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That may very well be ,or maybe not but at the end of the day the dollar is being circumvented and other currencies are used for their dealing in oil.It doesn't matter wether they use Gold ,rupees ,rubles the yuan or toothpicks because the dollar in this situation is made redundant nonetheless.
Originally posted by Gorman91
It's going to blow up in their faces. India has gold in its soil, as well as fresh water and high elevation fertile lands. These are all things China would need under a gold standard and an eastern based economy.
That will lead China to having tensions in India within the near future, and inevitably draws China into the region.
Once China enters the region, everyone is screwed.
It just so happens that the IMF has already had a currency of its own called the SDR since 1969. However at the time that China was calling for a new reserve currency the SDR was not a convertible currency. It was only used to boost the reserves of a particular country, giving that country a stronger balance sheet which allowed that country to borrow more. That all changed in September of 2009 when the IMF made the SDR fully convertible. The IMF also doubled the amount of SDRs in circulation. Last month the IMF announced that it had a plan to use the SDR as the world’s reserve currency and is suggesting that they print trillions of dollars worth within the next few years.
Originally posted by calnorak
I still think that people that can grow and protect their food, will end up way better in the long run if TSHTF.
If this is a precursor to economic hard times.