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The Media Won't Touch This Story About The End Of The US Dollar

Business Insider -- Over the past few years China and other emerging powers such as Russia have been quietly making agreements to move away from the US dollar in international trade. Several major oil-producing nations have begun selling oil in currencies other than the dollar, and both the United Nations and the International Monetary Fund (IMF) have issued reports arguing for the need to create a new global reserve currency independent of the dollar.

The supremacy of the dollar is not nearly as solid as most Americans believe it to be. More generally, the United States is not the global superpower it once was. These trends are very much connected, as demonstrated by the world's response to US sanctions against Iran.

Millions of barrels of Iranian oil that were in storage in Iranian tankers a few weeks ago

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Submitted May 01, 2012 By: dhdiesel

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geminijax Champion Author Jacksonville Posts:16,826 Points:2,726,700 Joined:Aug 2005	Message Posted: May 3, 2012 9:39:13 PM Ignore geminijax Report Abuse Tomeboy, those aren't merely fear mongering comments. That's stark reality. I don't know what background you have when it comes to financial matters. I have over twenty years of experience when it comes to investing. Try reading the book "Aftershock". Their predictions are coming true. A decline in the USD will be a major reason for wildly inflated prices in the US, not necessarily in every country in the world. The dollar supply has already tripled over the last few years. Think supply & demand here.
1006 Champion Author Birmingham Posts:1,105 Points:1,353,565 Joined:Apr 2008	Message Posted: May 3, 2012 8:02:05 PM Ignore 1006 Report Abuse would it be the O admin has them tied up?
dhdiesel Veteran Author Riverside Posts:400 Points:44,800 Joined:Feb 2012	Message Posted: May 2, 2012 6:42:07 PM Ignore dhdiesel Report Abuse More like both - stop spending/borrowing AND raise taxes. Last August when the U.S. credit rating was downgraded for the first time in history, a former White House economic advisor said the total Fed govt obligations (promises made by politicians), less expected income from taxes, was more like $211 trillion. That would include Medicare and Medicaid benefits, Food Stamps, Defense etc., and of course, giving back to the taxpayer the money they paid into Social Security. Social Security payments are expected to be about $3 trillion per year alone! He said, "What you have to do is either immediately and permanently raise taxes by about TWO-THIRDS, or immediately and permanently cut every dollar of spending by 40 percent forever." Now, do we really think these failed lawyers, turned politician in Washington D.C. would have the spine to do either of the above? But the problem just gets worse the longer they avoid the solution and the pain of inevitable forced austerity becomes that much more severe. I would guess that about the time we see more and more politicians not running for re-election and buying a home off-shore will be about the time we're going over the cliff. I know I wouldn't want to be a politician staring at the sharp end of a pitch fork! Oh and the States aren't doing to well either...
melvindale Champion Author Michigan Posts:1,438 Points:351,230 Joined:Jun 2011	Message Posted: May 2, 2012 11:20:47 AM Ignore melvindale Report Abuse One alternative would be to go back with full force, and then add states to the USA. States like Iran, Iraq, Afghanistan, Saudi Arabia, Israel. We can follow those up with Syria, Jordan, Lebanon, Turkey..... Then we will be the world leader - no question! (You know we were better respected in the decades following the USA winning a world war.) (or 2)
melvindale Champion Author Michigan Posts:1,438 Points:351,230 Joined:Jun 2011	Message Posted: May 2, 2012 11:15:37 AM Ignore melvindale Report Abuse What it means is that the US Government will actually have to stop spending what they don't have. If they don't, the US dollar becomes worthless and any product with parts from other countries will skyrocket. So, either they quit spending, or they quadruple taxes. The tax thing will put us into a depression so bad, the "Great Depression" will be seen as a blip. Quit spending so much! Quit giving money to other countries. Quit giving money to businesses that are already profitable. Quit paying farmers NOT to grow. They'll figure it out on their own, when there is an ACTUAL free market. Quit spending money to find out things you can learn on the internet. I know they will quit giving money back to the states, which will drastically reduce public higher education. Thanks for the internet. Thanks for personal computers. However stop doing things in the hope that someday something helpful will come of it. BUT.....They will probably raise taxes, or attempt to do nothing.....At least until the rest of us lynch them all and burn down Washington DC.
1006 Champion Author Birmingham Posts:1,105 Points:1,353,565 Joined:Apr 2008	Message Posted: May 2, 2012 3:57:01 AM Ignore 1006 Report Abuse we have always thought that we were IT, and we are truly not. the USA is on the decline thanks to 'leaders' like O. It's time for a change!
dond Rookie Author Hawaii Posts:89 Points:191,045 Joined:Apr 2012	Message Posted: May 2, 2012 3:31:05 AM Ignore dond Report Abuse the dollar is going down the drain!
jrs4125 Champion Author Indiana Posts:2,753 Points:590,770 Joined:Sep 2011	Message Posted: May 2, 2012 3:16:39 AM Ignore jrs4125 Report Abuse This news about the BRICS counties is old news. It has not been covered by US news outlets.
KrsnaDragon Champion Author Montreal Posts:2,402 Points:530,325 Joined:Nov 2011	Message Posted: May 2, 2012 2:09:30 AM Ignore KrsnaDragon Report Abuse Very interesting, and, unfortunately, much of it is true.
JuicyQ69 All-Star Author San Bernardino Posts:643 Points:1,139,640 Joined:Apr 2009	Message Posted: May 2, 2012 1:26:40 AM Ignore JuicyQ69 Report Abuse Well that's just dandy!
justmedc Veteran Author Michigan Posts:382 Points:174,045 Joined:Mar 2012	Message Posted: May 1, 2012 11:29:33 PM Ignore justmedc Report Abuse still would rather stay in the US than go to another country (except to visit) super power or not
Tomeboy Champion Author Twin Cities Posts:3,764 Points:558,690 Joined:Apr 2009	Message Posted: May 1, 2012 11:24:37 PM Ignore Tomeboy Report Abuse That's not fear... that's reality...
dhdiesel Veteran Author Riverside Posts:400 Points:44,800 Joined:Feb 2012	Message Posted: May 1, 2012 10:50:05 PM Ignore dhdiesel Report Abuse Another 'definition of fear' is $16 trillion in debt, 108 percent of the gross domestic product.
Tomeboy Champion Author Twin Cities Posts:3,764 Points:558,690 Joined:Apr 2009	Message Posted: May 1, 2012 10:41:17 PM Ignore Tomeboy Report Abuse Here we go again... another doom and gloom article. Fear mongering comments from this article... Massive inflation, high interest rates, and substantial increases in the cost of food, clothing, and gasoline will make the 2008 recession look like nothing more than a bump in the road. This will be a crater. The government will be unable to finance its debts. The house of cards, built on the assumption that the world would rely on US dollars forever, will come tumbling down. More fear mongering comments from this article... The end of dollar dominance is a very ominous sign for the US economy… especially since the federal government seems to be ignoring this enormous elephant. Ignore it at your peril – or get advice from over 30 financial experts that will help you thrive during the tumultuous times ahead.] Sounds like an advertising article to me... Show me the money? Fear mongering definition: Fear mongering (or scaremongering or scare tactics) is the use of fear to influence the opinions and actions of others towards some specific end. The feared object or subject is sometimes exaggerated, and the pattern of fear mongering is usually one of repetition, in order to continuously reinforce the intended effects of this tactic, sometimes in the form of a vicious circle.
dhdiesel Veteran Author Riverside Posts:400 Points:44,800 Joined:Feb 2012	Message Posted: May 1, 2012 10:24:47 PM Ignore dhdiesel Report Abuse How bad is the US problem? Former Treasury official Lawrence Goodman recently pointed out that investors are shunning US bonds and notes; the lack of other buyers forced the Federal Reserve to buy "a stunning . . . 61 percent of the total net issuance of US government debt" last year. Like many others, he warns that ballooning debt puts the US economy at risk for a sharp correction. A number of countries are abandoning the dollar for the Chinese yuan. Last December, Japan and China agreed to trade in yen and yuan. In January, the 10 nations of the Association of Southeast Asian Nations finalized a non-dollar credit agreement equivalent to $240 billion, strengthening their economies’ links with China, Japan and South Korea. Chinese Premier Wen Jiabao signed a currency-swap agreement with the United Arab Emirates, which holds 7 percent of the world’s oil reserves. Iran has agreed to accept rubles and yuan in trade with Russia and China, and now is trading oil with India in rupees and gold. In late March, the China Development Bank agreed with its counterparts in Brazil, Russia, India and South Africa to eschew dollar lending and extend credit to each other in their own respective currencies. With global demand for dollars falling, central banks around the world will inevitably reduce their dollar reserves. That selloff further weakens the dollar against other currencies and in turn drives up inflation. All this comes as US federal debt is soaring, adding to concerns about the future value of that debt and of the dollar. source: NY Post Once you have started QE (money printing) in a recession lacking any REAL signs of economic "recovery", you cannot stop QE without the whole darn thing falling apart. Undisciplined debt and money creation is unsustainable, period. [Edited by: dhdiesel at 5/2/2012 1:29:27 AM EST]
flahusky All-Star Author Florida Posts:733 Points:154,590 Joined:Feb 2011	Message Posted: May 1, 2012 10:12:16 PM Ignore flahusky Report Abuse US $ has been weak for well over 2 decades, so this is just natural progression.
Colts13 Champion Author Indiana Posts:1,571 Points:547,235 Joined:Mar 2011	Message Posted: May 1, 2012 10:12:11 PM Ignore Colts13 Report Abuse Ok.
TBONE3 Champion Author Pennsylvania Posts:8,741 Points:1,975,675 Joined:Mar 2005	Message Posted: May 1, 2012 10:01:55 PM Ignore TBONE3 Report Abuse Things change!
2bigtanks All-Star Author Akron Posts:772 Points:371,610 Joined:Jun 2011	Message Posted: May 1, 2012 10:01:07 PM Ignore 2bigtanks Report Abuse OK
nomad228 Champion Author Columbus Posts:3,117 Points:575,140 Joined:Feb 2011	Message Posted: May 1, 2012 9:58:40 PM Ignore nomad228 Report Abuse yep,one world bank,one world religion,one world gov'ment.that's when God comes back and says guess what your done now i 'm taking over. : ) can't wait for it.i just hope and pray i am long gone before they try it. don't want to be here when he destroys 5/6ths of the armies and sends them back to tell the one world gov'ment "i am" is in charge now.i would rather be in heaven watching them try to tell God how it is. : ) hahahahahaha not gonna happen as God shakes his finger at them and says ah ah ah no no no listen to your heavenly father because "i am " the one setting the rules now. hahahaha :)
sluggopyle Champion Author North Carolina Posts:23,608 Points:1,075,890 Joined:Dec 2005	Message Posted: May 1, 2012 9:57:06 PM Ignore sluggopyle Report Abuse >> Topic: The Media Won't Touch This Story About The End Of The US Dollar << ... because it isn't a "story" in the first place. It's an opinion column. DUH.
coke_kid Champion Author Chicago Posts:1,536 Points:324,370 Joined:Nov 2005	Message Posted: May 1, 2012 9:57:02 PM Ignore coke_kid Report Abuse Well its not helping by having Obama as President, Obama said he was going to cut our debt in half and he has now spent 6 TRILLION IN 3.5 YRS killing the US Dollar value. Apologizes to every country putting down America. and now were in line to be Greece as Obama destroys this country.. Obama must go in Nov... for a better AMERICA...
gus8441 Champion Author Baltimore Posts:2,109 Points:441,100 Joined:Feb 2012	Message Posted: May 1, 2012 9:55:41 PM Ignore gus8441 Report Abuse buy silver
pyndasky Champion Author Maryland Posts:9,995 Points:1,780,830 Joined:May 2008	Message Posted: May 1, 2012 9:54:08 PM Ignore pyndasky Report Abuse how can you blame this on Presidents Obama, Bush, or anybody.... for a consumer-based economy like ours, this is inevitable. [Edited by: pyndasky at 5/2/2012 12:55:37 AM EST]
danreino Champion Author Twin Cities Posts:8,343 Points:1,538,780 Joined:Mar 2008	Message Posted: May 1, 2012 9:54:04 PM Ignore danreino Report Abuse Spend, spend, spend, spend, spend; and we'll all be doing wonderful now, wont we ? Either reinstate (some how) the Gold Standard based on the American Dollar or be ready to hold The Red Star proudly high in hand until 2063.
Tigercat88 Champion Author North Carolina Posts:3,192 Points:615,890 Joined:Jul 2011	Message Posted: May 1, 2012 9:52:53 PM Ignore Tigercat88 Report Abuse Thanks to Bush and Obama we are losing our power in the world. Bring back Ronnie Reagan.
pyndasky Champion Author Maryland Posts:9,995 Points:1,780,830 Joined:May 2008	Message Posted: May 1, 2012 9:52:31 PM Ignore pyndasky Report Abuse as a market, we consume alot but as the consumption in China and India grows, the influence of the Dollar and the Euro will continue to fade...
Dodge_Me Champion Author Atlanta Posts:2,214 Points:555,480 Joined:Mar 2006	Message Posted: May 1, 2012 9:51:08 PM Ignore Dodge_Me Report Abuse Interesting
vegboy All-Star Author Massachusetts Posts:550 Points:106,700 Joined:Feb 2012	Message Posted: May 1, 2012 9:50:43 PM Ignore vegboy Report Abuse read the book aftershock
pastorpaulcg Champion Author Virginia Posts:3,615 Points:775,785 Joined:Dec 2010	Message Posted: May 1, 2012 9:50:20 PM Ignore pastorpaulcg Report Abuse Ok
vulcan96 Champion Author Ohio Posts:26,896 Points:3,102,700 Joined:Aug 2004	Message Posted: May 1, 2012 9:46:49 PM Ignore vulcan96 Report Abuse gloom and doom is coming soon....
bdlewis Champion Author Colorado Posts:1,384 Points:382,905 Joined:Oct 2008	Message Posted: May 1, 2012 9:44:47 PM Ignore bdlewis Report Abuse Of course not
miser709 Champion Author Grand Rapids Posts:1,268 Points:1,069,050 Joined:Mar 2004	Message Posted: May 1, 2012 9:44:41 PM Ignore miser709 Report Abuse That's obvious. [Edited by: miser709 at 5/2/2012 12:46:08 AM EST]
danol43 Champion Author Modesto Posts:1,697 Points:587,430 Joined:May 2011	Message Posted: May 1, 2012 9:44:14 PM Ignore danol43 Report Abuse Globama at work...
GordoM Champion Author Detroit Posts:1,000 Points:992,935 Joined:Nov 2006	Message Posted: May 1, 2012 9:43:25 PM Ignore GordoM Report Abuse Fewer international deals made in dollars does not mean the $ will collapse. Fall in the value of the $ is the more the cause than the effect of changing currency patterns.
GAS1251 Champion Author Texas Posts:5,143 Points:1,625,255 Joined:Jun 2008	Message Posted: May 1, 2012 9:42:57 PM Ignore GAS1251 Report Abuse Obama has stated in the past he favored a world currency over the dollar.
GigHarborHound Champion Author Tacoma Posts:2,527 Points:486,540 Joined:Sep 2011	Message Posted: May 1, 2012 9:42:42 PM Ignore GigHarborHound Report Abuse Maybe OhBowMa can brag about killing the dollar too!!!!
kosciak Champion Author Hartford Posts:1,106 Points:533,525 Joined:Aug 2011	Message Posted: May 1, 2012 9:42:13 PM Ignore kosciak Report Abuse ok
Rageagainsttm Champion Author Tampa Posts:8,298 Points:1,902,005 Joined:Jul 2007	Message Posted: May 1, 2012 9:41:41 PM Ignore Rageagainsttm Report Abuse ok
us4usa Champion Author Missouri Posts:5,984 Points:1,111,375 Joined:May 2008	Message Posted: May 1, 2012 9:39:35 PM Ignore us4usa Report Abuse Only a fool thinks its OK to max his credit cards, Uncle Sam's cards are MAX...
granitestater Champion Author New Hampshire Posts:8,817 Points:1,429,775 Joined:Oct 2008	Message Posted: May 1, 2012 9:39:11 PM Ignore granitestater Report Abuse Go ahead and try. The dollar is the World's Currency because we don't devalue or otherwise tweak it's worth on the world's market. Stability is the key.
Buddy2264 Champion Author Tampa Posts:11,649 Points:2,358,995 Joined:Oct 2005	Message Posted: May 1, 2012 9:37:41 PM Ignore Buddy2264 Report Abuse This will prove to be interesting, I hope the US is ready for it. I say return to the gold standard in the US.
JimL1 Champion Author Phoenix Posts:8,217 Points:1,241,520 Joined:Jul 2003	Message Posted: May 1, 2012 9:36:34 PM Ignore JimL1 Report Abuse OK, YAWN.
jrschl Champion Author Louisville Posts:2,962 Points:679,790 Joined:Jun 2011	Message Posted: May 1, 2012 9:35:25 PM Ignore jrschl Report Abuse It's all cyclical. We have to elect leaders, not career politicians, who are in it just to line their pockets.
flghtmedic All-Star Author Pensacola Posts:517 Points:383,955 Joined:Apr 2006	Message Posted: May 1, 2012 9:34:27 PM Ignore flghtmedic Report Abuse Ok
TIGERPAW46 Champion Author Florida Posts:7,120 Points:1,353,810 Joined:Mar 2004	Message Posted: May 1, 2012 9:34:11 PM Ignore TIGERPAW46 Report Abuse Yes we know. A few yrs ago they wanted the Euro to be supreme. More recent it was the Chinese monetary unit that was proposed to be King of the mountain. What some don't understand is that buying internationally is less expensive if the US dollar is the media of trade than having to pay with a currency we must exchange into.
otherdave Champion Author Indiana Posts:3,388 Points:1,268,185 Joined:Oct 2008	Message Posted: May 1, 2012 9:31:46 PM Ignore otherdave Report Abuse Right on coke kid!
coke_kid Champion Author Chicago Posts:1,536 Points:324,370 Joined:Nov 2005	Message Posted: May 1, 2012 9:29:52 PM Ignore coke_kid Report Abuse Well its not helping by having Obama as President, Obama said he was going to cut our debt in half and he has now spent 6 TRILLION IN 3.5 YRS killing the US Dollar value. Apologizes to every country putting down America. and now were in line to be Greece as Obama destroys this country.. Obama must go in Nov... for a better AMERICA...
hamdriver Champion Author Lansing Posts:3,479 Points:1,377,375 Joined:Feb 2008	Message Posted: May 1, 2012 9:27:23 PM Ignore hamdriver Report Abuse That sucks
judgemobile Champion Author Ohio Posts:7,565 Points:2,444,160 Joined:Nov 2005	Message Posted: May 1, 2012 9:24:55 PM Ignore judgemobile Report Abuse The same "follow the socialist" media also was ORDERED to not report the SECOND DOWNGRADE of USA credit in early April, 2012. Remember the FURY when the first downgrade was reported in July, 2011 ? Bummer ORDERED them not to report the second downgrade because THE PUBLIC MIGHT BECOME CONFUSED AND ALARMED (meaning they may not vote for the commie in November.