IMF introduces a plan for an alternative to the US Dollar as the worlds reserve currency.

Special drawing rights (sdr's) will be used to protect international countries from the devastating effects of bernanke money printing.

Let me break this down for you. This will cause everything you buy to rise in price as dollar destruction continues.

Stock your canned goods now.

2/11/2011 10:57:42 AM

link?

I always thought the IMF was the US's (and her corporations) bitch.

2/11/2011 11:03:10 AM

This would not be the first time the world dropped the dollar. It happened under Nixon and not only did the country survive, the dollar clawed its way back to reserve status.

I even suspect a rejection of the dollar might be a good thing, as it would dramatically increase the cost of government borrowing.

2/11/2011 11:04:43 AM

Quote :

"This would not be the first time the world dropped the dollar. It happened under Nixon and not only did the country survive, the dollar clawed its way back to reserve status. "

That's not a good thing. Yeah, the dollar has the reserve status, and we've got no exit strategy.

Quote :

"I even suspect a rejection of the dollar might be a good thing, as it would dramatically increase the cost of government borrowing."

In might be good in the long term, but I guarantee it won't be good for our standard of living in the next 10 years.

Quote :

"I always thought the IMF was the US's (and her corporations) bitch."

It is. The IMF was created to reduce global poverty, but it's actually purpose is to do the opposite. I believe the powers that be know that our currency is in big trouble. Anyone thinking clearly knows that. It would be much better, for us, if we could con the rest of the world into joining some "global monetary order," and I even said is much in some thread recently. The IMF is poised to be the organization to usher in that kind of thing.

[Edited on February 11, 2011 at 11:38 AM. Reason : ]

2/11/2011 11:17:40 AM

Quote :

"In might be good in the long term, but I guarantee it won't be good for our standard of living in the next 10 years."

Isn't that how paying off your debt works?

2/11/2011 12:14:02 PM

Yeah. My problem with the whole process is that I didn't agree to have this debt created. It was forced upon me, and I'll now have to deal with the consequences, while the people responsible have become millionaires and billionaires from the system, and will be lounging in a resort somewhere while the people struggle to pay for food and energy.

2/11/2011 12:18:40 PM

so raise taxes on the rich to pay off the debt?

2/11/2011 12:22:27 PM

I feel like I made this exact post in some other thread recently, or at least thought about making it, but not every rich person is part of the corrupt system. Some of them earned their wealth legitimately, through honest competition, not by rigging the system. I don't think those people should be punished - they've brought every one us great things. I think we need to destroy the system that is passing out money to bureaucrats, paper shufflers, bankers, etc, not just raise taxes on honest people to repair the damage they didn't cause.

2/11/2011 12:38:59 PM

Quote :

"link?"

2/11/2011 12:56:46 PM

http://money.cnn.com/2011/02/10/markets/dollar/index.htm

2/11/2011 1:00:08 PM

Quote :

"so raise taxes on the rich to pay off the debt?"

How about we instead cut services for the rich to pay off the debt? No need to wreck the economy for everyone just so grandma can take yet another world cruise.

2/11/2011 1:21:35 PM

Quote :

"so raise taxes on the rich to pay off the debt?"

the simplest solution is often the most sound.

2/11/2011 1:23:53 PM

The funniest thing about this is that the people who are most excited (face, d357r0y3r) support a return to the gold standard, thus showing their completely misunderstanding of the whole situation.

2/11/2011 1:40:23 PM

I don't think an outright conversion back to the gold standard would work at this point. To do so would necessitate an immediate, extreme devaluation of the currency - nothing else is possible. I think we'll eventually end up back on a gold/silver/commodity based (rather than debt based) currency, but not before things get a lot worse.

2/11/2011 1:43:26 PM

You guys don't get it. Raising tax rates won't hit the rich. Sure it'll hit doctors, lawyers, small business owners, and executives.

The truly rich don't pay ordinary income tax, they take all their compensation in stock options or as long term cap gains.

Wanna tax those harder? Great now we're limiting investment.. That'll kill everyone.

The way to soak the rich is to cut govt spending. They are the ones getting rich through misappropriated government spending.

If you up tax rates all you get is a higer tax wedge which kills growth and more rent seeking accountants dreaming up ways to avoid taxes.

Raising taxes will not prevent us from collapsing, It may even speed up the crisis.

2/11/2011 1:44:04 PM

Why do you type everything

doublespaced and on different lines?

Is it really that hard

to just not hit the 'enter' key?

It makes your statements read like a

fat kid who just got done running 20 feet and

now has to stop to wheeze after

every few words

2/11/2011 2:54:24 PM

Wanna trade the lousy format of my posts for the lousy content of yours?

2/11/2011 4:40:57 PM

I would just like to read a post of yours where

you don't mask your paranoid ramblings

with bad writing style.

2/11/2011 6:01:17 PM

Did they ever increase the IMFs budget from the ~250b that it used to be? That's pennies compared to the amount of debt held by private US, private foreign, and the Fed itself. Why do we fucking care what the IMF does? You do realize it's an arm of US banks who'd love for nothing more than have the dollar destroyed, so it's pretty obvious they'll do whatever they need to facilitate that.

2/11/2011 6:52:23 PM

I've heard this somewhere...

2/12/2011 9:45:05 PM

god damn that guy is ugly. adblock picture filter ftw.

2/14/2011 10:43:44 AM

I've heard this somewhere...

2/14/2011 10:46:55 AM

Quote :

" The truly rich don't pay ordinary income tax, they take all their compensation in stock options"

taxes on stock options ARE ordinary income tax. Unless you meant something else when you said stock options.

2/14/2011 11:02:03 AM