BRICs Launch Assault on Dollar's Global Status

BRICs Launch Assault on Dollar's Global Status

english.chosun.com

Brazil, Russia, India and China, sometimes lumped together as BRIC to represent fast-growing developing economies, are selling off their U.S. Treasury Bond holdings. Russia announced earlier this month it will sell U.S. Treasury Bonds, while China and Brazil have announced plans to cut the amount of U.S. Treasury Bonds in their foreign currency reserves and buy bonds issued by the International Monetary Fund instead.

(visit the link for the full news article)

I thought that China was the only country pushing for global currency -- but apparently it's gained momentum.

My bet is that by summer's end, the dollar will be done for good. Thoughts? Note: The article says that major sell-offs won't happen anytime soon, but I'm not so sure. Especially is the US gets involved in either a NK or Iran showdown.

PS - I realize that there were other threads regarding bonds, but I didn't see any that included all of the other countries joining forces. I apologize if this is construed as a duplicate.

english.chosun.com
(visit the link for the full news article)

[edit on 12/6/2009 by Mirthful Me]

To sell those things, wouldn't you need a buyer? Where are they going to find anyone stupid enough buy them, hum? Nope, they are just as screwed as we are, we've all been had by this Ponzi scheme called fiat money. Live and learn, ha.

reply to post by Divinorumus


Exactly my thought. Who is going to buy them in this sell-off? Will America have to buy back her own bonds at a yet another loss? Probably not, but who will buy them? Its like a speeding merry-go-round that won't stop, making everyone so dizzy they can't think straight anymore.

kI think this has something to do with those chinese guys smuggling billions worth of bonds through Italy to swizerland.

For more info on BRIC see this post....

www.abovetopsecret.com...

I posted video on this thread giving some basic info. on the subject.

Here's a simplistic thought:

Couldn't a country buy them (such as China) and consider them a loss and then tank the US dollar in the process?

Does any country right now have enough money on hand to be able to afford such a "bad investment"?

Perhaps it's the "cost" to becoming the new global leader? I guess I'm thinking along the lines of "lose now, gain later" kind of thing.

Originally posted by MR BOB
kI think this has something to do with those chinese guys smuggling billions worth of bonds through Italy to swizerland.

Yeah, that's what I was thinking too. Any big sell-off announcement from a country such as China would be like shooting themselves in the foot. Who would buy if China was acting like the stuff ain't going to be worth the paper the stuff is printed on. So, you go about unloading as much as you can ... quietly.

Originally posted by lpowell0627
Couldn't a country buy them (such as China) and consider them a loss and then tank the US dollar in the process?

A loss? I thought Hilarious Clintoon offered and promised California (and Arnold) as collateral on all those notes China is holding? ha ha ha.