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Thread: Our economic future

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    Default Our economic future

    We are spinning our wheels in political discussions so I thought I'd try starting a discussion on our economic future. Are you paying any attention to the Euro mess and how it will effect our economy? Do you think our currency is dying? Are you aware that Middle East and Far Eastern countries are starting to negotiate payment to each other in gold and currencies other than dollars? What's are the possibilities of a one world currency? What happens to our debt, we can't repay it? Will we go back to a precious metals backed currency? Just a few suggestions, add to them if you want.

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    Senior Member Jason Glavich's Avatar
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    I consulted an all knowing source for the answer to this.

    "Outlook not so good" said the Magic 8 Ball.

    And I agree with his answer.
    My Father,My Friend,My teacher,and now My Angel~ 04/21/1956-03/21/2011 You will always be missed. I hope to learn half of the stuff you knew.

    ~Blessed are those who mourn for they shall be comforted~

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    Senior Member menmon's Avatar
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    Quote Originally Posted by cpj View Post
    We are spinning our wheels in political discussions so I thought I'd try starting a discussion on our economic future. Are you paying any attention to the Euro mess and how it will effect our economy? Do you think our currency is dying? Are you aware that Middle East and Far Eastern countries are starting to negotiate payment to each other in gold and currencies other than dollars? What's are the possibilities of a one world currency? What happens to our debt, we can't repay it? Will we go back to a precious metals backed currency? Just a few suggestions, add to them if you want.
    The euro mess will have and is having an effect on our economy, do to the counterparty trades with european banks. Our markets adjust daily reflectiong the precived outcome of the euro mess, therefore, there is no surprise coming from over there.

    The middle east has always held gold, so nothing new there.

    There will never be one currency, for all the reasons the euro has struggled.

    We can not repay our debt, so eventually there will be a restructure of the debt.

    We will not return to a precious metals backed currency, nor should we.

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    Senior Member Franco's Avatar
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    [quote=sambo;911606]The euro mess will have and is having an effect on our economy, do to the counterparty trades with european banks. Our markets adjust daily reflectiong the precived outcome of the euro mess, therefore, there is no surprise coming from over there.

    The middle east has always held gold, so nothing new there.

    There will never be one currency, for all the reasons the euro has struggled.

    We can not repay our debt, so eventually there will be a restructure of the debt.

    We will not return to a precious metals backed currency, nor should we.[/quote]

    Spoken like a true banker

    CPJ, until we settle on real money and not Fiat money it will be a mess! The Neocons and Liberals want us focused elsewhere and not on monetary and banking issues. They would much rather us rant about Gay Marriage and Islamic Terror then address what is really killing us!
    It's time we abandon our party affiliations and rather than being good Dems or good Repubs we all become good Americans. MJH345

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    Senior Member menmon's Avatar
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    [QUOTE=Franco;911613]
    Quote Originally Posted by sambo View Post
    The euro mess will have and is having an effect on our economy, do to the counterparty trades with european banks. Our markets adjust daily reflectiong the precived outcome of the euro mess, therefore, there is no surprise coming from over there.

    The middle east has always held gold, so nothing new there.

    There will never be one currency, for all the reasons the euro has struggled.

    We can not repay our debt, so eventually there will be a restructure of the debt.

    We will not return to a precious metals backed currency, nor should we.[/quote]

    Spoken like a true banker

    CPJ, until we settle on real money and not Fiat money it will be a mess! The Neocons and Liberals want us focused elsewhere and not on monetary and banking issues. They would much rather us rant about Gay Marriage and Islamic Terror then address what is really killing us!
    I agree with you on they prefer us worrying about gay marriage and terrorism.

    The dollar will not be pegged with gold again.

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    I know the middle east has always held gold,the point is that they are going to start using it as currency/payment. I would think the global elite's argument for a one world currency would to see the Euro's problems and argue they need more, stronger countries involved. I believe it was James Turk I heard recently state that around 150 currencies around the world have failed since WWII. Most fiat currencies last approx. 40 years. We've been on a fiat currency since '73. If you aren't familiar with Turk, he has some fascinating interviews on YouTube. Interviews of James (Jim ) Grant and Doug Casey come to mind. My point with the Middle Eastern countries is that we are financially sanctioning Iran and they are saying, screw you we'll bypass your dollars. Qaddafi was also rumored to have been discussing trading oil for gold.

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    Senior Member menmon's Avatar
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    Quote Originally Posted by cpj View Post
    I know the middle east has always held gold,the point is that they are going to start using it as currency/payment. I would think the global elite's argument for a one world currency would to see the Euro's problems and argue they need more, stronger countries involved. I believe it was James Turk I heard recently state that around 150 currencies around the world have failed since WWII. Most fiat currencies last approx. 40 years. We've been on a fiat currency since '73. If you aren't familiar with Turk, he has some fascinating interviews on YouTube. Interviews of James (Jim ) Grant and Doug Casey come to mind. My point with the Middle Eastern countries is that we are financially sanctioning Iran and they are saying, screw you we'll bypass your dollars. Qaddafi was also rumored to have been discussing trading oil for gold.
    I don't believe that...I do believe they trade with dollars and then buy gold as an investment. It is too bulky. Now have they ever traded one of their buddy gold, the answer is probably yes, but EXXON is not buying oil with gold.

    Think about the commodity shocks to gold in the current financial enviornment.

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    Sambo, you don't have to believe me, go to goldmoney.com and read the story, "Indians To Pay For Iranian Oil With Gold". Go to Zerohedge.com, pg. 4 and see article, "Currency Wars, Iran Banned From Trading Gold And Silver". If you haven't discovered zerohedge it is worth looking at often. They usually report news hours or days before the MSM. I'm starting to hear people like Rush, cnbc etc. quoting zerohedge articles. They aren't necessarily trading gold bars they are probably trading IOU's on gold held in vaults somewhere. Have you heard or read about the spike in demand in silver eagles from the mint?

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    Senior Member BonMallari's Avatar
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    one world currency will NEVER happen...

    could you even imagine all the bogus money that could get made out there, you think counterfeiting is high now
    All my Exes live in Texas

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    A few things that I learned still ring true. "Lanse when you get a gift, say thank you and walk away. When you get a screwing walk away. You are going to get a lot more screwings than gifts"

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    I believe that our nation's economic problems are immensely deeper than either political party is prepared to discuss or address.

    Globalization is inevitable and irreversible. However, one immediate consequence of globalization is that capital is more mobile than labor. As a consequence, capital naturally migrates to those parts of the world the highest labor productivity at the lowest relative cost.

    Our standard of living and our fundamental lifestyle have always been predicated on the fact that our workforce was the most productive in the world because of higher levels of education, an economic and political structure that made it relatively easier to implement more efficient production methods by denying protection for entrenched power, and a broad distribution of income and wealth that helped ensure that a high percentage of gross product would immediately re-enter the economy through consumption.

    Over the last 40 years we have fallen dramatically behind the rest of the world on all fronts.

    An educational system that previously helped ensure that a higher and higher percentage of the population would achieve higher levels of education (and productivity) has turned into one where the best educational resources are reserved for a smaller and smaller percentage of the population while the levels of educational attainment for the majority decline annually. This is evidenced by our decline from a clear educational leader in the world to a nation that ranks low among the industrial economies and is falling relative even to the world's developing economies.

    While the return on capital has skyrocketed with the easy mobility of capital, the return on labor has plummeted. Each year a larger percentage of our wealth is held by a smaller percentage of the population and the consumer/worker has been left only with debt. This may actually be an inevitable step as costs of labor adjust globally to reflect changes in relative productivity. However, the immediate consequence is that there is simply no more consumer engine to fuel the American economy other than sales to consumers in other parts of the world. Efficiency demands that the shift in point of sale be mirrored by shifts in the location of production resources -- that is, the movement of jobs to other parts of the world -- isolating our own workforce even more.

    These seismic shifts are creating a variety of conflicting political pressures. Class warfare, which found no takers in this country when wealth was broadly distributed and all were benefiting from growth, is now finding a lot of support. The overwhelming majority of the population is losing the war to stay ahead of the bill collectors despite working longer and longer hours each year. The entrenched winners in the economy see this and are fighting harder to preserve their status as winners with increases in personal income and wealth that dwarf anything seen in the first 200 years of our nation's existence. The unfortunate reality is that the real class warfare in this country has been initiated from the top down, and the top is winning as measured by the increasing concentration of wealth.

    How does a small, powerful elite preserve power in a democracy? A variety of ways. It supports cultural and religious institutions that advocate for authority. It uses virtually unlimited money to manipulate legislative and legal action. It gains control of the courts. It encourages fear. All of these activities are things we see every day.

    There are no "solutions" for many of our economic woes. The global realignment of incomes will continue. However, the gross concentration of wealth that we see happening now is not inevitable and will be addressed by nations throughout the world. The only question is whether the process happens peacefully or not.

    [Just thought I would throw a little meat on the fire... ]

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