Specter of Currency War Rears Its Head at Davos
- Posted on January 29, 2011 at 10:54am by
Scott Baker
- Print »
- Email »
DAVOS, Switzerland (AP) — A fight is looming between rich and poor countries over the value of the dollar and other key currencies, as governments use monetary tricks to boost their national recovery at the expense of other nations, political and business leaders warned Saturday.
Washington has been leaning hard on Beijing to allow the Chinese renminbi to rise, saying it is being kept artificially cheap to maintain China’s cheap labor advantage.
At the same time the United States, Britain and others have encouraged their central banks to pump money into the system as a means of stimulating the economy.
“We are going to see the recovery of nationalism and protectionism, I think we’re going to face some type of currency war,” said Jose Sergio Gabrielli de Azevedo, president and CEO of Brazilian oil giant Petrobras.
“The U.S. is going to try to use weak dollar policy to help recovery in the U.S., and Brazil, India are not going to accept that and will fight back, and then we’re going to see some struggle and conflicts,” he said.
His words echoed concerns expressed by many participants of the World Economic Forum in Davos, Switzerland, this week, where ways to maintain the fragile global recovery — and risks to it — are being hotly debated.
Australian Foreign Minister Kevin Rudd, responding to a Chinese participant‘s defense of China’s currency policies, said, “A few of the rest of us would say a better approach is the appreciation of the renminbi.”
Beijing has been wary of letting go control of its currency even as food prices rises are driving up inflation — a situation that has been partly blamed for spurring anti-government protests in the Middle East this week.
Rudd said the world has huge concerns about how China will deal with its inflation, and urged Beijing to “get the exchange rate right.”
Concerns about where the renminbi, dollar and in particular the euro are heading were aired as more than two dozen senior officials from key economies met in Davos to discuss sending a political signal that a new global trade deal can be completed this year.
Thailand’s prime minister said Saturday that failure to conclude the so-called Doha round of trade talks, which have been nearly 10 years in the making, indicated a leadership vacuum on the global stage.
“Despite what global leaders say, they are still very much dictated by domestic politics,” Abhisit Vejjajiva told a panel.
Renewed talk of a deal — which some say could add billions to the world economy — has won backing from leaders and executives at the World Economic Forum this week.
German Chancellor Angela Merkel and British Prime Minister David Cameron cited it as a key test for the international community’s ability to cooperate in reviving the world economy.
“We are literally meters away from the finishing line,” Merkel said Friday.
Experts remain skeptical that a deal can be reached this year, mainly because China and the United States remain at loggerheads on key issues. Pushing the talks into 2012 — a U.S. presidential election year — would make a conclusion even less likely because the sensitive issue of trade would be a hard sell for politicians of any stripe.
China‘s growth and worries about Europe’s debts have been another focus of attention among the 2,500 business and political leaders discussing the state of the world economy this week.
___
Online:
http://www.weforum.org
___
Angela Charlton and Tomislav Skaro contributed to this report.
Popular Stories
Paper Details Obama Admin’s Alleged Secret Note Sent to Iran: If Israel Attacks, We Won’t Get Involved 585 Comments
‘Made Up Religion’: TV Historian Enrages Muslims, Receives Threats After Producing UK Documentary Questioning Islam’s Beginnings 413 Comments
This Is the Creationists‘ Response to Scientist Bill Nye’s Viral Pro-Evolution Video Claiming They Harm Children 412 Comments
Roseanne Barr: Most Billionaires ‘Violent Pedophiles’ & ‘Heartless’ Cocaine Addicts 375 Comments
President Obama Issues Major ‘Green Energy’ Executive Order 369 Comments
Faith
- This Is the Creationists‘ Response to Scientist Bill Nye’s Viral Pro-Evolution Video Claiming They Harm Children 412 Comments
Pakistani Muslim Cleric Accused of Framing Disabled Christian Girl in Koran-Burning Case Read More- ‘Made Up Religion’: TV Historian Enrages Muslims, Receives Threats After Producing UK Documentary Questioning Islam’s Beginnings 413 Comments
Meet the Controversial German Imam Accused of Brutally Beating His Wife & Pushing Sharia Law Read More
‘Self-Proclaimed Messiah’ & Unification Church Leader the Rev. Sun Myung Moon Has Died — Here’s His Life Story Read More
Business
- President Obama Issues Major ‘Green Energy’ Executive Order 369 Comments
- Germany’s Upcoming Court Ruling Will be Huge for the EU Read More
Ford Looks to Beat Toyota for Best-Selling Car in 2012 With This Model 151 Comments
Bernanke & QE3: Here’s What You Need to Know Read More- ‘Extortion’: Why Did the Labor Department ‘Drop the Hammer’ on Oregon Farmers? 303 Comments
Technology
- This Is the Creationists‘ Response to Scientist Bill Nye’s Viral Pro-Evolution Video Claiming They Harm Children 412 Comments
‘TaserDrone’: Hackers Weaponize Quadcopter With Actual ‘Shocking’ Technology Read More
Ever Heard of the Wild ‘Burning Man’ Festival in the Middle of the Nev. Desert? Here’s Your Primer Read More
Stanford Develops Technology ‘Better Than Steroids’ for Athlete Recovery Read More
Have You Pretended to Know What ‘the Cloud’ Is? You’re Not Alone Read More
Submitting your tip... please wait!
Comments (128)
Thatdrewguy
Posted on January 29, 2011 at 2:51pmI really enjoy the discussion on here from opposing views. It’s absolutely what we all need. It makes us read more and research history to verify what others say. However, what we do not need is all the angry name calling. Unnecessary at best. This country is great because we can have these discussions. We sound like a bunch of politicians with the name calling. Last time i checked, not many of us liked the way they acted! Soo how about not acting like them?
Report Post »WHITE LOTUS2x
Posted on January 29, 2011 at 2:07pmIm no genious but I do watch the news and try to know what is going on. You know which news you have to watch to know what is going on. Yesterday I talked to two people and they knew nothing about all the riots that have been going on. I only talked to two people yesterday. That is very scary in itself. Where do people have their heads? Several said its all in Gods hands and I believe that, I also believe God gave us the good sense to not go swimmin if you cant swim. It takes faith and action. So what ever is out there to come our waay we better at least know it is comeing., better to be prepared for it as best you can instead of being in total denial.
Report Post »mitcha_ca_sux
Posted on January 29, 2011 at 6:37pmFrom another non-genius, very well said :)
Report Post »RightyWhitey
Posted on January 29, 2011 at 1:44pmWow, each is looking after their own best interests….imagine that.
Report Post »ds7
Posted on January 29, 2011 at 1:40pmagreed sbenard!
the question running though EVERYBODY’S mind as we watch the riots in tunisa and egypt and connect the dots back to the fed printing money at-will to “pay for” the spending by our politicians, is how long before this inflation comes home to roost in the USA and the trucks stop delivering food to the local walmart?
do you have a food supply and guns for the short term, a sense of community for the long term?
the paradigm is shifting.
Report Post »nostromo
Posted on January 29, 2011 at 1:34pmEvery time the “beggar thy neighbor” economic policy is tried it leads to very bad stuff. If world leaders choose to go that route emotions are unleashed that are very difficult to reign back in. This is getting seriously troubling.
Report Post »NJartificer
Posted on January 29, 2011 at 1:27pmSimple solution:
1) Central bankers surrender to police
2) All assts seized from above used to pay down national debt
3) Fractonal banking ponzi scheme replaced with congress controled US bank
4) US model spreads throughout world
5) Everyone lives happily ever after
In the famous words of Judy Tenuta “ IT COULD HAPPEN ”
Report Post »flagbearer
Posted on January 29, 2011 at 1:20pmIf you haven’t checked out Project 2025, do so. Look at the coming 4 Powers, the BRIC (Brazil, Russia, India, China). Break apart UN Agenda 21 and sustainable development, which is happening in local/state governments. Think about top down, bottom up, inside out, and connect all the dots to the New World Order, George Soros, the Bilderbergs, WHO, etc. What must happen for it all to fall into place? the downfall of the American economy; what is causing the riots in Egypt? inflation and joblessness amongst the youth and others; history repeats itself. The players’ names and faces have changed, but it is the same story. Power and money corrupt, and innocent people around the world pay the price. Elitists want to reduce population levels and save the world. They can’t use Nazis methods, so they have clever “policies” that will change everything as we know it. And sadly, some Jewish rabbis are falling for the same ideas all over again, as evidenced by their call to santion GB. Our only hope is for America to take the reigns she was meant to have and bring her fiscal house in order and to investigate and kick out the commies and people who are truly responsible for what is happening in the world today. Right shall prevail, as it always has. What would happen if America does put into place protectionism? Frankly, I’m for it. Bring back the jobs. Stop giving our money, inventions, and entrepreneurship to ungrateful nations that turn these very things against us. Stop expecting all cultures to accept our values/principles. Let them find the answers for themselves, as it should be and as our founding fathers warned not to interfere with foreign countries. Go back to immigration policies/laws like we used to have before the late 1960s. Look at nations so divided by religion and cultures that they are never united. That is what is happening here, and serves as proof that globalization has and never will work. Currency wars? You bet, but Washington and others have brought them on.
Report Post »Pops
Posted on January 29, 2011 at 2:50pmagree. If India doesn’t like our policies, bring back all those jobs currently being done by “Peggy” and employ our unemployed whose English, at the very least, I can understand when I need help with my computer or software. Damn stuff is hard enough to understand in English.
Report Post »xm-1774u
Posted on January 29, 2011 at 1:17pmit cant happen here .that,s all i hear no one wants to stock up on stuff ok have fun im glad im off the grid
Report Post »good luck
MissCherryJones
Posted on January 29, 2011 at 12:54pmJust a random thought: if Washington continues to lean on China to raise their currency so the low cost labor advantage is no more, wouldn’t, then, the US have to find another cheap labor country from which to buy our goods? Or, Heaven forbid, build our own goods???
Report Post »spirited
Posted on January 29, 2011 at 5:48pmDoes anyone really think that the US ever really plans on paying off the entire amount of China- borrowed money –plus interest?
President Obama wasn’t in office long, before China expressed concern about “protectionism”.
–Which was after an Obama speech about cars and batteries purchased from Korea.
The unfair Fair Trade agreement being corrected is our ace up the sleeve.
>Let’s make a deal time is coming.
Report Post »natstew
Posted on January 29, 2011 at 12:51pmHey BOOGER71, While I’m totally disgusted with the FED, I’m horrified at the thought of Congress controlling a Bank Of The United States.
I have some ideas to solve the problem, and they’d all get me investigated and maybe arrested by the Obamastappo
Report Post »RightPolitically
Posted on January 29, 2011 at 12:50pmBack to the Gold Standard………end of argument!
Report Post »martinrnelson
Posted on January 29, 2011 at 12:24pmI trust the US will be fine during these tenuous times, however; when the US President doesn’t believe we are an exceptional country and has publicly apologized for our arrogance, I become concerned for our future. I’m not a conspiracy theorist, I’m just trying to read the tea leaves.
Report Post »vincijoey49
Posted on January 29, 2011 at 12:18pmCHRIST is the answer
Report Post »martinrnelson
Posted on January 29, 2011 at 12:33pmYou are correct VINCIJOEY49. The moral, financial, spiritual and political states are all in a downward spiral. Have a great weekend.
Report Post »Dash Riprock
Posted on January 29, 2011 at 12:10pmCurrency war? Bring it on. Protectionism? Yes, bring it on. Protectionism is what this country needs right now. In a fight of international protectionism, who do you think will win? Hint: we, the USA, will be just fine.
Report Post »bullcrapbuster
Posted on January 29, 2011 at 1:01pmCurrency wars and trade wars precede shooting wars. The seeds of failure are sewen into the fabric of every system created through mans wisdom Only the higher power that gave us the us constitution through inspiration can save us from complete ruin.
Report Post »FANGS
Posted on January 29, 2011 at 11:50amI can;t wait until all the govt. freeloaders loose their jobs. Then the riots will start here. This will be the time we will fight. Oh, it will be bloody, but we have no choice.
Report Post »integrican
Posted on January 29, 2011 at 4:38pmWell if that happens……and I predicted this over 5 years ago. The mayhem will commence.
Here is the problem…..none will know what side anyone else is on, communications will be scarce, It will be simply KAOS with no clear winners just a shipload of losers. The riots here will have an element absent from the ones we see going on now….Armed Citizenry!!!!!! It will be a nightmare!!!!
I will be holed up in my mountain home living off the land. We have a plan for all of my brothers and sisters to get here….. WOLVERINES!!!!!!! LOL
Report Post »Bearfoot
Posted on January 30, 2011 at 11:48amI wish I had a mountain home, living off the land.
Report Post »Most of us are caught up in the “system”, and as a consequence, vulnerable to the whims of government and society.
irdavid160
Posted on January 29, 2011 at 11:47amI’m a preacher, Biblical not political so I very rarely comment in these forums. These stories though prove that we are at the end of time and I can remain silent no longer. We have been taught all of our lives that this day was coming and it looks to me as if we are here. In recent prayer and study, Daniel Chapter 11 took on new understanding and it has become clear that this chapter is dealing with this present time. Read this and decide for yourself. Sorry for the length :)
Daniel 11 deals with end time prophecy(11:6).
Four kings or kingdoms that would arise in Persia
11:2 Iraq/Babylon was a province of Persia at the time this was written. Since then, four kingdoms have come from this area: 1) The Islamic Golden Age 2) The Mongol Rule 3) The Ottoman Empire 4) Iraq
The forth kingdom of the Persian Gulf area would be the greatest and richest of them all 11:2 The same year Iraq was established, oil was struck in commercial quantity in Bahrain. Iraq’s wealth is greater than all three former kingdoms combined.
In this 4th kingdom would arise a man who would become a mighty king and do according to his will 11:3 This describes a dictator… sound familiar?
Stir up the Grecians (or powers of the world) 11:2
And would invade the fortress of a northern king who started this wealthy empire and spoil that land 11:7 Invasion of Kuwait?
He would be forced by the king of the north to return into his own country 11:8 Desert Storm?
He would “continue more years than the king of the north” 11:8 When 1st Bush left office, Saddam was still in power in Iraq.
After that war, (Saddam) would cast down many ten thousands that were stirred up against him 11:11-12 After Desert Storm, Saddam killed over 300,000 Kurds & Shia’s who tried to overthrow him.
But the king of the north would have sons, who would be stirred up against him 11:10
And one of them would come to do battle with this rich king 11:10 George W. Bush & this Iraq war.
And shall assemble a multitude of forces greater than the former forces and with great riches 11:10 -13
1st Gulf war: 959,600 Troops 2nd war: 1,347,970
Great Riches: 1st War: 61.1 billion -2nd war: 864 billion
and one (of the sons) shall certainly come,and overflow, and pass through 11:10 2nd Gulf War.
The southern king’s sons would not inherit his kingdom 11:4 Uday & Qusay were killed 7/22/2003
But a prince from his own country would take this great victory and turn it against him and use it for his own benefit 11:18 Barack Obama campaigned, using the war in Iraq against George Bush and was elected to office.
Then he (Bush) shall turn his face toward the fort of his own land: but he shall stumble and fall, and not be found. 11:19 George W Bush is no longer in power.
11:20 Then shall stand up in his estate a raiser of taxes in the glory of the kingdom: Sound Familiar?
11:20 but within few days he shall be destroyed, neither in anger, nor in battle. A political destruction? Very possible.
Da 11:21 ¶ And in his estate shall stand up a vile person, to whom they shall not give the honour of the kingdom:(not elected to office of President) but he shall come in peaceably, (will be next in line of succession) and obtain the kingdom by flatteries. (He will be elected using flatteries)
What are the flatteries? Read on…
24 He shall enter peaceably even upon the fattest places of the province;(the wealth of the land) and he shall do that which his fathers have not done, nor his fathers’ fathers; he shall scatter among them the prey, and spoil, and riches: (This is communism. Before America will allow this, we will have to be in the middle of an economic disaster… It is coming!)
The Bible goes onto say about this successor to President Obama.
31 And arms shall stand on his part, and they shall pollute the sanctuary of strength, and shall take away the daily sacrifice, and they shall place the abomination that maketh desolate. This is talking about the Beast or Anti-Christ and the beginning of the “mark of the beast.”
Are You Ready? It is truly sooner than you think!
Re 13:8 And all that dwell upon the earth shall worship him, whose names are not written in the book of life of the Lamb slain from the foundation of the world. If you are not washed in the Blood of Jesus Christ, you will take the mark of the beast. Please don’t wait, but repent and ask Christ to save you from your sins. Once you do that you need to start attending a Bible believing church. This is no game, politics is not our problem and will not be our solution. Only one solution matters now… the return of Christ.
Report Post »Bearfoot
Posted on January 30, 2011 at 11:30amI admire your willingness to endeavor an explanation of Daniel chapter 1, and I do agree we are in the last moments of the present worldwide system of things.
However, your explanation of Daniel chapter 11 is not accurate.
This prophecy deals with a king of the north and a king of the south and their back and forth struggle. The king of the north and south are political, and starting in verse 30 we learn that they do not fully cooperate with the true servants of God Almighty.
The identification of the king of the north and of the south is not certain or clear at this point in history, but they do exist in the time of the end, verse 11:40.
Report Post »Remember, they oppose God’s servants. Please notice Daniel 12:1-13
WhiteFang
Posted on January 30, 2011 at 12:32pmI found a wonderful study source for this subject in Daniel chapter 11 and chapter 12.
The book is entitled; “Pay Attention to Daniel’s Prophecy!”.
Report Post »The info on the two kings start in Chapter 13, page 211
This book was published by the Watchtower Bible and Tract Society in 1999.
irdavid160
Posted on January 31, 2011 at 2:13pmTo Bearfoot: Thanks for your comments but there is just way too much here to be coincidence. To say that it’s still unclear as to whom this will be after these explanations is to be willingly blind. As to them turning on the Christians, have you looked around lately? You can pray in any other deity’s name, but if you say the name of Jesus you’re a nut and radical. Being a Christian has never been this unpopular in American history. The point of this is to prove that we are very close to the end. Wake up. Politics are not our problem. A political awakening is not what we need, we need a spiritual awakening. It is probably too late, but it is our only hope.
Report Post »dizzyinthedark
Posted on January 29, 2011 at 11:32am…….“new global trade deal can be completed this year”–what trade deal?
Report Post »…….”Renewed talk of a deal — which some say could add billions to the world economy — has won backing from leaders and executives at the World Economic Forum this week.
German Chancellor Angela Merkel and British Prime Minister David Cameron cited it as a key test for the international community’s ability to cooperate in reviving the world economy.
“We are literally meters away from the finishing line,” Merkel said Friday.”–What did Merkel mean here? What finish line? Who’s going to win? I’m confused, some help here?
B-Neil
Posted on January 29, 2011 at 11:28amIf worse come to worse we can print our own money. Only will use neked women for the picture on a hundred dollar bill. An old bearded man for the one dollar bill. Have to give the women somethen. To be honest I’m to old to give a sh-t….Carry on McDuff
Report Post »TheAmericanRifleman
Posted on January 29, 2011 at 11:24amIt’s time for the FairTax. China can shove their renminbi up their arse. They are in this thing to win and don’t give a hoot about America. The FairTax will bring all our industry home.
Report Post »DashRipRock
Posted on January 29, 2011 at 11:56amok since BOORTZ first put out his 23% federal sales tax idea
Federal spending has gone up 56%
which means just to balance the budget we would need a 46% federal sales tax
we are a comsumer based economy 46% would kill consumtion and therefore kill our economy once and for all
Report Post »OneFunR6
Posted on January 29, 2011 at 1:51pmHey DipSh*tRock,
Obviously, RAISING TAXES is NOT the ANSWER………
CUTTING Gov SPENDING by 50% AND MORE,………
is the ONLY ANSWER.
The “poor” MUST WORK,……
or starve.
In the long run there is no such thing as an unpopular government. Civil war and revolution are the means by which the discontented majorities overthrow rulers and methods of government which do not suit them.[5]
from Ludwig von Mises’s Human Action,
[5] Mises, Ludwig von (1998), Human Action (Auburn, Alabama: Ludwig von Mises Institute), pp. 149–50.
Report Post »OneFunR6
Posted on January 29, 2011 at 1:55pma dictum famously attributed to Frederic Bastiat: “when goods do not cross borders, armies will”.
Report Post »OneFunR6
Posted on January 29, 2011 at 2:10pmHow the Market Creates Jobs, and the Government Destroys them – By Walter Block
Instead of praising jobs for their own sake, we should ask why employment is so important. The answer is, because we exist amidst economic scarcity and must work to live and prosper. That’s why we should be of good cheer only when we learn that this employment will produce things people actually value, i.e., are willing to buy with their own hard-earned money. And this is something that can only be done in the free market, not by bureaucrats and politicians.
The Federal Reserve.
By bringing about the business cycle, Federal Reserve money creation causes unemployment. Inflation not only raises prices, it also misallocates labor. During the boom phase of the trade cycle, businesses hire new workers, many of whom are pulled from other lines of work by the higher wages. The Fed subsidy to these capital industries lasts only until the bust. Workers are then laid off and displaced.
Walter Williams, an economist at George Mason University –said this of his mentor, Milton Friedman—”who encouraged me to think with my brain instead of my heart. I learned that you have to evaluate the effects of public policy as opposed to intentions.”
Report Post »sbenard
Posted on January 29, 2011 at 11:19amIMPORTANT!
The cause of the riots in Tunisia and Egypt has not been covered in the news media. Only Cavuto alluded to it on his program yesterday afternoon. These riots didn‘t just spontaneously occur after 30 years of Mubarak’s rule! Most of the news media ignores that these riots are related to food prices and money!
These protests are occurring as a reaction to high food prices caused by unbridled money-printing by the U.S. central bank. Last summer, Bernanke repeatedly said that he thought inflation was TOO LOW, beginning with his speech at Jackson Hole. The problem is that commodity prices are impacting the countries that BUY our grain much more than here. These riots are occurring because food prices have risen 200-300% because of our Dollar devaluation by the Fed. China, Brazil, and many smaller countries have been complaining for six months that the U.S. is exporting inflation to their countries through Dollar devaluation that is a natural consequence of monetizing our debt! They have been trying to buy up Dollars to prevent this, but it isn’t working. And now, it is toppling governments around the world that have been friendly to the United States, including the largest and most important Arab country in the world — Egypt!
This is going to have immense global repercussions, and no one can fully comprehend what they will be as yet.
Report Post »This is a textbook case of the law of unintended consequences!
Xcori8r
Posted on January 29, 2011 at 11:45amSpot on.
They are the canaries in the coal mine.
Report Post »Snowleopard {gallery of cat folks}
Posted on January 29, 2011 at 12:06pm@Xcori8r
Yes, the canary in the coal mine; first to detect the buildup of the deadly gases, usually by dropping dead before anyone else dose. Not the most enviable of positions to be in.
Report Post »DashRipRock
Posted on January 29, 2011 at 11:15amand here is another BIG misconception
everytime the FED have a quantitative easing cycle
it is always followed by a quantitative tightening cycle
it they didnt have both cycles
right now a big mac would cost about $3000 us
Report Post »oldoldtimer
Posted on January 29, 2011 at 11:20amQE is inflation. QT is deflation. So since when have we ever had deflation?
Report Post »DashRipRock
Posted on January 29, 2011 at 11:53amQUANTITATIVE TIGHTENING
means raising interest rates at the Discount window
That means that people buy more bonds from the fed
The more bonds that are sold buy the FED
means less money in the system or a TIGHTENING
Jesus this stuff isnt that hard
Report Post »GOTT-EM-MAUSER
Posted on January 29, 2011 at 4:22pmNo it really isn’t hard at all, simply because it is all MUMBO JUMBO regurgitated by Non Producers like you, that make their way selling fools worthless pieces of paper that supposedly have value. Your whole run down was invented by the same group of Money Jews that Jesus Christ drove out of the Temple 200 years ago. Nothing more than a method to get others to WORK so You Drones Don’t Have to.
GOOD LUCK with all your Babbling, over the next couple of years or so. I hope you can EAT IT, WEAR IT, or TRADE IT for something, but I wouldn’t bet the ranch on that happening.
Report Post »chuck
Posted on January 29, 2011 at 7:46pmbacked by the good faith of AIR, dashripwreck, our dollar is worth .02 cents dumb bunny…it is becuase the dollar is the worlds reserve currency (set when it was backed by gold), that oil, gold and most commodities are priced in dollars…the price of oil and gold, or your house, has not inflated in value at all, not the dollar is worth less, therefore the prices of those things goes up….learn about money before you shoot your stupid mouth off…the fed is not part of our govt and is owned and controlled by 13 families, immensely rich families!
Report Post »APatriotFirst
Posted on January 29, 2011 at 11:13amAt the same time the United States, Britain and others have encouraged their central banks to pump money into the system as a means of stimulating the economy
——————————————————————————————————–
Anyone find it strange that all these central banks are owned by the same people?
Report Post »oldoldtimer
Posted on January 29, 2011 at 11:18amThe Fed control all of them.
Report Post »DashRipRock
Posted on January 29, 2011 at 11:50amHow about a thought experiment
a real remedial one (that means real simple)
Lets say everyone one in America took ALL thier money out of the bank
ALL OF IT
Would there still be a federal reserve if there was no money in the BANKS
no there would not be
so who owns the FEDERAL RESERVE
everyone who has a bank account
Report Post »EP46
Posted on January 29, 2011 at 12:11pmNot really. The same group is world wide with the banks. Check out how far back Hillary & Bill go with these people. China bought Bill and the Middle East bought barry.
Report Post »oldoldtimer
Posted on January 29, 2011 at 11:05amThe US dollar will collapse in the next 2 years. There is a move underway to move to other currencies or mix of currencies as the world reserve currency. When this happens the dollar will not be worth the paper it is written on. All it will take is another nudge from the Fed. Monatize anoth 600 billion and the wall will tumble down. Already Russia and China have agreed not to use the dollar for trade. Iran refuses the dollar as payment. Mexico’s Central bank will no longer allow dollars for deposit. Folk we are on the way to financial collapse and unless there are MASSIVE debt cuts there is no turning back. This collapse will make the Great depression look like a hick-up.
Report Post »Snowleopard {gallery of cat folks}
Posted on January 29, 2011 at 11:09amI would give the dollar about 18 months at best; barring a mega miracle or a series of smaller ones.
Report Post »DashRipRock
Posted on January 29, 2011 at 11:10amWow the liberals said the same thing in the 80s.
The only thing that is new here is that China put the ruble on the board
meaning they are trading russian currency as a commodity
so that trade valuation between the two countries can float
in other words its going to cost the russians more rubles to buy chinese crap
Report Post »oldoldtimer
Posted on January 29, 2011 at 11:17amHey DASH why are all the big boys buying up every ounce of gold they can get their hands on? They are dumping dollars like they were used toilet paper. Why are stores in some areas now accepting foreign currency in leiu of dollars? Why are touristys to europe haveing so much trouble exchanging their dollars to loxcal currency. No one wants the dollars. They know what Americans do not want to admit. The dollar is collapsing as we speak. Inflation at over 2500% and too much debt are destroying faith in a faith based currency. No intrensic value. Only metal coins have intrensic value and only because of the metal content.
Report Post »broker0101
Posted on January 29, 2011 at 11:24amDASH, leave the poor Beck-Bots alone. They have bought Beck’s product, which is Panic, hook, line and sinker and there’s no talking them out of any it. Let SNOW buy insanely overpriced gold with her Disability Checks and put it, along with her $200 per backpack Food Insurance into her Liberty Safe and feel superior. It‘s obviously all she’s got. In the meantime, we will continue living our lives, enjoying our families and friends, building our businesses, EARNING our money and actually building the American economy. And we’ll feel happy and fulfilled about our achievements, not helpless, powerless and terrified of .George Soros, Van Jones and all the other boogeymen Beck has created for them to blame and fear.
Report Post »DashRipRock
Posted on January 29, 2011 at 11:24amAs far as Ive seen the only real big buyer of gold right now are India (number 1) and china.
The rest of the Buyers like private investment firms are buying gold to hedge against EQUITIES
not the dollar
Which I dont understand because Im dumping Gold before brazil starts to dump theirs
because brazil needs cash to build infrastructure for the Olympics
Report Post »DashRipRock
Posted on January 29, 2011 at 11:26amand if you want proff about what I said about the equity hedge watch the stock market
Report Post »the higher the stock market goes the lower gold will go
Snowleopard {gallery of cat folks}
Posted on January 29, 2011 at 12:04pm@Broker 0101
Long time no screeching…guess you needed a vacation in realityville from the other side of the rabbit hole where the progressives live?
Report Post »Mr.Nick
Posted on January 29, 2011 at 12:53pmProblem is our government owns 25% of the economy and they dont subscribe to basic supply and demand principals.
They throw money away (social welfare programs, fed to state welfare) and get absolutely nothing of value for it (other than votes), not to mention they overpay for overhead and operating costs etc (to simplify)…
When you control 25% of the economy, that level of irresponsibility hence instability will trickle down.
You can blame Keynesian economics for this. In Keynesian economics there is no such thing as “flushing wealth down the toilet” however under true capitalism flushing wealth right down the toilet is quite easy.
Report Post »chuck
Posted on January 29, 2011 at 1:01pmahhh dashshipwreck and brokenrecord101, I love to laugh at your comments, please do keep up the banter, I need a laugh every day. Your comments are juvenile gibberish and ignorant of any reasonable fact, but I really do enjoy the good laugh, it is making me healthy to laugh so much. thanks so much for the fun, it’s very saticfying. Oh, and I do like the responses even better, taking you two to school every day, makes me feel better about things, to know there are still some sane people in this country!
Report Post »Bearfoot
Posted on January 29, 2011 at 3:14pmMoney is a piece of paper that promises a certain value to the holder of the note. The holder considers it has value because of his trust in the government that issued the note.
Report Post »It used to be that the note was backed up with real gold, held in reserve to cover the note’s promised value.
Today, there is no gold backing up the note (dollar). So, what do we now have? We have only our belief that the piece of paper is actually worth something. Once that belief or trust is gone, then we might as well use the paper for lighting fires.
Old Truckers
Posted on January 29, 2011 at 3:53pmSo, once we figure out that the paper is worthless, then it will be worthless.
Report Post »It is based on trust.
Once the trust is gone, then there is no value to the money we cherish so dearly.
historyguy48
Posted on January 29, 2011 at 4:22pmOnce the dollar is no longer the worlds reserve currency, the party is over. Right now if you want to purchase oil, for instance, you must first buy dollars, then exchange them for the oil. The recent deal between Russia and China has them not using the dollar, but their own curriences, It is merely the first large crack in the system.
Report Post »Last week Hue stated that the dollar should no longer be the reserve currency. This statement has also been made by european leaders. A large part of the reason for this move is the out of control spending spree our congress has engaged in, coupled with printing over 400% more paper since Barry took office.
With luck, the dollar may last 6 to 12 months. It will not survive very long once it is no longer the Worlds Reserve Currency.
If you do your own research, the truth is easy to see. If you think “we are Americans, this can’t happen to us” find out what one of the reasons for the constitutional convention was, the Continental dollar. This has already happened to us once.
Snowleopard {gallery of cat folks}
Posted on January 29, 2011 at 11:00amWell, here we can see another example of Soros manipulation at his best; he has managed to work with the enemies of the US to destroy the dollar, and they are taking advantage of our own weak administration (Socialist Progressive traitors all) to advance their own ends.
China is preparing to move forward as the next super power in military, ecomomic and social right while trying to push the USA out of the light and onto the dust bind of history.
Just watch, there will be some small event that can trigger the total unraveling of the global system of trade; and then a trade war may be followed up by a real one. When one country has a falling out of their economy, they tend to turn upon their own people, or find a ‘convientent enemy’ outside the land to try and focus the nations rage upon.
Argentina’s junta regime did so in the Falkland Islands war of the 80s
Report Post »awiderview
Posted on January 29, 2011 at 12:41pmIraq war? (Bush said “war is good business.”)
Report Post »chuck
Posted on January 29, 2011 at 12:52pmLOL, when and where did Bushy say that? bushy was a progressive, did you know that fool?
Report Post »Snowleopard {gallery of cat folks}
Posted on January 29, 2011 at 12:53pm@Awiderview
Possible; though ultimately I feel there were numerous reasons that we foolishly went into there for along with some legit ones as well. One part of the intel the US was dependant on for the matter of the WMD’s was the Iraqi National Congress if I remember the name right, I feel they used the “intel” gathered to try and push the administration into war so they could (and failed to) retake the power of the country into their own hands.
Report Post »DashRipRock
Posted on January 29, 2011 at 10:59amOh crap here come the Paulers calling for the end
Report Post »of Capitalism …I mean the FED
TruthTalker
Posted on January 29, 2011 at 11:02amI am not worried, at the end of the day, the world recognized which country butters their bread.
Report Post »HillBillySam1
Posted on January 29, 2011 at 11:08amWhen the world leaders start playing games with the value of currency, disaster is not far behind…..the riots in Egypt and other parts of the world are just going to spread and get bigger…..when the people are scared and hungry, pretty speeches and promises mean absolutely nothing…..get ready.
Report Post »DashRipRock
Posted on January 29, 2011 at 11:13amPlease
Report Post »we have had currency wars since before Jesus time.
TexasCommonSense
Posted on January 29, 2011 at 11:18am“The United States, Britain and others have encouraged their central banks to pump money into the system as a means of stimulating the economy”
Keynesian economics don’t work. Some countries know that.
Report Post »Firefight
Posted on January 29, 2011 at 11:20am@DashRipRock How can you equate the FED to capitalism? A group of vampires manipulating our currency for their personal gain is not capitalism. If it is then I guess the common thief is just a capitalist and the drug dealer is an entrepreneur. I think you need to go back to high school economics.
“Nothing in all the world is more dangerous than sincere ignorance and conscientious stupidity.” Martin Luther King Jr.
Report Post »My Sacred Honor
Posted on January 29, 2011 at 11:20amI think what Merkel meant was “We are literally meters away from the FINISHED line”
Report Post »Zombieland rule #4: seatbelts. Hang on folks, it’s gonna be a bumpy ride!
(Que Metallica “For Whom the Bell Tolls”)
DashRipRock
Posted on January 29, 2011 at 11:32amFIRE FIGHT
Thats easy
With out fractional reserve banking
the you end up with a gold standard gold standard is just another word for price fixing
Price fixing gold means the gov owns all the gold
no more private ownership of gold then expansion is cut off at the knees
without expansion there is no CAPITALISM
expansion is just another more accurate term for inflation
Report Post »DashRipRock
Posted on January 29, 2011 at 11:48amMAULE
Im not a liberal dumb ass
Im way to the right of DeMint
Its just that unlike you my education is in ECONOMICS
Report Post »azmomof6
Posted on January 29, 2011 at 11:51amI don’t need a group of “world leaders” deciding what money is worth. Let the people decide what to spend their money on and that will put a natural rate and value on both goods and currency. Those who are producing things of worth will do well. Everyone else will eventually figure it out and be succesful as well. We just need the government goons to get out of the business of over-regulating and the markets will regulate themselves.
Report Post »tierrah
Posted on January 29, 2011 at 11:59amI heard there was a stipulation in the health care bill providing the government with the authority to regulate the price of gold. Could someone confirm, deny, or explain??
Report Post »booger71
Posted on January 29, 2011 at 12:05pmThe Fed needs to end and be replaced with a United States bank under the control of Congress
Report Post »DashRipRock
Posted on January 29, 2011 at 12:06pmTierah
as I understand it
Report Post »the stipulation was that people selling gold are now required to report their sales up to a certain amount
chuck
Posted on January 29, 2011 at 12:27pmdash, your education is in economics, muaaaahahaaaha, I trashed your arguments last week, you are nothing short of a moron! your economic lessons came from Mao, STFU!
Report Post »Snowleopard {gallery of cat folks}
Posted on January 29, 2011 at 12:34pm@Tierah
From what I can gather on my own, it looks like any transactions involving gold or precious metals of $600.00 or more are required to be reported.
Report Post »sbenard
Posted on January 29, 2011 at 12:37pmDashriprock,
The entire premise of your contentions is wrong. I have an MS in business and economics, and you don‘t know what you’re talking about.
We had capitalism, and it worked just FINE, for 130 years BEFORE the Fed existed. We used gold and silver for the same period, LOOOOOONG before the Fed, without the government owning it all! Your reason is not only erroneous. It’s absurd! Most gold and silver were privately owned throughout the first 150 years of the United States’ existence until FDR banned private ownership.
Don’t listen to this person. He/she is just another educated imbecile!
Report Post »chuck
Posted on January 29, 2011 at 12:41pmThe rule is:
ANY transaction $600 or more, the seller, has to fill out a 1099, makes no distinction between gold, a car or a handgun…any transaction, and that has to with healthcare how?
Report Post »chuck
Posted on January 29, 2011 at 12:50pmI hate to break this to ya dash, the fed was formed in 1913 and we were still under the gold standard, ignorance is bliss I guess! And the fractional reserve is nothing more than having 10% of your assets in cash on hand at any given time. That goes back to the Knights Templar, where only 10% of the people demanded their gold at any given time. So, if there were to be a run on banks, just like in 1920′s, they could only distribute a fraction to the people demanding their money. It (the fed) is a private bank, illegal, and controls money supply and interest rates in this country, to our DETRIMENT! The reserve system is a ponzi scheme, that will continue, until there are no more suckers coming in for more credit (at the bottom of the pyramid). Thus the crash of 2008, caused by reckless easy money, greed, socialism and a housing bubble that went pop. The credit markets then froze up…but you go right ahead believing the illegal fed has a place in this country. Maybe read some history, Federalist Papers, to find out how our framers felt about a central bank. Progressive schill as all you are – take a hike!
Report Post »Republic
Posted on January 29, 2011 at 12:55pmThere is a big difference between Capitalism and the Fed. Capitalism goes hand and hand with, “Life, Liberty, and the Pursuit of Happiness”.
Report Post »MiketheTrucker
Posted on January 29, 2011 at 12:59pmThe end of the fed would actually be a good thing, IF it is done properly — put the dollar on “a” gold standard, perhaps silver.
Meanwhile those of us who comprise the proletariat, are being FLEECED, through higher prices labeled “inflation” which is a term that has been “SOLD” to us over decades. I, for one, see it for what it is — devaluation of the dollar.
Since I’m on a rant here, I’ll go ahead and address another problem that is KILLING the middle class in this country. Commodities are the “raw materials” that are used to manufacture the staples we rely on for survival. Things such as corn, wheat, sugar, cattle, oil and natural gas, are the basis of our food supply, and energy to transport goods to market, to heat and cool our homes, and to provide transportation to travel to and from work.
When you analyze HOW these things are “traded” you realize that the commodities markets are not ripe with companies like wonder bread buying wheat to make bread, or E-Z mart buying oil to produce gasoline, but rather greedy speculators doing no more than shuffling paper, and getting richer in the process. Food manufacturers are then forced to pay higher prices for the raw materials, which they then pass on to we consumers in the form of higher food prices. In fact, we have proof from the housing boom that when speculators focus their effort in a particular market their activity artificially drives up prices. My home in FL, for which I paid $60,000 for in 1999, was appraised at $185,000 in early 2004. Did it really appreciate in value that much in such a short period of time? NO, because when the bubble burst in 2005, it was then worth $49,000.
So, can someone please tell me WHY THE HELL COMMODITIES “TRADED” ON THE COMMODITIES MARKETS?!! After all, before the markets existed farmers sold their wares directly to the market, WITHOUT the “help” of the Chicago Mercantile.
The commodities markets DESTROY the basic principles of the free market, which are: 1) the laws of supply and demand, 2) charging what the market will bear 3) Creating an extra “middle man” only adds unnecessarily to the final cost
Report Post »Showtime
Posted on January 29, 2011 at 1:12pm@Firefight — I think DashRipRock was being sarcastic about capitalism. You know, how capitalism is “evil.”
Report Post »Supreme Galooti
Posted on January 29, 2011 at 1:21pmThe Supreme Galooti recognizes the perfect right of every man to be a flaming idiot while at the same time extolling his own intellectual supremacy. Capitalism is a word without meaning. It was commandeered by Marx to differentiate between private capital and state capital, but every economic system ever devised by mankind is a capitalistic system. A word that means everything actually means nothing.
Economics is the study of what people DO, and in the ordinary course of Human Action there will always arise in our midst people without scruple who will be clever enough to profit from whatever system is in place. The “Fed” would fit nicely into this assessment.
Whenever politicians are allowed to gather, no man’s purse is safe.
Report Post »GONESURFING
Posted on January 29, 2011 at 1:29pmI say, slap tariffs on China to counter their undervalued currency. And, wake up America, buy American if you can. FIGHT BACK !
Report Post »JCoolman
Posted on January 29, 2011 at 1:41pmDashRipRock:
You are very dishonest. If you have an education in economics, it is in Keynesian Economics. And that being the case, you are to the way left of DeMint. Capitalism has not truly existed since the creation of the FED (which is a tool used to pervert of the meaning of the “invisible hand” of the market) and frankly the stock market. Its time people like you start owning up to the lies that you allow yourself to covey to everyone.
Report Post »KICKILLEGALSOUT
Posted on January 29, 2011 at 2:07pmThis is the wrong move people! The reason our money is in so much trouble is because our Big Government waste has spent us to destruction. They are trying to fool the American people into thinking that by forcing the Chinese to increase the value of the Yuan that this is wise! This is foolish! Do you want the Chinese who already have trillions in foreign reserves to have a stronger currency? This will effectively allow them to come in mass to buy America’s land, businesses, and resources for pennies on the dollars with a higher valued Yuan and bad US economy. This also fits right in to Obama’s double exports in 5 years plan, it is because when we attracts the Chinese to buy up the US and employ Americans in their slavery work system they can import Socialism and export Made in USA products at our expense and Obama can take the credit!
People like Ron Paul and Jim Rogers have said it before, Ron Paul knows that the Fed is the biggest danger to our economy and are even more secretive than the CIA, they can print trillions of dollars and no one can say anything at the moment. Jim Rogers has said before, why is the Chinese economy so strong? It is because they save about 35% of their earnings and invest with that meanwhile Americans save about 2% and invest with that. You can’t spend your way to prosperity and our government and citizens have been doing it for years! Time to wake up folks and spread the word about the real truth and that is not to debase our currency!
Report Post »CatB
Posted on January 29, 2011 at 2:54pmThe U.S. government has confiscated gold in the past .. I do not trust them not to do it again … does anyone else?
Report Post »Stuck_in_CA
Posted on January 29, 2011 at 4:42pmDon‘t know about y’all, but I’m ready for a bunch of “protectionism”. Down with the NWO and all of its Globalony .
Report Post »TAXLORDCOMETH
Posted on January 29, 2011 at 4:53pmWe need a world debt conference to figure out how to simply write down all this massive debt. When nearly every nation in the world is in over their head, it’s silly to just sit here with all this debt piling up and wrecking entire countries.
Report Post »drphil69
Posted on January 29, 2011 at 5:43pm@MikeTheTrucker
I’m not much for writing long posts…. the comodities market provides liquidity, which has many advantages. For example, this allows the farmer in Iowa to sell his corn (enter into a contract) at a fixed price in May, even though he won’t harvest it until September. It also allows Kellog’s buy corn in May, at a fixed price, for delivery in September. The “middlemen” provide the liquidity for this, and while some make a lot of money, many lose money as well – for the traders, it is a zero sum game, at the end of the day, for every “buy” contract there is also a “sell” contract.
If anything, this is MORE capitalistic as it allows more participation in the market (you can trade futures contracts if you want, though I would not recommend it.)
Report Post »DashRipRock
Posted on January 29, 2011 at 5:55pmJCOOLMAN
My point was simple
If we go to a Gold backed currency
A. It will not stop inflation
B. The citizens of the US will not be able to own gold (Check the reserve act that Rosevelt Signed
because in order for the government fix the price of gold then the goverment has to own all the gold
C. The only way we can have an aggregate currency that is not backed by gold and is held in banks is if we have a Fractional reserve banking system
THATS ALL THE FED IS a fractional reserve banking system
If you take that away what security will banks have? what security will the bank customers have?
and as far as Keynsian policies go
That is the goverment spending money
in the private sector to beef up say our Military
the government does not manufacture weapons the private sector does
and there is much more to Mainard Keynes than what Hoover and Rosefelt did with
his economic strategy
One of my heros in the Economics world is Art Laffer
Art Laffer gave us the Laffer Curve which eventualy morphed into Reganomics or suplly side economics
And as far as whoever it was who said they had an MBA
If you think that our current economic problems are brought on by the FEDERAL RESERVE
and NOT OVER SPENDING IN CONGRESS
Then you should get your money back for your education.
Report Post »DashRipRock
Posted on January 29, 2011 at 6:17pmSBANRD
CAPITALISM WORKED FINE FOR 150 YEARS BEFORE THE FEDERAL RESERVE?
And this country did not become the worlds largest economy and the greatest nation on earth until
AFTER THE FEDERAL RESERVE WAS PUT IN PLACE
dumb ass
Report Post »DashRipRock
Posted on January 29, 2011 at 6:20pmand SBNARD
I want to know what school you got your MBA at
so I can tell my friends not to send thier kids there
THIS COUNTRY DOES NOT HAVE A MONETARY POLICY PROBLEM
IT HAS A FISCAL POLICY PROBLEM
THE FED DOES NOT DEAL WITH FISCAL POLICY
CONGRESS DOES
Report Post »THAT IS YOUR BOOGEYMAN —-CONGRESS NOT THE FED
Enuff Zenuff
Posted on January 29, 2011 at 7:46pm.
@Supreme Galooti – Well Put!
“Economics is the study of what people DO, and in the ordinary course of Human Action there will always arise in our midst people without scruple who will be clever enough to profit from whatever system is in place. The “Fed” would fit nicely into this assessment.
Whenever politicians are allowed to gather, no man’s purse is safe.”
I couldn’t say it any better, so I just quoted you so it gets read again.
There are rare occasions when a Sarah Palin shows up and returns money to the taxpayers by cancelling the Governor’s chef, chauffeur, and private jet, but that is unbelieveably rare. No wonder the conservatives love her so much and the libs get deranged over her.
Report Post »DisillusionedDaily
Posted on January 29, 2011 at 10:35pmI do not pretend to understand all of the nuances of economics but I do know how to recognize manipulation and our government has been manunipulating the economy of the USA since the end of WWII. Spending hundreds of thousands of dollars to teach African men how to install condoms is somehow beneficial to my welfare, but I am probably to stupid to see it! Oh, well! I’ll go back to my studies on how to determine the sex of tsetse flies before they withdraw the grant money.
“If Stupidity got us into this mess, then why can’t it get us out?”
Report Post »Will Rogers
I am 'We the People
Posted on January 30, 2011 at 12:23amWow, still people fight against Ron Paul’s statements about the Fed. Well now, how long do you defend the Fed position? Till, the dollar is worthless and you use it for firewood because it costs less then real wood? Well, we are almost there today. Thanks for the stupidity.
Report Post »Anarcho Capitalist
Posted on January 30, 2011 at 2:31amReading all these posts worries me. All i hear are calls for tariffs and solutions given by people who may not even know what money is. Like “why don’t we all just write the debt off?” As if debt is a word we can simply scrap from paper.
If you people out there don‘t start learning about economics im afraid you’ll crash and burn when in power.
We don’t need tariffs, protectionism, congress run money, or war. All you have to do Is end the fed and replace it with nothing. Jest let the people pick the “money” they want to use and give no one. Not government, bank, or God the power to print more of it. That simple, an honest money will produce and honest people.
It may also be good for some of you to look into some philosophy.
Report Post »Anarcho Capitalist
Posted on January 30, 2011 at 2:40am“DASHRIPROCK
Posted on January 29, 2011 at 6:20pm
and SBNARD
I want to know what school you got your MBA at
so I can tell my friends not to send thier kids there
THIS COUNTRY DOES NOT HAVE A MONETARY POLICY PROBLEM
IT HAS A FISCAL POLICY PROBLEM
THE FED DOES NOT DEAL WITH FISCAL POLICY
CONGRESS DOES
THAT IS YOUR BOOGEYMAN —-CONGRESS NOT THE FED”
I had to quote this for being quite possibly the funniest post ever by such a misinformed person. May we all just sit back and have one more laugh at it. The sher ignorance of this statement is STAGGERING!
So please just look at it in all its glory one more time. The only statement i have seen that even comes close could be.
Report Post »“war is peace
freedom is slavery
ignorance is strength”
Supreme Galooti
Posted on January 30, 2011 at 4:28pm@Anarcho
You make an excellent point for removing ANY control of media of exchange from governments. There would be some issues with extremely large transactions, intergalactic transfers and the like, but as you are, the Supreme Galooti is confident that unfettered, un-fooled-with mere humans will devise a way to just git ‘er done. The easy (not simple – easy) way to make this come to pass is to just do it. Forget laws, constitutional amendments, or governmental permissions. Just eschew the use of the greenback. Start small. The man who moves mountains begins by carrying away a few stones.
Report Post »