The dollar will be the dominant world currency in 2030

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The dollar will be the dominant world currency in 2030

What do you guys think about this one? I don't know where this guy is coming from or what he is about. Something about this article does not sit right with me. Specifically, it is that it doesn't jive with anything  that I have learned over the past few years.

Ambrose Evans-Pritchard

Ambrose Evans-Pritchard has covered world politics and economics for 25 years, based in Europe, the US, and Latin America. He joined the Telegraph in 1991, serving as Washington correspondent and later Europe correspondent in Brussels. He is now International Business Editor in London.

Dollar hegemony for another century

 

Let me stick my neck out.

The dollar will still be the world’s dominant reserve currency in 2030, sharing a degree of leadership in uneasy condominium with the Chinese yuan. It will then regain much of its hegemonic status as the 21st century unfolds. It may indeed end the century even stronger than it was at the start.

The aging crisis in Asia — and indeed the outright demographic implosion in Japan and China, not to mention China’s water crisis — will soon be obvious to everybody. Talk of Oriental supremacy will start to sound overblown at first, and then preposterous.

Japan is about to go bankrupt. It is on the cusp of a fiscal crisis that will change perceptions of Asia dramatically. The IMF says gross public debt will reach 218pc of GDP this year. This is compounding very fast. It will be 246pc in 2014.

The Hatoyama government is spending as if there is no tomorrow. It plans to issue ¥50 trillion or $550bn in fresh bonds. I have no idea when this will spiral out of control. It could take another two or three years. It could start next week. Yes, I know that Japan has been borrowing merrily at ever lower rates for 20 years without the sky falling. The 10-year yield is 1.3pc. What happens when it rises to global levels of 3pc to 4pc? People made the same sort of arguments about the global boom before it suddenly tipped over.

This blog does not attempt market timing, nor does it offer investment advice. But I am absolutely certain that pundits consigning the dollar to its death have missed an even more dramatic currency and debt story in Japan. The yen will top ¥200 to the dollar before this is over. Jim O’Neill from Goldman Sachs has already begun to hint at this.

Apologies to readers who feel confused about my view on the dollar. I have written a string of NEWS pieces over recent weeks quoting the currency experts and Asian officials slamming America, or exploring the dollar demise thesis.

People assume that I share these views. I do not. Furthermore, I suspect that at least some of China’s grumbling about the dollar slide over recent months has been a ruse to lower the yuan (pegged to the dollar of course) against the euro, yen, and even sterling. The goal is to protect export margins. (Surely premier Wen Jiabao knows that China’s $1.6 trillion or so invested in US bonds is a sunk cost. Forget about it. The holdings are the consequence of their own currency manipulation in the first place.)

The fact that Asian central banks are accumulating $600bn or more a year in reserves by running huge trade surpluses is proof enough that their (mostly rigged) currencies are undervalued by 30pc to 40pc against the West. To that extent, I agree entirely with HSBC currency guru David Bloom that this is untenable. If these countries continue to resist currency appreciation they will overheat and succumb to asset bubbles — if they haven’t already in China.

Where I am less sure is that this will necessarily be resolved by a falling dollar. The evidence so far is that Asia will put off the day of adjustment as long as possible because they are addicted to mercantilist export strategies — and export oligarchs control the political systems (bar Japan). In which case they will lose competitive edge the old-fashioned way, by wage inflation for year after year until the world comes back into alignment. If so, the dollar will not fall at all. It may rise.

Nor do I really agree that this is in essence a story of the two sick sisters: Britain and the US.

They are certainly sick. But as readers know, I think much of Europe is equally sick — Spain, Italy, Greece, Ireland, the Baltics, are even sicker — even if the lag-times are longer. The IMF keeps telling us that Europe has failed to come clean on its bank losses. Germany’s BaFin regulator says the same thing. Are they wrong?

It all has echoes of the early 1930s when the Anglo-Saxons were crushed in the first two to three years, and the French bloc was crushed over the subsequent three years. What goes around, comes around.

Charles Dumas from Lombard Street Research says Washington must be chuckling as the weak dollar gives it time to rebuild America’s industrial core. The “inflationistas” — ie, those convinced that the dollar is being debauched despite the fact that core inflation in the US is falling and that the M3 money supply is contracting — are playing straight into the hands of the United States.

Nobel Laureate Gary Becker told me a few weeks ago that America’ spectacular gains in productivity – growing at a trend rate of 2.25pc to 2.5pc — is laying the foundation for a much stronger US recovery in the long-term than most people seem to realize. Compare that with 0pc to 1pc for the eurozone. In Italy it is negative.

The UN expects America to add roughly 100m people by 2050, keeping its age balance in relatively good shape through a mix of immigration and a healthy fertility rate — now 2.12 live births per woman, still above replacement level. This compares to: Taiwan (1.13), Korea (1.2), Japan (1.22), Ukraine (1.25), Poland (1.27), Spain (1.3), Italy (1.3), Russia (1.4), Germany (1.41), China (1.77), Britain (1.96), and France (1.98). Some of this data may be slightly out of date, but the picture remains valid.

Professor Becker said a collapsing birth rate is extremely hard to reverse, and the cultural effects are insidious. Old societies are status quo. They are slow to embrace new technologies. Young minds are the source of hi-tech invention.

The EU is fully aware of the danger. “What is at risk in the medium to long run is nothing less than the sustainability of the society Europe has built and the viability of its civilisation,” said an EU report (initially suppressed) by former Dutch premier Wim Kok as long ago as 2004. Nothing has been done since despite endless warnings from the Commission.

China’s work force will peak in absolute terms in six years, and then go into sharp decline. I have no idea how people square this with claims that China will soon replace the US as world hegemon. The stark reality is that China will hit a Japanese-style demographic crunch before it becomes rich. Sheer size will give it weight. But mastery?

Of course, if the US were stupid enough to enact the 10-year spending plans projected by the White House — with a deficit of $1.9 trillion in 2019 on Congressional Budget Office estimates — the country will be ruined. I do not think America has so far lost its senses that it will commit suicide in this fashion. In any case, the bond markets will react long before we get there. They will force a change in policy. That change will imply higher US savings, and less import growth. The export surplus powers that live off America’s market are going to take it on the chin.

At the end of the day, America is a unified nation forged by wars, under the rule of law, with a (largely) unifying language and patriotic creed, and one of the oldest and most deeply-rooted democracies in the world. As the Supreme Court demonstrated during Watergate, it can break presidents who violate the law.

It is often stated that a currency reflects the strength of an economy over time. Actually, it reflects the strength of a society. Who really thinks that Europe’s old-aged home is a better bet than America, even if they can hold the euro together as the gap widens further between Germania and Club Med? Or thinks that China’s half-reformed Communist regime is ready for global leadership. Remember the little girl in a red dress with pigtails who `lip-synched’ the opening ceremony of the Beijing Olympics? Believe what you will.

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Re: The dollar will be the dominant world currency in 2030

Kurosawa,

I am not sure I agree with the comment about the US dollar remaining as the world reserve currency - but I do agree with the comments about culture and the relative strength of US culture in comparison to other societies in the world. It's fertility rate is the top among industrialized nations - and the "melting pot" nature of US culture keeps society homogeneous - in light of high immigration.

In Europe we not only have extra low fertility rates, but we also have a culturally imbalanced population. For example - at the moment 50% of births in Belgium are from Muslim familes. This means that in about 20 years or so, the majority of the population will be Muslim. These changing demographics do not bode well for a homogeneous and balanced society with common values.

John

 

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Re: The dollar will be the dominant world currency in 2030

Ambrose is a good guy, and I usually catch all his articles. He tends though to be one of these folks who restrains from being identified with an opionion and wears many hats, changing them frequently. He's also had articles that are heavy on the doom too. This one strikes me more as a thought experiment and a way to just get people thinking. Barring an unforseen tech miracle I don't see a "reserve currency" even existing in 100 years. Of course any thesis that projects decades into the future without heavily considering energy is kind of silly.

Attention JAG, you've found your new God.

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Re: The dollar will be the dominant world currency in 2030
mainecooncat wrote:

Attention JAG, you've found your new God.

LOL!!!! Too funny MCC.

Now if I could only find a virgin to sacrifice.

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Re: The dollar will be the dominant world currency in 2030

John Bryson wrote: "and the "melting pot" nature of US culture keeps society homogeneous"

I'll expand on this later, but I can't imagine that anyone who's extensively traveled throughout the US would agree with this point. And just to note, I'm not coming from a pride angle here as in, "Our counrtry is a rich and diverse place." It's just simply not true. The US could really fracture into multiple parts much to the delight of many. A friend of mine who relocated from Texas recently keeps saying, "It's like a different world up here."

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Re: The dollar will be the dominant world currency in 2030
JAG wrote:
mainecooncat wrote:

Attention JAG, you've found your new God.

LOL!!!! Too funny MCC.

Now if I could only find a virgin to sacrifice.

Oh good! I'm glad you took it how I meant it.

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Re: The dollar will be the dominant world currency in 2030

Another small problem....Trillions and trillions and trillions of dollars of debt world wide that have not been recognized as losses on the books of either the financial systems of the world or the direct obligations of the world governments themselves. No one and I mean no one knows how to deal with it so for now they choose to ignore it. The article while interesting was very superficial lacked any sense of real insight.

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Re: The dollar will be the dominant world currency in 2030

Much of Evan-Pritchard's thesis appears to depend on adding 100M people to America's population by 2050.  He sees this as a positive compared to older countries because they will have an older, and presumably less productive, population while we will still have youth on our side.

I fail to see how this is a good thing.  We already consume a wildly disproportionate share of the world's resources.  Increasing our population by another 30% is going to make that better?  Even if he is right that our productivity will increase disproportionately, that just means that we will be consuming even more resources to fuel the productivity growth.

My take-away from this article is that he is living in a paradigm that is rapidly disappearing.  We can't afford to be burning through the world's resources at an even greater pace than we already are.  What part of unsustainable doesn't he understand?

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Re: The dollar will be the dominant world currency in 2030

Hi mainecooncat

I don't doubt that there are large cultural differences between the states and regions in the US, but they pale in comparison to the differences we have here in Europe even without the large non-integrated Muslim populations. The point I was trying to make is that immigrants to the US - integrate into US culture - whether that be in California, Florida, Texas or wherever else it maybe. Here, many of them don't - either because they don't want to, are not assisted to, or the failure of past policies now makes it more diificult to assimilate non-western immigrants.

I take your point that the US could tear itself apart again, like it did 150 years ago. Let's hope that doesn't happen.

John

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Re: The dollar will be the dominant world currency in 2030

Don't know if he's right about it being the dominant currency, but I agree the dollar isn't going to disappear like the hyperinflationists say.  China has 50 year plans.  They're all about stability.  They will manage the dollar in a way that serves their stability purposes.  To be more accurate, the international bankers behind China and the other nations with large central banks holding dollars will manage the dollar in a way that serves their agenda.

My problem with Ambrose is that embedded in his analysis is the idea of nation-states and that they will continue to exist as-is 30 years from now. To me that's an archaic perspective and not in accordance with EU, NAU, G20 momentum.  They will either be merged or torn apart depending on whether globalist forces or opposing local/communal forces win out.  

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Re: The dollar will be the dominant world currency in 2030

citation:  I tend to view finance as a surreal world.. a bit like fashion.. or a virtual reality game.. where the rules can be changed.. if desirable.

 (eg Nixon 71... effectively rewrote the world financial system..)

 IMO the physical realities matter more.. demographics, energy... and in those respects the US is well placed... IF ... it can manage the

energy problem in time.

 +ve's  huge human, technological and natural resources

  -ve's  structural dependence on fossil fuels - suburbs - long distances...

 As a good nutjob conspiracy theorist,  I tend to assume more intelligence in long term planning than is indicated by the

superficial nonsense spouted by the political & media circus... so I'm not as pessimistic as Orlov / Celente..

 Less confident about the dollar though.. in it's present form at least.

 Conclusion - Ambrose may be onto something.

 

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Re: The dollar will be the dominant world currency in 2030

I'm definitely no expert but humour my simplified thinking. I still see power shifting back towards the east and particularily China.

China's currency will appreciate if they decouple but I think that might be part of the plan (but not just yet). They've been going around buying up resources all over the world as fast as they can. If they're smart they'll buy everything with their stockpiles of USD while they can and once they've spent it all they'll let SHTF.

They might not be able to corner the market anymore through cheap exports/labour but they'll corner the market simply because they will own almost everything. And once they're currency becomes the world reserve currency they will be surely calling the shots.

I'm only 31. I'm going to learn Mandarin.

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Re: The dollar will be the dominant world currency in 2030

Death of 'Soul of Capitalism': Bogle, Faber, Moore...........

http://www.marketwatch.com/story/story/print?guid=47729BA0-933E-4299-92CC-EB41EEE671D2

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Re: The dollar will be the dominant world currency in 2030

Usually, Ambrose Evans-Pritchard is a good read but in this case, he has totally missed the mark.  While he is excellent with the anglo-dutch cartel, he is out of his league with Asia.

Dollar hegemony for another century  (Complete Telegraph article link)

Japan is about to go bankrupt. It is on the cusp of a fiscal crisis that will change perceptions of Asia dramatically. The IMF says gross public debt will reach 218pc of GDP this year. This is compounding very fast. It will be 246pc in 2014.

He misses some fundamentals that are very important to the story.  Over 90% of Japan's national debt is owned by the people of Japan while almost half of U.S. national debt is owned by foreigners, mostly Asian governments.  Japan for example holds much U.S. debt while the U.S. and U.K. hold very little Japanese debt.

This is very relevant as Japan is financing their own debt at 0% and they do not rely on foreign governments.  Japan is essentially only repaying principal while we are stuck paying principal and interest.  The U.S. and the U.K. are at the mercy of rising interest rates.  We're paying an average of around 3.5% while the historical average over the last 40 years (10 year treasuries) is 7.31 percent  - H/T to machinehead, see Geithner Extends Average Maturity of Treasury Debt.  

Unlike Japan, we can't control the rate of our debt.  If 10 year treasuries rise to their historic average, our interest payments would almost double to over $900 billion.  Interest debt would dwarf all other budget line items including defense/wars, social security and medicare.  And remember that almost all of our foreign debt is held in short term loans that will have to be rolled over.

The Hatoyama government is spending as if there is no tomorrow. It plans to issue ¥50 trillion or $550bn in fresh bonds. I have no idea when this will spiral out of control. It could take another two or three years. It could start next week. Yes, I know that Japan has been borrowing merrily at ever lower rates for 20 years without the sky falling. The 10-year yield is 1.3pc. What happens when it rises to global levels of 3pc to 4pc?

Again, he misses the fundamentals - Japan has no need to worry about international interest rates with respect to their national debt as they are financing it themselves.

I should point out that Japan, like China, own their central banks while we are a client state to the international banking cartel via the private non-Federal no-Reserve bank.  Our government must borrow every new dollar from private banks with interest added.

But I am absolutely certain that pundits consigning the dollar to its death have missed an even more dramatic currency and debt story in Japan. The yen will top ¥200 to the dollar before this is over. Jim O’Neill from Goldman Sachs has already begun to hint at this.

The Yen is not going up, the dollar is going down and if I were Japan, I would be quite content that they are not following us to hell.  The arrogant west thinks that Japan will be hurt through dropping exports to the U.S. but there are other dynamics at play here.  How much more U.S. debt do you think Japan wants? 

The west should be concerned with this as we are pushing Japan to trade more with China.  Their trade has been growing and China has been accumulating more Yen in their Forex reserves which will help keep it stronger.

Charles Dumas from Lombard Street Research says Washington must be chuckling as the weak dollar gives it time to rebuild America’s industrial core. The “inflationistas” — ie, those convinced that the dollar is being debauched despite the fact that core inflation in the US is falling and that the M3 money supply is contracting — are playing straight into the hands of the United States.

wtf...this comment leaves me speechless.  Mr. Evans-Pritchard really needs to take the Crash Course so that he might understand the exponential growth of interest debt in our debt based money system.  Our system is inherently prone to contraction - deflation; that is THE problem.  We must perpetually borrow more to offset this downward force.  The private sector no longer has the ravenous appetite to accumulate more debt and government has taken on the role of borrower of last resort.  The U.S. must run budget deficits to keep the system from imploding.

bearmarkettrader has a good article on this The relationship between M1, M2 and total credit market debt and GDP.  I would add that our M3 is around $15 trillion while the total debt (not including unfunded liabilities) is hovering around $50 trillion.

And, how does one rebuild an industrial base when unemployment is rising?  The U.S. will not build an industrial base as long as we follow the reckless "free trade" policies that have decimated our industries while moving jobs offshore.  Neither China nor Japan will play that game as they prioritize their national interests.

As demand continues to move east,  Japan and China will allow us entry in their markets but on their terms.  For example, GM (government motors) is entering into a partnership to sell cars to China.  As part of the "partnership" GM will have to build plants in China in which they own a stake.  They recognize the importance of a production based economy and have no interest in selling their people out to bankers.

Larry   

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Re: The dollar will be the dominant world currency in 2030
drkrby wrote:

I should point out that Japan, like China, own their central banks while we are a client state to the international banking cartel via the private non-Federal no-Reserve bank.

Where's the proof for that besides some paper document that doesn't hold water?  Where's the proof the emperor isn't involved?  Emperor is buddies with Rockefeller.  Why would the people of Japan and China, if the banks are owned by them, agree to become impossibly drowned in the dollar?  Why would the Chinese people, if they own the bank, impoverish themselves in order to allow american consumers to live well?  Why would the Japanese people, if they own it, engage in monetary policy that has kept them in a rut for 20 years? 

The BOC is CLEARLY a mechanism that's been used to facilitate the Fed's game and dollar hegemony and also maintain the pyramid structure of China where a powerful few rule, a larger rich group is allowed to play capitalist games, and everyone else is a slave.  This is not a bank that's truly owned by the people.

If you're right that they're supposedly owned by the people on paper, it's similar to the BS that claims americans "own" their corporations through stock markets.  It's like saying Goldman Sachs is owned by the people.  Sure, Goldman has securitized equity allowing everyone else to buy into this casino that helped bring down the US, but there's no question who owns Goldman, or more importantly, who CONTROLS it.  Ownership is a very elusive concept given how the frail, scared, wimpish personalities of the bankers force them into hiding behind many layers of obscure cover provided by lawyers, politicians, tough guys, false narcissists, and hit men.  So ownership isn't the issue because nobody can figure it out...control is the issue. 

DrKrby, putting all the blame on the US Fed is a good way for the international bankers to maintain their power.  Just like they left Germany in ruins and put all the blame on Hitler while they went back into hiding and then played their games through the US and USSR, they will no doubt try to put all the blame on the idiot academics behind the Fed for this crisis when it's all over so they can shift to China and milk it for the next 100 years.  Let's play the game right this time and identify the international bankers themselves instead of putting all the blame on just 1 of their front organizations--an organization they've clearly decided to sacrifice so they can bring in the global bank. 

 

 

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Re: The dollar will be the dominant world currency in 2030

Hello strabes,

Thanks for calling me out to back-up my opinions.  You're damed smart (we usually agree Cool) and in disagreeing with you I know I'm going to learn something.

strabes wrote; in response to my post #13:

Where's the proof for that besides some paper document that doesn't hold water? Where's the proof the emperor isn't involved? Emperor is buddies with Rockefeller. Why would the people of Japan and China, if the banks are owned by them, agree to become impossibly drowned in the dollar? Why would the Chinese people, if they own the bank, impoverish themselves in order to allow american consumers to live well? Why would the Japanese people, if they own it, engage in monetary policy that has kept them in a rut for 20 years?

My comment was that Japan owns the BOJ, and I think I am correct on this.  But more to your point, I agree that it is not controlled by the people of Japan or their elected representatives.  I posted this a couple days ago in the members section:

Most [central banks] are privately held corporations. Most western nations have private central banks. A small group of owners have a stake in many of the central banks, which forms the "international banking cartel." The Rothschilds are the dominant owners though they prefer to stay in the background, especially in the U.S. Other than the Rothchilds, the Rockefellers are the largest owners of the private Federal Reserve bank and they have stakes in other private central banks.

The BIS and IMF are central banker banks. Both are owned by the members, with the largest stakes held by Europeans. The big owners form the core of the Bilderberg Group. They include Dutch Queen Beatrix, Queen Sofia of Spain, Prince Constantijn (Belgian Prince) and Étienne, Viscount Davignon. The private central banks are consolidating as control is moving up the ladder. The idea is to move any control from soveirgn nations to the banking cartel.

China and Japan have state owned central banks. China's central bank is very independent, they pursue policies that enhance their own national interest. For example, they do not support "free trade" opting instead to protect their industries and commerce. In controlling their own central bank, China's government does not need to borrow any money from private banks and they have no national debt. This is the big reason why they have the strongest economy.

Japan's central bank is national but they have a large degree of private control. They have been participating in the "international banking cartel" and are represented in the Trilateral Commission, along with the west. I don't think Japan has ever had a Bilderberg member.

The Bank of England was nationalized but issuance and control of their currency is held in private hands. In effect, the bank of England is privately controlled.

They prefer that you don't know and they control most of the western media, movies and music. They have a large degree of control over what you see and hear. The truth is that if people understood that their economies were controlled by families in Europe, they would probably figure out that they can take back control of their money and national sovereignty.

The term the "American experiment" was coined as people wondered and watched to see if a newly formed nation could govern itself and issue and control it's own currency. It essentially failed in 1913 with the Federal Reserve act. We became a client state in giving up our financial sovereignty.

Many of the people, bought the notion that they were better off having a private banking cartel run their economy and issue their currency. Sadly, many still think this even today when you hear people say that government can't be trusted to issue currency. This is the result of indoctrination, people have been taught that government would cause inflation by issuing too much money.

There is evidence to the contrary. For example, prior to the the Federal Reserve act of 1913, the U.S. had virtually no national debt and the people did not pay income tax. The IRS is the collection arm of the Federal Reserve, the banks have the power to collect their interest.

I agree that the private Federal Reserve would be thrown under the bus in a heartbeat if that served to push us into an international and supra-national financial system.  And I should have mentioned that Japan is represented in the CFR and I think they are the difference between the G-7 & G-8.  Will they be content in being a step-child, an after thought of the western banking cartel, or will they break rank or at a minimum; play the west against China?  My hunch is that Japan will be very slow to relinquish their financial sovereignty by giving the keys to the national vault to the Bilderberg group. 

Regarding China, they have issued and controlled their national currency since Dr. Sun Yat-sen woke the sleeping giant (Meiji revolution) in the second half of the 1800's.  Yat-sen learned about money systems, while living in the U.S. through his association with people like George Carey (one of the architects of Abraham Lincolns "greenbacks" - debt and interest free money injected directly into the economy in lieu of government debt to private banks). 

I'm on firm ground in saying that the peoples Bank of China is owned by the government.  China also has private banks but the issuance and control of the money supply is solely controlled by the country, or more accurately, through the ruling communist party.  They have centralized control via the BOC to benefit and fund their one party system. 

Yea, I attack the Federal Reserve because they need to go.  While I am not under the opinion that they alone control the western banking cartel, I do think it is as simple as firing them as far as the U.S. is concerned.  History tells us that the banking cartel has prevailed over most of Europe and GB through the last 300 years but their existence in the U.S. (since 1913) defies our constitution. Our forefathers were very clear in identifying the Bank of England and the European banking cartel as a threat to our liberties and prosperity.

strabes wrote:

Just like they left Germany in ruins and put all the blame on Hitler while they went back into hiding and then played their games through the US and USSR, they will no doubt try to put all the blame on the idiot academics behind the Fed for this crisis when it's all over so they can shift to China and milk it for the next 100 years.

Yup, they destroyed the Wiemar Republic in the early 1930's but Hitler broke free financially when Hjalmar Schacht (previous President of the Reichsbankbegan) issued German "greenbacks" (interest and debt free money injected directly into the economy for payment of tangible assets to back the new money).  Industrial production was only limited by the capabilities of the workers and resources unlike the rest of the "depression" trodden nations.  

Hitler and Nazi Germany also had access to huge loans from  U.S. banks, most notably Brown Brothers Harriman & Co of New York.  Prescot Bush was a vice president and partner of Brown Brothers Harriman & Co. (Union Banking Corp.) and eventually a State Senator.

Bush continued his loans to Nazi Germany even after the U.S. declared war and joined with the Allies.  He was charged and convicted of "trading with the enemy" statutes but was able to avoid punishment beyond some reparations.  If the name sounds familiar, it should, it was Georage Bush's (W) gradnfather and Poppy's (Mr. NWO and a thousand points of light) daddy.  But that's another story...

strabes, it's your turn to be put on the carpet...who should create and control our currency?  What are your solutions?

Larry

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Re: The dollar will be the dominant world currency in 2030

I apologize for coming on as confrontationally as I did.  I reread my post and was like "jeez, what's up my bum?"  Wink

But I did intend to question how you laid things out.  Excellent data rich response.

However, while BOJ might be controlled by the emperor and BOC is controlled by the communist party, we must recognize they aren't in the western world which operates by the UCC so ownership and control will look very different over there.  They don't need stock shares owned by bankers in order to be aligned with the western international bankers.  Emperors probably think like kings, dictators, and shadowy bankers, so my guess is Japan is aligned with Bilderberg, plus as you state they're in Trilateral which shows how David Rock has pursued networking, alignment, oligopolistic behavior (just like his grandfather did in oil) so the elite colludes against the lower classes rather than fighting amongst each other.  Likewise, there's speculation that western banks funded the 20th century communist revolutionaries (likely true for China because why would BOC align with the Fed on the dollar for all these years, but I'm starting to doubt it with today's Russia because it seems pretty clear to me that Putin wants nothing to do with western banker crap), so even though BOC is controlled by the communist party, it could very well be aligned with our bankers because, again, if the elite colludes together it makes for a nice comfy life for them.  I have heard that the communist party in China is sick of the Bilderbergs and the elitist way of doing things, but that doesn't jive with how China treats its people...they seem to still be despotic elitists.  So all that to say, I have no idea what the truth is but I'm not willing to automatically say BOJ and BOC are any less a part of the globalist agenda just because they don't have stock shares owned by western bankers.  

In terms of who should create and control our currency, I'm in complete agreement with the constitution that it should reside with Congress.  I spent lots of years believing politicians should have nothing to do with it, but that's because I was trained in the Fed's system (I also think I had mistaken views of inflation...I'm now fairly confident that banks cause it...the Phillips curve and other neoclassical theories have been proven completely worthless on inflation).  If we can't trust our representatives, then we don't have a republic.  That has to be the solution or we might as well throw the entire self-government idea out the window.  Sure today's politicians are irresponsible spend freaks, but I now think that's because they have a bank that gives them whatever they want.  Man how I wish Jefferson had succeeded in preventing the US government from being able to borrow.  If politicians couldn't borrow but had to tax or change an asset-based money supply, then I think suddenly they would be put in check the same way anybody is in check when they don't get free credit shoved at them.  Now it will require a lengthy transition because the current politicians in DC are there because they're good salesmen and sheisters which are the type of politicians that thrive in the Crazy Eddie debt-based system...no responsibility, no sanity, just rich pockets to buy elections and then sellout to the corporate interests surrounding the Fed. Let me put it this way: the last person I'd want establishing a new money supply would be Pelosi.  

There are some on this site that won't like me saying this, but I'm also a fan of Byron Dale's efforts in Minnesota.  Paying attention to his interviews and videos along with the many other videos that have educated us all on debt-based money, I now think ANYTHING that gives us asset-based money (we own it...imagine that...what a crazy concept to eliminate a bank's claim to it plus interest) is part of the solution.  Disempower the banks.  Eventually eliminate their ability to create credit for nothing.  MTA could be part of that overall momentum.  Byron has suffered greatly taking these guys on.  He had them nailed in court in ways that scared them so they mafioso'd him.  Lost his savings.  Got assaulted.  Ended up in the hospital.  That means he knows what he's doing...they thought he was worth shutting up. THAT gives him a lot of credibility in my view.  

 

 

Mike Pilat's picture
Mike Pilat
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Re: The dollar will be the dominant world currency in 2030
mainecooncat wrote:

And just to note, I'm not coming from a pride angle here as in, "Our counrtry is a rich and diverse place." It's just simply not true. The US could really fracture into multiple parts much to the delight of many. A friend of mine who relocated from Texas recently keeps saying, "It's like a different world up here."

So true. With a mainstream media that seeks to homogenize and with the same chain restaurants, stores, cable tv channels, and national sports teams, it is easy to be lulled into thinking that New Orleans approximates Seattle approximates NYC approximates San Diego approximates Omaha approximates Honolulu. Think about this one for a second...Though the societal structure and framework is simiar in the most obvious manifestations (see above), the behavior and mindset of the people is far different within the construct.

Beyond purely regional differences, there are great differences between urban and relatively rural or small town areas. Differences also exist between the experience of urban areas based on where they are in relation to the nearest other urban center. While the central East Coast and good portions of the West Coast form large megalopolises that effectively give these regions a (sub)urbanist culture, many of the cities that are more central to the country are more singular and have yet a different culture still.

In political terms, one need look no further than the conservative base of the Bible belt or the liberal base of the northeast or west coast regions. When I consider some of the extremely impassioned debates (arguments) I've heard over politics, I find it hard to believe that the US is truly homogenized. My own state alone has a great cultural and financial divide between the northernmost region and "the rest" to the point that some people suggest that "northern Virginia" would be better off becoming its own state. This is not even statewide homogeneity.

Sorry if this one is a bit off the main topic.

Mike

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DrKrbyLuv
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Posts: 1995
Re: The dollar will be the dominant world currency in 2030

strabes wrote:

However, while BOJ might be controlled by the emperor and BOC is controlled by the communist party, we must recognize they aren't in the western world which operates by the UCC so ownership and control will look very different over there...so my guess is Japan is aligned with Bilderberg, plus as you state they're in Trilateral which shows how David Rock has pursued networking, alignment, oligopolistic behavior (just like his grandfather did in oil) so the elite colludes against the lower classes rather than fighting amongst each other.

Hello strabes, it's always good to see your posts and don't worry you didn't offend me at all and you made some good points.  I agree that both the BOJ and the BOC operate secretly.  Japan is a bit of a mystery to me, I'm not as convinced as you that they are part of the Bilderberg group.  I have never seen anyone from Japan in the list of attendees but that might not matter.

I've read that there was discussion about Japan joining the Bilderberg group but instead the Trilateral Commission was formed to co-ordinate international efforts to break the planet into three groups with ultimate control resting with the BIS, thus the Bilderberg group.  I think China and Japan have more homogenized societies and the people value their cultures more than we do in the fragmented west.  I just don't think either country will acquiesce to the Bilderbergs because they know they will effectively become colonies without identities.

I think Japan will follow China's lead in playing two hands.  China is getting a louder voice in the BIS and they investing in SDRs.  But simultaneously, China is building it's own financial network - will it run parallel with the Bilderbergs or will it compete?

strabes wrote:

I'm also a fan of Byron Dale's efforts in Minnesota.  Paying attention to his interviews and videos along with the many other videos that have educated us all on debt-based money, I now think ANYTHING that gives us asset-based money (we own it...imagine that...what a crazy concept to eliminate a bank's claim to it plus interest) is part of the solution.

I sure agree with that.  One thing I really like about Mr. Dale is that he looks at monetary systems like an engineer looks at mechancial systems.  He understands the parts and like a good engineer, he finds the weak points and eliminates parasitic loads.  This turns some people off as he does not subscribe to Keynesian or Austrian theories.  He won't use those theories as reference points and will challenge "conventional" wisdom.  Your example is a good one, inflation is misunderstood by both theories.

I really like his idea of empowering states - that decentralizes the system.  If we fired the Fed, there is a chance that it might be replaced with a communist style central bank.  I agree that he's a brave hero and maybe more than anyone else I'm aware of, his solutions are doable.  He suggests states take on some of this power now, even as the Federal Reserve continues to exist.  Once he gets one state on-board I think the model will quickly be copied by other states.

Mike wrote:

Beyond purely regional differences, there are great differences between urban and relatively rural or small town areas. Differences also exist between the experience of urban areas based on where they are in relation to the nearest other urban center. While the central East Coast and good portions of the West Coast form large megalopolises that effectively give these regions a (sub)urbanist culture, many of the cities that are more central to the country are more singular and have yet a different culture still.

I think you are absolutely right on this.  One of the reasons for the civil war was that the south did not want to continue being dominated by the big banks in New York.  This has been an American theme, for example, farmers in the mid-west thought they were treated badly by the banks in New York. 

When the Federal Reserve bank was formed that was a sensitive issue.  Most in other parts of the country wanted no parts of centralized control in New York.  So, 12 regions were agreed upon giving the impression that control was dispersed through the group.  But as we know, the New York Fed holds over 50% of the ownership and they alone set the interest rate, run the FOMC and the PPT.

Larry

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Thomas Hedin
Status: Platinum Member (Offline)
Joined: Jan 28 2009
Posts: 815
Re: The dollar will be the dominant world currency in 2030

There are some on this site that won't like me saying this, but I'm also a fan of Byron Dale's efforts in Minnesota.  Paying attention to his interviews and videos along with the many other videos that have educated us all on debt-based money, I now think ANYTHING that gives us asset-based money (we own it...imagine that...what a crazy concept to eliminate a bank's claim to it plus interest) is part of the solution.  Disempower the banks.  Eventually eliminate their ability to create credit for nothing.  MTA could be part of that overall momentum.  Byron has suffered greatly taking these guys on.  He had them nailed in court in ways that scared them so they mafioso'd him.  Lost his savings.  Got assaulted.  Ended up in the hospital.  That means he knows what he's doing...they thought he was worth shutting up. THAT gives him a lot of credibility in my view.

Starting November 7th, I've setup a bi-weekly monetary reform conference and it's being advertised in certain circles around town. All of these conferences will be available on YouTube as well and I'll have the complete HD full download available for anyone who wants those as well. We have a golden opportunity here to really fix what is wrong with our society at the root cause of the problems.  Also, there has been more and more news paper articles surfacing about the MTA and it's being pushed heavily by one candidate for governor and possibly a second candiate if very likely to push it hard as well.  Thanks to Leslie Davis the MTA is circulating state wide via public access TV.

 

We've got a fighting chance to fix this but it's going to take a lot of manpower and pressure on our elected state reps.  All we have to do is call, email, visit, and demand they pass the MTA and refuse to take no for an answer.

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Thomas Hedin
Status: Platinum Member (Offline)
Joined: Jan 28 2009
Posts: 815
Re: The dollar will be the dominant world currency in 2030

P.S.  Here is an interview from 2008 with Byron Dale and it is a very good.  You can tell he is a little tired at first, but he gets a rolling after a couple minutes.

http://www.wealthmoney.org/media/20081002twohour.mp3

 

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johnbryson
Status: Bronze Member (Offline)
Joined: Aug 13 2008
Posts: 54
Re: The dollar will be the dominant world currency in 2030

Hi Mike,

Every country has differences within it's population. But the more time one spends looking at the differences, the more differences you'll find. Though regional, urban-rural, religous-non-religious differences exist in the US like in any country, there is a relative uniformity of culture in comparison to say.... the European Union - where we now have 27 countries with 25 languages.

The the glue that binds the US together are the principles set in the Bill of Rights and the Constitution. The fact that they are being ignored is the reason by which the US may at some point fracture.

John

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