Bye, bye dollar, Russia to Raise Reserve Currency Issue at BRIC

Bye, bye dollar, Russia to Raise Reserve Currency Issue at BRIC

www.cnbc.com

Russia will advocate a cautious approach to changing the system of global reserve currencies when the world's biggest emerging economies hold their first formal summit on Tuesday, the Kremlin's top economic aide said.

Brazil, Russia, India and China — which account for 15 percent of the $60.7 trillion global economy — will focus on ways to reshape the financial system after the economic crisis.

(visit the link for the full news article)


Related News Links:
www.monex.com
www.forexinvestor.dk

Related AboveTopSecret.com Discussion Threads:
China Central Bank Governor's New Currency Proposal - Full Text
At G20, Kremlin to Pitch New Currency

This is interesting, while these countries are plotting for "new currencies" that means more than one, they are claiming that they are not trying to kill the dollar.

But what they are proposing is actually exactly what they are doing, this will take power away from the dollar to prop currencies like China.

Now holding 60.7 trillion of global economy is not by any means something to brush aside.

All these nation advocating for new "currencies" are just trying to take away US currency domination in the world.

www.cnbc.com
(visit the link for the full news article)

I'm still pretty convinced that the Amero is just around the corner.

It's unfortunately been manipulated to seem like the only "answer".

refer to what Anthony Sutton had stated in one of his books that the plan destruction of dollar was part of marburg plan to give financial power to a more centralized govt or supranational authority that would be under control of international financiers . this would be for greater financial monoply

reply to post by marg6043


Well, it is sad that the only reason the dollar is being propped up and supported is because it is "too big to fail." The dollar really is a worthless currency now thanks in no small part to our good friends at the Fed and in the white house (present and past). It is tough to fault the logic in dropping the dollar. Personally, I hope that it doesn't happen... because I worry about the consequences that it would have for us but I understand the logic behind it.

I can only imagine what the fed is going to do next in order to keep the dollar afloat.

Yes our dollar is now worthless due to our current deficit, but the nations that are getting together to plan for the new "currencies" are not looking for one world currency but to prop their currencies first.

China already has gotten recognized by the world bank on their currency, is just matter of time when they will be pushing for currency domination.

Even if at the end we end with the Amero we are going to have to fight with the new propped currencies while the US geniuses takes their time to think what to do next.

And guess what nobody is stopping the countries involved in this plan at all.

reply to post by marg6043


Do you blame the other countries? They see the fact that the US is not as powerful as once perceived and now is the time to act if they want to keep us down a notch.

No one is stopping it? Well, how do you propose that we stop it? If we actually had the economy to show that we were the only viable option, that would be one thing but we don't. Right now, we are an economic paper tiger. The world is now aware of it. I am afraid that there is nothing that can be done to stop it. Nothing "legal" or "moral" at least. Nothing that the people would support.

In my opinion, if anything is going to stop this momentum, it is going to have to be ugly and catastrophic. The only thing the US is still superior in is sheer firepower. So, short of a world war.... I don't see anything stopping this. The scary thing is that I am probably not the only one thinking this. Now, will they choose to kill millions of people in order to secure our global dominance or will they simply let us crumble into mediocrity?

You folks sound worried? Don't worry Timmy and Benny have it under control *sarcasm*. They are the great magicians the masters of parlor tricks. Money here today and money gone tomorrow.

They'll go on a goodwill mission abroad and pour their honey in the ears of the concerned Chinese and Russian governments and what fine snake oil salesmen they are. Don't worry, they are so interlocked to the dollar with their treasuring holdings that they will end up slitting their own throats in the process. That is what I believe, although, I have been wrong on numerous occasions. The window is open to suggestions?

[edit on 16-6-2009 by Jakes51]

reply to post by Karlhungis


My friend I don't blame them at all, actually I knew all this was coming many years ago, even posted threads on the how China will be the next economic power.

But is sad to see that the nation of "thinkers and doers" (or that is what we have been sold all this years" just sit idle while still "thinking" what to do next.

Right now our deficit is been sold to us at a whooping 11.4 trillion dollars, but the truth is that when all the spending and expenses of government is added is could add to a catastrophic 100 trillion dollars and the government is hiding this fact.

How can we get out of this economic problems? right now I have not clue, but I am sure that our "thinkers and doers" will know, right?

reply to post by marg6043

I am sure that our "thinkers and doers" will know, right?

I am sure that our "thinkers and doers" have plans and like I said... I don't know how well these plans would go over in a public discussion.

Obviously, I don't know my butt from a hole in the ground but as I see it we have 3 options.

1. Complete collapse
2. Trigger a world war
3. Our leaders will simply sell us out in deals behind our backs and choose to serve the new super powers.

To be honest, none of them are appealing in the slightest.

reply to post by Karlhungis


I can tell you this much it seems that option number 3 in your list is what they are leaning too, they have been selling this nation one piece at a time for many years already.

Originally posted by marg6043
reply to post by Karlhungis

 

Right now our deficit is been sold to us at a whooping 11.4 trillion dollars, but the truth is that when all the spending and expenses of government is added is could add to a catastrophic 100 trillion dollars and the government is hiding this fact.

How can we get out of this economic problems? right now I have not clue, but I am sure that our "thinkers and doers" will know, right?

My God, that number is astronomical!!!. I knew the debt was in the 11 trillion range but a 100 trillion dollars; that is insanity. I guess you are deriving your figure with the interested added on plus day-to-day government expenses? If our benevolent leaders let the debt reach that level they might as well admit themselves to the puzzle factory.

That number is truly terrifying and that scares me more than any nuclear war or armed conflict. I think Karl's solutions to the problem are probably what the elites are going to utilize to try and stave that off. However, I don't have any idea how to deal with that. If that happens, we might as well move back into the caves and start cracking rocks again. That will spell a complete downfall of western civilization. Welcome to the dark ages guys and gals.

[edit on 16-6-2009 by Jakes51]

[edit on 16-6-2009 by Jakes51]

[edit on 16-6-2009 by Jakes51]

Originally posted by marg6043

nobody is stopping the countries involved in this plan at all.

Why should they be stopped ?

Take care.

Regards
Lee

Originally posted by Karlhungis
Obviously, I don't know my butt from a hole in the ground but as I see it we have 3 options.

1. Complete collapse
2. Trigger a world war
3. Our leaders will simply sell us out in deals behind our backs and choose to serve the new super powers.

To be honest, none of them are appealing in the slightest.

While I am in exactly the same position as yourself regarding that strange hole in the ground that produces a sticky brown material, I think there is only one outcome to your postulations is really reprehensible:

World war.

The US financial system is...horrible. Just horrible. Borrowing from the Fed Reserve? Crazy. Utterly crazy. It almost relegates the US to non-country status by putting them directly under the thumb of whoever happens to make the money. A collapse might sweep it away, if given the right direction in the upcoming revolution.

Servitude to other nations? Well, you make them do the same to you, so how about we knock off a bit of the unwarranted pride and arrogance and see that other people are just as equal as the Americans are?

I don't mean for that to sound as inflammatory as it does, but you must see that America is actually the worst thing to happen to the world since Nazi Germany.

Originally posted by Jakes51

Originally posted by marg6043
reply to post by Karlhungis

 

Right now our deficit is been sold to us at a whooping 11.4 trillion dollars, but the truth is that when all the spending and expenses of government is added is could add to a catastrophic 100 trillion dollars and the government is hiding this fact.

How can we get out of this economic problems? right now I have not clue, but I am sure that our "thinkers and doers" will know, right?

My God, that number is astronomical!!!. I knew the debt was in the 11 trillion range but a 100 trillion dollars; that is insanity. I guess you are deriving your figure with the interested added on plus day-to-day government expenses? If our benevolent leaders let the debt reach that level they might as well admit themselves to the puzzle factory.

That number is truly terrifying and that scares me more than any nuclear war or armed conflict. I think Karl's solutions to the problem are probably what the elites are going to utilize to try and stave that off. However, I don't have any idea how to deal with that. If that happens, we might as well move back into the caves and start cracking rocks again. That will spell a complete downfall of western civilization. Welcome to the dark ages guys and gals.

[edit on 16-6-2009 by Jakes51]

[edit on 16-6-2009 by Jakes51]

[edit on 16-6-2009 by Jakes51]

If anyone recalls the German Mark after WWI. Shortly after the war, the Mark was nearly the same as the dollar. As their debt from war time debt accumilated, the German government started to mass produce the Mark. They flooded the market with the Mark. By 1935, the Mark went from 1 Mark to the dollar to 10,000,000 Marks to the dollar. It cost a BILLION Marks to purchase milk.

If we continue to allow our debt to increase and we continue to flood the market with the dollar, I see us becoming another Germany, 1935.

Originally posted by Bearack

Originally posted by Jakes51

Originally posted by marg6043
reply to post by Karlhungis

 

Right now our deficit is been sold to us at a whooping 11.4 trillion dollars, but the truth is that when all the spending and expenses of government is added is could add to a catastrophic 100 trillion dollars and the government is hiding this fact.

How can we get out of this economic problems? right now I have not clue, but I am sure that our "thinkers and doers" will know, right?

My God, that number is astronomical!!!. I knew the debt was in the 11 trillion range but a 100 trillion dollars; that is insanity. I guess you are deriving your figure with the interested added on plus day-to-day government expenses? If our benevolent leaders let the debt reach that level they might as well admit themselves to the puzzle factory.

That number is truly terrifying and that scares me more than any nuclear war or armed conflict. I think Karl's solutions to the problem are probably what the elites are going to utilize to try and stave that off. However, I don't have any idea how to deal with that. If that happens, we might as well move back into the caves and start cracking rocks again. That will spell a complete downfall of western civilization. Welcome to the dark ages guys and gals.

[edit on 16-6-2009 by Jakes51]

[edit on 16-6-2009 by Jakes51]

[edit on 16-6-2009 by Jakes51]

If anyone recalls the German Mark after WWI. Shortly after the war, the Mark was nearly the same as the dollar. As their debt from war time debt accumilated, the German government started to mass produce the Mark. They flooded the market with the Mark. By 1935, the Mark went from 1 Mark to the dollar to 10,000,000 Marks to the dollar. It cost a BILLION Marks to purchase milk.

If we continue to allow our debt to increase and we continue to flood the market with the dollar, I see us becoming another Germany, 1935.

Thanks for the incite and I am well aware of the monetary situation in Germany after WWI. I remember when I was younger my grandfather told me that a person would need a wheel barrel full of money to purchase a loaf of bread. I guess history truly repeats itself and we as humans never learn from our past mistakes.

Originally posted by marg6043


This is interesting, while these countries are plotting for "new currencies" that means more than one, they are claiming that they are not trying to kill the dollar.

But what they are proposing is actually exactly what they are doing, this will take power away from the dollar to prop currencies like China.

Now holding 60.7 trillion of global economy is not by any means something to brush aside.

All these nation advocating for new "currencies" are just trying to take away US currency domination in the world.

www.cnbc.com
(visit the link for the full news article)

Ok, the BRIC countries account for about 15% of the global economy but the EU accounts for about 20%, a move towards the euro is more plausible than the US creating a new reserve currency like the Amero. Besides, china and brazil are much more producers then they are consumers, they still rely on a strong dollar. Russia as an exporter of gas could easily switch to Euro for its oil and natural gas trades.

imho, regards.

The 100 trillion comes for adding Medicare, military pensions, etc, this is are expenditures that are on going and growing every day.

China and Russia has been creating an alliance with other oil producing nations and they are building their own power house.

When they get enough nations to their side that will affect how much power the US will hold within other nations and their polices.

reply to post by Jakes51


This figure is the total of unsecured liabilities - these are things the government has said it will pay for - such as soldiers pensions, health care, benefits to retirees, pensions, pharmaceuticals - this amounts to about $900,000.00 per American household - and is about two and ahalf times all the value of the planet -

If the Bush adminstrations levels of debt were continued until 2020 then the government would be able to pay for roads and basic infrastructure - the Obama debt is times the total of 8 years of Bush in 4 months -

The US is totally bankrupt - completely. The previous levels of debt, even in the 80's- 90's were ok as you had a manufacturing sector which could trade you out - this is now gone.

Your primary export since then was financial services - this too is now gone.

As is the US.

Russia and China will NOT move to another currency and will continue to support the US as a reserve as they stand to lose to much - they will instead move to establish an alternative over the medium term and phase out the US in the long range.

Will take any bet.

reply to post by audas


The predictions are that the BRIC will be taking over the G7 in about 20 years, but the way things has been accelerating and due to our economy downfall this may happen faster as other nations will start taking sides and building new alliances.