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Posted: 3/22/2006 12:43:49 PM EDT
[#1]
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Posted: 3/22/2006 12:47:03 PM EDT
[#2]
But they're our friends!!! Allies in the war on terror!!!
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Posted: 3/22/2006 1:06:51 PM EDT
[#3]
hooray!
This won't affect us at all - it's not like we have fiat currency. I'm so glad our money is backed by gold, silver, and other tangible metals! Uh-oh!
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Posted: 3/22/2006 1:09:08 PM EDT
[#4]
We weren't exactly friendly with them with the port deal. |
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Posted: 3/22/2006 1:09:42 PM EDT
[#5]
Yep, and in the case of the UAE, we just kicked our friends in the nuts over the DPW deal. Nope, didn't see this coming.
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Posted: 3/22/2006 1:20:33 PM EDT
[#6]
Meh
Most Saudi investment people have been actively attempting to fuck up our economy since before 2001. A short here… Suck up futures and hold for a loss intentionally there… Pulling out would make the dollar a little tottery but it would help us in the long run. How many people here remember how badly “The house of Saud” had the market shorted on 09/01… The investigation never went anywhere because the Saudis spent money like water for a year or so afterward and nobody had any interest in holding them accountable. The quicker we can divest ourselves of any influence from the gulf, the better off this nation will be. Fuck em. BY THE WAY:
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Posted: 3/22/2006 1:20:49 PM EDT
[#7]
A true friend wouldn't let a simple business deal ruin the relationship. That's all the port deal was...a business relationship which didn't go the way orginally planned. So to get us back this "friend" is trying to destablize our financial system and screw over the whole country? Wow what a great friend! |
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Posted: 3/22/2006 1:30:16 PM EDT
[#8]
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Posted: 3/22/2006 1:35:53 PM EDT
[#9]
If they do, buy Euros first and make some cash on the deal yourself.
It will have some repercussions tho, and will cause some serious ripples in the economy if it is done. Were talking about some serious cash here. Just another reason to have as little debt as possible. 
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Posted: 3/22/2006 1:36:03 PM EDT
[#10]
This is bad. Dollar denomination fo oil and recyclign petro dollars are the two major legs of our dominance over international oil markets and prices.
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Posted: 3/22/2006 1:38:07 PM EDT
[#11]
Any evidence to support that statement? |
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Posted: 3/22/2006 1:40:39 PM EDT
[#12]
It's callled 'Soundbite Chickens coming home to roost'… As I said at the time, shitting on the UAE, (and they have a lot of influence in the region), will hurt us… ANdy |
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Posted: 3/22/2006 1:50:04 PM EDT
[#13]
'Us'? Doesn't hurt Ireland they use the Euro. |
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Posted: 3/22/2006 1:50:36 PM EDT
[#14]
This could suck.
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Posted: 3/22/2006 1:57:00 PM EDT
[#15]
 |
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Posted: 3/22/2006 2:10:47 PM EDT
[#16]
'Us' lives in UK and works for Royal Navy. Anyway, the UK uses £ Sterling and is the only boyant economy in the EEC, a run on the $ and a strengthening of the Euro will hurt the UK economy hard. ANdy |
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Posted: 3/22/2006 2:47:44 PM EDT
[#17]
Not like it's going to help us either. Wondered if some of the politicos thought about the ramifacations of shooting their mouth off for sound bites in an election year. If the market is flooded with dollars [and they hold scads of T bills and such] expect some crazy financial crap in the year ahead. Hang on tight. |
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Posted: 3/22/2006 2:59:11 PM EDT
[#18]
I doubt if Hitlery and Schumer even gave it a second thought when they ran off at the lip… all they wanted to do was hurt Bush and gave ZERO thought to the strategic implications. And yes, a run on the $ is a possibility and would be a painful. So there you have it, Hitlery could by her actions drop the US economy into a recession… and that will hurt ALL of us. ANdy |
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Posted: 3/22/2006 3:00:07 PM EDT
[#19]
Then you know what to do next time you see visiting Saudis riding around and sneeering.
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Posted: 3/22/2006 3:14:05 PM EDT
[#20]
Years ago, the "expert" said that the Middle East will soon own all of the USA. Well, that hasn't happened yet, and probably won't, those folks are going to get bit when the Euro starts to decline.
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Posted: 3/22/2006 3:20:54 PM EDT
[#21]
FWIW, the Saudis (specifically King Fahd) are the primary reason why the petrodollar exists.
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Posted: 3/22/2006 3:24:52 PM EDT
[#22]
You reckon? When Sadaam switched to the Euro from the $, the Euro went up in value.... |
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Posted: 3/22/2006 3:29:56 PM EDT
[#23]
Someone actually gets it. Whew. Like I said, buy Euros now, wait til it rises and the dollar falls. Buy dollars, make money..............................Want to see real inflation? If it happens you will. |
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Posted: 3/22/2006 3:39:25 PM EDT
[#24]
In the long run the value of the Euro will be dictated by the EU economy......which isn't even close to what they were expecting when the EU was created, not if the Arabs buy it. What if they all switched to the Mexican Peso? Do ya think Mexico would suddenly be an economic powerhouse. and the USA would collapse into a third world morass.
Remember when Japan was suppose to crush us economically. Now it is China, ohhhhh and India. |
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Posted: 3/22/2006 7:06:38 PM EDT
[#25]
So what you are saying is that the United States should bow down to the UAE and kiss their ass so as to not offend them just because of their influence? Since when does the United States decide policy based a tiny foreign country's "influce"? We can stand up to Russia and China but we need to kiss ass to the UAE? What type of mindset is that? |
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Posted: 3/22/2006 11:30:53 PM EDT
[#26]
US currency is supported by OIL!!!!! not Gold. Guess who owns most of the worlds Oil? Arabs… if they switch to the Euro as the trading currency for oil sales the US $ is in BIG trouble. ANdy |
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Posted: 3/23/2006 12:03:06 AM EDT
[#27]
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Posted: 3/23/2006 4:22:01 AM EDT
[#28]
Vid takes about 30 seconds to start playing. It's a speech to the House by Rep. Ron Paul of Texas. recap.fednet.net/archive/Buildasx.asp?sProxy=80_hflr021506a_050.wmv,80_hflr021506a_051.wmv,80_hflr021506a_052.wmv,80_hflr021506a_053.wmv,80_hflr021506a_054.wmv,80_hflr021506a_055.wmv,80_hflr021506a_056.wmv&sTime=00:02:06.0&eTime=00:02:54&duration=00:30:42.0&UserName=reppaultx&sLocation=G&sExpire=0 |
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Posted: 3/23/2006 12:28:01 PM EDT
[#29]
bump
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Posted: 3/23/2006 12:36:47 PM EDT
[#30]
The gold standard appeals only to those who don't know better. |
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Posted: 3/23/2006 1:29:35 PM EDT
[#31]
tag
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Posted: 3/23/2006 1:42:19 PM EDT
[#32]
So money backed by faith is better? Do tell. |
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Posted: 3/23/2006 1:57:05 PM EDT
[#33]
You're joking right? |
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Posted: 3/23/2006 2:37:57 PM EDT
[#34]
Uh I think a lot of ppl are entirely forgetting something.
Other countries buy our debt, and it lets us live lavishly. So they are holding dollar-denominated assets. They want to cash them in, buy buying dollar denominated ports, factories, etc. But we dont let them. This greatly reduces the attractiveness of holding dollar bonds when they could euro bonds. After all, who wants money they cant spend? These countries are holding tons of US money (essentially) and we aren't letting them spend it. So of course they're going to ditch our currency for something else. Everyone should have known this when they were debating the ports deal. |
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Posted: 3/23/2006 3:41:00 PM EDT
[#35]
The value of anything is only what people are willing to pay for it, not a penny more or less. That goes for gold just as much as it goes for so-called 'fiat currency'. Gold has no magic intrisic value. None. Gold is only worth what it is worth because that is what people are willing to pay for it, which is NO different than the value of a US dollar. And at least with 'fiat currency', fiscal policy can stem excessive inflation/deflation, leading to stability. Open a history book and look at the wild turns the economy took while the value of the dollar was hooked to some stupid metal. Besides, you nutty gold-standard types never answer the tough questions: Given that there is currently some ~600 billion USD in cash floating around out there, and Given that current US gold reserves are at around 262 million ounces, and Given that the current price of gold per ounce is $550USD (Giving us just under 150 billion USD at current prices), Putting aside the 'why' for a second, how the heck do you plan on switching back to gold standard without tanking the economy? |
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Posted: 3/23/2006 5:01:59 PM EDT
[#36]
I don't think we can switch back. Genie is out of the bottle so to speak. I just think we should have never gone away from it. Paper money is worthless. While you can argue gold can be considered worthless, you know that hyper-inflation is more likely to happen with paper money. It doesn't matter anyway - our economy has a foundation of sand. A house of cards on a foundation of sand. |
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Posted: 3/23/2006 5:10:08 PM EDT
[#37]
This type of thing is thanks to all you people that got squarely in Chuck Shumer's corner and didn't use your brain about the ports deal.
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Posted: 3/23/2006 5:12:24 PM EDT
[#38]
As in trouble like nobody can even imagine trouble. Think Zimbabwe. |
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Posted: 3/23/2006 5:37:01 PM EDT
[#39]
NO NO NO NO NO. AND NO AGAIN! The U.S. shouldn't bow down to the UAE. We should just be smart about it and get our FINANCIAL house in order BEFORE we kick the bankers in the nuts. Ya gotta be smart about how you do business as a country. We've been stuck on stupid for the last 30+ years (and I blame BOTH parties and citizens for not demanding that we shouldn't have ever been in this situation to begin with). Not everything is black and white Swire. Ya just have to know how to beat them at their own game. And "spreading democracy" is nice and sounds good, but shoots us in the foot every time. Fook democracy. Be smart, drop the idealism and play dirty. Everyone knows the rest of the world is. 
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Posted: 3/23/2006 5:44:02 PM EDT
[#40]
They are the head of the security council of the UN. |
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Posted: 3/23/2006 5:44:40 PM EDT
[#41]
Bingo. |
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Posted: 3/23/2006 5:49:14 PM EDT
[#42]
they'll be quite sorry when the EU implodes in the next decade.
wait for the socialism to collapse all around them and see how much the euro is worth then. or even better when half the EU countries go to war with the other half over the same shit they've been fighting about for the past 1500 years |
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Posted: 3/23/2006 11:17:59 PM EDT
[#43]
Sure they will. It'll just be a bit too late. The Euro only has value because it is an alternative to the US dollar. The ppl that switch their holdings away from the dollar only do well whilst most of the other dollar holders DON'T. Once a significant minority of the dollar holders move to the Euro, the REST of the dollar holders loose out badly. This will harm the Euro, because the EU economy is nowhere near as strong and dymanic as the US, whilst being intrinsically linked to the US. Thus, if the US economy tanks becuase dollars are switched for Euros, the EU looses a major market, thus bringing the Euro down. This will force the EU members to abrogate various clauses of the growth and stability pact, which will lead to massive tensions within the EU. It's all downhill from there. Lets face it. The US is the only real game in town, and if that goes down, then the rest of the world can't stand on its own. Unfortunatly, due to ego, pride, hatered of the US etc. that little fact will be ignored. It's the international version of cutting off your nose to spite your face.
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Posted: 3/24/2006 4:30:19 AM EDT
[#44]
That is true. The EU will learn what the Fed has learned about all the dollars circulating out of the actual jurisdiction: one loses control of them. The EU has less flexibility to deal with them than we do. As you say, the European coun tries/provinces will have to "abrogate various clauses" (to a certain extent, they are already). Another issue is investment from other nations, as is mentioned. The Chinese are again business people of the top level and have been for thousands of years with a couple of interruptions such as the last half of the last century. Let's say a committee recommended they pull out of the Dollar. Where would they go? Can you imagine them investing in a socialist Europe, loaded with debt to pay off on "social contracts", that is, dead weight? Some investment. |
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Posted: 3/24/2006 4:42:15 AM EDT
[#45]
Another reason we need OUT of the un? |
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Posted: 3/24/2006 12:44:50 PM EDT
[#46]
Will China move away from the dollar without provokation? I doubt it. Can I see China moving to the Euro? Without good reason, I doubt it. The problem is, when the oil sheiks, the ones that agreed to price oil in dollars, start moving away from the dollar, it exposes China's HUGE holdings of dollars. In order to protect their wealth, the will have to do something. When the oil sheiks move their pricing of oil from dollars to Euros, or maybe accept both currencies, thus setting a defacto exchange rate, China will be forced to move much of its dollar holding to Euros to supply its insatiable demand for oil. I can't see China liking this very much, as it will undermine its largest customer- the US. Europe is a smaller, much more protected market. They will have to do all of that political work they did in the 90s in the US all over again in Europe. Nevertheless, if their wealth is threatened, China will move. Remember, Iran supplies China with most of its oil through state-run oil companies. Imagine the sweeteners Iran could offer to entice China over? Already China is protecting Iran in the geopolitical realm. I see more of the same happening for the forseeable future. |
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Posted: 3/24/2006 1:01:22 PM EDT
[#47]
I'm surprised it took this long.
Now back to the multiple threads shitting on them that we so seem to enjoy. |
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Posted: 3/24/2006 1:03:47 PM EDT
[#48]
Chuck Shumer my ass, the Coast Guard and others were against it also. |
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Posted: 3/24/2006 1:06:58 PM EDT
[#49]
It might be good. All the third worlders streaming here might go somewhere else.
I mean if the dollar is no more valuable than the peso...? |
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Posted: 3/24/2006 1:11:34 PM EDT
[#50]
Fact is this is what is needed to cut the dependency we have on the middle east.
There are those here that would have the entire USA be whores to the middle east because they have Magum 10 cylinder engines in their trucks and they need the oil. I say good, about time it happened. |
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