"The Bailout will kill the Dollar"

[ensho]

http://www.thiscantbehappening.net/?q=node/209


What Nobody's Saying: The bailout will kill the dollar


-snip-

But besides the direct bill handed to taxpayers for this gigantic con, there is the fact that adding that much to the national debt is also going to drive the dollar down precipitously against foreign currencies. We’re already seeing that happen, even while they’re just talking about the bailout. The dollar is falling against all major currencies—the Euro, the Yen, the Renminbi and the British pound. And it will continue to fall as the details of the bailout come out.

This will add to already powerful pressures in countries like Saudi Arabia and China, which hold huge quantities of US dollars and US dollar-denominated debt, to shift out of dollars and into other currencies—particularly the Euro and the Yen. Last week, an article in China’s People’s Daily, which like Pravda in the old Soviet Union, is the official voice of the leadership in China, called for just such a move. Russia is also calling for an end to the dollar as the underpinning of the global economy.

-snip-

The US will be left behind, a smoking ruin, with Americans, like Weimar Germans before them, going shopping with wheelbarrows full of worthless green paper to exchange for a few days’ groceries.
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[phantom power]

1. I don't know if Weimar is the best analogy.

But it will devalue the dollar some more. Not a good thing, for damn sure.

[redqueen]

4. Thank you.

We need clear thinking... too much panicking going on.

[Vanje]

2. Clearly

We are fucked

[RB TexLa]

3. Hate to say it but that is more important