When You See This Happen, You Know It's Game Over For The Dollar

Tyler Durden's picture




 

Submitted by Simon Black of Sovereign Man blog,

Exactly 70 years ago to the day, hundreds of delegates from 44 nations were busy at work in Bretton Woods, New Hampshire creating a brand new financial system.

World War II had just ended. Europe was in ruin.

And since the US was simultaneously the largest economy in the world, the primary victor in the war, and the only major power with its productive capacity intact, it was easy to dictate terms: the dollar would dominate the new system.

Every nation would hold dollars as the primary reserve currency, and the dollar would be redeemable for gold at $35/ounce.

Also, global commerce would be conducted and settled in dollars, and these settlements would clear through the US banking system.

Naturally this created substantial demand from foreign governments who needed to begin accumulating dollars for trade and reserves.

So through a variety of programs, from the Marshall Plan to the IMF and World Bank, the US began flooding the world with dollars.

Initially everything went according to plan.

But soon the US government realized something important– foreign demand for the dollar was so strong that they could get away with printing more dollars than they had gold.

This allowed them to run all sorts of deficits and spending initiatives– more war, more welfare, more waste… all with minimal accountability.

Initially the consequences were insignificant.

Sure, the price of gold in London was a few dollars higher than in the US (they called this the ‘gold window’).

But demand for the dollar was still strong. So why bother changing?

By 1971, the situation had gotten far worse. Another decade of war, excessive spending, trade deficits, and money printing had pushed many foreign nations to their breaking points.

Foreign nations’ dollar reserves far exceeded the US government’s gold holdings. And with confidence waning, many began redeeming their dollars for gold.

Only days later, Richard Nixon put a stop to this and unilaterally terminated the US dollar’s convertibility to gold.

Think about the magnitude of this decision: Nixon was effectively defaulting on US obligations to the rest of the world– a complete betrayal of their trust.

Yet despite this massive shock that reset the global financial system, the dollar somehow managed to remain the world’s #1 reserve currency.

You’d think they would have been grateful, thanking their lucky stars that the rest of the world gave them a second chance. But no.

Over the past 43 years, the US has continued to print, devalue, and mismanage the dollar.

  • Along the way, they’ve created epic bubbles and financial shocks.
  • They’ve run up the biggest deficits and debt levels ever seen in the history of the world.
  • They’ve bickered internally to the point of shutting down government.
  • They’ve passed arrogant, painful regulations and commanded the rest of the world to comply under threats tantamount to financial homicide.
  • They’ve unleashed their tax and securities authorities to terrorize anyone doing business with the US.
  • They’ve totally ignored foreign pleas to restructure the IMF and World Bank.
  • They’ve slammed foreign banks with record fines simply for doing business with nations that the US doesn’t like.
  • They’ve waged pointless wars. They’ve spied on their allies. They’ve meddled in other nations’ affairs.
  • And they’ve demonstrated absolutely no willingness or ability to improve.

Simply put, other nations are done. Fed up, really. And it’s not just words.

Consider that in a matter of months, the US will be overtaken by China as the world’s largest economy.

Not to mention, the total combined GDPs of China, India, Russia, and Brazil are roughly the same as the US and EU combined.

Just as the US was the biggest player back in 1944, China is the biggest player today. So it seems clear that the renminbi will become a critical component of a new financial system.

The renminbi already has experienced rapid growth as a dollar alternative for trade; in May, cross-border settlement surged 52% from the year prior.

Renminbi settlement banks are being set up from London to Canada, and the central banks of both France and Luxembourg have signed agreements for renminbi clearing.

There have already been numerous Western companies (like McDonalds) that have issued renminbi-denominated bonds.

And even the provincial government of British Columbia issued a renminbi bond earlier this year. It was a whopping five times oversubscribed.

I’d expect within the next 2-3 years we’ll start seeing trade settlement in renminbi, even when none of the parties are in China.

Today, for example, a transaction between a Paraguayan merchant and a company in Angola will likely settle in US dollars.

Soon, I think we’ll start seeing that transaction done in renminbi. And once that happens, you’ll know it’s game over for the dollar.

Shortly after, national governments in western countries will issue renminbi bonds (perhaps Greece or Portugal will be first). And eventually, even the US government itself.

Today, 70 years after Bretton Woods, leaders from China, Russia, India, Brazil, South Africa, and several other nations are hard at work in Fortaleza, Brazil creating a new development bank that will compete against the US-controlled World Bank.

This is a major step in an obvious trend towards a new financial system. Every shred of objective data is SCREAMING for this to happen.

It’s a different world. Everyone realizes it except for the US government, which is still living in the past where they’re #1 and get to call all the shots.

The consequences of missing this boat are enormous, and it’s going to be a rude awakening for anyone not paying attention.

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Wed, 07/16/2014 - 18:32 | 4964707 InjectTheVenom
InjectTheVenom's picture

GOT GOLD ?

Wed, 07/16/2014 - 18:40 | 4964728 gh0atrider
gh0atrider's picture

70 years this week.  Remember you "drop the zero".  The magik seven.

 

http://youtu.be/QYmViPTndxw

Wed, 07/16/2014 - 18:50 | 4964776 economics9698
economics9698's picture

Let’s not forget the tribe fought a war in Vietnam where 50,000 American men lost their lives with no intention of winning the war.  The sole purpose of the war was to get the USA off the gold standard so the tribe could fuck the finest whores they wanted to in NYC.  And they succeeded led by Freidman.

Their leader McNamara, promptly job a job at the World Bank after his Secretary of Defense stint was up.  Kissinger stepped right in there to continue the goyim slaughter.  And let’s not forget Meyer’s capitulation in Fallujah, Iraq for the sole porpoise of prolonging that war for the tribes benefit.  Once a tribe member always a tribe member.  Same shit, dead people, more debt, different year.

Wed, 07/16/2014 - 18:53 | 4964794 gh0atrider
gh0atrider's picture

Dig up LBJ and toss him in the jungle too.

Wed, 07/16/2014 - 19:03 | 4964835 Publicus
Publicus's picture

Checkmate.

Wed, 07/16/2014 - 20:10 | 4965061 max2205
max2205's picture

It's all Chinese to me..

Wed, 07/16/2014 - 21:53 | 4965351 MontgomeryScott
MontgomeryScott's picture

I have said this very recently in other story posts, and I will say it again.

Simon Black, the 'prognosticator' is being WAY too optimistic. Two to three years, huh?

BRICS just opened their settlement trade reserve bank according to the announcement made yesterday (and posted over here on ZH). There are other currencies to consider besides the 'Renimbi'. It's simply one more Chess peice in the end-game.

Do you think that the combined populations of these five nations (est. three BILLION) will really give a shit about the USD in a few weeks? 300 million... three billion... They will offer GOLD and SILVER and currencies BACKED by these commodities to OPEC in order to keep the oil flowing to their respective nations (Russia doesn't seem to have this issue, but all the rest surely do).

Still mulling over the Brazil thing, though. I suppose when the tranny hookers decide to take Yuan and Rubles for 'settlement of trade' when their acts of trade are completed, then the USD will be declared 'officially' dead. (obligatory sarc tag inserted HERE)

As this article points out, the USD was DEAD in 1971. The funeral arrangements seemed to have taken longer than expected, however. Kissingerkissingerkissingerkissingerkissinger president kissinger... Fucker's still alive, too. ZOG makes a deal with the House of Saud, and 'viola!', OPEC accords!

Sharif don't like it.

http://www.youtube.com/watch?v=bJ9r8LMU9bQ

If you want to see a REAL sign of the end of the USD, watch for the announcement of the END OF THE OPEC ACCORDS of 1971 by the Oil Proiducing Exporting Countries en toto.

The paper currency not backed by shit will not buy shit. Another sign will be the sudden and massive sell-offs regarding holdings of USFEDRES paper.

Simon Black; while perhaps focused on the 'financial' side, actually doesn't understand the macroeconomics of it all. As long as USD buys OPEC oil, then everything's hunky-dory. When OPEC pulls the 'magic rug' out from under the feet of the fiat USD, then the death rattle will be sudden, and terminal. I suppose in the sense that 'trade settlements' in 'other than dollars' will be accepted by ALL members of OPEC, he might be correct in pointing this out.

Simon Black don't know dumb. Not that I would disagree with him if everything else wasn't happening at the same time, but his prediction of a timeline cannot be taken as accurate due to other extenuating and unpredictable circumstances.

 

You KNOW I'm correct.

JUMP, YOU FUCKERS! YOU did this to the world, and yours is the guilt! BANKERS, finacial fucking traders, fiat-currency manipulators, war PIGS!

http://www.youtube.com/watch?v=yge311sFhC8

 

 

 

Thu, 07/17/2014 - 01:14 | 4966106 walküre
walküre's picture

In theory and by their own counting, the US still holds the world's largest gold reserves.

When the SHTF moment for the US arrives, they can simply revaluate gold to such a degree that the paper is backed again.

Whatever happens, both sides of the future pancakes are golden and I like it!

 

Thu, 07/17/2014 - 02:00 | 4966186 Gief Gold Plox
Gief Gold Plox's picture

I don't like Simon's writing and chances are I'd dislike him if we ever were to meet.

It is utterances like "Everyone realizes it except for the US government" that keep on reinforcing my view of him being a pompous arse or to naive to grasp a very simple proposition, that the Government will do what's in it's best interest, not it's constituents'. Self-labeled the "Sovereign man", the former seems much more likely.

 

Thu, 07/17/2014 - 02:21 | 4966214 Arius
Arius's picture

The envy of a pompous, naive Britt ...

the world has changed from the days of the birtish  Empire is not the same ... get a grip and get a life!

Thu, 07/17/2014 - 02:46 | 4966249 Gief Gold Plox
Gief Gold Plox's picture

I'm not British, but I do adore the language. So thank you.

Thu, 07/17/2014 - 03:52 | 4966341 tumblemore
tumblemore's picture

I think they've sold the gold over the years to keep the dollar's value up.

 

 

Thu, 07/17/2014 - 08:07 | 4966623 Global Observer
Global Observer's picture

In theory and by their own counting, the US still holds the world's largest gold reserves.

When the SHTF moment for the US arrives, they can simply revaluate gold to such a degree that the paper is backed again.

Clever. But won't work. A different currency (or a basket of them) will replace the US$ in international trade and there won't be anyone outside the US accepting the US$ as payment whether it is "backed" by anything or not. At that point, if the US continues to need to run trade deficits, they will have to do so by transferring gold to acquire the reserve currencies and they won't be devalued against gold meaning the gold reserves of the US won't take long to get depleted.

Thu, 07/17/2014 - 03:50 | 4966337 tumblemore
tumblemore's picture

"As long as USD buys OPEC oil, then everything's hunky-dory. When OPEC pulls the 'magic rug' out from under the feet of the fiat USD, then the death rattle will be sudden, and terminal."

 

A dramatic decline in the use of the dollar for settlement of trade even while the petrodollar still exists might be a slow puncture rather than a fast one but it will still be a puncture.

 


Wed, 07/16/2014 - 19:09 | 4964850 negative rates
negative rates's picture

Something is not right here, these same countrys needed dollars to trade and save, what did they pay with when buying dollars and what happened to it so few years later as to cause a default of the gold standard. They didn't simply print more dollars for themselves and hide it from everyone until the gold standards camels back broke,somethings missing that's been paid for. That same thing turned into the good faith and credit of the Fed which has now run amok and lead to hyperinflation as the Fed tries to inflate their way out. Out of the failed Fed experiment.

Wed, 07/16/2014 - 19:23 | 4964914 F0ster
F0ster's picture

No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emitBills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts

The tribe went to war with the US constitution. It's time to defend the constitution.

Wed, 07/16/2014 - 19:45 | 4964977 CognacAndMencken
CognacAndMencken's picture

 

 

Defend the Constitution?  That 200+year old document, written by people who lived one notch better than cavemen?  Let me guess.... you're one of those guys who take the Bible literally, as well...?

Even Thomas Jefferson said that no Constitution should be held in perpetuity. 

Evolve... adapt.  Any society that fails to adapt to the times will face the same certain fate as animals who ignore Darwin's push. 

Wed, 07/16/2014 - 20:06 | 4965039 in4mayshun
in4mayshun's picture

My brain hurts from trying to comprehend how ignorant you are.

Wed, 07/16/2014 - 20:20 | 4965102 SunRise
SunRise's picture

Cognac - lay off the bottle and listen please:  Until values arise from somewhere other than the human breast, the Constitution will be valid, because no man or womans values are superior enough to any other person's values to warrant the initiation of force against another person; hence, the inalienable right to life, liberty and the pursuit of  happiness.

Wed, 07/16/2014 - 20:39 | 4965150 CognacAndMencken
CognacAndMencken's picture

 

 

That's not what Thomas Jefferson believes.  Why are you challenging the principlal author of the US Constitution?

Wed, 07/16/2014 - 20:50 | 4965184 americanreality
americanreality's picture

Dumbwaiters were all the rage in caveman societies.

Wed, 07/16/2014 - 20:55 | 4965198 Truther
Truther's picture

Let's have you drink another bottle of cognac and see you naked before I believe you. Must be something in it and your liver is smoked.

Wed, 07/16/2014 - 23:23 | 4965735 Zeta Reticuli
Zeta Reticuli's picture

Isn't he dead? So how do you know what he thinks?

Wed, 07/16/2014 - 23:52 | 4965848 CognacAndMencken
CognacAndMencken's picture

Perhaps you're not aware of this, but one does not necessarily have to employ tarot card readers and/or Pat Robertson to to know what the founding fathers believed.  They wrote letters, journals and essays on all sorts of topics.

Here is Thomas Jefferson's letter to James Madison in 1789, where he clearly states that no single constitution should bind a nation for perpetuity. The laws of the land should change with generations.

http://press-pubs.uchicago.edu/founders/documents/v1ch2s23.html

 

Thu, 07/17/2014 - 00:20 | 4965975 Oscar Mayer
Oscar Mayer's picture

The Constitution does not bind the nation, it is supposed to bind the government so the nation may flourish.

Thu, 07/17/2014 - 03:45 | 4966334 DontGive
DontGive's picture

This dude/dudette may come off as a super troll, but he/she/it has a very good point. Read the link he provided.

Here's some crumbs:

To keep our ideas clear when applying them to a multitude, let us suppose a whole generation of men to be born on the same day, to attain mature age on the same day, and to die on the same day, leaving a succeeding generation in the moment of attaining their mature age all together. Let the ripe age be supposed of 21. years, and their period of life 34. years more, that being the average term given by the bills of mortality to persons who have already attained 21. years of age. Each successive generation would, in this way, come on, and go off the stage at a fixed moment, as individuals do now. Then I say the earth belongs to each of these generations, during it's course, fully, and in their own right. The 2d. generation receives it clear of the debts and incumberances of the 1st. the 3d of the 2d. and so on. For if the 1st. could charge it with a debt, then the earth would belong to the dead and not the living generation. Then no generation can contract debts greater than may be paid during the course of it's own existence. At 21. years of age they may bind themselves and their lands for 34. years to come: at 22. for 33: at 23. for 32. and at 54. for one year only; because these are the terms of life which remain to them at those respective epochs.--But a material difference must be noted between the succession of an individual, and that of a whole generation. Individuals are parts only of a society, subject to the laws of the whole. These laws may appropriate the portion of land occupied by a decedent to his creditor rather than to any other, or to his child on condition he satisfies the creditor. But when a whole generation, that is, the whole society dies, as in the case we have supposed, and another generation or society succeeds, this forms a whole, and there is no superior who can give their territory to a third society, who may have lent money to their predecessors beyond their faculties of paying.

And the part which strikes a bone in most here:

The constitution and the laws of their predecessors extinguished then in their natural course with those who gave them being. This could preserve that being till it ceased to be itself, and no longer. Every constitution then, and every law, naturally expires at the end of 19 years. If it be enforced longer, it is an act of force, and not of right.

Does this mean we are waaaaaay overdue for a debt jubilee or am I too drunk to comprehend? Stick that generational debt up the pooper, bitchez!

Thu, 07/17/2014 - 02:11 | 4966191 teslaberry
teslaberry's picture

while i tend towards constitutionalism, having gone to law school and been around both idiot as liberal lawyers and also having hung out with conservatives ( most law students are not really even truly political and don't go to political 'clubs'. 

here are my observations. 

 

liberals: belong to the 'american constittuiona society'. you're talking obama liberals and communist morons who have no concept of the constitution and are in favor of strict gun control and spying on people. 

conservatives ; belong to the 'federalist society' . these people are generally older, more likley to be married , and are generally uptight jackwads who cannot laugh at themselves, and cannot see outside the 4 square corners of the box they live in. 

 

many 'debates' are had about what the 'supreme court' does and says in law schools . the political groups above hold 'free pizzaa' debates and extracurricular meetings  to openly discuss how profound the supreme court is, with the social arrangements generally being an exercise in group think where most males who are single are jackwadding off to either meet and impress nerdy law school chicks with their political jabber or impressing each other. 

 

what's remarkeable is that in law school political gatherings discussing the supreme court ( at one of which i actually saw scalia speak and passed within feet of him and his security) ------YOU WILL NEVER HEAR A DISCUSSION ABOUT THE POLITICAL ASPECTS OF SUPREME COURT , THE CORRUPTION OF THE COURTS, AND THE JACKWADDING OF EXECUTIVE AND LEGISLATIVE BRANCHES IN APPOINTING JUDGES. 

 

THERE IS A BLACK HOLE ON THESE DISCUSSION TOPICS YOU COULD RUN A TRUCK THROUGH. 

LAW SCHOOLS DISCUSS THEORY AND NONSENSE INSTEAD OF THE REAL POLITIQUE OF HOW SOCIETY WORKS IN CONJUNCTION WITH GOVERNMENT/EXECUTIVE POWER. 

 

AS SUCH---LAWYERS ARE ESPECIALLY HORRIBLE AT UNDERSTANDING THE UNDERLYING ESSENCE OF CONSTITUTIONALISM . THE CONSERVATIVES TALK ABOUT THE 'LETTER OF THE LAW' WHICH IN MOST CASES IS COMPLETE BULLSHIT. 'LIBERALS' TALK ABOUT JUST 'CHANGING THE CONSTITUION' TO SUIT THEIR EPHEMERAL NEEDS, WHICH IN MOST CASES JUST MAKES A MOCKERY OF THE LAW ITSELF. 

 

THE PARADOX OF THE LAW IS THAT IT IS AN ILLUSION, BECAUSE IT IS JUST WORDS. BUT THE ILLUSION HAS GREAT UTILITY AND GREAT POWER ELSE IT WOULD NOT HAVE SERVED SO WELL IT'S PURPOSE IN RESTRATINING MEN FROM COMMITTING MASS GENOCIDE REPEATEDLY AS THEY HAD FOR MILLENIA. 

YOU COULD NOT HAVE GOVERNMENTS OF MILLIONS OF PEOPLE WITHOUT ILLUSIONS OF LAW. 

 

AND THUS---WHILE CONSTITUTIONALISM IS VERY IMPORTANT AS A PRINCIPLE OF POLITICS-------THE NOTION THAT CHANGING THE CONSITTION IS WRONG IS PERHAPS THE MOST JUVELINE INTELLECTUAL IDEA EVER PROPOSED ABOUT LAW. 

 

HOW ELSE COULD YOU RUN A SOCIETY WITHOUT CHANGING IT NOW AND THEN. AFTER ALL-----THE CONSTITINOAL HAS ALREADY BEEN CHANGED MULTIPLE TIMES, AND IT WAS ORIGINALLY JUST A CONCEPT DRAFTED OUT OF THIN AIR , FROM THE BODY POLITIC, TO ESTABLISH A SYSTEM OF LAWS THAT WAS NEEDED TO ALLIGN A SET OF GOVERNMENTS TOGETHER ( THE 13 COLONIES!) TO HELP MANAGE THEIR AFFAIRS IN THE WAKE OF THE DESTRUCTION OF THE PREVIOUS GOVENRMENT. 

 

MUST I EVEN BRING UP THE REALITY THAT BOTH THE CIVIL WAR AND A NEAR CHAOTIC BREAKDOWN OF THE U.S. DURING THE GREAT DEPRESSION----BOTH CAME VERY CLOSE TO ABROGATING THE U.S. GOVERNMENT. FINALLY THE EMERGENCY POWERS OF GOVERNMENT ABROGATED THE CONSTITUION DURING WORLD WAR 2. FOR ALL INTENTS AND PURPOSES THE EXECUTIVE BRANCH OF GOVERNMENT HOLDS THE POWER TO EFFECTIVELY SUSPEND THE CONSTITUION AT ANY GIVEN POINT IN TIME DUE TO EMERGENCY POWERS. , WHILE MANY BEMOAN THE DESTRUCTION OF CIVIL LIBERTIES IN AMERICA---AT ANY MOMENT , WHATEEVER VESTIGES OF LIBERTIES STILL RETAIN UNDER CONSTITUTIONAL PROTECTION CAN SIMPLY BE STRIPPED BY AN EXECUTIVE WITH EMERGENCY POWERS WHO SIMPLY SWEEPS AWAY THE SUPREME COURTS MEANINGFUL SPHERE OF OPERATION. 

SO --PLEASE----PLEASE DON'T THINK THE CONSTITUION IS THE BEST 'DOCUMENT' BECAUSE IT 'SURVIVED' THOSE NEAR COLLAPSES OF SOCIETY. IT IS SIMPLY AN ARBITRARY RESULT THAT IT SURVIVED WHEN IT JUST AS WELL DIDN'T HAVE TO. IT'S BUILT INTO THE CULTURE OF THE U.S. AND THAT IS WORTH A LOT. BUT THAT DOESN'T MEAN IT'S HOLY. IT'S NOT THE BIBLE. THE BIBLE'S SANCTITY IS BEST RATIONALIZED BY THE FACT THAT IT'S SUPPOSED TO BE INTERPRETED ANY WAY YOU WANT. THE CONSTITUTIONS UTILTIY IS THAT IT'S SUPPOSED TO HAVE CLEAR MEANING NOT SUBJECT TO ARBITRARY INTERPRETATION. IT IS IN FACT A LEGAL GUIDEBOOK FOR GOVERNMENT, WHICH IS THE MONOPOLY OF VIOLENCE EMBODIED BY AN ILLUSION OF LAWS. AS SUCH, THE CONSTTUTION IS NOT HOLY, BUT JUST HELPFUL. VERY HELPFUL. AND SHOULD BE RESPECTED FOR WHAT IT IS -----A GUIDEBOOK, ---NOT WHAT IT ISN'T ----A BIBLE OF LAWS. 

SO THE CONSTITUION IS NOT A 'LIVING DOCUMETN'. IT'S NOT ALLIVE. IT'S AN ILLUSION IMPORTANT FOR HELPING PEOPLE GET ALONG. BUT IN ORDER FOR PEOPLE TO GET ALONG , THEY MUST TAKE THE IDEA OF COOPERATING SEROIUSLY, AND THUS PUT SEROIUS EFFORT INTO REVIEWING, RENEWING AND ADJUSTING THEIR ILLUIONS ( LAWS) TO SUIT THE TIMES AND CIRCUMSTANCES THEY FACE AS A SOCIETY OF INDIVIDUALS AND GROUPS. 

THE VERY FACT THAT CONSTITUION ITSELF CONTAINS CLAUSES AND PROVISIONS FOR HOW TO AMEND ITSELF IS EVIDENCE OF THE FOUNDERS OWN RECOGNITION THAT CONSTITUTIONALISM IS BEST SERVED BY RECOGNIZING THAT EVEN THESE HEAVY GUIDEBOOKS MUST CHANGE IF THEY ARE TO REMAIN USEFUL GUIDEBOOKS SERVING THEIR PURPOSE OF HELPING HUMAN BEINGS COOPERATE---AS OPPOSED TO SERVING THE PURPOSE OF IMPEDING COOPERATION AS A TOOL OF OBSTRUCTION. 

Fri, 07/18/2014 - 20:16 | 4975905 chubbar
chubbar's picture

First off, quit fucking yelling, oK? Just because you type in bold doesn't mean you have a fucking point.

The constitution should be available to be changed. The problem is that "we the people" aren't the ones who get the say in the changes. The gov't is corrupt and controlled by money. These monied intersests will/would be the ones writing the new laws. Since that is "fact". I choose that we don't change the document but in fact enforce the goddamn thing (as best we can with corrupt supremes). To include, by the way, having checks and balances whereby the fucking president is actually accountable to congress as is his cabinet (cough, DOJ, cough).

Secondly, The U.S. either 'should' have been broken up instead of fighting the civil war OR the north should have stopped their unfair taxation of the states who were their equals in law. To force the southern states to continue as "partners" in "these united states" but subjected to this unfair taxation and enforced by their supposed equals, instead of allowing them the ability to withdraw from the union as prescribed and allowed by each states constitution, is a fucking crime. For a supposed law grad to not get that point means you either skipped that course or weren't taught the principles of the founding documents (or, potentially, you're a fucking idiot)

Wed, 07/16/2014 - 20:55 | 4965185 NoDecaf
NoDecaf's picture

I'll give him the benefit of the doubt. I think he is referring to the fact there are flaws in the Constitution that we can do without. They did their best 200+ years ago but we can keep the parts that enhance and further individual liberty and do away with the parts that have been corrupted or are corruptible.

A new Constitution should have very little to say in the way of economics other than to protect property rights and be the arbiter of contracts. Take for example the pegging of the dollar to a bi-metal standard, gold and silver...what happens to the unit of account when they diverge in value?

When we hear people shouting to "save the Constitution" do they mean the 17th amendment also? because I can live without that...In fact I can live without the whole common law system and would much more prefer a contract based civil law society which would put a lid on most activist judges and various lobbyists.

 

just my two bits for now...

Thu, 07/17/2014 - 13:10 | 4968580 teslaberry
teslaberry's picture

the common law system is tribal legalism--an anarchronism surviving due to the massive inertia of institutional corruption. 

 

lawyers are brainwashed in lawschool to believe in the beneficial fruit of the 'adversarial process' . it is largely  hogwash. the current prosecurtorial system in the united states has created a gulag in the face of the so called benfits of the independent adversarial defense bar. 

 

and with respect to non-criminal commercial law. there are no real benefits to adversarial systems other than more profits for lawfirms. 

the current legal system of the united states is one of its great weaknesses. and the funy thing is how much emphasis in school is put ont he theoretical value of the american and london legal system relative ot the chaos and corruption of other countries-------

 

as if this had ANYTHIGN TO DO WITH LAW---IT HAS EVERYTHING TO DO WITH FIRST WORLD STABILITY. THE FORMALITY OF THE LEGAL SYSTEM IS A SYMPTOM OF UNDERLYING SOCIAL STABILITY WHICH PROMOTES EFFECTIVE COMMERCE, NOT A CAUSE. 

THE LEGAL SYSTEM IS PARASITIC, AND THE UNDERLYING ECONOMIC ROOTS OF ITS STRUCTURE CANNOT EASILY BE CHANGED WITH WAVING A POLITICAL LEGISLATIVE WAND. 

 

WE ARE DOOMED. 

Wed, 07/16/2014 - 20:56 | 4965205 Cast Iron Skillet
Cast Iron Skillet's picture

the way to do it, though, is to amend the Constitution using the mechanism that was established for that purpose. Not just ignore it.

The problem the assholes have is that Americans would never agree to the amendments they have in mind. So they don't bring it up for discussion. They just trample on the Constitution, instead.

Wed, 07/16/2014 - 21:22 | 4965288 orez65
orez65's picture

"Even Thomas Jefferson said that no Constitution should be held in perpetuity"

That's why the Constitution was written so that it can be Amended. Not just changed at will by the latest President or local judge.

Want to change the Constitution? Then amend it. Otherwise shut the f..k up.

 

Wed, 07/16/2014 - 23:12 | 4965696 atomp
atomp's picture

Amend it like the 18th and 21st amendments?  I don't think Jefferson anticipated full retards amending the constitution.

Thu, 07/17/2014 - 00:36 | 4966028 Oscar Mayer
Oscar Mayer's picture

Speaking of retards amending the Constitution, the 17th non-amendment violates Article 5's express prohibition against removing the states' right to equal suffrege in the Senate.  The states can lawfully and Constitutionally simply repudiate the 17th nonbinding agreement and seat their selection of Senators.  Half the bribery guised as 'campaign contributions' cut.  Half of the RNC and DNC power structure taken from them.  Party lines through the house and senate severed.  the benefits just go on and on.....

Wed, 07/16/2014 - 19:28 | 4964928 Buck Johnson
Buck Johnson's picture

The US won't know what will hit them until it's to late.

 

 

Wed, 07/16/2014 - 22:36 | 4965569 hobopants
hobopants's picture

If you wanna know how the US will react, go take a toy away from a spoiled, violent child. No way this crazy ass country implodes peacefully like the soviet union. Better start digging now, those shelters are going to need to be deep.

Wed, 07/16/2014 - 20:17 | 4965075 Son of Captain Nemo
Son of Captain Nemo's picture

.

Well said e9698

The only thing you might add to your statement "Same shit, dead people, more debt, different year."... and this thorough observation of American history over the last 50 years which saw the murder of a sitting U.S. President who wouldn't capitulate and say "yes" like the chorus line that followed him? -What comes next from the "tribe" is 

If I can't continue to control ALL OF IT then nobody else will!

It's why President Remus made that half hearted left testicle startling whimper of truth to say that he's still half a man with that announcement in March that should have included a loudhailer when he spoke to "it"!

Does anybody have the "nut sack" to stop them?...

Certainly nobody in the U.S. military or intelligence community either past or present and that leaves Russia, China or some disaffected Israeli military like Meir Dagan that has had enough and is ready to make it change before it's too late!

Wed, 07/16/2014 - 18:55 | 4964803 12ToothAssassin
12ToothAssassin's picture

Got numerology? And a fake tan?

Wed, 07/16/2014 - 19:23 | 4964910 lasvegaspersona
lasvegaspersona's picture

If anything does happen Sunday I will be a convert to the 'NWO and Illuminati control the world' club...til then it was just Lagarde being silly....kinda wierd nonetheless.

Wed, 07/16/2014 - 19:26 | 4964925 12ToothAssassin
12ToothAssassin's picture

If it happens Sunday it wont hit 'reality' until Monday 7/21

21 / 7 = 3, 2+1 = 3, shit you can make numbers do anything!

Wed, 07/16/2014 - 20:12 | 4965067 in4mayshun
in4mayshun's picture

NWO//Globalist control is pretty much prima fascie now. The real hurdle is coming to understand that the Devil is at the top of the pyramid. Once you accept that, everything else falls into place.

Thu, 07/17/2014 - 03:59 | 4966351 tumblemore
tumblemore's picture

if it's Lagarde it's just as likely to be an EU scale thing as as a global scale thing

 

Thu, 07/17/2014 - 01:09 | 4966097 walküre
walküre's picture

She was wrong. She said she hoped the IMF would be involved. The IMF is not involved. Tough luck, bitch Lagarde. At least the loans from the BRICS bank are backed by something and that will give FED, ECB, IMF, WB a run for their fiat.

Wed, 07/16/2014 - 18:40 | 4964734 Seasmoke
Seasmoke's picture

Yes.

Wed, 07/16/2014 - 18:48 | 4964766 Muddy1
Muddy1's picture

Simon, you're too late.  These settlements are already taking place.

Wed, 07/16/2014 - 20:36 | 4965144 tempo
tempo's picture

The US will trigger a major international incident or incidents requiring its air and naval military to maintain peace to delay these developments. We are decades away from any danger. When oil goes to $400/bbl, Saudi us $ will dominate also. Nothing to worry about.

Wed, 07/16/2014 - 20:59 | 4965211 Cast Iron Skillet
Cast Iron Skillet's picture

Fortunately, Putin's diplomacy has forfended such a conflict so far.

Thu, 07/17/2014 - 00:30 | 4966012 world_debt_slave
world_debt_slave's picture

yep, just opened a goldmoney account and stored in a different country than the US. 2007 the gov stole my silver from a warehouse in Idaho and never got it back.

Wed, 07/16/2014 - 18:33 | 4964708 The Alarmist
The Alarmist's picture

Stopped clock is right at least once a day.  

Wed, 07/16/2014 - 18:38 | 4964724 sterling effort
sterling effort's picture

Stopped clock is actually right twice a day.

 

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