Russia Dumps the U.S. Dollar for Euro as Reserve Currency

Originally posted by antar
Since 1782 when the National government (Republic) went to the states and asked them to foot the bill for the revolutionary war and the states in turn handed over their sovereignty in place of payment of the debt, set the stage for our current state of oppression and loss of sovereignty.

We are no longer operating as a Republic, our constitution was created as a security with sureties and we began passing our debt onto a third party.
We were only a republic for 7 years, until the time to pay and we sold ourselves and our freedoms to the king of England. he gladly bought the debt and legal title over National governments property and democracy was formed.

Not really, the US was formed because you guys didn't like how the Bank of England ran things...then you founded the Federal Reserve, and copied it almost word-for-word...

Originally posted by The Last Man on Earth
Not really, the US was formed because you guys didn't like how the Bank of England ran things...then you founded the Federal Reserve, and copied it almost word-for-word...

Not Really, it took 137 years before that happened.



The Fed

The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central banking system of the United States. Created in 1913 by the enactment of the Federal Reserve Act (signed by Woodrow Wilson), it is a quasi-public and quasi-private (government entity with private components) banking system[1] that comprises (1) the presidentially appointed Board of Governors of the Federal Reserve System in Washington, D.C.;

Originally posted by themightydollar

Comparing apples to apples, if you look at two independent investments - one based on gold and the other base on the dollar, how much do you think gold out performed the dollar over the past year?

Easily 10-30% right?. In fact, you probably think the dollar lost 20-30% make gold a much much better investment?

COMPLETELY WRONG

The dollar actually beat gold as an investment over the past year. It beat the stock market, silver, diamonds, oil, the Yuan (Chinese currency), real estate, and most other investments. Wow

Just take a look at this Yahoo Chart

Here is the symbol key:

GLD = Gold ETF Index
UUP = Dollar Bull ETF Index

Hi themightydollar. No secret Uncle Buck has been riding the wave of an impressive bear market rally...but the deleveraging process that created the huge demand for dollars appears to be winding down....over-supply and a global vote of no confidence becoming the more critical issues.

With respect to GLD/UUP performance , thanks for the chart , but I'm wondering if anyone thought to click the 5yr ?

Year-to-date ?

2y , 6m , 3m ?

When judging performance , the devil is always in the details

GL

...so what? It still happened.

There is a one world currency!

It's known as the XDR, it's a mix of the United States dollar, the euro, the Japanese yen, and the pound sterling.

Wikipedia

It's just not used for everyday transactions.

I can't understand why everyone is so hooked on their own bits of paper and metal. As long as you can buy the same things with it and it has equal value,
what does it matter?

With the $US being the world reserve currency they reserve the right to print up more and use it for purchases, say buying foreign oil or even their own Treasury Bills. Something no one else can do. It's been under control because they know the downside of excess currency in the system - hyperinflation.

A concern less discussed in currency issues is the vast amount of high grade counterfeit money in circulation now. Hard to track because from at least one source in the Far East, many say China, there are US bills of large and small demonstrations that pass all the tests. It may very well be many billions.

They only way they are aware of these id microscopic analysis and the pre-knowledge that some of the numbers on them have never been been printed by the US.



Mike

Honestly, why would they pick the Euro? The ECB is doing just as much stupid stuff as the Fed.

reply to post by yellowcard


Because everyone uses USD to buy and sell oil with, everyone has to keep lots in their bank accounts.

Instead of the USD backed by gold it is backed by oil.

Basically it's the only thing keeping the American economy afloat!

So if you want to sink the American economy then you just drop the USD.

[edit on 23/5/2009 by lightchild]