No one wants dollars anymore.

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   Evan G Rogersposted 12 years ago

   This should be front page news on every newspaper, but instead only a very small news organization is publishing the information.
   
   http://www.fin24.com/Economy/Brics-move … y-20120325
   
   The dollar is being unseated as the reserve currency because we've been inflating it so horribly.
   
   What does this mean? It means that the US's economy will start to have to answer directly to all the dozens of trillions of dollars we've printed in the past few years.
   
   It's going to be bad.

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      Paul Wingertposted 12 years agoin reply to this

      If anyone don't want their dollar bills, send them to me! I'll pay postage!

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         recommend1posted 12 years agoin reply to this

         and you would not be wasting postage, or the tenpercent I would charge, to convert tham all into Yuan for a better return on the deal

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   recommend1posted 12 years ago

   Maybe the news also missed the creation of Chinese debt, bonds or whatever, that can be traded.  Japan has already brought up the first few billions worth and China is recoprocating by buying Japanese debt.
   
   Also RMNB currency trading is already underway between the ASEAN nations, the biggest free trade bloc in the world.
   
   On a personal level, would I rather have my funds in a steadily appreciating RMNB or a declining dollar, espcially with the impending crash that should result in the dollar when China dumps its couple of trillion it hods in US debt.
   
   Yep - it is going to be bad, but hey, I live and get paid in China.

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      Evan G Rogersposted 12 years agoin reply to this

      China is not immune to booms and busts.

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         recommend1posted 12 years agoin reply to this

             Not immune but a bloody sight less likely than it is that the US and European economies will continue their record of more bust than boom
         
         - and the room for Chinese expansion is vast
         
         - and they are creating their own dependant emerging economies all around them and around the world to bolster their position.
         
         and they do not follow weird economic philophies that include a requirement that everything must increase, which demands colonistaion either physical or through puppet governments.

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            Evan G Rogersposted 12 years agoin reply to this

            Actually, China has been a state of massive boom for the last few years. It's only natural to expect a horrific bust. IF I'm not mistaken there are numerous ghost towns and people basically having their lives uprooted to make room for the state's intervention into the economy.
            
            Whatevs, good luck.

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               recommend1posted 12 years agoin reply to this

               The ghost town story is just that, a story.  There are vast numbers of empty properties owned by speculators but then there are vast numbers of people migrating into a rapidly growing house owning middle class.   The horrific 'bust' is pure wishful thinking from the failed economists who have engineered the western descent into misery for many of its working people, created the conditions for the the pensions and savings to be stolen and generally got it wrong. 
               
               People are getting uprooted, but then development does that doesn't it.  How do you work out that this is state intervention in the economy ?

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            couturepopcafeposted 12 years agoin reply to this

            "creating their own dependant emerging econs"? (just another form of colonization) China's no better than the U.S. Government power and money. The Mongol kings will rule the world for a while and then another shift will come.

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               recommend1posted 12 years agoin reply to this

               Of course it is just another form of colonisation in part, every country must have resources and trading partners.  However, I don't see China out in these places enforcing compliance with the gun, only a trivial difference I guess but hey, it is an improvement
               
               We should also consider that China and most of the countries who are part of ASEAN formed the worlds biggest and richest trade area for the whole of modern man time until the Industrial Revolution on top of aggressive colonisation pushed the 'west' generally to the top (for just over 200 years).  Things are just returning to that natural state it appears.

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                  couturepopcafeposted 12 years agoin reply to this

                  I'm not claiming to support either country but didn't China gain it's power by war mongering other 'territories' back in their first heyday?

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                     recommend1posted 12 years agoin reply to this

                     I actually have no bias to any country, except maybe my own, the UK.  I am just trying to point up the realties of what is happening that the news never tells.
                     
                     Warmongering,  difficult to compare with other historical country making events, although China has generally remained within what is now Chinese territory and most of its wars were internal, such as those of the seven kingdoms that ended in the unification (if you like) of China under an Emporer - all a few thousand years ago.  However comparing it with the vast scale and extent of the business of American warmongering is more simple and there is no comparison whatever.

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   Druid Dudeposted 12 years ago

   If you don't want dollars, I'll take them off your hands. For a fee, of course.

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   Peelander Gallyposted 12 years ago

   This isn't news. The fact that so many people put all of their trust in the American dollar and invested in U.S.-based companies and real estate was tantamount to putting all the world's eggs in one basket. The only way to stabilise the global economy - because it is increasingly about that now, whether massively egocentric Americans like it or not - is to create a new cooperative system with hubs in the U.S., the E.U. and China/Japan, so that one hegemonic financially-ruling nation doesn't drag everyone else down when it falters.

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