LauraB Posted February 11, 2011 Report Share Posted February 11, 2011 Spread that printing burden around. Ditch the dollar with dignity - the opening shot by team USA? Get the heat off the USD with a new, exciting, nebulous currency creation system? The International Monetary Fund issued a report Thursday on a possible replacement for the dollar as the world's reserve currency. The IMF said Special Drawing Rights, or SDRs, could help stabilize the global financial system. ........................ While they are not a tangible currency, some economists argue that SDRs could be used as a less volatile alternative to the U.S. dollar. Dominique Strauss-Kahn, managing director of the IMF, acknowledged there are some "technical hurdles" involved with SDRs, but he believes they could help correct global imbalances and shore up the global financial system. "Over time, there may also be a role for the SDR to contribute to a more stable international monetary system," he said. The goal is to have a reserve asset for central banks that better reflects the global economy since the dollar is vulnerable to swings in the domestic economy and changes in U.S. policy. In addition to serving as a reserve currency, the IMF also proposed creating SDR-denominated bonds, which could reduce central banks' dependence on U.S. Treasuries. The Fund also suggested that certain assets, such as oil and gold, which are traded in U.S. dollars, could be priced using SDRs. ............................................... Fred Bergsten, director of the Peterson Institute for International Economics, said at a conference in Washington that IMF member nations should agree to create $2 trillion worth of SDRs over the next few years. SDRs, he said, "will further diversify the system." .............................................. http://money.cnn.com/2011/02/10/markets/dollar/index.htm Link to comment Share on other sites More sharing options...
Jake Posted February 11, 2011 Report Share Posted February 11, 2011 I'd rather believe in the Zulauf scenario than in the Fed being "overwhelmed" by some mysterious dark force. EDIT: The only real scenario that could create a sharp gold sell-off would be Palin getting elected 2012 and Ron Paul being made Fed governor. I might start an own thread on this scenario (better don't laugh, it MIGHT happen). No "mysterious dark force" in your scenario which could as well be Prechters. "overwhelmed" refers to having to get away with monetizing another 60 Trillion or so and everyone agreeing to it. Is it likely to happen? Look, I am not Prechters rep on GEI, I have berated him myself for not admitting his failures re gold on many occaision. I also stand to lose a lot if gold goes to 200 dollars an ounce, and I don't think it likely. I prefer Gordons gold analysis, another deluded deflationist on your book, no doubt! I am simply very wary of Prechters warning that we are on the brink of a long yet dramatic supercycle crash. 2008 was just a crash of "primary" degree and it was pretty chaotic for a while. If he is right on the next crash being if supercycle degree then we all better watch out. Look on the bright side- he was certain it would start in 2010 and it didn't for one reason or another. Will it start this year or next or never? I don't know. I'd prefer never but I don't see how we can escape a big crash. If one reads Prechter rather than all the "he said, she said" garbage then I just don't see how one can deny the reasoning...except for gold. That may be my delusion but as we all know since 2001 he has been wrong there. Nut that doesn't mean that he has to ne wrong forever. Gonzalo Lira cogently said that in a hyperinflation, people will be selling anything and everything for food and water, family heirlooms included. I don't rule out that either. Remind me of Zulaufs future scenario. Link to comment Share on other sites More sharing options...
G0ldfinger Posted February 11, 2011 Author Report Share Posted February 11, 2011 I am simply very wary of Prechters warning that we are on the brink of a long yet dramatic supercycle crash.... Oh, yes, we had a huge crash, and it will continue. And we have those huge cycles too. Only make sure you consider all this in the right currency. Link to comment Share on other sites More sharing options...
G0ldfinger Posted February 11, 2011 Author Report Share Posted February 11, 2011 ... "overwhelmed" refers to having to get away with monetizing another 60 Trillion or so and everyone agreeing to it. Is it likely to happen? ... Remind me of Zulaufs future scenario. Here is the Zulauf thread: http://www.greenenergyinvestors.com/index....4&hl=Zulauf His thesis simply is that they WILL monetize your 60T. I think so too. Exception: Palin becomes president. Link to comment Share on other sites More sharing options...
warpig Posted February 11, 2011 Report Share Posted February 11, 2011 It'll never happen. From: http://www.youtube.com/watch?v=B2XrxhD4LTI Palin becomes president. Link to comment Share on other sites More sharing options...
LauraB Posted February 11, 2011 Report Share Posted February 11, 2011 It'll never happen. Huh! - another one who has decided parallel universes don't exist Link to comment Share on other sites More sharing options...
G0ldfinger Posted February 11, 2011 Author Report Share Posted February 11, 2011 It'll never happen. Haven't watched it yet, but you know, George W. and Ronald were idiots too for all that is known. Link to comment Share on other sites More sharing options...
warpig Posted February 11, 2011 Report Share Posted February 11, 2011 She redefines the word idiot... Haven't watched it yet, but you know, George W. and Ronald were idiots too for all that is known. Link to comment Share on other sites More sharing options...
50sQuiff Posted February 11, 2011 Report Share Posted February 11, 2011 Apologies if this has already posted, but I just want to flag up some of FOFOA's recent posts. They're absolutely essential reading I think: http://fofoa.blogspot.com/2011/02/view-classic-bank-run.html http://fofoa.blogspot.com/2011/01/who-is-draining-gld.html Link to comment Share on other sites More sharing options...
Fortune Posted February 12, 2011 Report Share Posted February 12, 2011 She redefines the word idiot... You betcha *wink* Link to comment Share on other sites More sharing options...
Icarus Posted February 12, 2011 Report Share Posted February 12, 2011 It'll never happen. From: http://www.youtube.com/watch?v=B2XrxhD4LTI I don't know much about her to be honest. After GW Bush did I can understand why people have strong feelings about the republicans. GW was a walking, talking disaster. He took the US from surplus to bankruptcy, started a couple of aimless wars, introduced the Office of Homeland Security etc. etc. On the other hand this video only shows Sarah Palin making a slip of the tongue. For me the people who made the video come away in a much worse light. I am left with the impression of her being targeted by a bunch of hate-filled buffoons. Maybe it would be better to explain how stupid her policies are? Link to comment Share on other sites More sharing options...
G0ldfinger Posted February 12, 2011 Author Report Share Posted February 12, 2011 Look, she is not particularly well educated in an academic sense, but she is not stupid. In fact, she seems to have quite a bit of common sense. Don't forget, Todd (her husband) is behind her, and he is not stupid either. You can watch her 9-piece reality show if you want to get a (scripted) insight into the exciting Palin way of life. Link to comment Share on other sites More sharing options...
warpig Posted February 12, 2011 Report Share Posted February 12, 2011 Her foreign policy knowledge amounts to having probably owned a Honda. If this is the US `crème de la crème` then the US presidency is nothing more than a reality TV show. Is this life imitating art? Link to comment Share on other sites More sharing options...
d2thdr Posted February 12, 2011 Report Share Posted February 12, 2011 http://goldshark.com/ Go compare...go compare. Link to comment Share on other sites More sharing options...
G0ldfinger Posted February 12, 2011 Author Report Share Posted February 12, 2011 Her foreign policy knowledge amounts to having probably owned a Honda. If this is the US `crème de la crème` then the US presidency is nothing more than a reality TV show. Is this life imitating art? George W. also didn't know a thing, but see, he successfully started two new wars... Sorry to be a cynic here, but would it really make much of a difference? Look at the incumbent intellectual, Nobel Peace Prize Laureate, how successful is he? Link to comment Share on other sites More sharing options...
warpig Posted February 13, 2011 Report Share Posted February 13, 2011 They were foolish to offer such a prestigious award based on the colour of his skin and he was foolish for accepting it. A wise man would have collected it after he had accomplished his goals. Being intelligent isn't enough, after all they don't let idiots fly F102A's, yet intelligent people can make bad decisions again and again. Wisdom is not synonymous with intelligence. George W. also didn't know a thing, but see, he successfully started two new wars... Sorry to be a cynic here, but would it really make much of a difference? Look at the incumbent intellectual, Nobel Peace Prize Laureate, how successful is he? Link to comment Share on other sites More sharing options...
Jake Posted February 13, 2011 Report Share Posted February 13, 2011 They were foolish to offer such a prestigious award based on the colour of his skin and he was foolish for accepting it. A wise man would have collected it after he had accomplished his goals. Being intelligent isn't enough, after all they don't let idiots fly F102A's, yet intelligent people can make bad decisions again and again. Wisdom is not synonymous with intelligence. Great post which shows that integrity is largely dead these days. Link to comment Share on other sites More sharing options...
warpig Posted February 13, 2011 Report Share Posted February 13, 2011 Honesty would be a great start. Great post which shows that integrity is largely dead these days. Link to comment Share on other sites More sharing options...
Carlton Posted February 13, 2011 Report Share Posted February 13, 2011 They were foolish to offer such a prestigious award based on the colour of his skin and he was foolish for accepting it. A wise man would have collected it after he had accomplished his goals. Being intelligent isn't enough, after all they don't let idiots fly F102A's, yet intelligent people can make bad decisions again and again. Wisdom is not synonymous with intelligence. Bunk. You have no way of knowing that he won the award based on skin color. If you have to use Obama's color against him in order to attack him that must mean that he's actually a pretty good president. Link to comment Share on other sites More sharing options...
G0ldfinger Posted February 13, 2011 Author Report Share Posted February 13, 2011 ... Most vague reasoning in a long time, it seems: http://nobelpeaceprize.org/en_GB/laureates/laureates-2009/ Nobel Peace Prize 2009 ... for his extraordinary efforts to strengthen international diplomacy and cooperation between peoples. I mean, come on, he was on no one's radar screen before running for president. What exactly did he get it for? Other laureates seem to have fought decades (or spent time in prison) for a particular cause before they get such a recognition. Link to comment Share on other sites More sharing options...
drbubb Posted February 13, 2011 Report Share Posted February 13, 2011 Apologies if this has already posted, but I just want to flag up some of FOFOA's recent posts. They're absolutely essential reading I think: http://fofoa.blogspot.com/2011/02/view-classic-bank-run.html http://fofoa.blogspot.com/2011/01/who-is-draining-gld.html This part is particularly good: I think there is a tendency in the gold bug community to be overly focused on "bankers and central banks" as the main culprit against gold when in fact it was mostly the mining operations and private moneyed hedge funds that were doing the majority of the short selling (albeit through the services of the BBs) and engaging in the gold carry trade. My gold bug friend's view stems (I believe) from a misunderstanding of the processes that were exposed, among many other places, in Blanchard's 2002 suit against Barrick and JP Morgan and described in this Motion to Dismiss. I am referencing this document only as one example that also contains a good description of the gold lending and short selling process, filed by the defendant, Barrick Gold Corp., nonetheless. Also, I am not passing moral judgment on past gold lending and short selling activities as I believe that in this case "morality" is not quite as obvious as most gold bugs think. I believe that it was "the system" that systematically held gold prisoner in the past. That gold would ultimately break free and cause massive systemic turmoil was never in question. Only the timing and the amount of turmoil was. As Another wrote in his first post, "Westerners should not be too upset with the CBs actions, they are buying you time!" Link to comment Share on other sites More sharing options...
G0ldfinger Posted February 13, 2011 Author Report Share Posted February 13, 2011 Most vague reasoning in a long time, it seems: ... Let's put it differently: Do you think Bill Clinton spilled his coffee when he first heard it? Link to comment Share on other sites More sharing options...
G0ldfinger Posted February 13, 2011 Author Report Share Posted February 13, 2011 ... As Another wrote in his first post, "Westerners should not be too upset with the CBs actions, they are buying you time!" Hey, that's what I say all the time too (here, and on the hyper-inflation thread)! Link to comment Share on other sites More sharing options...
warpig Posted February 13, 2011 Report Share Posted February 13, 2011 I prefer the term awarded rather than the suggesting he won it, that insinuates he actually did something worthy of the award... Of course it was based on the fact he was the first black president... The rest of your sentence doesn't really doesn't have any logic to it for me to rebuff. Bunk. You have no way of knowing that he won the award based on skin color. If you have to use Obama's color against him in order to attack him that must mean that he's actually a pretty good president. Link to comment Share on other sites More sharing options...
Schaublin Posted February 13, 2011 Report Share Posted February 13, 2011 Hey, that's what I say all the time too (here, and on the hyper-inflation thread)! Indeed, a tiny number of people in the West who have understood the complex dollar/oil/gold merry-go-round have been able to accrue gold at a fraction of its real value. We would not thank the owners of a rigged casino if we noticed that a certain roulette wheel came up with zero more often than it statistically should do - we would just take advantage of it. Link to comment Share on other sites More sharing options...
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