US Dollar ponzi scheme?

[brit1984]

Old news.I thought everyone knew that USD was a ponzi scheme. Only question remaining is when it will collapse.

The US can't continue printing $85 Billion per month without eventual consequences.

... a shortage of ink?

[pancakeman]

Old news.I thought everyone knew that USD was a ponzi scheme. Only question remaining is when it will collapse.

The US can't continue printing $85 Billion per month without eventual consequences.

... a shortage of ink?

Well they don't actually "print" any of it, so ink shouldn't be a problem. They do however go through a lot of keyboards, that dam_n zero key is always wearing out on Ben Bernanke computer.

Maybe they can get him a widget or something so that when he presses zero once, it inputs 000,000,000 that way it will save a lot of time creating more money.

Edited November 21, 2013 by pancakeman

[Berkshire]

My personal experience of this “ change of thinking “ regarding the US dollar is seeing immigration officers at the borders of Thailand and both Cambodia and Myanmar rejecting dollars like as if it's some kind of monopoly money

Even with everyday commercial transactions in Cambodia, eight years ago, everything was about the American dollar and you would have been laughed at for even considering trying to use the local currency the Riel.

Now it's almost the direct opposite with shopkeepers and traders becoming more and more reluctant to use American dollars.

I just finished three weeks in Cambodia and not one time did I find anyone anywhere who was the least bit reluctant to accept american dollars...in fact it sure seemed to me they PREFERRED them to the local money....at Angkor wat the twenty dollar admission fee is quoted and collected ONLY in US DOLLARS....and with thousands of visitors everyday that is a LOT of dollars....the arrival visa fee at Cambodia airport is quoted and collected in US DOLLARS......and I have never had US dollar rejected at Burma border either....

You're about the 2nd or 3rd guy who's said this. It appears Asiantravel is embellishing his story just a wee bit.

Edited November 21, 2013 by Berkshire

[midas]

Nothing threatens the US dollar's hegemony in what many claim is the biggest pillar of the currency's reserve status - the petrodollar, which literally makes the USD the only currency in which energy-strapped countries can transact in to purchase energy. This may be changing soon following news that the Shanghai Futures Exchange could price its crude oil futures contract in yuan, its chairman said on Thursday, adding that the bourse is speeding up preparatory work to secure regulatory approvals.

In doing so China is effectively lobbing the first shot across the bow of the Petrodollar system, and more importantly, the key support of the USD in the international arena.

http://www.reuters.com/article/2013/11/21/china-crudeoil-idUSL4N0J62M120131121

Edited November 21, 2013 by midas

[Naam]

the petrodollar, which literally makes the USD the only currency in which energy-strapped countries can transact in to purchase energy...

...is a fairy tale mostly spread by ignorant journalists. fast is that energy can be priced and paid for in any currency or commodity on which seller and buyer agree (even cowrie shells can be used).

[garyk]

Best to ignore this kind of stuff. Not worth the effort to type a response really.

[impulse]

the petrodollar, which literally makes the USD the only currency in which energy-strapped countries can transact in to purchase energy...

...is a fairy tale mostly spread by ignorant journalists. fast is that energy can be priced and paid for in any currency or commodity on which seller and buyer agree (even cowrie shells can be used).

How many Baht per cowrie shell? I'm thinking of starting a second career.

But then, I don't think collecting cowrie shells is covered under my WP. Dang, another catch. I'll never get ahead.

[midas]

the petrodollar, which literally makes the USD the only currency in which energy-strapped countries can transact in to purchase energy...

...is a fairy tale mostly spread by ignorant journalists. fast is that energy can be priced and paid for in any currency or commodity on which seller and buyer agree (even cowrie shells can be used).

notice the benchmark oil grade they will be using.............. Medium sour crude which by coincidence is Iranian crude oil so much for those silly sanctions by the US against Iranian crude exports

by the way do bar girls also accept cowrie shells?

Edited November 22, 2013 by midas

[Naam]

the petrodollar, which literally makes the USD the only currency in which energy-strapped countries can transact in to purchase energy...

...is a fairy tale mostly spread by ignorant journalists. fast is that energy can be priced and paid for in any currency or commodity on which seller and buyer agree (even cowrie shells can be used).

notice the benchmark oil grade they will be using.............. Medium sour crude which by coincidence is Iranian crude oil so much for those silly sanctions by the US against Iranian crude exports

by the way do bar girls also accept cowrie shells?

most of Venezuela's crude has a higher sulphur content than Iranian crude. China is buying a lot of crude from Venezuela.

[Bpuumike]

Nothing threatens the US dollar's hegemony in what many claim is the biggest pillar of the currency's reserve status - the petrodollar, which literally makes the USD the only currency in which energy-strapped countries can transact in to purchase energy. This may be changing soon following news that the Shanghai Futures Exchange could price its crude oil futures contract in yuan, its chairman said on Thursday, adding that the bourse is speeding up preparatory work to secure regulatory approvals.

In doing so China is effectively lobbing the first shot across the bow of the Petrodollar system, and more importantly, the key support of the USD in the international arena.

http://www.reuters.com/article/2013/11/21/china-crudeoil-idUSL4N0J62M120131121

The petrodollar is exactly that, check it out.

Obama and Saudi seem to be disagreeing so look for oil payments increasingly to be made in gold or Yuan.

[impulse]

Nothing threatens the US dollar's hegemony in what many claim is the biggest pillar of the currency's reserve status - the petrodollar, which literally makes the USD the only currency in which energy-strapped countries can transact in to purchase energy. This may be changing soon following news that the Shanghai Futures Exchange could price its crude oil futures contract in yuan, its chairman said on Thursday, adding that the bourse is speeding up preparatory work to secure regulatory approvals.

In doing so China is effectively lobbing the first shot across the bow of the Petrodollar system, and more importantly, the key support of the USD in the international arena.

http://www.reuters.com/article/2013/11/21/china-crudeoil-idUSL4N0J62M120131121

The petrodollar is exactly that, check it out.

Obama and Saudi seem to be disagreeing so look for oil payments increasingly to be made in gold or Yuan.

If you've ever experienced the difficulty in getting money into China (pain in the butt), getting money out of China, (even worse), trading USD for Yuan (limited to $50K/yr for individuals), or vice-versa (limited to whatever the bank manager decides that day, unless you use the black gray market guys camped out in front of the bank), you'd snicker at the idea that China is willing to do what it takes to be taken seriously as an international currency.

Maybe they'll surprise me (I hope they do), but it was such a treat to move from China to BKK and be able to swap currencies without filling out forms and handing over a passport, where they pull up my exchange history before the bank can do any exchange transactions. (And still limit me to $5,000 per day unless I use the gray market guys, who actually have rooms at the bank dedicated to doing those illegal, yet widely accepted transactions)

Edited November 22, 2013 by impulse

[Bpuumike]

the world economy is a ponzi scheme but its better than the alternative...

hunting.jpg

Like your avatar. Dan-n, wish I'd found it first.

And yes, the US$ is a major Ponzi scheme which will have to unravel at some point not too far away.

Apart from Mrs. C I don't see any volunteers to be next US prez.

[Naam]

meanwhile the "Ponzi Dollar" buys 31.97 Thai Baht.