Posts: 1066
Threads: 248
Joined: February 6, 2012
Reputation:
7
The end of the dollar
January 1, 2013 at 9:42 pm
I was watching this video and It seems viable and makes sense for why the USA went into Iraq. Your thoughts or is it more BS.
"Religion is regarded by the common people as true, by the wise as false, and by the rulers as useful" - Edward Gibbon (Offen misattributed to Lucius Annaeus Seneca or Seneca the Younger) (Thanks to apophenia for the correction)
'I am driven by two main philosophies:
Know more about the world than I knew yesterday and lessen the suffering of others. You'd be surprised how far that gets you' - Neil deGrasse Tyson
"Sometimes I wonder whether the world is being run by smart people who are putting us on or by imbeciles who really mean it." - Mark Twain
Posts: 4484
Threads: 185
Joined: October 12, 2012
Reputation:
44
RE: The end of the dollar
January 1, 2013 at 10:53 pm
Let me point out that collapse doesn't mean "end of". The USD has taken a huge hit since 2008, I believe you'll find the currency is worth around 80% or so of what it was before 2008. I'm not an economist, so I don't pretend to know the exact figure, I'll post back after finishing the video!
Posts: 4484
Threads: 185
Joined: October 12, 2012
Reputation:
44
RE: The end of the dollar
January 2, 2013 at 1:29 am
Okay, firstly did you see the USD collapse in 2012? ROFL.
Secondly, a lot of countries have already moved to the EURO for petrol - I have no idea exactly how much trade it is, but it's certainly a decent amount and it hasn't seemed to have affected the USD.
Thirdly there are multiple ways in which the USD can potentially "collapse", and I do see it as insolvent, so I believe a collapse is inevitable. The collapse will, of course, result in slowing the world economy. The USA will become a third world country, and will happen within our lifetimes. The idea that China has anything to gain if this happens as alluded to in the video is rubbish, they will be one of the hardest hit as the USA is one of their major importers and also they hold a lot of US Treasury Bonds.
Finally, the guy in the video seems to think his audience are dumb and will lap up whatever bullshit he says. He clearly talks about hyperinflation as if it can only happen if a certain event takes place, this is rubbish. The USA will face hyperinflation when their economy collapses, there's no ifs or buts about it, and it has nothing to do with what event triggers it. The USA needs to cut public spending radically and give a radical rise to taxes to have any chance of a viable future, until that happens the world will look on as these fiscal liberals continue fucking their already fucked economy and raping their future generations so that they can live in obscene luxury in the present.
Posts: 14932
Threads: 684
Joined: August 25, 2008
Reputation:
142
RE: The end of the dollar
January 2, 2013 at 8:00 am
Hint: If a video is labelled with the words "shocking truth", "what the [media/government] aren't telling you", or other conspiracy related words, the chances are...it's mostly bullshit.
Posts: 1928
Threads: 14
Joined: July 9, 2012
Reputation:
32
RE: The end of the dollar
January 2, 2013 at 9:57 am
(This post was last modified: January 2, 2013 at 9:58 am by jonb.)
There is a smidgen of truth in the video, but economics is too complex that a single factor can be used to tell the whole story, yes the dollar has a vulnerability, but on the other hand it is also hard to see which currency would replace it, this is one of those cases where you don't have to be faster than the bear, you just have to be faster than the other people running away from the bear.
