China will not move away from the Dollar until something better comes along.

The major market for all their goods is the U.S. This is just a reality check.

keep them presses running 24/7

they'll keep dangling carrots for u.s.; we'll keep biting. not to worry - we will be solely dependent upon them one day.

works to the benefit of the US--

and the fact is the US dollar continues to have the most desirable balance of stability and liquidity

nobody really comes close right now.

And so much for the "sky is falling" warnings so many of the DR pseudo-economists.

With Six You Get Eggroll

-Ray

In light of how many dollars the chinks have, they would be stoopid if they wanted it to fail.

the dowwar?

Leave it to everyone here to make all news terrible news.

and the fact is the US dollar continues to have the most desirable balance of stability and liquidity

#5 | Posted by Doem

How long is that going to last with the printing presses running 24-7?

And so much for the "sky is falling" warnings so many of the DR pseudo-economists.

So much for an Audit of the Federal Reserve ruining the dollar's stand. China, our biggest financier, is behind it 100%.

Time to audit the Fed. No more excuses.

What became of all the students that laughed at Geithner?

"So much for an Audit of the Federal Reserve ruining the dollar's stand. China, our biggest financier, is behind it 100%."

You'll have to point out where the Chinese said that. BTW, the part of an "audit" that most people think of when they read the word "audit" is already done yearly. It is the other parts of the term, not necessarily understood by the average person (including me) that analyzes policies and relationships that Bernanke is objecting to as he sees that as an attempt by Congress to take over the Fed which was not the intent of the legislation setting it up in the first place, it is supposed to be independent and non-political. Allowing Congress to be too closely overseeing the Fed will politicize its decisions and change the nature of our economic system. I think what most of those saying we need an audit really mean is that you want to rid our country of the Federal Reserve Bank and have our government issue currency directly as it now does with coinage. Possibly a good idea, I don't know enough to have an opinion but an entirely different thing than auditing the Fed as it is today.

And so much for the "sky is falling" warnings so many of the DR pseudo-economists.

You didn't think they were going to pull the rug out right away did you Danni? They were reassuring the US that if they keep inflating and destroying the value of Chinese holdings, there won't be anymore reassurances by the Chinese in the value of the dollar.

What became of all the students that laughed at Geithner?

They're still laughing.

Danni,

Bernarke does not want an aduit because that would show there is nothing behind all those magical dolalrs he gives away, and yes it would be the begining of the end of the Fed.

Since the Fed is unconsititutional getting rid of it is not such a bad thing. Having the same kids of people who fucked up wall st. issuing money seems a very bad thing. Not that politicians could do it much better but at least we could see how badly they were doing it.

TAO I suspect that those calling for the audit do not have a full understanding of the repurcusions.
It is easy and fashionable these days to bash the Fed but it is there because it was determined we needed a stabilizing factor in our economy to ward off recessions and to combat inflation. The Fed isn't perfect but virtually none of the people so anxious to possibly destroy it have the knowledge to really know what they would even replace it with.
Balancing between recession and depression is possibly not the time to tinker with the basic components of the economy. Better to create a recovery, stabilize the economy, bring the deficit into closer balance and then consider major changes.
IMHO.
Generally, simplistic ideas like "auditing the Fed" are great bumper stickers but not usually great ideas.

China will not move away from the Dollar until something better comes along.

#1 | POSTED BY MONSTMAN AT 2009-07-07 08:44 AM

Please. The dollar is toast. China though does recognize that it's single best dumping ground for the fruits of their slave labor and pollution is the US consumer.

Once US consumers stop buying their crap they will discover another favorite currency.

Bernarke does not want an aduit because that would show there is nothing behind all those magical dolalrs he gives away,

Once Nixon took the US off the gold standard the only thing backing our dollars is the faith and credit of the US economy. That is it.

the chinks
#8 | Posted by Sniper at 2009-07-07 10:33 AM | Reply | Flag: Ignorant

The Fed isn't perfect but virtually none of the people so anxious to possibly destroy it have the knowledge to really know what they would even replace it with.

#17 | Posted by danni

Do you even have a clue what the 'fed'is? It is not part of the government. It is a bunch of banks that have gotten together to control the US money. How can that be good?

"It is a bunch of banks that have gotten together to control the US money."

Sniper, you need to read a little more. That is not even a simplistic description of the Fed,instead it is just plain wrong. This is exactly why I suspect that those pushing for audits really don't even know what they are talking about.

The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central banking system of the United States. Created in 1913 by the enactment of the Federal Reserve Act (signed by Woodrow Wilson), it is a quasi-public and quasi-private (government entity with private components) banking system[1] that comprises (1) the presidentially appointed Board of Governors of the Federal Reserve System in Washington, D.C.; (2) the Federal Open Market Committee; (3) twelve regional Federal Reserve Banks located in major cities throughout the nation acting as fiscal agents for the United States Department of the Treasury, each with its own nine-member board of directors; (4) numerous other private U.S. member banks, which subscribe to required amounts of non-transferable stock in their regional Federal Reserve Banks; and (5) various advisory councils.

Please point out where I was wrong dan.

"Once Nixon took the US off the gold standard the only thing backing our dollars is the faith and credit of the US economy. That is it."

That was based on the view that a nation's economy and stability (or lack thereof) are the best guaranteers of what that nation offers and can produce. It is definitely the closest to an objective evaluation of any currency support. After all, nations/companies/people trade with other nations/companies/people in an environment of trust and reliability. In the modern, shrinking, global/intermixed world, this is merely taking it a step up. I'd say it's the best approach.

The Fed isn't perfect but virtually none of the people so anxious to possibly destroy it have the knowledge to really know what they would even replace it with.

When in doubt, whip it out...The Constitution that is.

We're the only counry that would allow our currency to be debased this way!

Taken down so other countries could get cheaper OIL at our expense!

Pushed up when Oil producing nations went to the Euro for protection!

Then sent back down when Hedge Fund owners didn't care for Governmental policies.

China couldn't, wouldn't do this, same with the European countries. Japan is not in a position to do it either! These countries have one thing in common, they are export driven and NEED an Importer to make them function. If the where-with-all to continue their spending stopped, they would wither on the vine.

No country is at our level of consumption and production, yet!

So talk of a change in BASE currencies is just that, talk. It will be for a few more decades and is ONLY in discussion now for advantage in the G-8 meeting!

For the Finance Minister of France to be on TV is ludicrous at best! France transfered their currency into the Euro, therefore the European Finance Minister (for France, Germany, Italy, Spain, and the others) IS Trichet.

There are only a few countries left with independent currencies, Britain, the US, China, Japan, India who's currencies are suffciently strong!

China can spend while they have the funds, but must EXPORT to get the funding required for expansion beyond certain levels!

"Balancing between recession and depression is possibly not the time to tinker with the basic components of the economy. Better to create a recovery, stabilize the economy, bring the deficit into closer balance and then consider major changes."

Totally agree. Worst time to tinker or overhall is when facing a crisis. The odds are you will get something you do not at all expect. Ask Gorbachov. Win the battle, then evaluate and improve.

Since the Fed is unconsititutional getting rid of it is not such a bad thing.

#16 | Posted by TaoWarrior at 2009-07-07 12:14 PM

Unfortunately, the only way to have the FED declared truly unconstitutional would be to first have judicial review declared unconstitutional, probably through an amendment to the constitution itself. Good luck widdat.

Al says he's FED up!

Come back dan. Tell us how the FED realy works and who controls it.

Here you go Snip.

""It is a bunch of banks that have gotten together to control the US money.""

""Please point out where I was wrong dan.""

"(1) the presidentially appointed Board of Governors of the Federal Reserve System in Washington"

"(1) the presidentially appointed Board of Governors of the Federal Reserve System in Washington"

Posted by danni

and the owners of the fed follow Obama to the core

The fed is a group of 12 large private owned banks that control the money of the US. That is a fact. And who do they answer to? Aw gee, I guess the banks. How in the hell can a bank go belly up when they control all the money? Have you ever heard the golden rule? He who has the gold makes the rules.

Come on, somebody tell em that the feds are looking out for me.

dan, you need to read the book,'the beast from jeckle island'. I think that is the name of it. If the book is too much for you, just read the chapetr summeries at the end of each chapter.

dan, you need to read the book,'the beast from jeckle island'. I think that is the name of it. If the book is too much for you, just read the chapetr summeries at the end of each chapter.

Posted by Sniper

she way ahead of that curve.

Obama has to deliver another stimulus or else!

She's being pragmatic.

"The Creature from Jeckyl Island."
Great book.

The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.
-Rothschild

In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. ... This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard.
-Alan Greenspan

History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling the money and its issuance.
-James Madison

The real menace of our Republic is the invisible government which like a giant octopus sprawls its slimy legs over our cities states and nation. At the head is a small group of banking houses generally referred to as 'international bankers.' This little coterie... run our government for their own selfish ends. It operates under cover of a self-created screen...[and] seizes...our executive officers... legislative bodies... schools... courts... newspapers and every agency created for the public protection.
-John F. Hylan

For the first time in its history, Western Civilization is in danger of being destroyed internally by a corrupt, criminal ruling cabal which is centered around the Rockefeller interests, which include elements from the Morgan, Brown, Rothschild, Du Pont, Harriman, Kuhn-Loeb, and other groupings as well. This junta took control of the political, financial, and cultural life of America in the first two decades of the twentieth century.
-Carroll Quigley

Give me control of a nation's money and I care not who makes the laws.
-A. M. Rothschild

Since danni has run away from the other threads...

We won't fix the economy until all three are dealt with. The stimulus, etc. is just an attempt to keep us from falling off a cliff.

When someone attached to the administration says differently, will you flip flop your position again, Danni?

You're about as credible as Karl Rove.

Probably the first step would be to stop paying interest to the Federal Reserve and to start printing our own money. Expect an assasination if Obama has the guts to propose such a radical idea.

Posted by danni at 2009-03-18 10:59 PM

Flip. Flop.

China will not move away from the Dollar until something better comes along.
......#1 | Posted by Monstman

....China will not move away from the Dollar until they can unload some more of their massive dollar hoard.....

.....China is sitting on a huge pile of US cash, if the dollar's value slips even a penny, they lose Billions, .....they are keen to get away from the dollar, but they want to do it slowly, so that their own holdings do not lose value......

.....Saudi is doing the same thing with their hoard of dollars......

thank you slu. I was real close with the name. The book has been around for a long time. It should be required reading in highschool. At least the chapter summaries.