in an accelerated fashion.
(Ask yourself WHY over 7 million Africans have died in the Congo proxy wars for mineral resources since Kagame's victory in Rwanda and incendiary payback to Hutus and their Congo allies with the help of neighbouring Ugandan thug head man; under the Pax Americana "spooks and gooks" shaded umbrella--Ask yourself WHY the MSM of west never talk about this "ethnic cum corporate cleansing" of huge proportions. Has it anything to do with BHP/Glencore/ Oil lobby / Areva/Monsanto/Dow--now the Chinese and Indian behemoth-- interests?).
hush hush now.
we don't want the boat to rock. ;-)
This does appear to be heading toward a shift of possibly historic proportion. The end of the petrodollar would signify a paradign shift in international financing.
Look at it this way. The demise of the petrodollar will solve America's immigratin problem.
Yep we will be begging the illegals to bring their Pesos to help the economy
Total is a French run company....... another slap in the face for the $9 billion dollar BNP fine.
The largest army on Earth is going to weigh in on this topic sooner or later.
Wouldn't want to presume, but as Total is a French mafia*-run company, I was wondering if that was not another retaliation for the BNP thingy the Americans saw fit to slap on the French?
*bearing in mind all big corporations are run by mafias.
Once QE and ZIRP and all the other desperate actions stop keeping the ship afloat here is what Plan B is:
A) First you have to identify what the desperate actions are fighting against:
THE PERFECT STORM (see p. 59 onwards) http://ftalphaville.ft.com/files/2013/01/Perfect-Storm-LR.pdf
The economy is a surplus energy equation, not a monetary one, and growth in output (and in the global population) since the Industrial Revolution has resulted from the harnessing of ever-greater quantities of energy. But the critical relationship between energy production and the energy cost of extraction is now deteriorating so rapidly that the economy as we have known it for more than two centuries is beginning to unravel.
B) What will the elites do --- and why?
When things unravel the elites will most certainly not stand by and allow complete chaos to overwhelm them --- they will definitely be trying to influence the outcome ---- they will most definitely want to cull the population drastically. That MUST happen because 7.2 billion people CANNOT be fed post oil. Here’s the plan:
1. Declare martial law ensuring that anyone who resorts to violence to obtain food is quickly smashed down (the NSA already knows who the potential trouble-makers are):
- you have seen the militarization of US police forces:
http://www.economist.com/news/united-states/21599349-americas-police-have-become-too-militarised-cops-or-soldiers
http://online.wsj.com/news/articles/SB10001424127887323848804578608040780519904
- Homeland Security has purchased 1.6 rounds of ammo “some of this purchase order is for hollow-point rounds, forbidden by international law for use in war, along with a frightening amount specialized for snipers” http://www.forbes.com/sites/ralphbenko/2013/03/11/1-6-billion-rounds-of-ammo-for-homeland-security-its-time-for-a-national-conversation/
2. Make no effort to feed anyone other than military forces and other key people (and themselves of course)
3. All petroleum reserves to be used only to enforce martial law - and maintain key infrastructure (e.g. keep nuclear plants and fuel ponds from melting down)
4. Wait until most people are dead.
5. Pick up the pieces
C) Conclusions:
Ø I am more inclined to hold gold --- because if the above is correct --- it is highly likely that gold would remain a store of wealth in the new paradigm (but gold will be of no use initially --- only if you survive the multi-billion person die-off)
Ø having a stockpile of food and water to survive at least 3 months will be crucial --- the only way to join the 'elites' in the 'brave new world' would be to outlast the billions who will starve to death
Ø having productive land goes hand in glove with the above - and martial law might ensure that you are left alone to grow your food -- while the 'elites' carry out an accelerated die off by not feeding anyone --- and not allowing them to access food stores and farms through violence.
Did you skip breakfast again?
Get a good sailboat and learn how to fish, sail to a small pacific island till the shit blows over. Then sail back into civilization
I see so many 30 somethings that are so lazy they cannot even cut their own grass. THey want coach, BWMs and the good life while not caring about racking up debt.
The rest of the world will get tired of supporting the privilaged spoiled brats of the world in the US where everyone wants to live like the Kardashians.
i dont wanna live like kardashians.
years ago i would only wanted to fuck some, eventually.
Every one of those whores is a coal-burner!
The beasts they like to fuck will eventually resort to their nature and beat them senseless.
I'm a 30 something....I mow my grass (with a push mower). I do all of my own yard work. My friend girl showed me a post of one of my friends from Facebook.....she and was asking if anyone mowed grass/did yard work..?? I know she and her hubby are able...but they like the 'good life'. Traveling every weekend, extended vacations, etc, etc. No time for the menial tasks....i think both of them together working bang out a low middle class existence...but I bet 100% they have no savings whatsoever. I bet it is paycheck to paycheck. And they want someone else (probably a fucking illegal alien) to do their yardwork.
This pisse me off, becuase if something in the system bobbles they will be first in line looking for a government (aka my labor) dole.....
I mow my grass with a reel mower now as a late 40 something. I get to do it at 6:30AM before the city ordinance allows power equipment plus it's still cool outside. I got my Honda self-propelled fixed by a shade tree guy for next to nothing. It's amazing how much cheaper things are when one can cut out the middle man.
I still like the reel mower better as it helps me further starve the beast by not needing any fuel. I'll still use the Honda a couple times a year as reel mowers are limited in what they can cut. The lawn look fucking great though!
The best part was when my former yard guy shows up this Spring sporting an Obama shirt. Obama screwed me in so many ways I cannot count them so now his supporter gets to feel the pain. Too bad he's too stupid to make the connection. Moral of the story is don't wear pro-Obama stuff when out looking for work.
That is a good thing - because the cull will involve billions - and these will be the first to go.
Think of it this way, better THEM than you.
I was talking to my boss about things like debt and life in general telling him I am nearly out of debt and have no desire to take on debt for things like a better truck or whatever. He says to me, "we are only here for a while so you might as well tear the ass end out of it". I guess it makes sense and he is right, but I also think that is the type of thinking that got us in trouble in the first place. So, I live within my means. At least I try to. It is hard sometimes...
"Investigations," fines and sanctions against Total in 3..2..
But what if they simply refuse fines, sanctions, etc? Will 0bamao invade France and take them? hell no
Obviously the same thing is going on with Bretton Woods and the petro dollar: nations are just saying f-you, we're not playing your game anymore.
Game over.
The USD, and by extension the USSA, is dead man soon to walk, after much talk...
The world is SICK of our military going into every country on earth, sticking a gun in their faces, killig their citizens, and demanding their natural resources. When you have the biggest military in the world WHY trade peacefully with other countries when you can stick a gun in their face and steal all their shit? The world has FINALLY figured out we get our power from the EVIL dollar. CRASH THE DOLLAR and rid this world of evil.
Forget the Petrodollar
Embrace the PesoDollar
That's right lil' fellers your duller will be worth 1/14 of what it buys now but your mortgage will still be full price because the banks own Washington.
Reverse Citizens United
Well could this banker be the next victim of suicide? This will not end well for him...............
The Petro dollar is dying, and we do nothing, oh wait, sorry! Barry is doing everything he possibly can to take down America. You know, ol George Soreass said it...
The US is the last impediment to world peace and financial stability....or something like that. He wants open borders for a reason, so as to flood the country with communist (read democrat) voters, or fighters?
If the Petro dollar dies, we die, got that? Then you fuckers who want anarchy and martial law will have your little wet dream.
I am not the fittest any more, but I will surely defend what is mine, and my family...Molon Labe communista, I will fuck your wet dream up BIG TIME!
Reserve currencies die regularly. None of them last forever, not even Romes. When it happens, it spells doom for the banks and headlines read dissaster. But notice; the people end up doing very well, because deflation is a debt jubilee, and the debts that the people spend so much labor servicing dissapear.
Of course there have been cultures who deliberatly held debt juliblees every seven years, and their currencies were stable for hundresds of years, but our current bunch of leaders are obsessed with control and deflation makes bankers feel humble.
This is why readers on Zerohedge and elsewhere seem to like the idea of the dollar collapsing. We know its inevitable and needed for peoples freedom. It will be painful, but we just want to rip the band-aid off.
I can respect those comments Rhal, but it will be STAGFLATION that hits us, not deflation. There are WAY TOO MANY $ out there for deflation to happen first. It may become deflation, but only after massive inflation first.
Ya, staqgflation on mainstreet is what will hurt the people most. In fact I think it already is.
But already inflation and deflation are both happening on wallstreet. Its like a bathtub; the fed is pumping money in as fast as it thnks it can get away with, but at the same time bankrupcies and defaults are opening the drain and money supply is shrinking at the same time. I have no idea who is winning day to day, but eventually the tub always drains and a new monotary system will be needed.
Iv'e been saying for a while that everyone in Europe and North America should plan a bankrupcy. We need to find out what debts get wiped out in bankrupcy court and plan on wiping out our personal debts. It sounds like cheating, but if everyone did that the whole mainstreet economy would be better within two years. :)
I have seen that diagram of the reserve currencies many times.
One question keeps coming up, why is Germany or its tribes never been reserve currency?
Does it have anything to do with Is their present penchant of balanced budgets?
Anyone?
Reserve currency status usually follows that country expanding into a trade empire. Germany did try to expand in WW1 and WW2, but Britans trade empire was still too strong and other countries still chose the Sterling (and of course Germany lost the wars.).
Considering that the British royals and the Rothschilds are originaly German, it make me wonder if perhaps Germany is on top in subtle ways. What back-room-board meetings have they had the last say?
Ok someone explain the US gov rationale here. They obviously know they are fucked but why are they deliberately trying to provoke a dollar crash, instead of delaying? Also, what advantage was there in announcing that five chinese generals were spies when they knew that would just kill the ability of US companies to sell software and hardware into china. Somewhere there is a rational reason but I am fucked if I can see it.
The United States of America would be well advised to take
a different tack on global relationships in business today.
The USA is seen as a major aggressor in world affairs and the global village is tired of American regression towards
Empire building and world domination through proxy wars that serve American hegemony. Enough is enough when it comes to American greed and hubris en masse. American psychopathology has reached a point where friends are starting to think the time has come to put that poor old dog
out of it's misery. Americans need to know that if you are not with us you are with the terrorists and the terrorists
are American Central Intelligence Agency directives that serve American interests and not ours!
OCCUPY THE TERRORIST CENTRAL INTELLIGENCE AGENCY - OCCUPY
EVERYTHING except CANADA or my parking spot.
Given the way things are running in this country, it seems to me the alienation of the Germans, the mishandling of the Russians, and the ruination of the dollar are all deliberate strategies to destroy the United States. We have an oligarchy trashing our country. We need to take the fight directly to them, personally.
Speed up the trip to the world currency, of their choice?
I think all these headlines can be placed under the umbrella of; U.S. pissed off the French/The Financial War:
- French stock market watchdog frustrates acquisition by GE, Alstom (google trans from Dutch) http://tinyurl.com/kfh4tn6
- Total CEO calls for bigger euro role in oil payments http://www.reuters.com/article/2014/07/05/idUSL6N0PG0E720140705
- France’s Noyer Says BNP May Prompt Shift Away From Dollar http://www.bloomberg.com/news/print/2014-06-11/ecb-s-noyer-says-bnp-may-prompt-shift-away-from-dollar.html
In the 1950s, you could travel the world and people would eagerly accept a US $20 dollar bill. Now, they're NOT so eager. Is this trend reversible? No! Will it accelerate? Yes! The question is, how fast?...
You can still do the same with a gold coin, not just in the 50s and now but back in 3000BC up until now
The days are numbered for the Dollar being the world's currency. We Americans are going to wake up one day to a big world of hurt when that happens.
The great depression era is going to pale in comparison.
the congregation for the US is leaving it's pews
the headship has lost it's covering
we need to be careful and wise and not wait to be told what to do
It really doesn't matter. The people who buy oil are global, not national, and they'll buy it according to terms set by the sellers. The days of fiat reserve ruling the world ended in 2008. It's already over. And it's not the end of the world for the U.S. which itself is a global "nation". BTW, BTFD.
When all the worlds currencies act in concert, the new world currency has already been established. All that is remaining is to finalize it for productivity benefits of one set of paper...
Np biggie, we just change the name to Hellfire-missile-dollar
Ya know what. This is a good thing. It's about time we clean up our own pen. Extreme Nationalism following a collapsing currency while the rest of the world looks the other way sounds like a good idea to me.
Where would French trans national corporate business be without the US military?
There wouldn't be any, zero, Nada zip zippo, not even reactor sales to Iran (because we'd take that too).