7 Countries Considering Abandoning the US Dollar (and what it means)

7 Countries Considering Abandoning the US Dollar (and what it means)

www.currencytrading.net

It’s no secret that the dollar is on a downward spiral. Its value is dropping, and the Fed isn’t doing a whole lot to change that. As a result, a number of countries are considering a shift away from the dollar to preserve their assets. These are seven of the countries currently considering a move from the dollar, and how they’ll have an effect on its value and the US economy.

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Related News Links:
www.clarynovels.com

Related AboveTopSecret.com Discussion Threads:
Canadian Dollar Officially Worth more than United States Dollar
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Dollar Plunges on Chinese Central Bank Comments

If the dollar actually collapses, it is an event that would bring widespread rioting and chaos. There will be blood in the streets.

Things are starting to get scary.

www.currencytrading.net
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Is Jay-Z Signaling a Recession?

Guess what he's sporting? EUROS!

how appropriate for you to post that Jay-z video. in his own way, he is responsible for this downturn by promoting the sense of self-entitlement that rules our modern culture.

not that i have been following his career or anything.

my brother just told me that he is planning on buying an established tux-shop business which he has been working at for years. unfortunately, my advice to him is going to be "noooo!!!"

ya go candian dollar up to 1.10 today, woot

Ooooh... Get ready guys, get ready! Things are just starting to get exciting.

Obviously, an abandonment of the dollar is bad news for the currency. Simply put, as demand lessens, its value drops. Additionally, the revenue generated from the use of the dollar will be sorely missed if it’s lost. The dollar’s status as a cheaply-produced US export is a vital part of our economy. Losing this status could rock the financial lives of both Americans and the worldwide economy.

[edit on 11/7/2007 by sp00n1]

reply to post by tgidkp



First, one of the best avatars I've seen.

As I posted on a similar thread, I can't help but feel disgust for the people that gleefully predict the collapse of the dollar and U.S. economy. Some are hate America U.S. citizens apparently excited about hurting themselves, their families and the average working person in America. Others are hate America foreigners that (hypocritically) say they only hate the U.S. government not the people out of one side of their mouths, while advocating something that would hurt the people more than than the government out of the other side.



[edit on 11/7/2007 by centurion1211]

Originally posted by tankthinker
ya go candian dollar up to 1.10 today, woot

You obviously don't understand how our economy works. This spike in the Canadian dollar is hurting our export and tourism industries. Probably other factors as well.

Does this matter that much? I mean of course it does, but, if conspiracy theorists are right, we should be getting the "amero" real soon .

reply to post by they see ALL


Amén, Theyseeall gracias.

Still just love the way people want America to fall. Well I'll bet my bottom dollar no pun intended. That America will not go out without a fight!!!

It would be interesting to see the events that take place if... no, when the US economy collapses. Hell, maybe that whats we need. Maybe the dollar collapsing will be the kick start that is necassary to start a revolotion.

reply to post by Roland Deschain


Yeah and I bet that's exactly what everybody is waiting for. As soon as america is weak and to busy taking care of itself is when everybody will try to take over america and it's land. But if this does happen. Do you think anyone will come to our aid?

China won't do jack squat. An economist on NPR remarked that China can't afford to dump the dollar because America imports so much of their stuff and they've heavily invested in us. It was for this very reason that China backpedaled from their earlier remarks that they might dump the dollar.

reply to post by Solarskye


Could you blame them if they didn't?

[edit on 7-11-2007 by Roland Deschain]

Originally posted by Solarskye
reply to post by Roland Deschain

 

Yeah and I bet that's exactly what everybody is waiting for. As soon as america is weak and to busy taking care of itself is when everybody will try to take over america and it's land. But if this does happen. Do you think anyone will come to our aid?

History dictates that when you practice imperialism and stretch your defenses to thin you will collapse. Every major empire, kingdom, dynasty have all fallen to the same vices. you would think our leaders would learn from history.

do i think anyone will come to our aid? yeah, our allies like israel, saudi arabia, iraqs new leadership and afghanistans new leaders will rush in and help right away

I actually found the Jay-Z connection interesting in one way.

Jay-Z claims to have been a crack dealer, what if this is an indication that black markets have switched to Euros from USD? The black market dropping the USD as it's de facto currency could be even worse than some countries dropping it, as we all know the black market is one of the biggest markets out there.

Originally posted by mentalempire
China won't do jack squat. An economist on NPR remarked that China can't afford to dump the dollar because America imports so much of their stuff and they've heavily invested in us. It was for this very reason that China backpedaled from their earlier remarks that they might dump the dollar.

China will do something,
but it won't completely dump the dollar...

they have another option, by using all there US treasuries to buy
US companies,,,such as "Citibank" whose value has just plummeted,,,

China can mitigate their dollar devaluation by using some of the cash & bonds they hold
and form any number of 'Sovereign Wealth Funds'
and then buy up several of multinational corporations
or even as i suggested earlier the hard pressed Citibank itself
~to take advantage of the depressed housing market,
~the depressed mortgage banks & investment banks...

China (and the other 6 nations in the OP) has a golden opportunity here, but by fleeing the dollar they would continue to undermine the dollars value---that's like shooting oneself in the foot...........bad decision



related:
angrybear.blogspot.com...

reply to post by centurion1211


that is a really simplistic analysis centurion... for most I hating America has nothing to do with it.

Is the collapse of the dollar a good thing? Depends on whether you are buying or selling.

America is just one player in the world and it likes to pretend it is the only one that matters, yet if all things American vanished tomorrow the world would still go on rolling.

The bald faced reality is this... our (meaning our government and the corporations for which it stands) fisical illresponsiblity is what is bringing all this on. That and the money pit called Iraq.

Its a pity really... from day one this adiministration has done nothing but sell a false bill of goods... so much good could have been done for the public weal with the money that was given away in those tax cuts or spent in this god forsaken war.

But no... and our grandchildren will still be paying for it when they die.

BTW China has announced it might start selling off all those bonds bush the idiot sold them.

[edit on 8-11-2007 by grover]

reply to post by grover


Think I was talking about you? I did, however, notice your "freudian slip" with the "I" in the first sentence about hating America.

Before you try and heap all the blame for this on the current adnministration, take a look at this. It's something I wrote in another thread about climate also applies to this one about economics. Here's an excerpt:

Simple if you really understand how the U.S. goverment works.

There are two groups in control that sometimes agree and sometimes work against each other. They are the elected officials and the appointed officials (bureaucrats). You would think that since the bureaucrats are appointed by elected officials, they would always be in lock-step, but what happens is the many appointed officials end up staying over past the administration that appointed them. Only the top officials get changed. And there are so many of the retained bureacrats running so many programs that they are basically under no control. They end up setting policies and procedures with little or no oversight, so they are free to do things based on their own political agendas.

Ever wonder why things happen that make no sense given the current administration - Republican or democrat? How the "left wing nuts" have still been able to do all this with Bush in charge?

Now you know.

Not so simplistic after all ...

News from the Canadian front...

As usual, I often check the value of the USD in Canadian stores in an attempt to assess where the Canadian economy is heading.

You see, the value of the USD to stores is usually a good indicator of where the USD's value is going to end up.

Today, one US Dollar is worth 88 cents in Canadian stores.


Canada is an export nation. We hold all the cards when it comes to natural resources, and the world is at our feet for them.

Sure, the Loonie is on par with the world average, so the rest of the world can still easily afford our exports... however, the US is the hungriest, and most convenient consumer for Canada, and hence, if they go down... let's just say we'll be relying on ocean liners quite a bit.