When Putin announced that Russia would no longer sell its oil and natural gas in dollars, there were the normal — its OK type statements from the financial world, and it was viewed by the Western financial cognoscenti as an anomaly.
However, since the Federal Reserve is printing an estimated $600 billion a year to give to bankers and brokers, who then buy U.S. Treasury bills to finance for our over-spending Federal Government with printed dollars — the value of the dollar drops due to the massive over supply.
Then, those countries holding the U.S. dollar as reserve currency start to speak up. They plead with the President and Congress to start balancing the budget and lowering the deficit.
Instead, President Obama and Congress has not decreased the deficit, it has grown four times it was under Bush, to record numbers — $9 Trillion — under President Obama and the Democratic Congress.
And President Obama, by pushing his trillion dollar health care plan is rubbing the world’s face in their concerns about U.S. spending. He simply does not care that the dollar is dropping and that the value of these country’s dollar holdings is also dropping.
The Chinese, for example, have lost hundreds of billions of dollars, as the dollar has dropped.
This has given the world common cause against the United States, and as the Independent in Britain reports, they are now moving against the dollar:
In the most profound financial change in recent Middle East history, Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil, moving instead 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.
The plans, confirmed to The Independent by both Gulf Arab and Chinese banking sources
President Obama’s and Congress’s obsession with spending more taxpayer dollars on the black hole known as health care will only increase the resolve of every country holding dollars.
President Obama is destroying the economic superpower status of the United States, and many sense that Obama’s trillion dollars in spending here and trillion dollars in spending there is accelerating it, but Congress and the White House will not listen.
This will be the real legacy of President Obama, a worthless currency, our international influence and power broken and the Olympics were the first visible sign — to which President Obama is oblivious.
Oh, I know, maybe Obama can give a speech about it, or go on a talk show or a Sunday News show or fly to a meeting and give a speech. The world will listen, they will believe, and then everything will be OK. Even better, he can appear on the cover of Men’s Health!
Dan McLaughlin
Moe Lane
Neil Stevens
Steve Maley
I guess the guy who wanted $20 Gasoline won't have to wait.
Repair_Man_Jack (Diary) Monday, October 5th at 11:28PM EST (link)Take oil off the dollar, and that price goes through the roof!
” I side impenitently with the human race against the modern reformer.” – C.S. Lewis
Destroying the value of the dollar
Dan Perrin (Diary) Monday, October 5th at 11:36PM EST (link)is the only way we can pay our debts, with dollars worth a fraction of what they were when those silly countries bought our T-bills.
Someone ......
Bobcat51 Monday, October 5th at 11:46PM EST (link)needs to slap Obama’s hand and get it out of the cash registerl !
Obama’s plan all along was to destruct America from within of its Superpower status . The guy and his cadre hate the USA and have managed to hoodwink a large section of the population into following him like lemmings over the cliff.
How do we stop this runaway train when we have a complient Congress and Senate?
The left wing intent is to destroy the existing society and replace it with a society of its own design.
Australia just raised interest rates.
Kenny Solomon (Diary) Monday, October 5th at 11:48PM EST (link)http://www.theage.com.au/business/rba-lifts-rates-20091006-gkv5.html
“The Reserve Bank has raised its key interest rate, making Australia the first developed nation to reverse the cycle of cuts triggered by the global financial crisis. Analysts say more increases are on the way.
Today’s 25-basis-point rise pushes the central bank’s cash rate to 3.25 per cent and will add $40 to the average monthly payment for a typical $300,000 mortgage if passed on by commercial banks. The extra cost may stretch household budgets at a time when unemployment remains on the way up.”
This does not bode well.
Duke Monday, October 5th at 11:58PM EST (link)This appears to be the start of a misery index that will make the Peanut Farmer’s look like child’s play. Add to all the domestic economic torture the fact that other nations now hate us, evidenced by the quote from China’s Finance Minister a few months ago. Can’t blame them – we screwed them by printing tons and tons of fiat currency while they’re holding our markers. One indicator might well be the lopsided vote against Chicago by the IOC last week.
I would rather have our allies and adversaries respect and fear us than have them view us through the lens of disdain and financial retribution.
Oh, wait…, I forgot. This is all Bush’s fault!
It’s not about a purge. It’s about an insurrection.
There is a bill to pay
Dan Perrin (Diary) Tuesday, October 6th at 12:01AM EST (link)and they are going to make us pay it — one way or another.
Unfortunately the US public blames Bush.
Xasteius (Diary) Tuesday, October 6th at 10:33AM EST (link)Rasmussen Reports says that 55% blame Bush for the economic crisis
Don’t leave the party, hijack it back!
The only poll that counts is the one at the ballot box.
I don’t want to be Reagan. I want to be a Chance/Soros hybrid.
Is Bush running?
streiff (Diary) Tuesday, October 6th at 10:50AM EST (link)No? Then this might be useful info for a Trivial Pursuit game but as a political tool it is a big zero
“What keeps me here is the reek of beer, the ladies and the craic”
My point was
Xasteius (Diary) Tuesday, October 6th at 11:13AM EST (link)the public perception is what matters. A few more months and that stat will change, but for political purposes now, the public still views Bush as the enemy. Give a few months at the current rate of events, and Duke’s assessment will probably be shared by quite a few people,
Don’t leave the party, hijack it back!
The only poll that counts is the one at the ballot box.
I don’t want to be Reagan. I want to be a Chance/Soros hybrid.
I understand what your point was and I was dismissing it
streiff (Diary) Tuesday, October 6th at 11:44AM EST (link)as irrelevant. The public can blame the Easter Bunny if they wish, they can’t vote against the Easter Bunny.
For political purposes, Bush is only a viable enemy among that demographic which thinks he’s still president.
“What keeps me here is the reek of beer, the ladies and the craic”
Well, Biden did say Obama was going to be "tested" in the near future.
Third Street (Diary) Tuesday, October 6th at 12:07AM EST (link)He just neglected to mention that Obama himself would be creating the conditions of the “test”.
“Annual income twenty pounds, annual expenditure nineteen nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.” –Wilkins Micawber, “David Copperfield”
As the Independent reports
Dan Perrin (Diary) Tuesday, October 6th at 12:55AM EST (link)the White House has known all about these secret meetings by the international community, but they will not change their course — still pushing health care and spending, spending, spending.
I know it will all come down to candidates,
Mayhem (Diary) Tuesday, October 6th at 12:41AM EST (link)but there is no way in Hades that this man gets reelected in 2012. No freaking way.
James Madison, Jim DeMint, Margaret Thatcher, Ronald Reagan… You get the picture.
If we don't stop his agenda NOW and in 2010, 2012 won't matter. nt
Xasteius (Diary) Tuesday, October 6th at 12:45AM EST (link)Don’t leave the party, hijack it back!
The only poll that counts is the one at the ballot box.
I don’t want to be Reagan. I want to be a Chance/Soros hybrid.
Don't kid yourself Mayhem.
mbecker908 (Diary) Tuesday, October 6th at 1:02AM EST (link)Remember, there was no way GWB was going to get reelected in ’04 and he had more going against him that BO does.
We don’t even know what the issues will be for ’10, and ’12 is way more than a lifetime away. Obama is absolutely electable in ’12 and should be the odds on favorite to win reelection unless something huge happens. And, FWIW, “huge” isn’t Rs nominating anybody whose name was anywhere on either the primary or general election ballot in ’08.
Bottom Xasteius is absolutely right.
Obama could give much of Carter's malaise speech today
bk (Diary) Tuesday, October 6th at 1:23AM EST (link)And let’s hope the result in the same – Carter lost his re-election bid 15-16 months after giving that speech. In this case it would involve wrenching control of Congress and Obama losing much of his power just over a year out.
True bk.
mbecker908 (Diary) Tuesday, October 6th at 8:42AM EST (link)But BO holds a whole handful of cards that Carter didn’t. At least for now the MSM is in the tank for him to an extent we’ve never seen – but there are subtle indications that may be crumbling.
The key is probably the state of the economy over the next several months, which I think is going to continue to tank. IMO we’re do for another banking/housing crisis before long. Last I looked 90+ default rates on home mortgages is about six times higher than it was a year ago and I’m expecting auto loans to go south when the cash-for-clunkers loans start to go south in big numbers.
The second factor is Afghanistan and Iran. If they heat up, the mommy party could be in really deep doodoo.
I'd say that scenario
Dan Perrin (Diary) Wednesday, October 7th at 8:53AM EST (link)has a fairly high likelihood of being accurate, mbecker908.
I don't expect Obama's popularity to crumble.
The_Gadfly (Diary) Thursday, October 8th at 10:49PM EST (link)Instead it will be a precipitous and catastrophic collapse. The only question in my mind, and the one which has haunted me throughout the past election season is: when it collapses, is it only his and the Democrat party that collapse, or does it take the rest of the country with him. For now, I think Art is correct: If you have the means invest in food and precious metals, especially lead.
I just want to vomit!
cardcarryingmom (Diary) Tuesday, October 6th at 1:12AM EST (link)How did we ever get in this position? How could Americans be so damn stupid as to elect this vile reprobate? The lies. The corruption. The deceit. The arrogance. The on and on and on . . . This is all about retribution for which there isn’t a justification. The malicious and overt intent to destroy our country and the majority of its people, makes me sick to my stomach. Good, decent, compassionate, kind and caring people are fearful for their own survival and the survival of their loved ones. And, he does nothing but destroyyyyyyyyyyyyyyyyyyyy . . .
Proud member of the Robert Morris Society
well duh
bk (Diary) Tuesday, October 6th at 1:29AM EST (link)We didn’t want to be called racist, so we had to vote for the black guy – especially since he was clean and articulate.
Tell you what, bk...
cardcarryingmom (Diary) Thursday, October 8th at 8:24PM EST (link)If you’re going to start your replies to my posts out with 2 condescending words: “well duh”… don’t bother replying. You do yourself and your conservative cause absolutely no good by treating me as if I’m an idiot who is beneath you.
I don’t agree with you that people voted for him because they were afraid of being called a racist. They were furiously angry with Republicans!
Now, I happen to enjoy tea…. with about 1,500 of my friends… many of whom are lurkers on this site… We deserve responses that are respectful. I can handle anything as long as it is dished out with a good helping of R E S P E C T… Later…
Proud member of the Robert Morris Society
Well cardcarryingmom it appears you are unable to recognize...
JadedByPolitics (Diary) Thursday, October 8th at 8:33PM EST (link)SNARK because NO ONE who has been on this site as long as bk voted for Obama! So you really need to slow your roll!
Unified Patriots – How-To:
Activists Taking Action
Lighten up, Francis
Bill S (Diary) Thursday, October 8th at 8:35PM EST (link)It’s sarcasm. Listen to Jaded.
“It’s such a fine line between stupid, and clever.” – David St. Hubbins
Cardcarryingmom, "you do yourself and your conservative cause...
penguin2 (Diary) Thursday, October 8th at 9:48PM EST (link)absolutely no good” interesting choice of words there. This is a conservative site and I would have thought you would have said “our” vs “your.”
I also am wondering why you are practically shouting at us for the results of the past election. As Jaded mentioned already, no one here voted for him. I can understand anger and frustration, but if you stay stuck there…
We have a good member named ColdWarrior who will probably be around to tell you to get involved with the Republican Party by becoming a precinct captain and that way you can participate in choosing who our candidates are from the grassroots level.
Resistance to tyrants is obedience to God. – Benjamin Franklin
When Good stands up to Evil, Evil blinks. – Vassar Bushmills
Conservative Education: Suggested Reading List
Activists Taking Action: Unified Patriots
I have read many posts from
cardcarryingmom (Diary) Thursday, October 8th at 10:25PM EST (link)ColdWarrior and I have already checked into precint committeeman in my county. The precincts in my county are covered; so, instead, I signed up to volunteer for Michael Williams’ campaign.
You are correct – I should have said “our”, but in frustration at what I saw as a condescending attack on me, I didn’t. I know no one here voted for him and I didn’t say they did. The reason I landed here was after being on the phone call a while back with Erickson “hosting” Pawlenty, Kasich, et al. I checked out this site that I had never heard of before. My friends and I are looking for like-minded. Sorry if rough edges show…
Proud member of the Robert Morris Society
someone is a little perturbed...
DONTREADONME (Diary) Thursday, October 8th at 10:05PM EST (link)whoa there CCMom, please take this as respectful, but I think the Well Duh, wasn’t meant as condescending. My wife has a knack for turning to me sometimes and saying “ya think” which means “well duh”, and she says it with a smile on her face.
Yes...
cardcarryingmom (Diary) Thursday, October 8th at 10:28PM EST (link)clearly I didn’t understand that. Thank you for being respectful.
Proud member of the Robert Morris Society
Tell you what, bk...
cardcarryingmom (Diary) Thursday, October 8th at 8:24PM EST (link)If you’re going to start your replies to my posts out with 2 condescending words: “well duh”… don’t bother replying. You do yourself and your conservative cause absolutely no good by treating me as if I’m an idiot who is beneath you.
I don’t agree with you that people voted for him because they were afraid of being called a racist. They were furiously angry with Republicans!
Now, I happen to enjoy tea…. with about 1,500 of my friends… many of whom are lurkers on this site… We deserve responses that are respectful. I can handle anything as long as it is dished out with a good helping of R E S P E C T… Later…
Proud member of the Robert Morris Society
Because Reagan did so well to restore us,
Steph C (Diary) Tuesday, October 6th at 7:31AM EST (link)that too many generations passed with those generations taking for granted the legacy he gave us.
That’s the short answer.
“Don’t know what you’ve got ’til it’s gone…” For some reason, that phrase always pops into my head when I hear or see questions like this one.
“[I]f the public are bound to yield obedience to laws to which they cannot give their approbation, they are slaves to those who make such laws and enforce them.” –Candidus in the Boston Gazette, 1772
Hillbilly Politics
"HE".... Didn't do all this by his lonesome.
yabadabadoing Tuesday, October 6th at 11:05AM EST (link)The legislature could stop him/them at any time but they don’t.
The media could stop him/them at any time but they don’t.
The courts could stop him/them but they won’t.
WHY ?
Because none of this is an accident.
None of it is a mistake.
It is the intended result and those results do not benefit our country or our people.
But they do benefit nearly everyone else and ALL of our enemies…..
No one elected to high office could be this stupid. No news organization could be this stupid. No judge or justice could be this stupid. No legislature could be this stupid.
Someone would have stopped this by now if the results weren’t intentional and decidedly deliberate.
They are overthrowing your form government and stealing your freedom and liberties and even want to be able to kill you using health care as an additional vehicle.
None of it is accidental, therefor it is by default planned and the proper word is treason.
Palin/Rice 2012
itsallverbatim (Diary) Tuesday, October 6th at 1:23AM EST (link)Our last best hope.
I’ve been stationed overseas. Europe has an infrastructure and public transit system that discourages driving and encourages the metro, high speed rail, etc etc. The US does not and we are hopelessly dependent on fuel – specifically, gas for our cars.
We could never afford – in many ways – $6, 10, 15 dollar gas.
It would cripple us. I want to be careful how I broach this, but: we need to start considering impeachment. After 2010 may be too late.
Rice?
Neil Stevens (Diary) Tuesday, October 6th at 1:29AM EST (link)Why don’t we get someone who’s a known Republican on domestic policy instead of a total unknown?
RS contributing editor, technical administrator, and “a hardy variety of crabgrass.”
Read the RedState Posting Rules
Unlikely Voter: Poll Analysis, Election Projection.
“I rejoice that America has resisted.” – William Pitt, the Elder
If you want to lose, sure. Sarah Palin and Condeleeza Rice = win
itsallverbatim (Diary) Tuesday, October 6th at 1:46AM EST (link)Sarah = domestic. Shaky on other things, but who cares? Not me.
Why?
Rice = foreign policy (NSA. Secretary of State.) She’s Rice. ‘Nuff said.
You can have an inexperienced POTUS balanced out by a veteran in the OVP (see: Cheney. Bush; Bush 41, Reagan). It works. Our best presidencies have been that match up.
If you run any other combination, we will not win. You have to use O’s strategy against him (which works, by the way, I hope you noticed).
Two women. t’s a white Republican woman from Alaska and black Republican woman and former Secretary of State.
If you don’t vote for them *shrugs* well, you must be sexist.
Or racist, if they didn’t want Rice to be the Vice President. And if they want Rice as President that could be reverse racism. Democrats should have never brought race into the discussion because it will kill them next election.
We kick the Dems while they’re down and run a white woman and black woman – at the same time.
Heads will explode on MSNBC put that’s probably a good thing.
And anyone who doesn’t think my scenario is plausbile, ask yourself:
- did we elect Carter?
- did we elect Reagan (an actor)?
- did California elect the Terminator (literally)?
- did we just elect a junior Senator with zero quals?
Yes, yes, yes and yes. So yes identity politics, anchored with both races as the P and VP candidates would win. Make them both women, and you can’t lose. Sarah knows energy policy, and Rice IS foreign policy. The lefts’ attacks (GOP is racist; GOP is sexist) go out the window and they can only attack policy and positions. Which are sound and bulletproof.
You vastly underestimate our base's ability to get angry on policy (nt)
Neil Stevens (Diary) Tuesday, October 6th at 2:03AM EST (link)RS contributing editor, technical administrator, and “a hardy variety of crabgrass.”
Read the RedState Posting Rules
Unlikely Voter: Poll Analysis, Election Projection.
“I rejoice that America has resisted.” – William Pitt, the Elder
Rice was horrible SoS
VinceP1974 (Diary) Tuesday, October 6th at 3:26AM EST (link)Rice was a horrible SoS.
I lost so much respect for her.
The State Dept totally undid all the gains Bush accomplished in his first term.
As Mel Laird famously said; you don't need evidence to impeach,
Achance (Diary) Tuesday, October 6th at 4:20AM EST (link)you just need votes. We don’t have them.
In Vino Veritas
Snowe/Collins/Scar{-}borough/Bro{ke}oks 2012!!!!!
Rod_Patrick (Diary) Tuesday, October 6th at 5:12AM EST (link)Everything should be taken with “moderation”.
Schmidt said that their kind [i.e., non-divisive] can get more votes. Experience + intellectual superiority are just icing to the cake.
Frum is also qualified.
Sure win.
You bet!
/sarc
This is a Robert Fisk story
someone Tuesday, October 6th at 1:41AM EST (link)Take with a mountain of salt.
Funny, the market believes its true:
Dan Perrin (Diary) Wednesday, October 7th at 8:56AM EST (link)London/Dubai/ISTANBUL: The price of gold struck an all-time high at $1,043.78 an ounce yesterday as the dollar fell on a reported plan by Gulf states to stop using the greenback for oil trading.
Gold reached the level in late afternoon trade on the London Bullion Market, beating the previous record high of $1,032.70 an ounce struck in March, 2008.
“Gold prices hit an all-time high as the dollar weakens,” said Barclays Capital precious metals analyst Suki Cooper. “The dollar weakness appears to be related to … (reported) secret talks about oil being priced in a basket of currencies including gold rather than the dollar, which has added to concerns about the future role of the dollar in international financial markets.”
The dollar’s future as the world’s top currency was thrown into doubt yesterday as a report said Arab states had launched secret moves with China and Russia to stop using the greenback for oil trading.
Meanwhile, big oil producing nations denied a British newspaper report yesterday that Gulf states were in secret talks with Russia, China, Japan and France to replace the US dollar with a basket of currencies in trading oil.
Here is more proof the market believes it:
Dan Perrin (Diary) Wednesday, October 7th at 8:57AM EST (link)http://news.sky.com/skynews/Home/Business/Gold-Hits-Record-High-After-Report-In-Independent-Claims-Gulf-States-Will-Drop-Dollar-For-Oil-Trade/Article/200910115400648?lpos=Business_First_Home_Article_Teaser_Region_0&lid=ARTICLE_15400648_Gold_Hits_Record_High_After_Report_In_Independent_Claims_Gulf_States_Will_Drop_Dollar_For_Oil_Trade
I'm not so sure it's that The Big 0 doesn't care,
The_Gadfly (Diary) Tuesday, October 6th at 5:37AM EST (link)it might actually be that’s part of his strategy. The man hates the country and the best opportunity he has to remake it into something he can love is to seize of a crisis to do things he otherwise couldn’t. Perhaps even if he himself must create the crisis. He sure is working hard at it from Healthcare to Cap and Trade to Afghanistan to the dollar.
Classic narcissism. nt
Steph C (Diary) Tuesday, October 6th at 7:33AM EST (link)“[I]f the public are bound to yield obedience to laws to which they cannot give their approbation, they are slaves to those who make such laws and enforce them.” –Candidus in the Boston Gazette, 1772
Hillbilly Politics
so glad i bought some gold when i did
kyle8 (Diary) Tuesday, October 6th at 7:27AM EST (link)might buy some more
“Nothing works like freedom, Nothing succeeds like liberty”
Kyle
buy gold jewelry.
Steph C (Diary) Tuesday, October 6th at 7:34AM EST (link)You don’t have to register it.
“[I]f the public are bound to yield obedience to laws to which they cannot give their approbation, they are slaves to those who make such laws and enforce them.” –Candidus in the Boston Gazette, 1772
Hillbilly Politics
If this were going on a year ago
bk (Diary) Tuesday, October 6th at 7:39AM EST (link)We’d have heard how it was a nefarious plot by Bush to help his BIG OIL buddies make yet more cash at the expense of average Americans.
The economy is barely idling at best so far
bk (Diary) Tuesday, October 6th at 7:41AM EST (link)If anything comes along to spike the price of gas – this, Israel tiring of sitting under a bus and attacking Iran, our mideast pullout and terrorist takeover of oil/nukes, etc. – the “Obama economy” will make Carter’s term look like the golden years of prosperity.
All of this is on purpose
peg_c (Diary) Tuesday, October 6th at 9:44AM EST (link)to destroy this country permanently. Who needs healthcare? In a few years there will be mass suicides. Think Obama and his thugs don’t want that? Guess again.
Government cannot be the solution when government is the problem.
if the world ditches the Dollar...it should be American Policy to pull out of Europe and Asia...
AceInTX (Diary) Tuesday, October 6th at 10:20AM EST (link)and let them defend themselves….we’ve propped up Europe’s socialist governments for 65 years by allowing them to spend a pittance on their national defense…maybe it’s time for them to belly up to the bar and pay the tab!