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The American Empire Is Bankrupt

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posted on Jun, 16 2009 @ 03:59 PM
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The American Empire Is Bankrupt


informationclearinghouse.info

There are meetings being held Monday and Tuesday in Yekaterinburg, Russia, (formerly Sverdlovsk) among Chinese President Hu Jintao, Russian President Dmitry Medvedev and other top officials of the six-nation Shanghai Cooperation Organization. The United States, which asked to attend, was denied admittance. Watch what happens there carefully. The gathering is, in the words of economist Michael Hudson, “the most important meeting of the 21st century so far.”

It is the first formal step by our major trading partners to replace the dollar as the world’s reserve currency. If they succeed,
(visit the link for the full news article)




posted on Jun, 16 2009 @ 03:59 PM
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Is this the turning point in American and world history?
If so many countries and important economies like China, Russia Brazil decide to dump the dollar as world currency then we are in for a very unpleasant ride.
The fact that the US wasnt invited in this meeting only tells me that they arent willing to discuss the issue with America and the changes may be abrupt and devastating.
I certainly do not wish something like this to happen without having the time to adjust to new living conditions. I dont think the US can hold back the world any longer, I only hope there is a good damage control plan.

informationclearinghouse.info
(visit the link for the full news article)



posted on Jun, 16 2009 @ 04:02 PM
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BRIC willl push to take over the economy of the world that is for sure.

Good post.

The end of US dominance is here, but that may not be a bad thing.



posted on Jun, 16 2009 @ 04:04 PM
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This isnt news to me but I am sure it is to other people.

We are broke.

Have been for a long time, but it was a manageable level, if you can call it that. I guess a better way of describing it is that our foreign neighbors put up with it.

The truth is that they are acting this way because the US has shown NO SIGNS of stopping our spending.

Better to pull out of a bad investment while you can still save some of your money.

This wont be a fast thing. They wouldnt do that. They have too much money on the line. First they will start putting their money elsewhere (which they already have started) then when there is an amount they are willing to part with they will act fast and probably crumple the American Empire.



posted on Jun, 16 2009 @ 04:05 PM
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Already happened. America (f-yeah!) went nipples-up in 1933. Look up HJR-192 for all the sexy details!



posted on Jun, 16 2009 @ 04:33 PM
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Ive been preaching this to a lot of people I know recently, and now I will try ATS to see what everyone thinks.

It is very important that in the near (and i mean really near) future you invest in tangible goods(i.e. spend your dollars), as the dollar is in crisis, the FED is in hot water, half of u.s. banks are bankrupt. As for the other half of the banks we might as well count them out once the FDIC is nullified and there's no insurance for them. I'm not saying that this particular summit will bring about this but I am saying that it will more than likely be discussed.

Please let me know if you think my argument is flawed.



posted on Jun, 16 2009 @ 04:46 PM
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Yup I read the whole article...

And all I can say is THATS WHY I MOVED OUT OF THE CITY. I bought this place in the country last September. Spent damn near all my money on it. I am struggling now but soon everyone will be struggling and my place will look like a paradise.

I'd say the we in the US have about 20 days or less of Good usable currency... I suspect the big money bomb will drop some time later this month or early next month...



posted on Jun, 16 2009 @ 05:00 PM
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Originally posted by Ace High
BRIC willl push to take over the economy of the world that is for sure.


BRIC may have economic clout but will not get far taking over the world.

The new global economy needs several reserves and a completely new system not based solely on debt..

The US will still have serious economic clout.. don't worry... it will just have to cop on a lot with expenditure.

Also remember that between the US and EU, we are 50% of the global gdp output with 1/7th of the population .. BRIC still don't want to piss us off, they just know that they are now at the table and deservedly so.

As long as there is not a world war in the next 5 years, the amount of wealthy people in the world will explode.. that cant be a bad thing at all.



posted on Jun, 16 2009 @ 05:03 PM
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The American empire is not going broke. People go broke because there are no bailouts for them, but the empire... just keeps printing money. People have been saying the dollar is done for years and for years it's still been the strongest currency around. It's all smoke and mirrors to keep you freaked out. This time next year, and the year after that, the dollar and the new Nazi empire will be as stronger than ever.



posted on Jun, 16 2009 @ 05:10 PM
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As I posted to an earlier thread regarding the Dollar and this meeting today, I read an article in the Moscow Star over the weekend interviewing that nation's Economic Minister.

He stated there was no chance that the Ruble, Juan or Euro could supplant the Dollar as the world's reserve currency anytime soon for logistical reasons.

Because the U.S. Dollar has long been the world's Reserve Currency there is a huge amount of Dollars in circulation world wide for it to function as a Reserve Currency.

Simply put who ever wants to supplant the Dollar needs to crank up their printing presses and add a couple more and run them about 24 hours a day for the next decade to have enough notes/bills to place into circulation for that currency to be plentiful enough in it's physical form to supplant the Dollar.

As the currency comes off the presses and is warehoused and stored in reserve it is not monetized at that point. In other words it does not count as a factor in that nation's overall value of their currency because the bills aren't circulated or registered.

At the point they do monitize that currency by putting it in to circulation especially in such huge numbers it causes it's value to drop significantly eroding it's value as a Reserve currency almost immediately.

For any other nation including even China to supplant the Dollar as the Reserve Currency will be a one to two decade undertaking.

Logistically it is not something that could be accomplished overnight which the Russian Finance Minister stated in the Star's article with some degree of appology as the Russians would love the prestige as would the Chinese and Europeans of supplanting the Dollar.

In his estimation China would be the nation that would have the best shot at it if they started working towards it today, maybe in 10 to 15 years could they put enough notes in to circulation.

Of course in the meantime a whole lot could change in the world regarding the value of the dollar, the world economy, regimes etc., etc., but the logistics of such a massive undertaking won't change.

Most of this is hype to scare and panic investors and currency traders and the average citizen.

The Dollar is likely to plumet in value as more of the Bailout funds are monetized over the next several months, a good deal of it has never gotten out of the banks it was shipped to and place into the currency pool but has been going from bank to bank, and often bank to bank internationally as American Banks pay down their lines of credit with foreign banks.

Regardless of how the Dollar slides though, no one can logistically replace it at this time and the IMF is well aware of that and so are these other nations at top levels.

There will continue to be political pressure and it's possible the Chinese, Russians or the EU will take on the massive logistical undertaking on a gamble that if they can logistically step up to the plate enough countries will take the chance and the IMF will back it.

Don't look for this to happen soon, and it's far more likely we will go to a Electronic Funds Transfer cashless society with a one world currency before another nation can produce enough paper currency to supplant the dollar.



[edit on 16/6/09 by ProtoplasmicTraveler]



posted on Jun, 16 2009 @ 05:39 PM
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This news isn't new and many have already come to the conclusion that the US is on its' last legs. All it will take now, is a swift wind to blow us over. Personally, I believe we brought this onto ourselves by not being fiscally responsible and spending money like drunken sailors. Apparently, the Chinese, Russians, and other countries that do business with us have had enough of tomfoolery in Washington.

They're not stupid and they know that we have been cooking the books for years. Lets see what our boys Timmy and Ben have up their sleeves because they are truly our snake oil salesmen and money manipulators. Timmy will go to the disgruntled treasury holders and pour a little of that honey in their ears and everything will be fine. Ben will most likely keep the presses running 24/7 to try and stave this off and we will have the fun time of hyper-inflation. So get the wheel barrels ready because you'll need them to carry your money around in to buy bread and milk.

Or how about this, the Russians and Chinese are threatening US with their dollar dumping ways and that is all well and good. However, do you think the PTB are going to sit by and allow it to happen? I don't think so and I do believe we will be the aggressors in WWIII and if pushed the US has the capability of turning this planet into a raging inferno. This is a very scary time indeed.



posted on Jun, 16 2009 @ 06:19 PM
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The story behind the story here is very interesting and much more credible IMO. You can find it here.

This is not about BRIC as some have commented - it is about SCO (which is also a "must read" to understand what's going on here). This whole economic issue is all about military aggression. Nothing more. READ people READ and always look for the back story. It's usually more accurate.

This makes absolute sense:


In addition to avoiding financing the US buyout of their own industry and the US military encirclement of the globe, China, Russia and other countries no doubt would like to get the same kind of free ride that America has been getting.



When foreign military spending forced the US balance of payments into deficit and drove the United States off gold in 1971, central banks were left without the traditional asset used to settle payments imbalances. The alternative by default was to invest their subsequent payments inflows in US Treasury bonds, as if these still were “as good as gold.” Central banks now hold $4 trillion of these bonds in their international reserves – land these loans have financed most of the US Government’s domestic budget deficits for over three decades now! Given the fact that about half of US Government discretionary spending is for military operations – including more than 750 foreign military bases and increasingly expensive operations in the oil-producing and transporting countries – the international financial system is organized in a way that finances the Pentagon, along with US buyouts of foreign assets expected to yield much more than the Treasury bonds that foreign central banks hold.

The main political issue confronting the world’s central banks is therefore how to avoid adding yet more dollars to their reserves and thereby financing yet further US deficit spending – including military spending on their borders?




[edit on 16/6/2009 by Iamonlyhuman]



posted on Jun, 16 2009 @ 06:40 PM
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More...


The main political issue confronting the world’s central banks is therefore how to avoid adding yet more dollars to their reserves and thereby financing yet further US deficit spending – including military spending on their borders?

For starters, the six SCO countries and BRIC countries intend to trade in their own currencies so as to get the benefit of mutual credit that the United States until now has monopolized for itself. Toward this end, China has struck bilateral deals with Argentina and Brazil to denominate their trade in renminbi rather than the dollar, sterling or euros,3 and two weeks ago China reached an agreement with Malaysia to denominate trade between the two countries in renminbi.[4] Former Prime Minister Tun Dr. Mahathir Mohamad explained to me in January that as a Muslim country, Malaysia wants to avoid doing anything that would facilitate US military action against Islamic countries, including Palestine. The nation has too many dollar assets as it is, his colleagues explained. Central bank governor Zhou Xiaochuan of the People's Bank of China wrote an official statement on its website that the goal is now to create a reserve currency “that is disconnected from individual nations.”5 This is the aim of the discussions in Yekaterinburg.



Even without capital controls, the nations meeting at Yekaterinburg are taking steps to avoid being the unwilling recipients of yet more dollars. Seeing that US global hegemony cannot continue without spending power that they themselves supply, governments are attempting to hasten what Chalmers Johnson has called “the sorrows of empire” in his book by that name – the bankruptcy of the US financial-military world order. If China, Russia and their non-aligned allies have their way, the United States will no longer live off the savings of others (in the form of its own recycled dollars) nor have the money for unlimited military expenditures and adventures.



posted on Jun, 16 2009 @ 06:52 PM
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Originally posted by TheOracle

The fact that the US wasnt invited in this meeting only tells me that they arent willing to discuss the issue with America and the changes may be abrupt and devastating.


The US wouldn't have been invited because we are not a member, nor an observer, of the SCO. However, we did ask and they did deny us.

The changes have already started.


China has struck bilateral deals with Argentina and Brazil to denominate their trade in renminbi rather than the dollar, sterling or euros,3 and two weeks ago China reached an agreement with Malaysia to denominate trade between the two countries in renminbi.[4] Former Prime Minister Tun Dr. Mahathir Mohamad explained to me in January that as a Muslim country, Malaysia wants to avoid doing anything that would facilitate US military action against Islamic countries, including Palestine.



I certainly do not wish something like this to happen without having the time to adjust to new living conditions. I dont think the US can hold back the world any longer, I only hope there is a good damage control plan.


It is up to each and every one of us to make sure that we have our own "damage control plan". Do not rely on the government to do it for you. My advice is pay close attention to Peter Schiff. I know I am.



posted on Jun, 16 2009 @ 07:47 PM
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But what is the worst case scenario for the US and Europe? How the people will adapt? Not everyone can afford a house and land



posted on Jun, 16 2009 @ 08:01 PM
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And like many Economical experts have said, China has already priced in it's loss of most of their Dollars. Stating in fact, that they don't give a @#$%. That's why they are going to purchase more Gold in some "underground" way to not upset the price of Gold, and they will increase their purchases of commodities.



posted on Jun, 16 2009 @ 08:25 PM
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The truth is Bush destroyed the economy and Obama is burying it.

Bush cut taxes which was the right thing to do but he borrowed and spent us into oblivion. Also, no regulation on things like credit default swaps.

Bush gave out 12 vetoes vs. Reagan 78 and Clintond 37. Discretionary spending went up under Bush 5.3% and under Reagan it went up 1.8%. He also gave us the age of bailouts.

You are supposed to cut taxes and then reduce the scope and size of Government not go on a spending spree.

Obama is now spending trillions while saying we are out of money and that we can't sustain the debt. I think Obama wants the economy to crash. This is why he's setting up this socialist/fascist state. He's taking over businesses, he's appointing czars and during the campaign he wanted a local police force stronger than the military.

It's almost like Obama is building a nation within a nation and when the economy crashes this new government will fall into place.



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