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World Prepares to Dump the Dollar

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posted on Jul, 26 2009 @ 02:36 PM
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reply to post by poet1b
 


In todays world is prove with US two wars in the middle east that it doesn't take armies to bring down the great nations of the US economically.

The times of weapons of mass destruction and Armies are gone.

Look around you and see that now the biggest war even know to man kind is been wagged all around us, is call the the economic war.




posted on Jul, 26 2009 @ 02:37 PM
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Originally posted by marg6043
reply to post by SLAYER69
 


I see, I was getting confuse with your response, you are a NWO believer, and a globalist supporter, right?

So you also believe that US should lose the dollar for one world currency and soverigenity in favor of bending to the powers of the world for the greater good.



No
But thanks for the assumption. I'm going on what I've lived through and seen with my own eyes in over 40 years of life experiences.



posted on Jul, 26 2009 @ 02:42 PM
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Time running out for U.S.-China rebalancing act

WASHINGTON (Reuters) - When President Barack Obama talks about building a more export-driven U.S. economy, China might want to listen closely.

Beijing has been getting unsolicited advice for years, both from the United States and a host of private economists, urging China to shift its focus away from churning out exports and toward building domestic demand.

The global recession has effectively accomplished what cajoling did not. China's exports fell 21.4 percent in June from a year earlier, and its $585 billion in stimulus spending has been widely credited with helping to revive domestic growth and stabilize the world economy.

While China was quick to act to counter the recession, it may be underestimating the deeper issue of U.S. consumers' changing attitudes toward borrowing and spending.



posted on Jul, 26 2009 @ 02:44 PM
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reply to post by SLAYER69
 


Well I am 49 and I too have seen the prosperity and downfall of the US through the years.

So I guess we are even, perhaps we don't see the things the same way, but while you have hopes for a better and brighter future, in my mind we have bigger problems right now that will delay that future and is call the system of government and their policies, we have that allowe our nation to be in the position that is in right now.

I can agree with some of your assumptions but I disagree with many, but as usual time will tell and it will not be long before we see which way our nation is heading.

I imagine that is going to be pleanty of topics that will cover the results of whatever paths our nation will be taking.

[edit on 26-7-2009 by marg6043]



posted on Jul, 26 2009 @ 02:57 PM
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reply to post by marg6043
 


Star for you.

Well it's like this...

We have a small breather in which to get our house back in order. We can be very competitive if we focus on the tasks at hand. Otherwise we WILL fall. We don't have to be number 1 at anything. We as Americans just need to stop buying so much foreign made garbage.

YOU know most of the Chinese made trinkets we see everyday on the shelves are cheap garbage. Only if the product is of a high quality will I buy it. The Chinese gained wealth through selling us Nickel and Dime products of very poor quality. This will change however as they reinvest and retool for higher quality products. Just like the Japanese did in the 50s and 60s then they came out of nowhere with high quality in the 70s and 80s. History will repeat itself.

India and China by their shear numbers are pumping out more engineers than we are, they will be the new innovators of the future. That's really the scary part. But This does not mean the end...

Let's look at Germany for example. They are much smaller than the US or China and just look at their engineers and their economy. If it wasn't for them the EU would be hurting worse than they are.



[edit on 26-7-2009 by SLAYER69]



posted on Jul, 26 2009 @ 03:04 PM
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Back to the topic I found this link to what is going on and the precarious situation our dollar is facing within the different powers in the world.

The Beginning of the End of the Dollar?

Actually in August 7th the IMF will be voting to increase circulation of the SDR.

So if this succeed the Dollar may be getting another competitor beside the Euro.



The IMF will vote August 7th on a measure which, if passed, would increase the volume of SDRs eightfold. In order for the SDR to replace the dollar it would need to dramatically increase its circulation. The first step would be to increase the volume of SDRs, the next step would be allowing organizations other than central banks and government organizations to hold, trade, and exchange them.


Right now the dollar’s primary competitor is the euro. The currency of Europe is valued 40 percent higher than that of the United States, and the British pound sterling is typically valued more than 60 percent higher. As the U.S budget inflated and its economy deteriorated, its currency began to fall apart.


blog.newsweek.com...

So while China wants the Yuan to be the primary currency this will never happen because we still have the EU to deal with and their Euro.

So the world one currency if this measure is approve by the IMF will be in full gear.


[edit on 26-7-2009 by marg6043]



posted on Jul, 26 2009 @ 03:07 PM
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reply to post by SLAYER69
 


You know, now you are talking my language
see that is exactly what I been saying all along, a nation can not survive by consumerism alone.

Still sometimes your post confuse me and let me take a different path that many times seems to be against of what you post.

But I like it at the end, we always comes to terms.



posted on Jul, 26 2009 @ 06:22 PM
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Originally posted by SLAYER69
Gold Reserves

Gold
(tonnes)

1 Eurozone
11,065.0 (tonnes)

2 United States
8,133.5 (tonnes)

3 Germany
3,412.6 (tonnes)

4 International Monetary Fund
3,217.3 (tonnes)

5 France
2,487.1 (tonnes)

6 Italy
2,451.8 (tonnes)
-
7 China
1,054.0 (tonnes)


Well, this is both technically incorrect - and likely totally flawed as well.

Firstly, China picked up 400 tonnes of gold from the IMF. The way it happened was so ironic - I still laugh about it. The IMF has been using that 400 tonnes of gold like a stick to beat on the heads of any gold investors, threatening a sale that would plunge the gold price - they never intended to sell it at all. However, China called their bluff - demanded the gold in an off market transaction, or they would buy the gold on the market - the negative impact on the dollar would have been savage and instant. China wins another round - I woulnd't be surprised if they extort more gold from the IMF through the same strategy.

As to the US gold reserves - I am of the opinion that the US has no gold reserves left - they haven't been audited for 50 yrs - they won't ALLOW an audit, and all the gold that has been used to manipulate the gold price must have come from somewhere - I am fairly confident, that most if not all of the US reserves has been stolen by the NWO. Go look up GATA - Fort Knox, Fort Hocks, or Fort Shocks - news.goldseek.com...

The other thing you have forgotten is the domestic markets - Asian people love gold, and like to wallow around in large piles of it.

Until recently even Vietnam was not selling gold internationally, and they had so much their domestic price was more than 25% lower than international prices.

India has a reported 13,500 tonnes in its domestic market. China has an UNKNOWN domestic market - and they have been buying from it - the 1,000 claimed tonnes I am fairly sure is a blatant lie, I wouldn't be surprised if it was closer to 10,000 tonnes.

Of all the quoted values - the only one I could fairly much say is true would be Germany. The rest of the Eurozone has been leasing gold, and not removing it from their balance sheet - they probably have almost no gold. Technically, they have leased it - in reality - when gold is $15,000 an oz - are they going to get it back?

I think much of the IMF gold is also gone - too bad for the member countries that think they have some share in it - the 400t they sold to China was probably the last of it.



posted on Jul, 26 2009 @ 09:23 PM
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Originally posted by Amagnon
Well, this is both technically incorrect - and likely totally flawed as well.

Firstly, China picked up 400 tonnes of gold from the IMF. The way it happened was so ironic - I still laugh about it. The IMF has been using that 400 tonnes of gold like a stick to beat on the heads of any gold investors, threatening a sale that would plunge the gold price - they never intended to sell it at all. However, China called their bluff - demanded the gold in an off market transaction, or they would buy the gold on the market - the negative impact on the dollar would have been savage and instant. China wins another round - I wouldn't be surprised if they extort more gold from the IMF through the same strategy.


There was a rumor circulating that GATA inside sources had revealed the Chinese had actually been increasing their Gold reserves through open market purchases , as opposed to the official story: "through domestic purchases and refining scrap metal".

Not that they wouldn't if given the opportunity , but I haven't heard a word about China purchasing IMF Gold in a clandestine transaction. Is there any support for this claim ?

Thanks

Not sure where you acquired this info , but it sounds rather dubious to me. A couple things come to mind; inconsistent time-line , and any sale of IMF Gold requires approval from voting member states....e.g. US congressional approval.

China announced that it had increased it's Gold reserves by 454 Tonnes on April 24, 09.

Congress didn't approve the sale of IMF Gold until June 16, 09 (12.96 million ounces/approx 403.3 tonnes)....buried in Title XIII of the 09 Supplemental Budget Appropriations Bill




U.S. Congress Vote Marks Big Step For IMF Reform, Funding

Selling a limited portion of IMF gold

Congress authorized the U.S. Treasury to instruct the U.S. Executive Director to vote to approve the sale of up to 12.96 million ounces of the Fund’s gold, which is the gold the Fund has acquired since the second Amendment of the Fund’s Articles of Agreement in April 1978. These sales would be used to create an endowment, as part of the implementation of a new income model that was endorsed by the IMF’s Executive Board last year, together with expenditure reductions, to put the Fund’s finances on a sustainable basis in the medium term.

Congress stipulates that such sales need to be handled according to guidelines agreed by the Executive Board in April 2008 to avoid disrupting the world gold market. The Fund has a total holding of 103.4 million ounces (3,217 metric tons) of gold at designated depositories, and these sales would represent one-eighth of its total holdings.

During the summer, the Executive Board will consider modalities for the gold sales, and could take a decision to sell gold at this time.

Full Text


Related: IMF gold sale plan gets US Congress approval






[edit on 26-7-2009 by OBE1]



posted on Jul, 26 2009 @ 09:39 PM
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Originally posted by marg6043

Actually in August 7th the IMF will be voting to increase circulation of the SDR.

So the world financial brass feels like sizing up the IMF piggy bank, coz lots of countries desire to be bailed out of their economic predicament. But that makes it hard on the US printing presses that can hardly keep up with the domestic demand, like satisfying the TARP orders. (That acronym SDR doesn't derive from uS DollaR, even though the IMF sends you greenbacks when you qualify for the assistance.) And so the IMF decided to keep up with the demand by including other currencies into the bailouts known as "Special Drawing Rights." Now here is the question: What would be the increase of the funds in the IMF piggy bank?

Well, if the IMF will vote on it in August, which is the 8th month of the year, it follows that the piggy bank should grow up 8 times in size, right?
No?




The IMF will vote August 7th on a measure which, if passed, would increase the volume of SDRs eightfold.


Here you have it, folks. The top financial alchemist at IMF is a funny guy. That's what IMF stands for: I'M Funny.



[edit on 7/26/2009 by stander]



posted on Jul, 26 2009 @ 09:40 PM
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reply to post by OBE1
 


just adding to the China & gold buying theme...

China buys $1.8bn stake in Canadian miner, Teck
www.theaustralian.news.com.au...

China May Overtake India in Gold Demand, Council Says
www.bloomberg.com...

China, the world’s biggest gold producer, has increased reserves by 76 percent to 1,054 tons since 2003 and has the world’s fifth-biggest holdings by country, Hu Xiaolian, head of the State Administration of Foreign Exchange, said in April.



posted on Jul, 26 2009 @ 09:51 PM
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Originally posted by Amagnon

Originally posted by SLAYER69
Gold Reserves

Gold
(tonnes)

1 Eurozone
11,065.0 (tonnes)

2 United States
8,133.5 (tonnes)

3 Germany
3,412.6 (tonnes)

4 International Monetary Fund
3,217.3 (tonnes)

5 France
2,487.1 (tonnes)

6 Italy
2,451.8 (tonnes)
-
7 China
1,054.0 (tonnes)


Well, this is both technically incorrect - and likely totally flawed as well.

Firstly, China picked up 400 tonnes of gold from the IMF.


Can you provide us a source for your information?
I'm a stickler for facts thanks. Also I think that is a pretty close calculation of reserves. I know it flies in the face of all the Gloom and Doomers




[edit on 27-7-2009 by SLAYER69]



posted on Jul, 26 2009 @ 10:22 PM
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reply to post by warrenb
 


Hi warrenb. Out-ranking India in terms of demand would be no small accomplishment. With so many Americans reluctant to spend "our" USD on Gold...I guess the Chinese will gladly do it for them
and the Beijing official sector is like a resource vacuum.

Cash rich China eyes Canada's rich resources

Thanks for the links


[edit on 26-7-2009 by OBE1]



posted on Jul, 26 2009 @ 10:55 PM
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Originally posted by cpdaman

Originally posted by Amagnon
This bear market rally will accelerate - then be shorted into the ground - my estimate is around mid to late August is the last time you can safely have money in stocks. The fall may occur anywhere between mid August to late October, highest probability seems to be late August to mid Sept.


usually i would say your last paragraph is correct......

the mechanism for the curve up in this spring/summer has been earnings that show the world is not falling off a cliff......a oversold market rebounding... and apparently enough people are believing in a normal recessionary type upward curve continuing into 4'th quarter.....that and some big institutional players likely buying ....especially at support levels (speculation)...

so i don't see how "these conditions" that brought about the upward swing can persist into the end of the year.....because there is NO way that 4'th quarter earnings will match the upswing that was forecasted..........so you would think the time for the big players to short the market would be right BEFORE EARNINGS Results or downward revisions to the forecast came out.

But i'm not sure this administration thinks it's politically acceptable to do this.......i'm not sure the choosen one's legacy could withstand a return the dow duldrums......perhaps they double down on the Plunge protection team knowing they will need to when 4'th Q earnings fall sustantially short of estimates and just try to keep the market from falling below 8 or maybe 9 by that time....this is a wildcard in my mind....it is also the time should they let the market tank that i think would serve as a most likely time for some kind of "attack".SHOULD it occur......so that people could turn their anger away from gov't and obama and banks from this mess (since we were apparently "recovering") and onto who ever is linked to this.

the market will be wanting to take somebody's money ........perhaps gold will fall to 500.........perhaps oil will go to 150 at same time....LOL who the F knows

[edit on 26-7-2009 by cpdaman]


Refreshingly - you are thinking strategically - rather than looking at the market numbers. Nothing wrong with working on technicals - but it is only a part of the story - not like Greenbicman who thinks trends are the BIG PICTURE .. gah.

The only ray of hope I see is that the Bilderbergers made a statement that they were going to try and make this a short recession - and they usually get their way - so there is a chance that the market will be kept afloat - though in truth, it does nothing at all to help the underlying economy. Pumping capital into over bought shares purely ensures greater disappointment and larger falls next quarter.

My view is that the gangsters know they are fairly much done - there isn't much left in the US left to steal. I think they are pumping the market - in fact Goldman Sachs released end of year target as 1096, unless they are suddenly in the reverse-reverse psychology game - then that is a sell signal. GS can be counted on to get it wrong everytime - its in their best interests.

The problem with the market is this - 3rd quarter earnings are going to suck - downsizing, and abnormals on the balance sheet look nice .. once.

The domestic market is shot to hell - all people have left is debt, offering more credit is a waste of time - kicking the dead horse so to speak. Total capacity is down due to downsizing - so while there might be profits - they will look weak compared to price.

The most likely outcome is the gangsters are going to short it before the 3rd quarter results come out.



posted on Jul, 26 2009 @ 11:05 PM
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Originally posted by Amagnon

Originally posted by cpdaman

Originally posted by Amagnon
This bear market rally will accelerate - then be shorted into the ground - my estimate is around mid to late August is the last time you can safely have money in stocks. The fall may occur anywhere between mid August to late October, highest probability seems to be late August to mid Sept.


usually i would say your last paragraph is correct......

the mechanism for the curve up in this spring/summer has been earnings that show the world is not falling off a cliff......a oversold market rebounding... and apparently enough people are believing in a normal recessionary type upward curve continuing into 4'th quarter.....that and some big institutional players likely buying ....especially at support levels (speculation)...

so i don't see how "these conditions" that brought about the upward swing can persist into the end of the year.....because there is NO way that 4'th quarter earnings will match the upswing that was forecasted..........so you would think the time for the big players to short the market would be right BEFORE EARNINGS Results or downward revisions to the forecast came out.

But i'm not sure this administration thinks it's politically acceptable to do this.......i'm not sure the choosen one's legacy could withstand a return the dow duldrums......perhaps they double down on the Plunge protection team knowing they will need to when 4'th Q earnings fall sustantially short of estimates and just try to keep the market from falling below 8 or maybe 9 by that time....this is a wildcard in my mind....it is also the time should they let the market tank that i think would serve as a most likely time for some kind of "attack".SHOULD it occur......so that people could turn their anger away from gov't and obama and banks from this mess (since we were apparently "recovering") and onto who ever is linked to this.

the market will be wanting to take somebody's money ........perhaps gold will fall to 500.........perhaps oil will go to 150 at same time....LOL who the F knows

[edit on 26-7-2009 by cpdaman]


Refreshingly - you are thinking strategically - rather than looking at the market numbers. Nothing wrong with working on technicals - but it is only a part of the story - not like Greenbicman who thinks trends are the BIG PICTURE .. gah.

The only ray of hope I see is that the Bilderbergers made a statement that they were going to try and make this a short recession - and they usually get their way - so there is a chance that the market will be kept afloat - though in truth, it does nothing at all to help the underlying economy. Pumping capital into over bought shares purely ensures greater disappointment and larger falls next quarter.

My view is that the gangsters know they are fairly much done - there isn't much left in the US left to steal. I think they are pumping the market - in fact Goldman Sachs released end of year target as 1096, unless they are suddenly in the reverse-reverse psychology game - then that is a sell signal. GS can be counted on to get it wrong everytime - its in their best interests.

The problem with the market is this - 3rd quarter earnings are going to suck - downsizing, and abnormals on the balance sheet look nice .. once.

The domestic market is shot to hell - all people have left is debt, offering more credit is a waste of time - kicking the dead horse so to speak. Total capacity is down due to downsizing - so while there might be profits - they will look weak compared to price.

The most likely outcome is the gangsters are going to short it before the 3rd quarter results come out.


Well lets see

1) I called the bottom only off 500 dow points

2) I called the first top at 8800

3) I called the new bottom at 8200

4) I called 9000 the week prior while it was at 8200


I think I know a lot more than what you assume you know.

I only trade with technicals, and not trends, you apparently have not read my posts or cant understand them.

Either way, you shouldn't try to insinuate that you are anything in this area. Im not trying to be mean, but if you would go back and read my posts you would find yourself looking quite foolish.



posted on Jul, 26 2009 @ 11:29 PM
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reply to post by SLAYER69
 


Not an official source for the gold to China transaction - and I read that the sale had gone though - but after checking for official sources, apparently they were exercising clairvoyance


Good detective work from the poster catching the voting date in congress.

Regardless - it wouldn't be surprising if the 400t increase in China's reserve actually was the IMF gold.



posted on Jul, 27 2009 @ 12:19 AM
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Originally posted by GreenBicMan

Well lets see

1) I called the bottom only off 500 dow points

2) I called the first top at 8800

3) I called the new bottom at 8200

4) I called 9000 the week prior while it was at 8200


I think I know a lot more than what you assume you know.

I only trade with technicals, and not trends, you apparently have not read my posts or cant understand them.

Either way, you shouldn't try to insinuate that you are anything in this area. Im not trying to be mean, but if you would go back and read my posts you would find yourself looking quite foolish.


I'm not sure what posts your referring to? As far as looking foolish is concerned - losing your shirt looks foolish, being conservative and protecting your assets is never foolish.

As far as insinuating I am 'something' in this area - I have been doing my best not to. My only trading advice has been to urge caution because conditions are extremely unusual.

You seem to be treating the current conditions as business as usual - and I find that a difficult position to justify considering the highly unusual economic and political conditions.

To ignore those political and economic factors is to put your head on the block for no reason than to try and squeeze a bit more out of a rally.

I have been in the market for the rally - I made a good return (72%), now I am easing out.

Nobody knows what is going to happen in the next few months - telling people that everything is fine, its on a clear bull run - under the current circumstances, I find that reckless.



posted on Jul, 27 2009 @ 12:28 AM
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Originally posted by Amagnon
Not an official source for the gold to China transaction - and I read that the sale had gone though - but after checking for official sources, apparently they were exercising clairvoyance



So this....


Originally posted by Amagnon
Well, this is both technically incorrect - and likely totally flawed as well.

Firstly, China picked up 400 tonnes of gold from the IMF. The way it happened was so ironic - I still laugh about it.



....is simply rumor posted as fact ?

Sorry , with all due respect , not one informed member of the Gold community would swallow that story.

The last time the IMF divested it's Gold holdings (50MM ounces , 1/3 of it's existing reserves) , was 1974-1980 in a series of "auctions and restitution sales". The effect on the market price ? Pull-up a chart referencing the above time period


Until this past June , all subsequent proposals to sell IMF Gold (there have been several since 1980) , failed to get congressional approval.



posted on Jul, 27 2009 @ 01:14 AM
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reply to post by Amagnon
 


You can search all my posts if you wish.

The ones where I have made these calls.

I am not going to bother linking them, but anyone that has followed my posts will agree with my previous post.

The bull market started last week (IMO), I don't care about political or "lagging indicators" such as unemployment etc... those are for retail players with no "market insight"...

The stats are all getting "LESS BAD" and as I already explained LESS BAD is the new good and thats all we need.. markets always end up at an equilibrium level and we are in that process now.. its looks to me as this level will be much higher than most anticipate.

When the 50 EMA crossed the 200 EMA in the NASDAQ you might as well get rid of all your short positions. It is over (bear market).



posted on Jul, 27 2009 @ 05:26 AM
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[edit on 27-7-2009 by SLAYER69]





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