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The US has plundered the world with it's dollar : Chinese State Newspaper

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posted on Oct, 26 2008 @ 06:23 AM
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The United States has plundered global wealth by exploiting the dollar's dominance, and the world urgently needs other currencies to take its place, a leading Chinese state newspaper said on Friday.


www.reuters.com...




posted on Oct, 26 2008 @ 09:07 AM
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Already discussed here.



posted on Oct, 26 2008 @ 10:25 AM
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reply to post by whiskeyswiller
 


This thread must become active, despite it being discussed on a previous thread from over a month ago.

The linked Reuter's article states the dissatisfaction and resentment toward the U.S. dollar, which is crumbling compared to the Yen.

This week, it has been presumed the hedge funds will be selling-off by about 50%. In the last 2-3 weeks, it has only sold-off 5% and we have seen how many thousand points of Dow Jones points that has amounted in.

The speculation is this week, or next, the hedge funds will begin their massive sell-off and the stock markets will be closed for a period of time. Trillions of dollars could be erased from the global economy as they do this, and reposition their cash into commodities like gold. The ultimate effect, the U.S. dollar continues to plummet.

Would China demand immediate payback of our trillion dollar debt, since there is little confidence we could EVER pay them back?

Would their be a run on the banks in the next week or two, as this happens?

Will the stock market drop to 2,000-4,000 as some have predicted?

Will elections be suspended if this begins at the end of this week, or start of next week?

Lots of questions, but lots of answers needed so the common people (like me) can start planning appropriately.



posted on Oct, 26 2008 @ 10:33 AM
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Um, that thread was posted two days ago. Not last month.


two lines.



posted on Oct, 26 2008 @ 10:35 AM
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I read the wrong box....I'm going to copy-and-paste it there.

Thanks for the update. Stupid-Sunday-moment for me!



posted on Oct, 26 2008 @ 04:16 PM
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reply to post by MOFreemason
 




Trillions of dollars could be erased from the global economy as they do this, and reposition their cash into commodities like gold. The ultimate effect, the U.S. dollar continues to plummet.


Mostly Tbills, bonds, etc.. perhaps metals, but mostly various different fixed rate return vehicles..

Metals, like Commodities, are volatile.. and I don't think hedge funds will make that mistake again as oil collapsed.



Would China demand immediate payback of our trillion dollar debt, since there is little confidence we could EVER pay them back?


They cannot "demand" repayment.. they can only get payment upon Maturity, just like any other investor. Most debt purchases are 1-3 year notes, or 10 year notes, and can only be redeemed once they mature..

Russia is having a problem right now that they cannot secure short term debt payments, and could possibly lapse long term notes..

America is beginning to see the same problems.



Would their be a run on the banks in the next week or two, as this happens?


Could.. the stock collapse if the funds pull out won't effect bank stocks much .. they are already so low that if they went to 0 the market would drop only a fraction. A complete sell off imo would spark a further run of 401k and mutual funds.. I don't think you can have Hedge Funds failing without seeing more and more of the other funds fail..



Will the stock market drop to 2,000-4,000 as some have predicted?


Stock Market and DOW are two different things. DOW only represent 30 companies. If hedge funds begin failing, you will see the DOW and S&P fall significantly.. I doubt the DOW will reach 2,000 .. but you never know. You can only hypothesize

Personally, I would get the hell out of the markets if your a common investor/401k/mutual funds.. typical "little guy" investments. Hedge funds are for the wealthy, and if they are packing up and getting the hell outa here, I think we should follow suit.

That's just my opinion though. To move funds into some form of fixed rate vehicle.



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