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The American today is as pro-war, pro-capitalist, pro-empire, and pro-materialist as it was then, but is facing a threat it can no more defeat than "terrorism": total economic, political and social FAILURE; and from that failure, collapse. Because America has been the preeminent world power financially, militarily and politically since 1945, it refuses compromise; nor can it surrender one front to save another; nor can it admit defeat; nor can it accept global competitiveness; nor can it honor international law; nor does it want to honor the social contract with its own people; nor can it accept dissent or protest without state-sponsored suppression conducted by militarized police forces; nor can it accept freedom of thought and action without expanding its totalitarian spying and surveillance methods; nor can it stop the anarchic algorithms on Wall Street from sucking blood out of the nation and into the hands of market parasites, insiders, vigilantes and CEOs; nor can it stop the Generals in the Pentagon and in Brussels from constructing new exorbitantly expensive weapon systems, provoking Cold Wars with Russia and China, invading and occupying tiny resource-rich nations to control the world's energy and flows, boastfully assassinating sovereign leaders and citizens, and now threatening anyone anywhere with murder or indefinite detention without trial or jury; nor can America stop the world from seeking to unseat USD as the reserve currency (one key motive to most of the above). Nor can America stop the world from HATING The United States of America.
In consequence of this supreme arrogance, self-righteousness, God ordained hegemony, and the stupidities therein, America is about to lose EVERYTHING - at once! (Hubris and gambling are not confined to Wall Street, they are national traits.)
The question remains: When will it all stop and how will it stop?
Brazil, Russia, India China and South Africa are meeting next week because of the use of SWIFT as a weapon of war. Expect the formation of a competitive SWIFT system in three blocks.
2012 is the year that the US dollar will suffer from a significant drop in utilization as the international settlement currency.
South Africa will this week take some initial steps to unseat the US dollar as the preferred worldwide currency for trade and investment in emerging economies. Thus, the nation is expected to become party to endorsing the Chinese currency, the renminbi, as the currency of trade in emerging markets.
And then, there’s that presumption about incumbency. The paper clearly shows it need not take a long time for a viable alternative to match the reigning reserve currency and eventually overtake it.
This should be welcome news to countries such as China and Russia, which have in recent years called for replacing the dollar-based system with one that uses several currencies.
But, as the authors show, the dollar’s rapid rise in the 20th century was possible because of the development of its financial system, the paper suggests.
Doha, Qatar's central bank has broken ranks with other monetary authorities in the oil-rich Gulf region to express its first public concern about the longstanding policy of linking its currency to the U.S. dollar.
Qatar, like most of the central banks in the oil-rich Gulf region, has pegged its currency to the U.S. dollar for more than a decade. Saudi Arabia, the United Arab Emirates, Oman and Bahrain also maintain dollar pegs, while the Kuwaiti dinar is linked to a basket of currencies in which the dollar is predominant.
Despite recent weakness in the dollar and the move by Standard & Poor's last year to downgrade the U.S. credit rating, the oil-rich Gulf states have refrained from voicing concerns about their currency pegs to the dollar, the currency in which their oil exports are denominated.
Meanwhile, Mr. Al Thani said that Asian banks are stepping in to fill a funding "void" created by the pullback in lending by European banks due to the euro zone debt crisis.
Basically, the International Monetary System that we have had for a few decades that revolves around the US dollar has finally reached the end of the line, and the current international monetary crisis was the last straw necessary for the world to realize that it needs a new redesigned international monetary system that would be compatible with the new realities of the 21st Century.
Since the economic crisis began in 2007, many experts and economists have been surmising that the US dollar is at high risk of losing its reserve currency status. That other nations, seeing the risk of the US inflating their way out of debt troubles will find another reserve currency to use. This would greatly impact the US and perhaps cripple all economic recovery efforts
Originally posted by BulletShogun
With this title it had to be germanicus.
Everyone hates america due to our foreign policy. And marketing ideas.
America is not doomed yet.
I don't know whats wrong with you but you seem to have some kind of vendetta against america
Originally posted by Germanicus
The US is doomed.
Its funny I've heard this for a while now, Americas still here. Will still be here for a while. Maybe the country will change, I hope for the better, but even a changed America is still America.edit on 17-6-2012 by Cancerwarrior because: (no reason given)
Originally posted by boncho
America isn't doomed and it makes no sense asking for a new superpower to take control or dominate world matters. It's not as if the next one would be any less corrupt or any less caring about public opinion throughout every nation. In fact, the majority of them would be worse.
If you think the US will be ok after the USD is unseated then you are in for a surprise.
Originally posted by boncho
reply to post by Germanicus
If you think the US will be ok after the USD is unseated then you are in for a surprise.
If you believe you can predict what will happen with the USD then you are most likely in for a surprise. But of course if you have some grand wisdom from inside sources, please pass it on because it would literally be worth a fortune.
Finance is a dog and pony show, with manufactured events that help take money from one, and consolidate to another.
I highly doubt anyone will see what's coming in the next five years regarding money matters until after it's passed.
Originally posted by Germanicus
Originally posted by boncho
America isn't doomed and it makes no sense asking for a new superpower to take control or dominate world matters. It's not as if the next one would be any less corrupt or any less caring about public opinion throughout every nation. In fact, the majority of them would be worse.
The world had given up on the US. They are irrisponsible. They are lazy and incompetent. Look at their economy. They refuse to fix it. They continue to overspend.
It is out of our hands anyway. The onlt thing saving the US is having the reserve. When the USD is unseated the US will collapse.
Investment bank UBS estimates the Chinese bank's domestic credit is equal to about 145 per cent of the nation's nearly $US6 trillion annual GDP, with the ratio swelling to 170 per cent when so-called off-balance lending is included. By comparison, domestic credit in US institutions totalled just over 100 per cent of GDP in 2010, UBS said.
Read more: www.smh.com.au...
The outgoing head of the World Bank, Robert Zoellick, will warn the G20 summit that Europe runs the risk of sparking a Lehman-style global crisis that will have dire consequences for developing nations.
Do you really think we will all go down with the ship? When you are ripping us off? You have no right to the reserve. It is not a bad thing that nations are turning away. Americans should not get upset. It is nothing personal. Your government is a loser. They have failed. There is no fixing the US. That is clear. We will not wait forever.
Originally posted by boncho
reply to post by Germanicus
Do you really think we will all go down with the ship? When you are ripping us off? You have no right to the reserve. It is not a bad thing that nations are turning away. Americans should not get upset. It is nothing personal. Your government is a loser. They have failed. There is no fixing the US. That is clear. We will not wait forever.
I'm not an American.
It does not take a genius. i didnt spend long on the post because there are a million people all saying how the USD is doomed.
Look at the US economy? Name one economy that is doing good right now!
Originally posted by boncho
reply to post by Germanicus
It does not take a genius. i didnt spend long on the post because there are a million people all saying how the USD is doomed.
Don't forget how many people say Nibiru is coming this year or was already supposed to have come...
Originally posted by Germanicus
reply to post by boncho
Look at the US economy? Name one economy that is doing good right now!
The Australian economy is doing good right now. Asia is doing ok as well.
The BRICS are fine.
It is the West that is doomed.
Australians are among the outsiders with the most at stake should soaring bad debts prompt Chinese banks to hit the lending brakes. China accounts for about a quarter of Australia's exports - nearing $65 billion in the year to June - and its growth has helped fuel demand in many of Australia's other main export markets in Asia.
Read more: www.smh.com.au...
Prime Minister Manmohan Singh said that continuing problems in the eurozone will further dampen global markets and adversely impact India’s own economic growth.
investmoneyinindia.com... in-the-eurozone-will-adversely-impact-indias-economic-pm
China pared its growth target to the lowest since 2004, Standard & Poor’s (S&P) may cut India’s investment grade credit rating, Brazil is on pace to expand less than 3 percent for a second consecutive year and falling oil prices may hurt Russia.
A prolonged slowdown in the four countries poses a fresh threat to a world economy suffering its weakest spell since the end of the 2009 recession, which the Brics helped shorten by contributing about half of the international expansion since 2007.
www.iol.co.za...