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Old 09-03-2012, 05:21 PM
 
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When that happens, the US becomes Greece.

"Since August 15, 1971, when President Nixon closed the gold window and refused to pay out any of our remaining 280 million ounces of gold, the U.S. dollar has operated as a pure fiat currency.

Amazingly, a new system was devised which allowed the U.S. to operate the printing presses for the world reserve currency with no restraints placed on it– not even a pretense of gold convertibility! Realizing the world was embarking on something new and mind-boggling, elite money managers, with especially strong support from U.S. authorities, struck an agreement with OPEC in the 1970s to price oil in U.S. dollars exclusively for all worldwide transactions. This gave the dollar a special place among world currencies and in essence backed the dollar with oil.

In return, the U.S. promised to protect the various oil-rich kingdoms in the Persian Gulf against threat of invasion or domestic coup. This arrangement helped ignite radical Islamic movements among those who resented our influence in the region. The arrangement also gave the dollar artificial strength, with tremendous financial benefits for the United States. It allowed us to export our monetary inflation by buying oil and other goods at a great discount as the dollar flourished.

In 2003, however, Iran began pricing its oil exports in Euro for Asian and European buyers. The Iranian government also opened an oil bourse in 2008 on the island of Kish in the Persian Gulf for the express purpose of trading oil in Euro and other currencies. In 2009 Iran completely ceased any oil transactions in U.S. dollars. These actions by the second largest OPEC oil producer pose a direct threat to the continued status of our dollar as the world’s reserve currency, a threat which partially explains our ongoing hostility toward Tehran.

Prison Planet.com » How Long Will the Dollar Remain the World’s Reserve Currency?
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Old 09-03-2012, 05:57 PM
 
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Quote:
Originally Posted by KRAMERCAT View Post
When that happens, the US becomes Greece.
First there isn't a single reserve currency, there are several.

Second Greece whose currency is based upon the Euro doesn't have an economy, or debt issues, anywhere comparable to the U.S. as a result.
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Old 09-03-2012, 06:02 PM
 
Location: Pa
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Not for long if we keep printing money without the gold to back it.
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Old 09-03-2012, 06:22 PM
 
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And as you can see, all those corrupt dictators in the Middle East, like Saudi Arabia ,that are living it up, are going along with taking out Iran.


They have as much at stake with the US Dollar.

Saudi Arabia owns the majority interests in US Banks, such as Chase Manhattan and Citibank for example.

Also, there is Treasury Holdings

Oil Exporting Countries

Total holdings of Treasuries: $229.8 billion
Oil exporters include Ecuador, Venezuela, Indonesia, Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates, Algeria, Gabon, Libya, and Nigeria.
Source: US Treasury
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