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Watch this video. Austerity vs. Growth - CNBC
The transcript does not include the words spoken by John Browne.
If you listen to the video carefully, you hear him say Germany will be forced to leave the Eurozone, and the ECB, and unite with China to create a new world reserve currency.
When that happens, what happens to the $1.2 trillion dollars we owe China.
This link also shows that we only have $11.6 billion in gold. United States public debt - Wikipedia, the free encyclopedia
If no one takes the dollar, how do we pay our debt to China?
I do believe the other major countries of the world desire a new reserve currency and it is inevitable.
Howard555, when the US$ is no longer the world's reserve currency, we will all migrate over to the new world's reserve currency which is the ..... ???? Please tell us so we can jump ahead of the masses.
Didn't think so. Every other currency has its own set of issues.
Howard555, when the US$ is no longer the world's reserve currency, we will all migrate over to the new world's reserve currency which is the ..... ???? Please tell us so we can jump ahead of the masses.
Didn't think so. Every other currency has its own set of issues.
The point made by Mr. Browne, and others, is we won't be able to migrate over easily at all.
The U.S. dollar won't be worth what is is worth today.
No one will take dollars. We may be able to buy goods in our own country but the dollar won't be accepted any longer due to it's "never ending decline in value." The world sees and knows that our government keeps printing dollars to pay debts. We are hopelessly in debt and the worthless dollar won't be able to be used to pay our way out.
You won't be able to use dollars to travel to Europe to buy a plane ticket.
There are already ATM machines in New York City that work only with Euros.
The dollar is losing it's trust with the world and the world will put an end to it at some point. I do not know when that will be.
If China won't take dollars for the money we owe them, how do we pay them? We can't pay in gold because we only have $11 billion.
1. What are the long term consequences of our national debt? The consequences are severe.
The payments we are making toward it each year, are only paying the "interest" and we are printing more dollars to make those payments. Something has to give.
2. We want to pay China the $1.1 trillion we owe them.
They refuse to take gold.
They refuse to take dollars.
They want us to pay them with the new world's reserve currency, which is no longer the dollar. We can not buy the new currency, because no one will take dollars.
China is currently hoarding gold. If they could buy up all of it, they would. They are buying every ounce they can get.
2. We want to pay China the $1.1 trillion we owe them.
They refuse to take gold.
They refuse to take dollars.
They want us to pay them with the new world's reserve currency, which is no longer the dollar. We can not buy the new currency, because no one will take dollars.
an unreasonable lender may find themselves not getting paid.
The U.S. dollar, and it's trust as "guaranteed," is quickly losing credibility with the world.
As is our political system, which has caused the problems.
I think Mr. Browne referred to the root causes as Anglo-Americans. The 1914 dollar is now worth 3 cents.
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I used to get a very nice hotel room in Indonesia for $15.00 a night. Not any more. $30 or $40.
I had trouble even exchanging my bills for their currency in their banks. Any dollar bill, that had a slight crease or bent corner or any marking was denied. Now when I travel, I have to go to my local bank and ask them to look through thousands of dollars in $100 bills to find the newest most crisp bills or the banks overseas might not take them. Not a pleasant site to be in a foreign country with $800 in $100 bills and a return plane ticket and none of the banks or money changers will take my bills because they are suspected of being fraudulant. The last time I did travel, I went to my bank for new bills and it was hard to find any new ones, the kind the Asian bank would take.
You do realize the USs debt issues are small compared to a lot of other countries, i.e. Japan. Is it an issue? Of course, but we are not in any near term hole.
You do realize the USs debt issues are small compared to a lot of other countries, i.e. Japan. Is it an issue? Of course, but we are not in any near term hole.
its impressive that japan has managed to limp along with its debt issues. but the usa's issues cant be called small. there is nobody out there big enough to bail us out. there is no reason to believe our government will be able to change course until it becomes a dire need. so we will likely have a big problem on our hands and its probably going to come faster than we think.
Since there doesn't seem to be any better alternative out there, that gives the FED and the government a lot of wiggle room to do as they please. And they are using that to their full advantage. The question is, how long can that go on, and what better alternative would there be?
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