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Oil, Gold and the US $
nohoper
post Posted: Oct 7 2009, 05:21 PM
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In Reply To: triage's post @ Oct 7 2009, 02:41 PM

I think the "standout" point is the stress that they want to keep the independence of their currency, just in case they have to go to war and they need to print more money - this point is worth noting since he has also coined another person's view that the nation that provides the reserve currency would be running into deficit and would eventually go bankrupt - a big BS. I would rather stress that the reason why the USA goes into such huge deficit (thereby weakening their own currency) is because of their "liking of war". Using war as a means to solve their economic and financial problem at home. It's the many wars they had in the last 50 years that is the major cause in debasing their own currency, the US$.

If the past various US presidents have been running their country effectively and responsibly (like with a balanced budget), I doubt if the US$ could/would be so easily debased. But as usual, they don't like to look at themselves in the mirror but instead prefer pointing finger at others.

Another point worth knowing is G20 and IMF - just keep this in mind, all the members in these two groups are only interested in using these two bodies to serve their own national interests, hence don't expect much coming from them. An on going sore point for the emerging nation member in IMF is the unfair and unequal distribution of voting power. The EU members and the USA are holding voting power that has nothing to do with their contribution to the IMF treasury - until that is resolved, nothing solid will come out from this organisation.

And as long as this impasse drags on, the more polarised the global monetary system will become, on one side it's the USA providing most of the reserve currency, and on the other side, the Chinese providing most of the credits and sucking up most of the reserve currency... eventually this will drive both countries either to confrontation or merge into a super super power with EU and the rest of the world being kicked around. This is one scenario the EU and the ECB will live to regret if they are still steadfastly refusing to share their power in IMF.



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triage
post Posted: Oct 7 2009, 02:41 PM
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Every so often I come across an opinion piece that hits like fuifui moimoi. Here is a link to one such piece, more so the CNBC clip than the surrounding article.

http://europe.theoildrum.com/node/5847#more

However the video chap's whole argument is based on what is probably a tenuous interpretation of one of the Fed Reserve governors saying that the Fed will now take into account asset prices when formulating interest rate policy. I would have thought that the more obvious interpretation would be that the Fed governor was putting a shot across the bows of the stock market, rather than delivering a message to the g20. Nevertheless, as the article writer says, the video chap delivers one hell of a lucid story imo.



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"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

Mozart fixes everything and Messi is a dog

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triage
post Posted: Oct 6 2009, 01:31 PM
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In Reply To: arty's post @ Oct 6 2009, 01:15 PM

Geez I wish you and flower would either take it out back or get a room. weirdsmiley.gif Imo you're killing so many conversations with your constant bickering and one-upmanship.

Thanks for the article Damon. I saw that the US gold price had shot up at about midday NY time last night and I hadn't seen any other explanation for it until now.



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"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

Mozart fixes everything and Messi is a dog
 
arty
post Posted: Oct 6 2009, 01:15 PM
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In Reply To: flower's post @ Oct 6 2009, 01:05 PM

can you define "foreseeable future"?
Seeing you've been predicting the demise of the US hegemony for at least ten years: do we have to wait another decade or longer?
And if it really happens - who will then rule the roost? Surely not Britannia? Will it be Middle East? Or China?
Too much speculation IMHO. I stick with what I can see, not rumours about clandestine meetings and plots of a new world order.



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I trade daily, but I am not a licensed adviser. Whether you find my ideas reasonable or not: The only person responsible for your actions is YOU.
I follow two rules: (1) There are no sacred truths. All assumptions must be critically examined. Arguments from authority are worthless. (2) Whatever is inconsistent with observed facts must be discarded or revised. We must understand the Market as it is and not confuse how it is with how we wish it to be. (inspired by Carl Sagan)
 
flower
post Posted: Oct 6 2009, 01:05 PM
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In Reply To: Damon22's post @ Oct 6 2009, 12:56 PM

Britain's The Independent newspaper says Gulf Arab states are in secret talks with Russia, China, Japan and France to replace the US dollar with a basket of currencies in the trading of oil.
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D: Its not only Oil--everything thats priced in USD's will --in the foreseeable future be history.



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Damon22
post Posted: Oct 6 2009, 12:56 PM
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Britain's The Independent newspaper says Gulf Arab states are in secret talks with Russia, China, Japan and France to replace the US dollar with a basket of currencies in the trading of oil.

The US dollar eased after the report, written by veteran Middle East correspondent Robert Fisk and posted on The Independent's website. It cited unidentified sources in Gulf Arab states and Chinese banking sources in Hong Kong.

Fisk said the proposal was for trade in crude oil to move to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar.

"Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer be priced in dollars," said the report. It added that France had also been involved in the talks.

The article said the plans may help to explain the sudden rise in the price of gold, which is commonly seen as a safe haven in troubled economic times.


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arty
post Posted: Nov 2 2008, 09:53 AM
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source: WA News, Saturday 1 November 2008
Attached image(s)
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I trade daily, but I am not a licensed adviser. Whether you find my ideas reasonable or not: The only person responsible for your actions is YOU.
I follow two rules: (1) There are no sacred truths. All assumptions must be critically examined. Arguments from authority are worthless. (2) Whatever is inconsistent with observed facts must be discarded or revised. We must understand the Market as it is and not confuse how it is with how we wish it to be. (inspired by Carl Sagan)
 
flower
post Posted: Jul 1 2008, 11:48 PM
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In reply to: mooomooo on Tuesday 01/08/06 08:31am

Israel May Attack Iran This Year, Pentagon Official Tells ABC

By Ladane Nasseri and Thomas Penny

July 1 (Bloomberg) -- Israel is increasingly likely to attack Iranian nuclear facilities this year, a U.S. Defense Department official told ABC News.





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mooomooo
post Posted: Aug 1 2006, 08:31 AM
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"Escalating Conflict in the Middle East Could Spark a Global Recession"

is stating the obvious somewhat, but . . .

http://www.pinr.com/report.php?ac=view_rep...2&language_id=1


 
nizar
post Posted: May 27 2006, 11:22 PM
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In reply to: mooomooo on Saturday 27/05/06 09:41pm

Thanks for that article mooomooo.

A great read.

Its good 2 read an article written by sum1 who actually knows what they are talking about.



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My posts express my opinions and thoughts and do not constitute financial advice.
Please consult a professional financial advisor and/or do your own research before investing.
 
 


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