Russian lawmaker wants to outlaw U.S. dollar, calls it a Ponzi scheme

Due to currency and trade wars, along with the fed leading the dollar down the "print or die" road with seemingly no way to turn back, this discussion is bound to come up more and more frequently.

MOSCOW — Predicting the imminent collapse of the U.S. dollar, a Russian lawmaker submitted a bill to his country’s parliament Wednesday that would ban the use or possession of the American currency.

Mikhail Degtyarev, the lawmaker who proposed the bill, compared the dollar to a Ponzi scheme. He warned that the government would have to bail out Russians holding the U.S. currency if it collapses.

“If the U.S. national debt continues to grow, the collapse of the dollar system will take place in 2017,” said Mr. Degtyarev, a member of the nationalist Liberal Democrat Party.

“The countries that will suffer the most will be those that have failed to wean themselves off their dependence on the dollar in time."

www.washingtontimes.com...

When the dollar was linked to silver and America actually had stuff to sell, people voluntarily desired dollars and voluntarily desired trading with America. Now that the dollar is a toxic fiat debt instrument and America is no longer a giant of production, the only reason people get stuck with the dollar is because they are coerced to use it to buy oil.

A few years ago a friend told me that the global fiat Ponzi will end the moment that a major oil-producing nation announces that it will no longer accept paper/electronic dollars as payment and that moment is coming in the not-too-distant future. Seems like the "getting ugly" button may be blinking a hair faster.

If this catches on the collapse will be a lot sooner than 2017.

Paper money is only as good as peoples faith in that money. No faith = collapse.

As a heads up, if you have wealth tied up in stocks and bonds, or government bonds, get rid of them now. Buy back in after the free fall collapse. The stock market is the biggest ponzi scheme ever conceived. It is based solely on peoples perceptions of what shares are worth with no backing what so ever.

Humpty Dumpty (the share market) will have a free fall similar to a satellites plunge from orbit and just as fiery.

P

reply to post by METACOMET

I wonder if that would include government as well as citizens?

I ask because the Russian government has been dumping the dollar for some time now:

Iran, Russia Replace Dollar With Rial, Ruble in Trade, Fars Says.

China, Russia to dump US dollar for bilateral trade.

China, Russia, India meet to dump the Dollar.

And theyre not the only ones, Japan, Brazil, Indonesia etc.

Now, if we could only get our own law makers to outlaw the dollar, I mean "Federal Reserve notes"...

This is where our problems with Saudi Arabia worry me, the are the last major oil producing country that had any faith in using our currency. Now they are looking to ditch us. I think a collapse is coming pretty soon and that is what all these drills and domestic military training is for. I know when I was in the service that if they even suspected we were going into an action the training would simulate expected combat zones and engagements. Thay have been doing alot of traing in metro areas lately.

Mikhail Degtyarev, the lawmaker who proposed the bill, compared the dollar to a Ponzi scheme.

Everyone knows it but the US people!
By the time they wake up it will be too late!
He's being too optimistic saying 2017. It will be sooner than that.

What will be truly entertaining is watching the doom-sayers realize, all too late, how interconnected and interdependent the world economy has become.

I believe I'll get quite a laugh out of the situation when America starts the final economic plunge, to see many outside the U.S. having a grand time watching ....just to having their own economies implode and become junk status right along side us, at roughly the same instant.

Doom is fun to root for...until one realizes it's their OWN doom as much as anyone else's, it's really ushering in.

So, absolutely, folks like this Russian politician ought to enjoy life while it's still enjoyable. The Math that he and others, world wide, have insured we're living with also assures a time limit to the party ..and that deadline is fast approaching for ALL of us.

RagnarDanniskjold
Now they are looking to ditch us. I think a collapse is coming pretty soon and that is what all these drills and domestic military training is for.

All empires come to an end. Mostly due to their arrogance, corruption, moral deprivation... US has all of those and fits the bill perfectly. US has messed up the world we live in in such a way that my guess is: NO ONE CARES FOR IT AND EVERYONE CANNOT WAIT TO SEE IT GO DOWN. You reap what you sow.

I'd be amazed if they can keep it going until 2017!

Two centuries ago, a Scotsman named Tytler said: "A democracy cannot exist as a permanent form of government. It can only exist until the majority discovers it can vote itself largess out of the public treasury. After that, the majority always votes for the candidate promising the most benefits with the result the democracy collapses because of the loose fiscal policy ensuing, always to be followed by a dictatorship, then a monarchy."

He also observed that the average age of the world's greatest civilizations from the beginning of history has been about 200 years. During those 200 years, these nations always progressed through the following sequence:

From bondage to spiritual faith;
From spiritual faith to great courage;
From courage to liberty;
From liberty to abundance;
From abundance to selfishness;
From selfishness to complacency;
From complacency to apathy;
From apathy to dependence;
From dependence back into bondage.

reply to post by METACOMET


Here goes another cold war...if we're lucky, if we're not here comes WW3.
PS All current currencies in every country are also based on inflation/debt so they have no room to say diddly squat.

i haven't met a fiat yet that wasn't a ponzi scheme, you gotta love the kettle\pot analogy on this one.

reply to post by LittleBlackEagle


Yeah, no kidding... Now my question? Which is even which between the Kettles and Pots? It's just a bunch of loud banging while we all get cooked together, it seems to me.

Wrabbit2000


I believe I'll get quite a laugh out of the situation when America starts the final economic plunge, to see many outside the U.S. having a grand time watching ....just to having their own economies implode and become junk status right along side us, at roughly the same instant.

Doom is fun to root for...until one realizes it's their OWN doom as much as anyone else's, it's really ushering in.

That's what I find interesting too. Has it got to the point where the rest of the world hates America that much that it's happy to watch the whole place burn, as long as it can watch America burn first?

Anyway, the guy is a nobody really. He also believes gays should be forbidden from donating blood and organs and instead given psychiatric help to cure them, and that menstruating women should be given time off work.

2017 though? What an optimist.

Telos

RagnarDanniskjold
Now they are looking to ditch us. I think a collapse is coming pretty soon and that is what all these drills and domestic military training is for.

All empires come to an end. Mostly due to their arrogance, corruption, moral deprivation...

Yeah, but unfortunately they are rebuilt, with similar characteristics.
You think it will be different this time?

Wrabbit2000
What will be truly entertaining is watching the doom-sayers realize, all too late, how interconnected and interdependent the world economy has become.

I believe I'll get quite a laugh out of the situation when America starts the final economic plunge, to see many outside the U.S. having a grand time watching ....just to having their own economies implode and become junk status right along side us, at roughly the same instant.

This scenario implies that the central bankers plan the last 100 years wasn't to suck out our marrow and leave us as an empty husk. The Alpha's will be fine. Sure, the little people might feel a pinch, but that's an "acceptable price", no?

In my opinion, the collapse of the dollar has been planned, and the central bank families have long been prepared to jump to their next "host" currency. It should be apparent to them that successful parasites keep the host alive, but these people are true psychopaths, it's all about the rise to the top. Concentration of power is what they want, period end of story. If destruction of the dollar is the next step down the road to more centralized control, "so be it", or so it goes.

A scorpion and a frog meet on the bank of a stream and the scorpion asks the frog to carry him across on its back. The frog asks, "How do I know you won't sting me?" The scorpion says, "Because if I do, I will die too." The frog is satisfied, and they set out, but in midstream, the scorpion stings the frog. The frog feels the onset of paralysis and starts to sink, knowing they both will drown, but has just enough time to gasp "Why?"

Replies the scorpion: "Its my nature."

reply to post by Wrabbit2000


I was in an argument with a family member about how the real reason a world war wasn't happening anytime soon is the interconnected economies. This is just another example.

Every fiat currency in the world is connected to every other fiat currency. For anyone who thinks that there are still nations that at the drop of a hat can be independent from one another I don't know what to say. If at any point the American "Ponzi" scheme fell apart, so would the Russian, European, Chinese, and all the other schemes as everyone is yoked to one another in one way or another.

Wrabbit2000
reply to post by LittleBlackEagle

 

Yeah, no kidding... Now my question? Which is even which between the Kettles and Pots? It's just a bunch of loud banging while we all get cooked together, it seems to me.

Do all wrabbits have nightmares about being cooked in pots? Tasty as they are.

The world will slip for a while, that is certain, but I do not believe that everyone will go down. It will depend on what governments do, how much effort they put in to help the bankers. Those that reject the former system and try to create something out of the ashes will grow stronger.

A power vacuum is always filled. HELLO CHINA!

P

Another sensationalist headline from some nut in the Russian government. There is zero evidence that the dollar is going to collapse anytime soon. We were took the dollar off any metal standard for a reason. It is counter productive.

reply to post by gorgi


Counter productive?
I would like to hear more about this. I mean I understand how it is productive to have a nation run and produce on currency that is printed as it is needed...however that cash has to stand for something. Doesn't it?

I am thinking at the moment I agree with this guy...if we are gonna just print what we need, and stuff the stock market full of bonds and zero interest loans....

Well, a Ponzi scheme we seem to be....however I am more than happy to be educated....

So please go on........

Xcouncil=wisdom
reply to post by gorgi

 

Counter productive?
I would like to hear more about this. I mean I understand how it is productive to have a nation run and produce on currency that is printed as it is needed...however that cash has to stand for something. Doesn't it?

I am thinking at the moment I agree with this guy...if we are gonna just print what we need, and stuff the stock market full of bonds and zero interest loans....

Well, a Ponzi scheme we seem to be....however I am more than happy to be educated....

So please go on........

To make it short:

The dollar is backed by the full faith of the US government. I know most people here believe that the US government is going to collapse and any moment, but reality is very different. US bonds are the most popular and safest place to put your money. This is why major companies and countries buy US bonds. If they really believed the dollar was in trouble, they would abandon ship.

A gold /silver standard is very bad. Basically your money supply is tied to how fast a country can acquire a shiny metal out of the ground. Monetary policy is shut down, it all depends on a shiny metal. Greece is a good example of why being able to make ones own policy is good. They cant, and they are in worse shape than they would be.

Tucket

Telos

RagnarDanniskjold
Now they are looking to ditch us. I think a collapse is coming pretty soon and that is what all these drills and domestic military training is for.

All empires come to an end. Mostly due to their arrogance, corruption, moral deprivation...

Yeah, but unfortunately they are rebuilt, with similar characteristics.
You think it will be different this time?

Tough call but hopefully the new one will be different and humanity in general will act smarter. Hope is the only thing we're left with.