Dollar to Be 'Discarded' by World: China Rating Agency

[oleman]

The man who leads one of China’s top rating agencies says the greenback’s status as the world’s reserve currency is set to wane as the world’s most powerful policy makers convene to examine the implication of S&P’s decision to strip the United States of its triple “A” rating.

The United States "should get a clear understanding that the continuous decline of the debt service capability will inevitably result in the outbreak of a sovereign debt crisis.”

Guan Jianzhong

Chairman, Dagong Global Credit Rating

In comments emailed to CNBC, Guan Jianzhong, chairman of Dagong Global Credit Rating, said the currency is “gradually discarded by the world,” and the “process will be irreversible

http://www.cnbc.com/id/44050325

[Alexyn1006]

Perhaps petro dollar?

[randalln]

Remember folks oil is the only reason that the $ is the world standard

Sometimes the only way to keep your competition going in the wrong direction,is to mislead them like a wounded bird trying to protect its nest .

Let them have the oil let them have all the focus .

SO THAT WE CAN GEAR UP FOR THE NEXT BIG THING >>>>>>>>>>>>>>>>>

We will build the next big thing right here in America

And then we will be unstoppable

[cooked]

Here little piggy piggy

Screw China

[p71rock]

Humm, can we say: NWO [], Amero Dollar [], and North American Constitution [H3ll NO! ] which takes our last bit of Freedom away?

[rcrge]

Yea close our borders to all crappy chinese goods period and see how their tunes changes .

Edited August 8, 2011 by rcrge

[cooked]

Yea close our borders to all crappy chinese goods period and see how their tunes changes .

Damn skippy.

Here little piggy piggy

Yea close our borders to all crappy chinese goods period and see how their tunes changes .

And if you don't like our dollar, what if we fefuse to pay you?

Here little piggy piggy

[Francie26]

I'm up for that, stop bringing Chinese junk in here. Poison dog and cat food. Inferior products we've bought just to help them. No more!! I will not buy anything else EVER that was made in China. If I have no choice but to buy Chinese, I'll do without. Americans can pay our own citizens to produce what we need. Our people need the jobs, and we need better products. And all of us need to keep our money at home.

[cooked]

Thats right, Nothing personl to the Chineese people, but screw china if you want to take us down.

Here little piggy piggy

[jg1]

Maybe the US should dump the dollar for Iraq dinar, I am.

[GARY2]

Some of you guys sound like China is to blame for the good ole USA being ******* deep in debt to a giraffe. Well, I have served my country and my fellow Americans and am now 70 years old. You can blame the democrats and the republicans for the mess we are in. Of course, we the people are the ones that keep voting them in. We keep believing their b. s. If you will look back over the last 65 years there is only one of two partys in power, that is the democrats or the republicans. They each like to blame the other party but the fact of the matter is they have a fat cow between them and they have pretty well milked us dry!!! They continue to borrow money from other people dumn enough to loan it us and then we give it away to other countrys to make the politicians look good. Then they attack other countrys using money that we borrow from other countrys, (like China), to pay for the wars. Did we have any business in Viet Nam? Hell no, & I volunteered to go over there, to show you how dumn I was!! I should say ignorant, there is a big difference. Sooo, the big defense contractors and their cronys in government made millions while our kids went over there and very bravely got their guts blown out for what they thought was for the defense and the welfare of our country!! All bullshit!! The defense spending started to lag so we went to Iraq where our brave young men and now women have been getting the **** blown out of them for what? So some idiot in government official can say we're number one!! Like we are in some kind of global fkg basketball game!! So now we are in Afganistan for the last 10 years or so. How many so called innocent people have we blown the hell out because they accidentally got in our way trying to get the so called bad guys. Don't get me wrong there are plenty of bad buys to go around but why don't we let the people over there take care of their own problems? If we were not in the middle east, they would be too busy trying to kill each other, they wouldn't have time to shoot at us!! This is not a guess, this is a fact!! The different factions in Islam are too busy trying to kill each other along with an Israeli once in awhile but the Israeli's can take care of themselves,. They have proven that time & time again. They did go in there and take the land away from the rightfull owners where they now live and claim their land given to them by God. That's what I would say too if I wanted my people to back me up & go get em!! Of course that is what every religious zealot says when he wants a lot of people killed so he can have what they have. The Muslim extremist leaders say the same thing, kill the infidels. I would guess that about 75% of the people killed on our planet have been killed by some Christian, Muslim, or Israelis dummy who thinks he is doing because it is God's will!! I'm not trying to beat anyone up here, just think about what I have just said. Not buying products made in a foreign country is an excellent idea, let's all try to do this as much as possible. Because the more American made products we buy, the more jobs will be made available in the USA!! But don't blame the people who is making the products cheaper and sometimes better just because they live in another country. Oh, and by the way, the Chinaman who said the USA needs to get their act together is just voicing out loud what the rest of the planet knows. Anyway, those of us who have remote knowledge of how the money and economics of our planet work. If you and I kept our financial house the way our government has kept it's, and I'm speaking of the democrat and the republican partys specifially, we would literally be put in jail. Sorry to get carried away there!! I don't contribute much to this site, so I thought I might well help out a little. Our best personal defense from the wolves in Washington is to make so much money on the dinars, we can buy lots of real estate and prescious metals we'll be able to make it thru the trashing of our dollar by the wolves and blood suckers in Washington. Go RV!!

[snakes251]

Yes, I agree with you wholeheartedly. It's really the fault of our own leaders being fiscally irresponsible.

[joseph2]

The devalue of the US dollar on the international market could be a good thing, In Canada since our dollar is so strong it has caused lots of job loss and companies closing because of reduced out off country work and manufacturing contracts.

[hakunamatata80909]

Yes, I agree with you wholeheartedly. It's really the fault of our own leaders being fiscally irresponsible.

Of course their fiscally irresponsible, but people keeping putting these ding dongs in office. We need to hold them as accountable as they are holding the american public accountable. Geeze, what an idea...

[leola]

Question,,,,when you cash in your dinar,,,where are you going to put it for safe keeping,,,china,,russia,,brazil ??? I think i`ll keep mine right here in the good old U S A How about you ????

[estewart]

China IS NOT happy that the US printed all those new trillions. China is the main loaner of money to the US in the form of a large quantity of bonds China has purchased. China is not a happy camper and seriously warned the US to get its act together.

China and several other nations (Germany, France, and others, including in South America) are designing a new World's Reserve Currency, that is actually worth something, being based on a basket of commodities, which includes oil. Imagine! What a concept., Money that has actual value. What won't they think of next?

WHEN the USD became the World's Reserve Currency, it was then actually worth something. It was backed by gold held in Fort Knox.

BUT when Nixon got word that France was going to turn in a huge amount of dollars it had in for gold in exchange, Nixon pulled the dirty trick of taking the USA off the gold standard. And everything has gone to hell ever since.

Now because the USD is a debt certificate with a negative value equal to its face value plus interest, it is crap. AND so IF the USD is no longer the World's Reserve Currency that situation will spell doom for everyone who had not the foresight and means to get out while it was possible.. . . while the rest of the world will be in good shape as the new World's Reserve Currency will be real money.

[GARY2]

The Iraqi dinar may very well serve as a tremendous reserve for those of us who have purchased it as the USD continues to depreciate in value thanks to our nontrustworthy democrats & republicans who have been in power for the last 65 years (give or take). All of the baloney on tv about them cutting spending is just that. They have actually increased spending!! Wow! What a joke on us, the taxpayer. Go RV!! Gary2

[Darin]

I think I recall reading or hearing somewhere that the 40-year agreement to have the crude sold in Petrodollars ends in 2013.

Scary thoughts, huh?

Considering that OPEC nations were also contracted to buy US Govt debt during the entire process as well. Therefore, they've been financing our economy while we buy their crude.

If the dollar fails as the Petrodollar, it'll not only lose demand as it wouldn't be traded for crude, but we would also lose some wealthy nations who purchase our debt.

Not a very good time for the US dollar to start dropping in value IMO.

Why would the OPEC nations continue to sell their crude based upon USD with the current status of the USD.

I've yet to hear any articles relating to an extension, or forming a new agreement in regards to this.

Scary thoughts indeed.

I hope someone has something bright & enlightening to bring to that particular topic.

[estewart]

One word: Dire.

[Redhorse]

I think all voters should send a loud message to our congressmen and let them know how little we appreciate them taking a vacation while our country goes to

sh%*. These guys and gals have some nerve taking five weeks off. Why don't they earn their keep? Apparently they don't think that all this crap is that important or

maybe they are assuming that it can wait. The way things are beginning to look, I see the NWO coming to fruition and the next world currency becoming the YEN. I

don't want to eat EGG FU YUNG in the morning. Its no wonder so many states want to cesede from the Union. They probably figure that they can't do worse than

the idiots in DC.

[GARY2]

I sincerely hope that I am wrong but I do not see our government doing what is necessary to keep us solvent. The democrats & republicans just do not have the intestinal fortitude to make the tough decisions. To do what is necessary, a lot of them would lose their jobs. They do not want to become ordinary citizens again after they have tasted the power of the Senate or House of Representatives. Sooooo, when this RV comes thru, be sure to buy things with real value that will help you & your family survive while we go thru the throes of completely changing our type of monetary & government systems. I believe it will be better in the long run but getting there may be real tough for some folks for awhile that still believe what the government tells them. Go RV!! Gary2

I sincerely hope that I am wrong but I do not see our government doing what is necessary to keep us solvent. The democrats & republicans just do not have the intestinal fortitude to make the tough decisions. To do what is necessary, a lot of them would lose their jobs. They do not want to become ordinary citizens again after they have tasted the power of the Senate or House of Representatives. Sooooo, when this RV comes thru, be sure to buy things with real value that will help you & your family survive while we go thru the throes of completely changing our type of monetary & government systems. I believe it will be better in the long run but getting there may be real tough for some folks for awhile that still believe what the government tells them. Go RV!! Gary2

[BlueOrchid919]

I think I recall reading or hearing somewhere that the 40-year agreement to have the crude sold in Petrodollars ends in 2013.

Scary thoughts, huh?

Considering that OPEC nations were also contracted to buy US Govt debt during the entire process as well. Therefore, they've been financing our economy while we buy their crude.

If the dollar fails as the Petrodollar, it'll not only lose demand as it wouldn't be traded for crude, but we would also lose some wealthy nations who purchase our debt.

Not a very good time for the US dollar to start dropping in value IMO.

Why would the OPEC nations continue to sell their crude based upon USD with the current status of the USD.

I've yet to hear any articles relating to an extension, or forming a new agreement in regards to this.

Scary thoughts indeed.

I hope someone has something bright & enlightening to bring to that particular topic.

I am hoping this may all be good for the US to start producing its own oil (and other products). There is enough oil right here in our own country to provide for all our needs AND export a lot as well. More jobs, more tax base, more independence..... all good imo.

IMO, the world's reserve currency should be a basket of currencies so that no one country can ever derail the global economy again. Either a new basket of selected currencies or the SDRs or something similar. Diversification spreads risk.