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Old 01-08-2011, 08:55 PM   #1
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Question US dollar to lose its reserve currency standings? Are you dumping the dollar?

So the US is hurting. Printing money to pay for it's debts, but it can only keep printing money to pay for its debts as long as the US dollar stays the reserve currency. So when's this game going to end?


World Bank chief calls for new gold standard

China Downgrades US Again, From AA To A+, Outlook Negative, Sees

"Long-Term Recession", Blasts QE2, Expects Creditor Retaliation
Citi: Central Banks Are Going To Start Dumping Dollars In The Coming Weeks

ICE Starts Accepting Gold As Initial Margin Collateral For All Energy And CDS Trades

It isn't easy being green

US Dollar Outlook for 2010 2011: Euro, Yen, Aussie and Loonie Rise To Record Levels Against Greenback | Saving to Inve$t


What do you think? Will the US dollar lose standings as the reserve currency?

What are you doing? Are you dumping the dollar and buying gold, silver and other commodities?

All a bunch of "the sky is falling" BS?

The US dollar being worthless would obviously effect all of us doing business online. Even if you don't earn money in US dollars or have substantial holdings in commodities, the biggest consumer market would be gone. So just BS or a real possibility?
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Old 01-08-2011, 09:11 PM   #2
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Old 01-08-2011, 09:33 PM   #3
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Old 01-08-2011, 09:44 PM   #4
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Old 01-08-2011, 11:34 PM   #5
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As long as I get paid in U.S. Dollars, and I can go to the store and buy shit with U.S. Dollars, I'll continue to use U.S. Dollars. Last time I checked, the local Wal Mart didn't accept gold bullion at the register.
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Old 01-08-2011, 11:40 PM   #6
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When I moved to Thailand and moved a lot of my cash here I didn't expect that to be a stellar investment, just a means to live comfortably here. But after a 30% rise in the Thai baht versus the US dollar, a 40% gain in the Thai stock market, and a 1,000% gain in the value of my home, at the same time the U.S. housing market and overall economy have headed steadily down, I'm looking like an accidental f'ing guru.

The direction of the dollar is pretty obvious so I'm accelerating moving out what I have left in dollar denominated investments. Problem I have is the retirement accounts. I'd take a big hit if I cashed them out now, but maybe that's a smaller hit than waiting until retirement age when the dollar will be worthless. I'm thinking I might max out SEPP to try to get some of that out sooner rather than later,

Short answer: Yes, dumping the dollar.
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Old 01-09-2011, 12:50 AM   #7
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Watching this shit high can't be good for my health.
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Old 01-09-2011, 12:58 AM   #8
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I turned a lot of mine in to dirt, but have no real plans to dump anything.. 24% overall return on investments last year has us sitting fairly decent..
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Old 01-09-2011, 01:27 AM   #9
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The dollar is not going to lose it's status as an international reserve currency anytime soon. Even those who say it's going to happen know it's not going to be in the near future.
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Old 01-09-2011, 04:32 AM   #10
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Originally Posted by efeezy View Post
As long as I get paid in U.S. Dollars, and I can go to the store and buy shit with U.S. Dollars, I'll continue to use U.S. Dollars. Last time I checked, the local Wal Mart didn't accept gold bullion at the register.
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Problem I have is the retirement accounts...
Tough call.

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The dollar is not going to lose it's status as an international reserve currency anytime soon. Even those who say it's going to happen know it's not going to be in the near future.
How long do you think other countries will keep putting up with the US paying off their debts to them with more and more printed money?
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Old 01-09-2011, 04:54 AM   #11
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I'm sort of looking forward to the world going all Mad Max and moving to Bartertown.
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Old 01-09-2011, 08:47 AM   #12
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As long as I get paid in U.S. Dollars, and I can go to the store and buy shit with U.S. Dollars, I'll continue to use U.S. Dollars. Last time I checked, the local Wal Mart didn't accept gold bullion at the register.
That's all good and well, however, the problem is you're not going to be paying Walmart prices anymore because shit will be so expensive.
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Old 01-09-2011, 09:59 AM   #13
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I turned a lot of mine in to dirt, but have no real plans to dump anything.. 24% overall return on investments last year has us sitting fairly decent..
Dirt can be a very good investment. Productive farmland will be golden as food shortages become more commonplace, although if food riots start in developed countries the governments may move to confiscate farms.

It's kind of obvious that the dollar is getting steadily weaker. But what happens if it is no longer the world's reserve currency? Is there a sudden collapse in its value?
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Old 01-09-2011, 03:08 PM   #14
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Dirt can be a very good investment. Productive farmland will be golden as food shortages become more commonplace, although if food riots start in developed countries the governments may move to confiscate farms.

It's kind of obvious that the dollar is getting steadily weaker. But what happens if it is no longer the world's reserve currency? Is there a sudden collapse in its value?
Farmland: the asset that's better than gold - MoneyWeek

The US doesn't even make enough money to pay off the interest rates on their debts... The only reason we are able to stay afloat and have stayed afloat for the past 10+ years is because the US dollar is the reserve currency. The US is the only country allowed to print US dollars and since the US dollar is the reserve currency (meaning it's accepted everywhere as the global currency, which is already changing btw) we can just keep printing more and more and use that printed money to pay off debts and buy back treasury bonds. If the US dollar loses it's place as the reserve currency, that's pretty much game over. Most of our states are bankrupt already as it is and then the feds will be unable to pay for the national debt, we will have trouble buying oil etc.

Hyperinflation - Wikipedia, the free encyclopedia

How Hyperinflation Will Happen In America

National Inflation Association

As far as I can see, the US is screwed if it loses its reserve currency status.
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Old 01-09-2011, 08:28 PM   #15
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Its time for a new currency, lets call it the numero.
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Old 01-09-2011, 11:36 PM   #16
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If the US dollar loses it's place as the reserve currency, that's pretty much game over. Most of our states are bankrupt already as it is and then the feds will be unable to pay for the national debt, we will have trouble buying oil etc.
The elephant in the room has yet to be mentioned. It was the US military that was partly responsible for the dollar becoming reserve currency in the first place, and that military is a lot more powerful now.


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Old 01-10-2011, 10:11 AM   #17
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God.

You people act like there has never been a downturn in the world economy ever.



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Old 01-10-2011, 10:15 AM   #18
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I'm trying to put money away in metals , just in case...

Copper coated lead I hear is performing VERY well.
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Old 01-10-2011, 05:30 PM   #19
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yea they said the USD would lose reserve currency status after nixon said USD could no longer be traded in for gold, but it didnt happen
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Old 01-10-2011, 09:22 PM   #20
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buy gold, get rich ... ha hA Ha ha ha
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Old 01-10-2011, 09:26 PM   #21
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buy gold, get rich ... ha hA Ha ha ha
That niche market is controlled by the Goldbergs, Goldmanns and Goldsteins if you know what I mean. You don't just get in the Gold business just like that.

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Old 01-10-2011, 10:21 PM   #22
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Not to go all conspiracy theory here but I wonder if this is being done purposely to pave the way for a new currency, like the Amero.
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Old 01-11-2011, 02:42 AM   #23
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The elephant in the room has yet to be mentioned. It was the US military that was partly responsible for the dollar becoming reserve currency in the first place, and that military is a lot more powerful now.


"Foreign Policy is not missionary work... who controls the energy can control whole continents..." - Henry Kissinger
Yes, I don't see the US losing its role as the super power, but that doesn't mean the USD won't become worthless. Just look at the great depression. The dollar went to shit, we went to war, still super power afterwards. Even though the US came out as the super power still, the dollar did become worthless for awhile.

It also seems to me that the feds (or whoever you want to think is making the decisions) are heading the dollar into the crapper on purpose. I doubt "the powers that be" don't understand where all this over spending is taking us.

Dollar becomes worthless, we default on all the debt we owe so our slates our wiped clean, and as the US and much of the world goes into a depression a new global currency is born in an effort to stabilize things.

Sure the US would be in a nasty depression for awhile, but who feels the hardships of a depression? The general population and certainly not the elites. If anything "the powers that be" come out richer as they understand what happens during depressions and put their money into gold, silver and other commodities. They come out richer with and even wider gap between the rich and the poor, completely wiping out the middle class. Plus, with a new global currency born, they can now look to doing the same with the global currency as they had done with the USD.

Sure that's a bit pie in the sky, gloom and doom conspiracy talk, but I am just explaining that the dollar can become worthless without the US losing its role as the super power and it would actually make the top 1% even more powerful.
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Old 01-11-2011, 04:46 AM   #24
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I think most of you guys would do well investing in Tin.

To build your friggin hats out of.

The dollar has been magically floated for more than a couple of decades now. What evidence is there to show that it will collapse in the teens? Or even twenties?

What is far more likely is that China will keep pounding away at us like it has for the last couple of years and by 2020 the Yuan will finally be the #1 currency out of sheer size alone.
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Old 01-11-2011, 06:16 AM   #25
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And China will be THE super power. Learn Mandarin so you can understand what your new overlords are saying.
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Old 01-11-2011, 08:56 AM   #26
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I think most of you guys would do well investing in Tin.

To build your friggin hats out of.

The dollar has been magically floated for more than a couple of decades now. What evidence is there to show that it will collapse in the teens? Or even twenties?

What is far more likely is that China will keep pounding away at us like it has for the last couple of years and by 2020 the Yuan will finally be the #1 currency out of sheer size alone.
Anyone else think Lukep is the most annoying newcomer in awhile? You're trying so hard to fit in...

WTF kind of post is this? Lukep "Bro, like we been running wild coyote style for awhile, like all we have to do is not look down."


And do you even know what you're trying to say? First you say it's BS tin hat doom and gloom non-sense and then you go to claim the Yuan will be the number 1 currency in 9 years. Do you understand that if any other currency becomes the global currency, the dollar dies. Which is what this thread is talking about... "Are you preparing for the death of the dollar?" In effect you said "No brah, we don't need to worry about it, the dollar's not going to be worthless for at least like 9 more years." I think that's probably soon enough to start buying commodities and dumping the dollar. Or at least soon enough to think about it.

Plus the US just sits around and watches it happen without doing a thing? Not to mention that would also mean we decide not to use our military and just fully collapse in nine years with nothing to show for it?

If the dollar were to become worthless soon, China would take a huge hit losing out on their large investment in us (they are already dropping the dollar as fast as they can while not unloading it too fast so it crashes). This would likely be all that's needed to prick their housing and credit bubbles sending them into a huge downturn.

Slow eventual death to see the yuan (or more likely a mixed bag of currencies) become globally accepted or quick death sending the world into a depression and making a need for a new global currency while wiping our debts clean. Hmmm which will it be?

Or maybe we can just keep running wild coyote style forever, just don't look down.
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Old 01-11-2011, 09:13 AM   #27
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Until China keeps their reserves in dollar, it is likely to stand. However, if US messes something up with political relations to China, the situation might change quite quickly.
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Old 01-11-2011, 09:22 AM   #28
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Anyone else think Lukep is the most annoying newcomer in awhile? You're trying so hard to fit in...

WTF kind of post is this? Lukep "Bro, like we been running wild coyote style for awhile, like all we have to do is not look down."
The fux you talking about, bro? Lukep's pretty cool. Don't hate.
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Old 01-11-2011, 09:59 AM   #29
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That niche market is controlled by the Goldbergs, Goldmanns and Goldsteins if you know what I mean. You don't just get in the Gold business just like that.
Screw you. Keep this shit off the boards... ok?
China is the enemy. They've manipulated world currencies and undercut the west's manufacturing base. DO NOT FORGET China is a Communist Dictatorship.

I much prefer the system of freedom regardless of its flaws.

Give me liberty or..... you know the rest.

Screw your religious stereotyping.
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Old 01-11-2011, 10:19 AM   #30
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Jared Lee Loughner is a big gold proponent, you goldbugs are in good company.

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Old 01-11-2011, 10:29 AM   #31
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I much prefer the system of freedom regardless of its flaws.
Freedom, lol. Where to begin...
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Old 01-11-2011, 02:56 PM   #32
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Anyone else think Lukep is the most annoying newcomer in awhile? You're trying so hard to fit in...
1. Big words for someone with all of 43 posts...

2. In fact, Hellblazer, is that you? If not you've directly plagiarized him.


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WTF kind of post is this? Lukep "Bro, like we been running wild coyote style for awhile, like all we have to do is not look down."
The argument you have made above doesn't move me. Your reason for the dollar falling isn't the reason I believe will get us.

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And do you even know what you're trying to say?
Yes, I do. I admit I could have presented it better, I was pretty sleepy when I wrote that. But the gist of it is that we are walking on air like the Coyote just fine and could probably keep that up for 100 years or more if nothing really major happens externally.

My real point is that China is something major that will happen externally.

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Plus the US just sits around and watches it happen without doing a thing? Not to mention that would also mean we decide not to use our military and just fully collapse in nine years with nothing to show for it?
Dude, what the hell are you implying here: we would just say "I owe you too much money, here, have a mushroom cloud as a down payment?"

Even Hitler was far kinder and a better team player than that!

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If the dollar were to become worthless soon, China would take a huge hit losing out on their large investment in us (they are already dropping the dollar as fast as they can while not unloading it too fast so it crashes). This would likely be all that's needed to prick their housing and credit bubbles sending them into a huge downturn.
Somebody had better tell Beijing that then, so they can stop making the Dollar worthless...

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Or maybe we can just keep running wild coyote style forever, just don't look down.
Not forever, just long enough to learn how to fight back. -Right now we are already losing the financial war so badly that it will be laughed about for millennia by the future 1st world nations.
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Old 01-11-2011, 06:14 PM   #33
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Originally Posted by lukep View Post
could probably keep that up for 100 years or more if nothing really major happens externally.

My real point is that China is something major that will happen externally.

Somebody had better tell Beijing that then, so they can stop making the Dollar worthless...

Not forever, just long enough to learn how to fight back.
You waffled again between we are totally fine and the dollar is fucked. Again, are you trying to say something? Or just filling up a post?

This is a thread about whether or not the dollar is going to become worthless. Stop saying we have nothing to worry about and then two sentences later saying China is going to fuck us over in the near future...

Beijing knows it, which is why they are so pissed of at us for devaluing our dollar so much with all the money printing we are doing. They are getting rid of the dollar as fast as they can without making it crash. If they really wanted to make the dollar worthless, they would drop it all at once. But they won't, they know that would be slitting their own necks.

I am not saying we are looking at just napalming them to get out of debt. I am saying if our dollar becomes worthless, then we will default on our debts.

And yes I agree with Hellblazer each time he calls you an idiot, some of the few times I agree with him... Notice I have been here much longer then you, I just don't go posting random non-sense on every thread I see. I am a lurker mostly, I know it, but right now I am interested in a discussion on whether or not WF'ers are wondering/preparing for a dollar collapse. It affects all of us who do business online. You are obviously not going to add anything insightful, so please move along to a boobs thread.
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Old 01-11-2011, 06:49 PM   #34
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You waffled again between we are totally fine and the dollar is fucked. Again, are you trying to say something? Or just filling up a post?
I thought I was disagreeing with your reasoning, not having read all of your sources. I guess you did point to some Chinese reasoning as well, so sorry for the disagreement.

For the record; I never said that we're "Totally fine" - I said our loony toons trick of walking off a cliff works... It has for decades and only someone with a tin foil hat thinks it all has to come crashing down right now.

This says nothing about the Chinese situation, that I'm scared shitless of.

That's my stance and I'm sticking to it.

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This is a thread about whether or not the dollar is going to become worthless.
Back to that point; I'm not ashamed to report that have precious metals stocked at my other home in Thailand. That stockpile will be growing in the near future, at a rate that roughly coincides with the rate at which China keep stepping up to the forefront.

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And yes I agree with Hellblazer...
I guess not everyone can have good taste.
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Old 01-11-2011, 07:10 PM   #35
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Stockpiling precious metals at your other home in Thailand eh?

lol lukep lukep lol
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Old 01-11-2011, 07:20 PM   #36
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China's economy is primarily a manufacturing one. This economy needs consumers to buy their manufactured goods. The two biggest consumers of Chinese goods are America and Europe. If either America or Europe fell into a depression, the Chinese would be directly affected on a large scale.

We outsourced our manufacturing to China because a service economy generally translates into higher wages and a higher standard of living.

We need the Chinese and the Chinese need us just as much. We all need to stop being paranoid of the unknown and embrace the fact that we live in an era with a TON of opportunity.
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Old 01-11-2011, 07:40 PM   #37
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China is buying up Europe just now (see protugal's new sugar daddy and UK oil infastucture)
both these nuggets of info graced the FT this morning.

US bonds are about to crash and silver/gold explode.

I do not have to explain the outcome. Okay i will, war. Did you know that it was China firing that missile last year off the coast of LA. No didn't think so lol!

Buy Gold

edit: don't believe me? Edinburgh just got two new pandas as a gift - see beyond the curtain of the FED.
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Old 01-11-2011, 08:01 PM   #38
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Originally Posted by goldmercury View Post
China is buying up Europe just now (see protugal's new sugar daddy and UK oil infastucture)
both these nuggets of info graced the FT this morning.

US bonds are about to crash and silver/gold explode.

I do not have to explain the outcome. Okay i will, war. Did you know that it was China firing that missile last year off the coast of LA. No didn't think so lol!

Buy Gold

edit: don't believe me? Edinburgh just got two new pandas as a gift - see beyond the curtain of the FED.
China is buying up Europe's stock because if Europe crash's, China is going to feel it too.

Why do you think there will be war? I think both China and the U.S. are well aware that war is a bad idea for both countries, regardless of who "wins" the war.
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Old 01-11-2011, 08:06 PM   #39
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Stockpiling precious metals at your other home in Thailand eh?
No one said millions of baht worth, moron.
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Old 01-11-2011, 09:12 PM   #40
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China's economy is primarily a manufacturing one.
There's your problem, right there. You assume the old china is still just a big sweatshop full of half-witted children.

When WalMart filled up with crap made by them you were right. Which decade was that in?

Since then China has put out 25 engineers for every single one we graduated. 25 to 1. They make the GOOD shit now, primarily.

Cases in point; They now have:

1. The World's fastest supercomputer.
2. The world's largest wind farm & wind turbine industry.
3. The world's largest Solar Array, Hydro Dam, and other green power sources....
4. The world's fastest trains, with plans to drive them from London to Singapore this decade.
5. And now it is speculated the world's most powerful stealth jet fighter, too.

They clearly aren't waiting for america to retake it's former glory; they've already stolen that and are moving ahead just fine without us.

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the Chinese would be directly affected on a large scale.
Our 400M shoppers ain't SHIT comparred to their own 1.7Billion. Clearly they don't need us as much as you think.


Quote:
Originally Posted by Falian View Post
We all need to stop being paranoid of the unknown and embrace the fact that we live in an era with a TON of opportunity.
It's not paranoid to see that they are superior and have won the "superpower race." -I disagree that they want a war, at least for now, but you're missing the real reason to fear China; because THEY will be your big brother, not Uncle Sam.
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Old 01-11-2011, 09:21 PM   #41
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Did anyone here see the results Program for International Student Assessment (PISA) tests for 2009? China (Shanghai) dominated all categories. U.S. sank to to around 20th. Those are the future engineers and captains of industry. China will dominate.
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Old 01-11-2011, 09:28 PM   #42
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Fuck if this really happens, China will definitely be king of the jungle! It says in the article that they will develop this railway system for free in exchange of natural resources from other countries. That is a really smart move for China.

In the meantime, our railway system in North America is a pure joke. I could bike faster than an Amtrak train. Shit.
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Old 01-11-2011, 09:30 PM   #43
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If you could print an unlimited amount of money and get a stupid country (that you hate) on the other side of the globe to buy them all wouldnt you? Worst case if they get smart and start get wise to the fact that your fucking them out of Trillions you can just tell them to go Fuck themselves (because you can) and that cant do shit, why wouldnt you do it?
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Old 01-11-2011, 09:35 PM   #44
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It's not paranoid to see that they are superior and have won the "superpower race." -I disagree that they want a war, at least for now, but you're missing the real reason to fear China; because THEY will be your big brother, not Uncle Sam.
This may not be true today but give it 20 or 30 years and its a pretty scary thought. You get a couple of "Big Swinging Dicks" in power on both sides and this is the kinda shit that could wind up whipping out the whole damn planet
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Old 01-11-2011, 09:40 PM   #45
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Vent

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Fuck if this really happens, China will definitely be king of the jungle... our railway system in North America is a pure joke. I could bike faster than an Amtrak train. Shit.
Wanna know the scary part of that story?

It is well shown that here in the US during the 1800s we came to 'superpowerdom' because of the wealth we created using the railroads.

That's why the Railroad barons are to this day still the wealthiest bloodlines here, and that's why Buffet invested so much of his wealth in trains recently.

...All with the trains stuck within our own borders... Imagine what China will have when it's 300 MPH trains can take cargo from London to Singapore, Moscow to Bangkok, etc...

A Wealth the earth has never imagined. Quadrillions? Septillions of dollars surplus? Easily.

A war for China in 2050 will simply be a matter of how much to pay to buy your opponents off and have them kill each other.
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Old 01-11-2011, 10:05 PM   #46
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I've done well not posting lately, but...

1) The US will not lose its reserve currency standing for decades to come. Over 70-80% of the world's currencies are made up of US dollars.

For instance Canada holds nearly more US dollars than our own dollars. Nixon had no choice but to go off the gold-standard due to France holding so much US currency (but that's a whole different story). The dollar is here to stay as the reserve currency, there's no other choice.

2) The US dollars purchasing power has been going down sharply for decades. What we're heading for is simply a more complex early 1980's scenario.

It's no secret the US has unfunded liabilities it won't be able to pay in the decades to come. They'll either have to default on those liabilities or inflate their currency to levels where they can pay it.

Either way inflation in the currency supply further is inevitable and thus it's inevitable to be passed onto the marketplace. Anyone who holds fiat currencies, during times of deflation, inflation or stagflation is a retard anyway. All these "oh noes" replies regarding inflation and the decreasing value of the dollar I don't get, it's already happening. Deal with it and position yourself for it.

Commodities (I like ETFs) or leveraged ETFs (If you know what you're doing only) had very strong gains in 2010 and most will continue to perform very strongly in 2011. We're due for another credit crunch and large fall in the stock market in the second quarter of the year, but until then it's going to be bullish.

Watching CNBC and BNN is such a joke it's incredible. Just don't. Finally, invest in your own business until you have high six or seven figures to play around with. At the end of the day your best bet of beating any inflation is to grow you business, not put small amounts (that you could spend on your business) into markets you have little grasp on. Especially when that's money you can't afford to lose.

Good, easy read is Meltdown. Recommended to me by Guerrilla.
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Old 01-11-2011, 10:11 PM   #47
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Our 400M shoppers ain't SHIT comparred to their own 1.7Billion.
Speaking of shit, something like 70% of Chinese people don't have toilets that flush. Shopping for many in China is still about buying what is needed to stay alive, not about getting the latest Xbox game.
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Old 01-11-2011, 10:15 PM   #48
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Speaking of shit, something like 70% of Chinese people don't have toilets that flush. Shopping for many in China is still about buying what is needed to stay alive, not about getting the latest Xbox game.
Lol moxie... When you're done with the Time machine, I'd like to take a spin in it too...
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Old 01-11-2011, 11:04 PM   #49
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Haha, obviously things have changed but the newest number I can find is from 1999 when it was 80% without flushing toilets. Half their population is still in rural areas. GDP per capita in 2009 was $3,744 US dollars, right above Angola.
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Old 01-11-2011, 11:38 PM   #50
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I've lived in China for a year and half and it's true that a majority of people are struggling and living off 1000rmb a month (roughly $150 usd).

They look happy at first but deep inside them they are pissed. Sit with a local in a bar, get him a few shots of Bai Jiu and he'll tell you what he honestly thinks about his country... Born in the lower class = no chance to succeed even if you manage to get an education. Born in the higher class = immediate success even if you're the biggest dumbass. The country runs on a concept called GuangXi (Chinese word meaning "the power of your connections"). If you have no connections in the higher class, you'll live off white rice and chicken bones for the rest of your life pretty much.

I think there is a big risk that the Chinese will turn against their government this decade. (I'm talking about a major rebellion here). If the gov doesn't find a way to share the wealth with all those people in the rural areas and give them a little more respect, China is fucked.
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