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Zngland

World's Gone Nuclear Qe2 Retaliation.

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Imagine a world without the almighty greenback as the main reserve currency.

It's not an easy thought. The U.S. dollar has long been the global currency of choice. As much as 64% of the world's currency reserves are held in greenbacks, according to the International Monetary Fund.

But given the manic ups and downs of the dollar in recent years, it may finally be time to diversify the world's reserves. And that's exactly what some central bankers around the globe are now doing.

This comes as a growing number of economists and policymakers are calling to move away from the greenback as the world's dominant currency. A recent United Nations report says the dollar's movements have been too erratic to hold value and the U.N. urges central banks to replace it with anything but a single currency or even multiple-national currencies.

One potential replacement is special drawing rights (SDRs), the international reserve created by the IMF in 1969. SDRs aren't something you can carry in your pocket like cash. They represent potential claims on currencies of IMF members. Because the value of SDRs is based on a basket of the world's major currencies (U.S. dollars, yen, euros and pounds), its value typically isn't as volatile as a single currency. Central bankers in Russia and China have supported the idea of SDRs.

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SDR the new way to printy printy.

Is that good for the Yanks?

No reserve currency = standard of living armegeddon.

Edited by Zngland

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Is that good for the Yanks?

No reserve currency = standard of living armegeddon.

More than the direct impact. The world moving away from the Dollar would indicate and rapidly increase the decline of the US as the major influential power. China and Russia would both have no problem with this. Can't see Obama being pleased, but then what can he do? It was inevitable, nothing stays the same.

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Guest spp

SDR the new way to printy printy.

Yes...Just a new way of controlling the debt slaves!

Invisible money, you can't see it! Intangible money, you can't touch it!

It will be electronic money.

The dangerous thing about electronic money...It is controlled by the banking cartel.

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Yes...Just a new way of controlling the debt slaves!

Invisible money, you can't see it! Intangible money, you can't touch it!

It will be electronic money.

The dangerous thing about electronic money...It is controlled by the banking cartel.

http://www.bitcoin.org

there are others

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I'm a big supporter of the SDR idea. The leader of the Chinese central bank proposed a credible plan to make a long term growing use of the SDR. With the classic gradualist Chinese/engineering way of doing things.

It might be that the world economy is just too big now for the USA to act as the reserve currency for everybody. Like these vast developing Asian nations entering the world economy.

Its not just destablizing for global trade, but also for the capital flows within America. As that capital rushes around to offset the trade deficits. The trade deficits neccessary so that the foreign nations can obtain the dollars they need for trading in the global economy.

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A standard of living that they have never deserved to have.

It was never earned. :ph34r:

At the risk of sounding pro-american (which as a regular Guardian Reader would be Social Death, you understand), since the Americans worked very hard to build up their economy, pretty much saved the world from totalitarianism in WWII and carried this on up to the 1970s, you can hardly say they didn't deserve their standard of living.

Problem is that the opening of the economy to China essentially added a vast reserve army of labour at a destabilisingly low price, and a political refusal to move away from oil. Both good for some parts of corporate America, at least until the effects mean that their customers can no longer afford to be customers.

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A standard of living that they have never deserved to have.

It was never earned. :ph34r:

Who in the west deserves to live at current standards? Is the US alone in living beyond its means or could we have done the same? Did the Brown years represent productive work or did we have an economic miracle based on debt?

It sounds like we are revisiting 2006 again with the "end of the US is nigh" speculation as they are facing a recession--as if the EU and us were going to be just fine as we did not have our own HPI bubble and crooked banksters.

As far as stable currencies are concerned the Euro is hardly a prime candidate although the fact that the 91 banks have all passed the stress tests may give that appearance...for now.

Chinese currency might be an option as the world is pretty much in their pocket anyway. We could follow the Chinese example of government oo and welcome them as the new world power. I doubt the Chinese would be interested anyway as they are traditionally a very inward looking people. Japan, on the other hand.......

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Guest Steve Cook

Yes...Just a new way of controlling the debt slaves!

Invisible money, you can't see it! Intangible money, you can't touch it!

It will be electronic money.

The dangerous thing about electronic money...It is controlled by the banking cartel.

People will look for ways to conduct their economic transactions entirely outside of the mainstream, FIAT monetary system.

I'll be one of them

I just can't get out of my head, the image of George Orwell's boot, pressing down into the face of the people forwever.

Edited by Steve Cook

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People will look for ways to conduct their economic transactions entirely outside of the mainstream, FIAT monetary system.

I'll be one of them

I just can't get out of my head, the image of George Orwell's boot, pressing down into the face of the people forwever.

Barter and precious metal coins!

How would that work with the Internet?

We are in a dangerous place with nationalised capitalism. Who do we want: powerful government or crooked banksters? What else is there?

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At the risk of sounding pro-american (which as a regular Guardian Reader would be Social Death, you understand), since the Americans worked very hard to build up their economy, pretty much saved the world from totalitarianism in WWII and carried this on up to the 1970s, you can hardly say they didn't deserve their standard of living. Maybe they deserved their standard of living up to the 70's then.

Problem is that the opening of the economy to China essentially added a vast reserve army of labour at a destabilisingly low price, and a political refusal to move away from oil. Both good for some parts of corporate America, at least until the effects mean that their customers can no longer afford to be customers.

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Guest Steve Cook

At the risk of sounding pro-american (which as a regular Guardian Reader would be Social Death, you understand), since the Americans worked very hard to build up their economy, pretty much saved the world from totalitarianism in WWII and carried this on up to the 1970s, you can hardly say they didn't deserve their standard of living.

Problem is that the opening of the economy to China essentially added a vast reserve army of labour at a destabilisingly low price, and a political refusal to move away from oil. Both good for some parts of corporate America, at least until the effects mean that their customers can no longer afford to be customers.

The USA built up it's economy on the back of sequestrating, by force, large swathes of global resources on the back of the murder of untold innocents.

".......George Kennan wrote in 1948 as the head of a State Department planning committee, ostensibly about Asian policy but really about how the United States was to deal with its newfound role as the dominant force on Earth. "We have about 50 percent of the world's wealth but only 6.3 percent of its population," Kennan wrote. "In this situation, we cannot fail to be the object of envy and resentment. Our real task in the coming period is to devise a pattern of relationships which will permit us to maintain this position of disparity without positive detriment to our national security. To do so, we will have to dispense with all sentimentality and day-dreaming; and our attention will have to be concentrated everywhere on our immediate national objectives. We need not deceive ourselves that we can afford today the luxury of altruism and world-benefaction."

"The day is not far off," Kennan concluded, "when we are going to have to deal in straight power concepts."......."

The Oil We Eat

The rest, as they say, is history....

Edited by Steve Cook

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A standard of living that they have never deserved to have.

It was never earned. :ph34r:

Nonsense. The US trade deficit this month was $42.3bn - the highest for 2 years. At that rate annually it amounts to about $500bn. The US annual GDP is about $15tn. So their trade deficit is about 3.3%. In other words 96.7% of what america consumes is produced at home. How can you claim that they aren't earning the vast majority of their standard of living?

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The USA built up it's economy on the back of sequestrating, by force, large swathes of global resources on the back of the murder of untold innocents.

".......George Kennan wrote in 1948 as the head of a State Department planning committee, ostensibly about Asian policy but really about how the United States was to deal with its newfound role as the dominant force on Earth. "We have about 50 percent of the world's wealth but only 6.3 percent of its population," Kennan wrote. "In this situation, we cannot fail to be the object of envy and resentment. Our real task in the coming period is to devise a pattern of relationships which will permit us to maintain this position of disparity without positive detriment to our national security. To do so, we will have to dispense with all sentimentality and day-dreaming; and our attention will have to be concentrated everywhere on our immediate national objectives. We need not deceive ourselves that we can afford today the luxury of altruism and world-benefaction."

"The day is not far off," Kennan concluded, "when we are going to have to deal in straight power concepts."......."

The Oil We Eat

The rest, as they say, is history....

We had a go at sequestration with the result that we ended up with 2/3rds of the land in the world under our "benign" rule.

Germany had three goes at this culminating in the sequestering of most of Europe in 1939-45. The US helped reverse that situation.

Russia sequestered vast tracts of land from the 19th Century onwards culminating in the sequestering of most of E Europe following WW2.

Japan did likewise for the 1930's onwards by sequestring Korea and vast swathes of land in China. They consolidated things with the bombing of Pearl Harbour. The US corrected this situation during WW2 and China, Korea and Japan are still all doing nicely.

AFAIK, the US (Brits, Germans- the largest anglo-ethnic group-Irish and Poles) sequestered the US by moving the "native" Mongolians into reservations. Since then they have formed a nation that has bailed out Europe a couple of times and no longer occupies Europe, Viet Nam, China, India......

Now the exploitation of China, India and the Middle East is by the big US oil companies (Total, Shell, BP, Gazprom, Exxon etc) who are robbing these poor nations blind by buying all their stuff and lining their pockets. What poor exploited peoples these are.

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  • 152 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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