World Prepares to Dump the Dollar

Originally posted by GreenBicMan
reply to post by Ex_MislTech

 

My question is, these SDR's who will control them and who will expand the supply etc.?

Other than that, its China.. and I dont trust them (not that I really trust us lol)

All they say is the IMF at this point.

I suspect the World Bank will be involved, and the International
Bank of Settlements.

The movie is just fiction supposedly, but watch the movie
"The International" for some thought provoking entertainment.

I almost fell out of my chair laughing at your last line there.

No doubt, exactly how I feel.

Heading out for the Airport to get my friend flying back from Bahrain.

Things are getting weird there in Bahrain and Dubai too.

Out til tomorrow most likely !

Good Luck to you all !

The Corporation

Google Video Link

You'd think that things like disasters, or the purity of childhood, or even milk, let alone water or air, would be sacred. But no. Corporations have no built-in limits on what, who, or how much they can exploit for profit. In the fifteenth century, the enclosure movement began to put fences around public grazing lands so that they might be privately owned and exploited. Today, every molecule on the planet is up for grabs. In a bid to own it all, corporations are patenting animals, plants, even your DNA. Around things too precious, vulnerable, sacred or important to the public interest, governments have, in the past, drawn protective boundaries against corporate exploitation. Today, governments are inviting corporations into domains from which they were previously barred.

a great video

Originally posted by GreenBicMan
Not going to happen.

2nd line

I love Greenbicman - biggest economic moron on ATS. Never saw someone so deep in denial - that whatever the economic reality - he can can deny it by consulting his rose colored glasses.

Lets see - the US is SMASHED - its currency is a joke, only supported by OPEC who are rapidly being forced into the economic reality of selling in Yuan - regardless of whatever tanks, bombs and guns can be deployed against therm.

This Sept is likely to see a bank holiday with a 20-50% devaluation of the dollar - but never mind - ask Greenbicman - its all good as gold, just like 1971 - never going to happen.

Wake up - the US is not worth a cracker - it is a 3rd world country, and very soon you will be earning 2$ an hour if your lucky.

[edit on 24-7-2009 by Amagnon]

[edit on 24-7-2009 by Amagnon]

reply to post by warrenb


Getting scary now is it not? Anyone here who doubts this will happen should become familar with the Denial Dance.

Denial

Anger/Resentment

Bargaining

Depression

Acceptance

Welcome to "Hell" Market Ticker

The last week or two I had noticed that the /DX (dollar index) had a somewhat-odd correlation to the stock market - one that had not been present to the same degree, if present at all, before.

Specifically, it would move just before the /ES - S&P futures - moved, and the correlation between the two was almost lock-step.

I had mentally blocked out the worst of the possibilities until last night, when it was said right up front by a user who had lunch with a banker in Australia: The dollar has become a carry-trade funding currency; he was executing an increasing number of these trades with the dollar.

We are following Japan's script almost exactly, but our trip down this road will be far worse than it was for them, because as a nation we are monstrous net importers and in tremendous debt, both as consumers and as a government, where Japan is a net exporter and their population is full of savers.

Market Ticker


This dovetails nicely...
Abandoned USDollar & Paradigm Shift

A paradigm shift is underway, unrecognized inside the US kettle. Its water level is falling and its temperature is rising, even as fewer foreign born cooks stir its contents. The US banking and political leaders errantly pursue a path toward a return to normalcy, when all pathways have been washed out by powerful storms that to do abate and will worsen. Several key developments point to a new global order taking shape, as the Chinese actively work to plant global seeds that result in the Yuan currency serving more of a role in global trade. They will eventually de-throne the USDollar from its primal perch. The USDollar will be used less in global trade. The US$-based assets are being diversified. These developments are gaining traction, power, and publicity. The foreign creditors continue to protect their core US$-denominated reserves, while clearly undermining the US$ on the margin, as alternatives are chosen.

news.goldseek.com...



[edit on 24-7-2009 by burntheships]

I'm not really worried as we feed them and only take dollars. Thats a common oversight that paranoids make. When we start taking euros and yen for our wheat and corn ill be worried.

Originally posted by jprophet420
I'm not really worried as we feed them and only take dollars. Thats a common oversight that paranoids make. When we start taking euros and yen for our wheat and corn ill be worried.

If your exporting wheat and corn to China - you will be taking yuan as of 2010.

reply to post by burntheships


It would move just before the ES Futures?

Oh jesus, whoever this guy is I swear is retarded.

Nothing against you, but the ES MINI is the 3rd most liquid trading contract you can trade. It moves constantly all day long every second. So I have ABSOLUTELY NO IDEA what the hell this guy is talking about and what correlation he would even assume given this is an impossible feat.

Just more garabge on the internet IMO.

reply to post by Amagnon


Really?

I called the bottom at 6800 and I called a bull market last week about 800 points ago.

I know of about 10 members that PM me constantly for an outlook.

You along with a few others are the ones that "dont see the whole picture"

And it is funny all the time, since I have the opposite opinion it is ok for personal attacks.. I can take it though, I seem to be correct over the past 4 months

reply to post by Ex_MislTech


Interesting.. and who really is the IMF?

Its the same thing except on a more global level IMO

reply to post by GreenBicMan


No he is not "retarded"...that is Karl Denninger.

You may not agree with him, but I would venture to say he has extensive experience that far outweighs yours.

Name calling...bad taste.

Originally posted by burntheships
reply to post by GreenBicMan

 

No he is not "retarded"...that is Karl Denninger.

You may not agree with him, but I would venture to say he has extensive experience that far outweighs yours.

Name calling...bad taste.

I have seen some of his quotes about how the bond market was going to crash etc... all garbage.

And if you can tell me in any fashion how a market that moves tick by tick every second could be construed to be front running trades in front of the DX?

It is impossible.

Sorry, if ANYONE can refute me I will delete my name and never come back on this board. I swear.

I am sure some of you would like that chance.

I welcome it.

Originally posted by GreenBicMan
reply to post by Amagnon

 

Really?

I called the bottom at 6800 and I called a bull market last week about 800 points ago.

I know of about 10 members that PM me constantly for an outlook.

You along with a few others are the ones that "dont see the whole picture"

And it is funny all the time, since I have the opposite opinion it is ok for personal attacks.. I can take it though, I seem to be correct over the past 4 months

My main problem with you Greenbicman - is not that you know too little, but that you know a great deal - but knowing that you proffer incorrect conclusions.

That there would be a rally on the market is a no brainer - only commodities offers a decent alternative - regardless of that, I am sure you, as well as I, know that the market is a yoyo being played by the investment banks - specifically Goldman Sachs, and Deutschte Bank (as a surrogate for the ECB/BIS).

What annoys me more, is that you, as well as I, know this is purely a trap to lure the stupid into the market that is being bled by Goldman's to the tune of 100 mil per day, and is very likely to be trashed - as it will no longer be useful - it seems likely it will be shorted into the ground, just prior to a banking holiday in Sept.

That you are aware of this seems fairly obvious - but you have no compunction in telling everyone a totally different story.

Inquiring minds might ask - to what advantage is it to you to fiddle while Rome burns.

That the $US is in deep peril is also obvious - and I can see that you should be able to see it - so why is it that you deny an inescapable conclusion?

Do you ascribe to the theory that redemption of debt is going to cause a short circuit of the money supply - driving deflation? A dope smoking pipe dreams.

A rationalist would see that displacement of foreign dollars by yuan (and rubles for that matter), the recalcitrant position of the Chinese with regard to appreciation of the yuan (they are balancing value of stockpiled commodities vs US reserves, and are rapidly diversifying) cannot but have an inflationary impact on the dollar.

This will lead to a crash in exports, severed domestic spending and spiraling commodities prices, oh ya - forgot to mention, no credit at any reasonable price, regardless of a nominal 0% discount rate - er - what is missing from this equation of destruction? That's right - nothing is missing - it is the ultimate equation of destruction for any economy.

reply to post by Amagnon


Well I dont have a lot to say about that - except for apparently you have not read all my posts, and I am here to help people not hurt people.

You put it all in such dark terms it makes me look like the boogeyman.

About 3 months ago when I said everything was turning around people were booing me and saying destruction was imminent. Now the tune has changed to - "Well we know there would be a pick up then here comes another crash..."

It is the same thing over and over. It is hard for people to come to the realization that the bottom is in, perhaps even if you have been slighted somehow in all of this "mess".

You cant deny the things that have been happening in the market, and the things as well in the economy have been going "LESS BAD". "LESS BAD" is good because it is better than before.. so on the big curve we are near the bottom, but at least we are ready to come up the other side.

Billions and billions of dollars have been made by just getting in at the right time and buying low and selling high. These people are not geniuses, they just got in all at the right time... There are no handouts in the market and sometimes it just amounts to that (unless you are a highly skilled arbitrage player etc..)

I have no idea why you all make me out to be such a bad guy.. if I see things turning the other way I will say so (like I have at a previous date if you read all my posts).

The thing is I know sometimes you read something, and then you form an opinion. But usually the people writing it are clueless (i.e. rolling stones guy that did an article on algorithmic trading programs)

But when I read things like this Karl D. wrote about the ES and DX following each other, it makes me want to puke because now so many people are buying into something like that. And trust me, it is not possible. Well you might say now "Well bicman, how the **** would you know that?" Because I watch the ES MINI and YM all day long and if anyone wants I have all the intraday tick data and there is no freaking way what he said is true.

Which makes me discount everything else this guy has ever written automatically. Im not sure why you guys like this character, seems to prey on the misinformed or just people that are not intelligent in these areas.

First off, I want to thank the OP and the others that did take time to educate me on this topic.

One of the reasons I spent time on this thread (lurking) was to gain some knowlege on what is happening.

Whether it's going to happen, or not, I am switching to silver (instead of gold) and am going to take more time to follow the foreign markets.

I hope like hell it doesn't, but if I had to form an opinion right now, the trend appears to point towards a collapse.

In my humble, still learning, opinion.

Mike

When it comes to the reality of what is going on with Americans economic crisis and outlook I said many here have the right insight how this is heading.

When it comes to GreenBicMan concentrating on the markets alone he is pretty good at what he does.

He is savvy and knowledgeable even when I don't agree on how he overlook the economic as a whole problem and not getting better.


[edit on 24-7-2009 by marg6043]

reply to post by marg6043


I view the economics as "turning" and I have never stated I dont believe that they are good.

Although, some companies earnings this quarter were very good (i.e. apple) so there is obviously demand for something in this world.

I guess the point I am trying to make is you should look to the markets in a recession for a forward looking instrument. Notice that we are still losing jobs etc... but just at a lesser rate than disaster rate.

We were discounted in March for total annihilation. We really were.. now we know that isnt the case (unless you talk to some fringe economists) and we are pricing in fair value which will be at equilibruim levels to dow 14,000...

Where that is?.. I am not sure I think we are in the beginnings of a very big bull market run as I have been saying. That would signal to most that 6-18 months down the line we will pull through this.

Thanks for the nice words btw.

reply to post by GreenBicMan


Hey I see the positive and negative on everything and I weight the options, we all see things different depending on how we are personally affected.

You have a very good outlook about the markets and that is a plus.

reply to post by Ex_MislTech

SDR is something like the credit, and the allocation is done in USD, so it can't replace it. The IMF would have to put on a role of the World Federal Reserve, which would lead to disaster, coz the governors would never agree on how much currency the world economies need. The Federal Reserve doesn't know either, but it pegged the world to the performance of the US economy and it somewhat worked.

The world economies are too diverse for a global currency, but since something must end according to the 2012 prophecy, let it be the USD as the currency that the world is using for international trade. I wonder how would they name the new currency. "Euro" was easy -- the geography made it quick, but that wouldn't work well with the new stuff. How about "Eartho?" How about "Globulus?" Maybe "Unar" or some other Latin derivative. I myself believe that the name of the new world currency should honor the investor who has inspired so many top financiers, and the new world denomination should be called "Ponzi." Yep, that sounds right.

Isn't everyone basically stuck with the dollar? If China or Japan dumps how can it go unnoticed without devaluing what they already have. You can't sell without a buyer... Am I looking at it too simple?

reply to post by gelly


No, no really China does business with Iran, China is the biggest buyer of Iran's oil the trade in Japanese currency as Iran since 2008 is the only country in the OPEC that doesn't trade in dollars.

Wonder now why US has been on Iran's butt,