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  • one_1eyed_monster one_1eyed_monster Nov 17, 2007 8:29 AM Flag

    Saudi Minister Warns of Dollar Collapse

    Article in 'The Business' from the United Kingdom:

    http://www.thebusiness.co.uk/news-and-analysis/358346/saudi-minister-warns-of-dollar-collapse.thtml

    Article reads:

    "The dollar could collapse if Opec officially admits considering changing the pricing of oil into alternative currencies such as the euro, the Saudi Arabian foreign minister has warned.

    Prince Saud Al-Faisal was overheard ruling out a proposal from Iran and Venezuela to discuss pricing crude in a private meeting at the oil cartel's conference.

    In an embarrassing blunder at the meeting in Riyadh, ministers' microphones were not cut off during a key closed meeting, and Prince Al-Faisal was heard saying: "My feeling is that the mere mention that the Opec countries are studying the issue of the dollar is itself going to have an impact that endangers the interests of the countries. "There will be journalists who will seize on this point and we don't want the dollar to collapse instead of doing something good for Opec."

    After around 40 minutes press officials cut off the feed, which had been accidentally broadcast to the press room.

    Prince Al-Faisal added: "This is not new. We have done this in the past: decide to study something without putting down on paper that we are going to study it so that we avoid any implication that will bring adverse effects on our countries' finances."

    Iran and Venezuela have argued that the meeting's final communique should voice concern about the level of the dollar, which has recently fallen to new record lows against the euro. They are pushing for oil to be denominated against a basket of currencies.

    The greenback also weakened slightly against the pound, although sterling's own recent weakness has pushed it down from $2.10 to $2.0457 during the week.

    Nigerian finance minister Shamsuddeen Usman said that Opec could declare in the communique that: "While underlining our concern for the continued depreciation of the dollar and its adverse impact on our revenues, we instruct our finance ministers to study the issue exhaustively and advise us on ways to safeguard the purchasing power of our revenues, of our members' revenues."


    My opinion ..... If Helicopter Ben Keeps printing paper money at a rapid pace, keeps lowering interest rates while keeping M3, Total Money Supply, Secret ..... can anyone be blamed for FLEEING our currency?

    Someone said recently that it's hard to tell who's crazier; "One spends money it hasn't got and the other sells to people who can't pay."

    Basically, the Chinese are loaning us the money to buy their stuff. And the Government is printing the money to do it. So the theory is that in order to hide all the money that is being created and sent to China the government has stopped tracking M3.

    One Eye . > |

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • One Eye . > )

      P.S. Ponzi Schemes eventually end badly.

      >> as glenn turner once said..."If they're gonna repossess my car..i'd rather be drivin a Cadillac..!"

    • QWAK,canucanoe,When people realise they can TAP in to PUBLIC funds and inrich them selves with out WORK and EFFORT, then the whole DEMOCRACY scam starts UNRAVELING and eventualy the HOAX destroies all the ILUSIONS and DELUSIONS.

      The TRUE BELIEVERS refuse to SEE but eventualy find them selves up to their eye balls in DEBT and trouble they never imagined posable because they prefered LIES and half truths to REALITY!

      It just happens faster today because life in general LIFE happens at a fster rate due to modern technology.

      the DUCK

    • QWAK,canucanoe,I am NOT the VILLEN or BAD GUY,I just chose to SEE and deal with REALITY and advise every one do the same, rather than following BLINDLY which WILL as usual result in a UGLY GLOBAL WAR that will harm every one!

      Agen SORRY if this SPOILS your DELUSION!

      the DUCK

    • QWAK,the DOMINOS just keep falling revealing that the SYSTEM is CRUMBELING!

      http://www.ft.com/cms/s/0/6a8adc9a-99b7-11dc-ad70-0000779fd2ac.html?nclick_check=1

      the DUCK

    • let's see ....

      >>>(1) Fed Printing more phoney fiat currency causing inflation to spike <<<

      While I believe that inflation is above Gov't statements, I won't confuse commodity price rises with inflation.

      >>>(1)...and pensioners on fixed pension lose more 'purchasing power'. <<<

      Not a Fed problem, so I wouldn't link the thoughts. It is a US Treasury problem.

      >>>(2) Fed lowers the interest rates for savers causing their interest income to drop.<<<

      I agree. Savers have been screwed. Where is the political backlash though? In fact, do you realize that if interest rates go up, Soc Sec is well solvent and not marginally as it is now?

      >>>(3) Wall Street Creates crooked SIV's, CDO's and MBS which have stolen/robbed Americans of Billions of dollars and tanked the stock market.<<<

      Where is the backlash? I don't see Americans trying to understand the problem and asking their politicians to stop making it worse. Instead, I see those who willingly bought piss poor paper, and obtained ridiculously cheap mortgages, now complaining after boasting about their successes for some years. When do we hold Wall Street and the jokers who were their "partners" BOTH accountable?

      >>>(4) Help Create a 'housing boom' that cannot be sustained due to ARMs, interest only loans, unsubstansiated income loans. Causing Home prices to drop and home interest loans to spike due to increased risk<<<

      Happens all the time. Except this may be the first time that the taxpayer will directly bailout the poor fools.

      >>>(5) Quit publising M3(money supply) data in order to hide the Feds out of control money policy.<<<

      Oh please. Big deal? Nah. Just the GATA crowd showing that they cannot adapt to change. After all, they probably hoard gold and silver and ride horses to work, just like William Jennings Bryan.

      >>>(6) Congress 'stole' moneys from the social security trust fund, placed it in the 'general fund' and spent same. Leaving an IOU for future generations to pay. <<<

      Yep. It started with Pres. Johnson and has been embraced by every Congress and President since. Yet, instead of calling it fraudulent accounting, or piss poor fiscal management, we permit our elected officials to call it a Soc Sec crises to again be held unaccountable.

    • As I presented, everyone else in America is bad, and must be punished, so Duck will rise above us.

    • Regards: Your (Duck) mantra is that everyone else should lose purchasing power so you gain. Others want to grow their purchasing power not at the expense of others. The latter is the American way.

      Response: "The American way" lately has been:

      (1) Fed Printing more phoney fiat currency causing inflation to spike and pensioners on fixed pension lose more 'purchasing power'.

      (2) Fed lowers the interest rates for savers causing their interest income to drop.

      (3) Wall Street Creates crooked SIV's, CDO's and MBS which have stolen/robbed Americans of Billions of dollars and tanked the stock market.

      (4) Help Create a 'housing boom' that cannot be sustained due to ARMs, interest only loans, unsubstansiated income loans. Causing Home prices to drop and home interest loans to spike due to increased risk

      (5) Quit publising M3(money supply) data in order to hide the Feds out of control money policy.

      (6) Congress 'stole' moneys from the social security trust fund, placed it in the 'general fund' and spent same. Leaving an IOU for future generations to pay.

      One Eye . > )

      P.S. Ponzi Schemes eventually end badly.

    • QWAK,canucanoe,"Your mantra is that everyone else should lose purchasing power so you gain." --- TOTALY 100% WRONG!

      I spent much time trying to find somthing or some company that I could TRUST was doing NO HARM and when viewed from THAT PERSPECTIVE both GOLD and SILVER were the only things I found that fit that criteria!

      They do NOT actualy go UP in VALUE they just "LOCK IN" at current value as all other FIAT based investments move around them and currency values constently DECLINE!

      It is YOUR MONTRA and the American PROPAGANDA that NEEDS to be criticaly examined and both REDEFINED and CHANGED to come IN LINE with that of the rest of HUMANITY!

      The USA has been behaving much like a SPOILED, GREEDY CHILD and grown in to a school yard BULLY with out SHAME of REAL concern for the HARM it had done and continues to do, JUST to get its OWN WAY with every one in every way posable!

      This will NOT continue much longer and AWAIR indiviguals NEED to prepare for the END of the AMERICAN EMPIRE by positing them selves apropriatly to minimise the impact on them selves and their families!

      the DUCK

    • QWAK,canucanoe,Sorry to BUST your American DELUSION but historicly America has always screwed over,taken UNFAIR advantage and BROKEN every treaty with every one it has dealt with, even befor it became a country! It is SAD but TRUE and exploiting the advantage of the US DOLLAR as the GLOBAL RESERVE currency is the "Straw that has broken the camels BACK"!

      I realise it SUCKS to take a critical look at our TRUE HISTORY rather than the STORIES that have been SPUN and told by prapagandists that even Stallin would have envied, but it is TRUE! The USA IS and has been a dinamic and expanding EMPIRE absorbing and taking over what ever it wanted and JUSTIFING doing so with all sorts of BS lies and black ops tricks. THAT is the REAL AMERICAL WAY! (and ignoring IT and remaining OBLIVIOUS to IT is both YOUR WAY and most peoples WAY of dealing with REALITY viewed from the OTHER SIDE!)

      I know this TRUTH will piss you off and get you and others angry BUT "IF you don't deal with REALITY then REALITY will DEAL WITH YOU" and IT IS getting uglier every day!

      With out TRUE and HONIST MONEY then every thing is just PRETEND and a great BIG LIE and all other aspects of VALUE in life also become DISTORTED and perverted in a similar way!

      the DUCK

    • Duck, stop the nonsense. Your mantra is that everyone else should lose purchasing power so you gain. Others want to grow their purchasing power not at the expense of others. The latter is the American way.

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