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It seems that a new Global Reserve Currency is on the horizon.
I think the biggest problem is that the unchecked financial sector has so many ways of creating wealth out of nothing. At some point this will not add up. Somebody has to pay. There needs to be value at some stage.
when do we get to declare 'upward mobilty' to be dead? Its dead.
The world's gross domestic product (GDP) is only about $65 trillion, or roughly 10.83% of the worldwide value of the global derivatives market, according to The Economist. So there is literally not enough money on the planet to backstop the banks trading these things if they run into trouble.
I think speculation on food is taking something that has real value and manipulating that value and you get speculative bubbles. It has a real effect on the world because food prices rise and poor nations have food shortages.
Libya was a rich nation. The reason they were invaded was because Gadaffi was going to introduce a gold backed African Dinar. This would have destroyed an already shakey USD and in turn destroy massive amounts of western 'wealth'.
I also think exchange rates are used to rip nations off.
1) ALL the silver and gold ever produced since the beginning of time could not pay our national debt. since that is the case, then why does our gold holdings (if we really even have any) bring peace of mind to people?
2) That our current currency and credit derivatives are $630 trillion.
3) That in 1964 $10 worth of quarters is worth $220 in todays currency.
4) They can inflate until currency is piled to the moon (they already have), and can lie about it, and no one will ever know the difference.
How can anyone with enough sense to balance a check book, look at our national debt to income and see there is no way we aren't facing an economic collapse?