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Bernanke: The Dollar System Is Flawed


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Stranded Shipscook

Question???? why do all the forum members who say...... I WILL STAY HERE TILL I DIE... care anything about the dollar or anything outside of the philippines for that matter.... This is your home ,,, this is the place you choose to live in till your last breath... so get over the rest of the western world its a who cares...

 

In my case it is because the Economy of the Philippines is going wreck also if the Big ones fail, so i closely observe the Rest of the world too..as well as its a stanrad topic also among my Pinoy friends, so i like to be informed.

 

And many forum members are getting there Money from the western world (retirees and the like) so they have a reason for concern.

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smokey

Question???? why do all the forum members who say...... I WILL STAY HERE TILL I DIE... care anything about the dollar or anything outside of the philippines for that matter.... This is your home ,,, this is the place you choose to live in till your last breath... so get over the rest of the western world its a who cares...

 

In my case it is because the Economy of the Philippines is going wreck also if the Big ones fail, so i closely observe the Rest of the world too..as well as its a stanrad topic also among my Pinoy friends, so i like to be informed.

 

And many forum members are getting there Money from the western world (retirees and the like) so they have a reason for concern.

 

 

 

 

Oh so its ok to hate and talk bad about a country but still enjoy the bennies ..... oh now i see... we call that man who talk with two sided face... i think the US is one of the best countries in the world and i appricate and am happy to be born there every day or at least once a month ... Now if i was born here i could of spent my whole life enjoying the sun and driving my trike up and down instead i was born in the US and i have nothing to do but roam around and stay in different hotels and islands... and how is the US wrecking the philippines ?

Edited by robert51
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mattwilkie

Why does everyone assume its the currency that matters?? Its DEBT! Governments are over spending by trillions regardless of what your measuring it in they are spending way more than the next 2 generations can repay. The UK for example if it sold every house in the country at its current value would still be

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smokey

well as everyone is a peon in the big picture best we just hold on tight and go for a free rollercoaster ride..

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Stranded Shipscook

Question???? why do all the forum members who say...... I WILL STAY HERE TILL I DIE... care anything about the dollar or anything outside of the philippines for that matter.... This is your home ,,, this is the place you choose to live in till your last breath... so get over the rest of the western world its a who cares...

 

In my case it is because the Economy of the Philippines is going wreck also if the Big ones fail, so i closely observe the Rest of the world too..as well as its a stanrad topic also among my Pinoy friends, so i like to be informed.

 

And many forum members are getting there Money from the western world (retirees and the like) so they have a reason for concern.

 

 

 

 

Oh so its ok to hate and talk bad about a country but still enjoy the bennies ..... oh now i see... we call that man who talk with two sided face... i think the US is one of the best countries in the world and i appricate and am happy to be born there every day or at least once a month ... Now if i was born here i could of spent my whole life enjoying the sun and driving my trike up and down instead i was born in the US and i have nothing to do but roam around and stay in different hotels and islands... and how is the US wrecking the philippines ?

 

 

Robert- i think you answered to the wrong post here, since i am not an US American and im a not talking bad about the USA... I was just answering to your question

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smokey

Question???? why do all the forum members who say...... I WILL STAY HERE TILL I DIE... care anything about the dollar or anything outside of the philippines for that matter.... This is your home ,,, this is the place you choose to live in till your last breath... so get over the rest of the western world its a who cares...

 

In my case it is because the Economy of the Philippines is going wreck also if the Big ones fail, so i closely observe the Rest of the world too..as well as its a stanrad topic also among my Pinoy friends, so i like to be informed.

 

And many forum members are getting there Money from the western world (retirees and the like) so they have a reason for concern.

 

 

 

 

Oh so its ok to hate and talk bad about a country but still enjoy the bennies ..... oh now i see... we call that man who talk with two sided face... i think the US is one of the best countries in the world and i appricate and am happy to be born there every day or at least once a month ... Now if i was born here i could of spent my whole life enjoying the sun and driving my trike up and down instead i was born in the US and i have nothing to do but roam around and stay in different hotels and islands... and how is the US wrecking the philippines ?

 

 

Robert- i think you answered to the wrong post here, since i am not an US American and im a not talking bad about the USA... I was just answering to your question

 

 

 

 

i wish everyone would appricate all they are blessed to receive... For all the trash talk some of the guys do and complaining about the west bet they would not want to be born here and spend a life time trying to get meal to meal...

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Question???? why do all the forum members who say...... I WILL STAY HERE TILL I DIE... care anything about the dollar or anything outside of the philippines for that matter.... This is your home ,,, this is the place you choose to live in till your last breath... so get over the rest of the western world its a who cares...

 

Short answer is if dollar goes to zero, they will die a lot sooner than anticipated.

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While ALL currencies are having difficulty the one element that is very new which is directly affecting ALL of us and is rapidly bringing the world together as never before imagined. Remember, the Internet makes this the smallest sphere in history. Events are posted on line before most news agencies even hear of them. Sit back and mull over the big picture. The Euro was BEFORE the internet, Gold is not practical in your pocket. All major financial players are on line. Those who buy gold MUST buy REAL SOLID gold, not just a marker. Also, it fluctuates A LOT.

 

T

 

All currencies cannot have difficulties, or at least not the same difficulties at the same time. Its a zero sum game.

 

You dont need physical gold in your pocket. All you need is paper money backed by gold, though if my memory serves me correctly, throughout the Great Depression the USD was fully backed by gold.

 

The euro started in 1999. Im not sure this could be called before the Internet.

 

Sorry to correct you, 1999 is only the starting date for the public, but it was prepared many many many years before by the individual central banks.

 

Well it was obviously prepared for a long time, but the value was only set against the dollar in the last few moments before go live in January 1999. Because it had no defined value against other currencies until that date, no one used it for anything. In fact until the coins came in 2002, very few people used it at all. I wrote about one cheque in euros in that period, and that was for the novelty.

 

Having said that though, I found the transition to be remarkably smooth.

 

i think you have confused the 1999 and 2002 dates.

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Headshot

well as everyone is a peon in the big picture best we just hold on tight and go for a free rollercoaster ride..

The one truth that everyone should understand about roller coasters is that they always stop at the BOTTOM.

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Look to where the power is and that is the safe place. The US is still the largest economy, by far, as well as the only military superpower. Things may be slowly changing, but will remain this way for some time. If the US dollar collapses, so will the rest of the world economy. The US is still the haven of choice in troubled times, and the US dollar the currency of choice. It may not be this way forever, but it is right now.

 

mmh, this isn't entirely correct ..

 

The USA is ranked after the European Union in GDP, followed by China which is catching up with enormous speed. predictions are, that China surpasses everybody in the next few years.

 

as well as the Euro has surpassed the US $ in circulation

 

but i agree with the rest of it, if the US economy/dollar collapses, the world economy would collapse too. The same would apply if any of the big economy collapses.

 

This is why the nations bail out each other in times. And that is a good system.

That statement is deceiving also. The European Union is made up of individual countries who still maintain some control over their local economies, therefore you can't compare it to the USA. Individual failures like Greece, Ireland etc. threaten the integrity of the whole Euro system. Problems within the individual US states, such as the budget deficits in California, have little overall impact compared to what is happening in Europe. You are comparing a union of individual countries, each with their own interests at heart although with a common currency, to the USA and China which have more control. I don't think the Euro will succeed in becoming a dominant currency because those countries will always be in competition with each other.

 

Quite right!

 

Two additional points. Currency in circulation is a meaningless figure. Why? Because as a general rule notes and coins are a small percentage of the money that actually goes round and drives the economy. M1 , M2 and M3 from my economics course at university float vaguely around my head. Also: as a general rule (or compared to others), Germans don't write cheques and don't use credit cards (I never wrote when I lived there) so they have lots of cash in circulation. In fact I suspect that german citizens and Russian mafia are probably the only people that use 500

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JamesMusslewhite

Yes........ a new World Currency will soon be delivered to the World Bank... delivered by a squadron of Black Helicopters... owned by the Trilateral Commission shitstormretarded.gif

 

........................ and is it just a coincidence that this is playing out at the very time a new form of life is discovered on earth shocked.gif

 

 

 

 

 

Don't know about you but I'm sure getting my tin foil hat ready, even as we speak. :)

 

tin-foil-hat-625p.jpg

Edited by JamesMusslewhite
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dirtybirdy

Maybe the world creates an alternate reserve currency ala SDR's as proposed by China and Russia, but the U.S will never go to a wold currency. Troubles in Europe show how difficult of an idea this is, and it's good to have competition (U.S. dollar.) Even the U.S. states are struggling with the fact that they can't print their own money to get out or their own problems. Luckily we have largely solved the sorts of problems Europe is having with it's own single currency experience.

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Stranded Shipscook

Question???? why do all the forum members who say...... I WILL STAY HERE TILL I DIE... care anything about the dollar or anything outside of the philippines for that matter.... This is your home ,,, this is the place you choose to live in till your last breath... so get over the rest of the western world its a who cares...

 

Short answer is if dollar goes to zero, they will die a lot sooner than anticipated.

 

I couldn't have said that better myself, if the $ or Euro or whichever goes bust, i assume a billion people or more would die ! Well, it will not happen, as i said, the major economies help bailing each other out. And a world currency could improve things a lot more. As said, Europe and the USA are working on it, and i could not agree more.

After all, it is just a name (Deutsche Mark, Lira,Franc...) which would disappear, but the world is consisting of People, and that's what matters.

 

one positive side effect also- currency trading would disappear, and therefore also the bad things associated with it. Like 1997- i still remember that very well.

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Ozepete

A 'World currency' will never happen because it simply can not, not unless the world was united as one entity and don't hold your breathe waiting for that to happen.

There has never been and never will be a 'World currency'. Some like the Brit pound, Euro and US$ have been currency bench marks but this does not make them World currencies. There is no such thing.

 

This talk is is generated by people like Federal Reserve Chairman Ben Bernanke fielding diversions from their incompetency. (Feed the chooks some b/s so they don't focus on the real cause of the financial problems)

Each countries currency (where floated) is somewhat like any other traded commodity, subject to supply and demand therefore its 'price' is mostly that which the market place determines. Governments these days are loathe to 'play' with their currency for fear of it being avoided by a suspicious market etc. I think the conspiracy theories are laughable considering the immense issues involved.

Or perhaps it's all just BIG GOVA!! der!

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Stranded Shipscook

While ALL currencies are having difficulty the one element that is very new which is directly affecting ALL of us and is rapidly bringing the world together as never before imagined. Remember, the Internet makes this the smallest sphere in history. Events are posted on line before most news agencies even hear of them. Sit back and mull over the big picture. The Euro was BEFORE the internet, Gold is not practical in your pocket. All major financial players are on line. Those who buy gold MUST buy REAL SOLID gold, not just a marker. Also, it fluctuates A LOT.

 

T

 

All currencies cannot have difficulties, or at least not the same difficulties at the same time. Its a zero sum game.

 

You dont need physical gold in your pocket. All you need is paper money backed by gold, though if my memory serves me correctly, throughout the Great Depression the USD was fully backed by gold.

 

The euro started in 1999. Im not sure this could be called before the Internet.

 

Sorry to correct you, 1999 is only the starting date for the public, but it was prepared many many many years before by the individual central banks.

 

Well it was obviously prepared for a long time, but the value was only set against the dollar in the last few moments before go live in January 1999. Because it had no defined value against other currencies until that date, no one used it for anything. In fact until the coins came in 2002, very few people used it at all. I wrote about one cheque in euros in that period, and that was for the novelty.

 

Having said that though, I found the transition to be remarkably smooth.

 

i think you have confused the 1999 and 2002 dates.

 

Technically, if you refer to the hard currency, it was introduced 2002, but in all transaction and labels in markets and the like, both currencies were used since 1999.

So, the German Mark for instance , was automatically converted on bank statements and the likes. And the rate was fixed then too 1.95 something Deutsche Mark was 1 Euro then. wow, i cant even really remember anymore..

 

And you are right, it was very confusing, as all new things, hahaha.

 

But it (Date and time) does not matter really anymore here, i just remember me nagging all the time in the nineties( 1990 to 1998) about all those extra paperwork and forms i had to fill out because of that EMU to Euro transition.

I had a company with lots of ties inside the EU then and it was horrendous. Private citizen though were not involved.

 

The exchange rate to the US $ setting was decided "shortly" before, the goal was to make it 1:1 at that time, of course they were aware that this would last maybe 10 minutes...which it did in 2002. In the 3 years after the "fixing" it already went up to 1.20 to 1 US, then crashed down to 0.8 to 1 US. I lost a fortune then,cause my money was tied up, but still i have no regrets for the Euro.

 

On the World Central Bank idea... well, they could do the same as with the Euro, work on it step by step for 30 years and then introduce it to the public..

 

After all i still say, it is a good system and works fine. As well as the whole EU. But that would be another topic.

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