Posted: Thu Jul 10, 2008 11:57 am Post subject: Bush's Dollar Drop Maps Loss of U.S. Clout t Final G8 Summit
This candid Bloomberg article from last week really summarizes the dollar/ energy /commodities pricing/ inflation connundrum...and IMO, outlines how the G.W. Bush administration has done more damage to the US dollar's role as the world's reserve currency than any president on the post-WWII era. The contrast between the 2001 G8 meeting vs. the 2008 G8 meeting is staggering.
Bush's Dollar Drop Maps Loss of U.S. Clout at Final G-8 Summit
July 3 (Bloomberg) -- When President George W. Bush went to his first Group of Eight summit in 2001, a dominant issue was the dollar -- the strong dollar, that is. The U.S. currency was on a record-setting streak, and the free-marketeering president wasn't going to stand in the way. {what a contrast after 7 years of Reagan/Bush II voodoo economics...}
On the eve of Bush's last G-8 appearance, the dollar's gyrations are again in the crossfire. This time, it is a weak currency, upended by slumping growth, a housing recession and record gas prices, that is gnawing away at the world economy.
The dollar's 41 percent drop against the euro during Bush's term writes the economic epitaph of an administration that set out to restore American preeminence. Instead, Bush heads to Japan next week for his final international summit with diminished leverage as Russian and Chinese influence grows.
...and speaking of commodities and oil pricing in the dollar...
Quote:
Price Surge
G-8 finance ministers last month identified surging commodities prices as a bigger threat than the credit squeeze to the world economy. Prices for 19 commodities in the Reuters/Jefferies CRB Index rose 29 percent in the first half, the most since 1973. Rice, corn and wheat futures have all touched records this year.
Sagging faith in the dollar -- it now makes up 63 percent of global currency reserves, down from 71 percent when Bush took office -- complicates efforts to tame commodity prices because they are primarily denominated in the U.S. currency.
America's dependence on imported capital to finance a $9.5 trillion debt -- up from $5.7 trillion when Bush took office -- has driven down the currency. The decline was accelerated by the subprime crisis that plunged the U.S. into an economic tailspin.
...and here are the closing remarks:
Quote:
``If Bush could get others at the G-8 summit to demand a stronger dollar he'd have done a final good after a lot of negatives over the years,'' said Uwe von Parpart, chief Asia strategist at Cantor Fitzgerald LP in Hong Kong. ``Dollar strengthening appears to be the only thing capable of containing or pushing back oil prices.''
Speaking at the White House yesterday, Bush tried to give the markets a nudge: ``We're strong dollar people in this administration and have always been for the strong dollar.''
..."We're strong dollar people..." Is he serious? What kind of silly Orwellian nonsense is that? These kind of comments are idiotic. Their ideologically driven 2001 & 2003 tax cuts wrecked the dollar's valuation relative to almost every major currency - esp the euro. Oh, I forgot, this administration has absolute disdain for the reality based community.
Bottomline: The current adminsitration has effectivley sealed the fate of the dollar - it will cease to remain the world's primary reserve currency by the middle of the next decade....and much sooner if they launch another war of aggression, but this time against Iran.
Last edited by Petrodollar on Mon Jul 14, 2008 8:44 am; edited 1 time in total
Posted: Thu Jul 10, 2008 1:28 pm Post subject: Re: Bush's Dollar Drop Maps Loss of U.S. Clout t Final G8 Su
Perhaps the American policy makers have a vision of the near future as grim as many of us do.
Perhaps they agree that we have become massively overpopulated as a planet because of cheap abundant energy.
Perhaps they've abandoned any notion of maintaining the world as we have known it.
So many people fault our leadership because they arent trying to solve an unsolvable problem.
Look beyond your wish that someone can fix the mess we're in and observe the actions that are being taken by America:
-invasion and attempt to control world's key oil reserve region
-military buildup
-disregard for established economic and financial systems.
-disregard for the american population's preparation for coming changes.
Pretty clear to me they arent planning for the future we'd like to see.
There are powerful government entities full of the BRIGHTEST minds in America. These people have the best of modern technology and unlimited resources at their disposal. It's by no means George Bush, or whoever lands in the oval office next, running the world. _________________ "The future power is manpower"
Posted: Thu Jul 10, 2008 9:18 pm Post subject: Re: Bush's Dollar Drop Maps Loss of U.S. Clout t Final G8 Su
This is truly an absurdity from Dubya's mouth:
"Speaking at the White House yesterday, Bush tried to give the markets a nudge: ``We're strong dollar people in this administration and have always been for the strong dollar.''
This is the same guy who advocated spending at every opportunity, tax cuts for every season and referred to America as an "ownership" society, when folks put zero down on homes.
Posted: Thu Jul 10, 2008 10:58 pm Post subject: Re: Bush's Dollar Drop Maps Loss of U.S. Clout t Final G8 Su
MadScientist wrote:
Perhaps the American policy makers have a vision of the near future as grim as many of us do.
Perhaps they agree that we have become massively overpopulated as a planet because of cheap abundant energy.
Perhaps they've abandoned any notion of maintaining the world as we have known it.
So many people fault our leadership because they arent trying to solve an unsolvable problem.
Look beyond your wish that someone can fix the mess we're in and observe the actions that are being taken by America:
-invasion and attempt to control world's key oil reserve region
-military buildup
-disregard for established economic and financial systems.
-disregard for the american population's preparation for coming changes.
Pretty clear to me they arent planning for the future we'd like to see.
There are powerful government entities full of the BRIGHTEST minds in America. These people have the best of modern technology and unlimited resources at their disposal. It's by no means George Bush, or whoever lands in the oval office next, running the world.
Great insight. Most people won’t admit that they really don’t know what forces are at work in the world and what the goals really are. But you are absolutely correct when you say they are not working toward the future we want, because what we want, we can’t have, and they know that. _________________ HOLDING THE CENTER
Joined: Oct 23, 2004 Posts: 5900 Location: New Jersey
Posted: Tue Aug 05, 2008 7:51 pm Post subject: Re: Bush's Dollar Drop Maps Loss of U.S. Clout t Final G8 Su
Petrodollar wrote:
Bottomline: The current adminsitration has effectivley sealed the fate of the dollar - it will cease to remain the world's primary reserve currency by the middle of the next decade....and much sooner if they launch another war of aggression, but this time against Iran.
Thanks much for your input here.
Could you elaborate more as to what you see the US dollar doing the next two years? In particular, in relationship to Iran, do you see a military conflict as more likley than not in this time frame? _________________ It's already over, now it's just a matter of adjusting.
Joined: May 20, 2008 Posts: 692 Location: I have a whole ward
Posted: Tue Aug 05, 2008 8:33 pm Post subject: Re: Bush's Dollar Drop Maps Loss of U.S. Clout t Final G8 Su
MadScientist wrote:
Look beyond your wish that someone can fix the mess we're in and observe the actions that are being taken by America:
-invasion and attempt to control world's key oil reserve region
-military buildup
-disregard for established economic and financial systems.
-disregard for the american population's preparation for coming changes.
Pretty clear to me they arent planning for the future we'd like to see.
There are powerful government entities full of the BRIGHTEST minds in America. These people have the best of modern technology and unlimited resources at their disposal. It's by no means George Bush, or whoever lands in the oval office next, running the world.
Exactly!! Bush/Chaney are not the idiots the main stream press makes them out to be. They are peak oil true believers! _________________ Viddy well, little brother. Viddy well.
Joined: Jun 26, 2007 Posts: 1126 Location: The Canada of America
Posted: Wed Aug 06, 2008 6:51 am Post subject: Re: Bush's Dollar Drop Maps Loss of U.S. Clout t Final G8 Su
Petrodollar wrote:
..."We're strong dollar people..." Is he serious? What kind of silly Orwellian nonsense is that? These kind of comments are idiotic. Their ideologically driven 2001 & 2003 tax cuts wrecked the dollar's valuation relative to almost every major currency - esp the euro. Oh, I forgot, this administration has absolute disdain for the reality based community.
I agree with you; I think the thing that really poleaxed the US dollar was the tax cuts, particularly with war and defence spending being so mindlessly astronomical. It's caused the US to borrow like never before. Someone has to face the tough call and either raise revenues, cut military expenses, or preferably both. It's the only way the US can recover its economic health. _________________ I can has cheezburger?
Joined: Jun 26, 2007 Posts: 1126 Location: The Canada of America
Posted: Wed Aug 06, 2008 6:56 am Post subject: Re: Bush's Dollar Drop Maps Loss of U.S. Clout t Final G8 Su
Denny wrote:
This is the same guy who advocated spending at every opportunity, tax cuts for every season and referred to America as an "ownership" society, when folks put zero down on homes.
All my life, I've heard about how liberals are supposed to be the spendthrifts and the conservatives are supposed to be the fiscally responsible ones. But all my life, it's been the other way around. Liberals raise revenues, look after people, and manage surpluses (except in really bad times), and conservatives cut revenues, look after machinery, and hold pool parties in the red ink they leave behind for the rest of us (and our grandchildren) to clean up. I'm always left wondering just how the right-wing press got SO good at turning this around that even a person like me is surprised when confronted by the real statistics. _________________ I can has cheezburger?
Posted: Fri Aug 15, 2008 3:48 am Post subject: Re: Bush's Dollar Drop Maps Loss of U.S. Clout t Final G8 Su
MadScientist wrote:
Perhaps the American policy makers have a vision of the near future as grim as many of us do.
Perhaps they agree that we have become massively overpopulated as a planet because of cheap abundant energy.
Perhaps they've abandoned any notion of maintaining the world as we have known it.
So many people fault our leadership because they arent trying to solve an unsolvable problem.
Look beyond your wish that someone can fix the mess we're in and observe the actions that are being taken by America:
-invasion and attempt to control world's key oil reserve region
-military buildup
-disregard for established economic and financial systems.
-disregard for the american population's preparation for coming changes.
Pretty clear to me they arent planning for the future we'd like to see.
There are powerful government entities full of the BRIGHTEST minds in America. These people have the best of modern technology and unlimited resources at their disposal. It's by no means George Bush, or whoever lands in the oval office next, running the world.
WOW.
you idiots on here never fail to amaze me.
not getting into the fact that you people think peak oil is the end of the world and that we're going to go back to living like we did in the 1700s, forever.
imagine how Fark we'd be if everyone had defeatest mentalities like you delusional obsessed doomsdayers on here.
back on point.
Quote:
Perhaps they agree that we have become massively overpopulated as a planet because of cheap abundant energy.
i agree the world is definitly over-populated.
Quote:
So many people fault our leadership because they arent trying to solve an unsolvable problem.
what is this 'unsolvable' problem you speak of. energy? maybe depleting oil reserves is an 'unsolvable' problem. energy certainly isnt.
Quote:
Look beyond your wish that someone can fix the mess we're in and observe the actions that are being taken by America:
-invasion and attempt to control world's key oil reserve region
-military buildup
-disregard for established economic and financial systems.
-disregard for the american population's preparation for coming changes.
Pretty clear to me they arent planning for the future we'd like to see.
There are powerful government entities full of the BRIGHTEST minds in America. These people have the best of modern technology and unlimited resources at their disposal. It's by no means George Bush, or whoever lands in the oval office next, running the world.
hahaha.
the biggest mistake you make here, is that you actually think our 'leaders' are looking out for the american peoples interests, and not special interests.
IE: jewish lobby, military industrial complex, big-oil etc.
moneyed corporations/interests is what dictates policy like what we're seeing today. not 'the BRIGHTEST minds in america with the best technology and unlimited resources' looking out for the peoples interests, knowing they cant solve this 'unsolvable' problem of energy supplies, therefore excersizing completely reckless un-sustainable/destructive governance.
Posted: Fri Aug 15, 2008 4:01 am Post subject: Re: Bush's Dollar Drop Maps Loss of U.S. Clout t Final G8 Su
vetusfirma wrote:
Great insight. Most people won’t admit that they really don’t know what forces are at work in the world and what the goals really are. But you are absolutely correct when you say they are not working toward the future we want, because what we want, we can’t have, and they know that.
yeah, definitly.
theres absolutely no way we can ever hope of transportation or producing electricity for the masses without consuming 20 million barrels a day in oil. oil is the only source of energy that can power the world, theres absolutely no way we could ever hope to innovate or use technology already availible to drastically reduce and eventually eliminate the use of oil, and even all fossil fuels.
the world is coming to an end.
lets just give up and destroy our economy and manufacturing base like our BRILLIANT leaders are doing because there is no future. let's not try and think of solutions, just give up, it's all we can do. this is what the world has done in the past when faced with 'unsolvable' problems.
after all, our we have the BRIGHTEST minds in the world running our country and looking out for we the people, and they realise the world is coming to an end, there is no hope.
Posted: Fri Aug 15, 2008 4:11 am Post subject: Re: Bush's Dollar Drop Maps Loss of U.S. Clout t Final G8 Su
MadScientist wrote:
Perhaps the American policy makers have a vision of the near future as grim as many of us do.
Perhaps they agree that we have become massively overpopulated as a planet because of cheap abundant energy.
Perhaps they've abandoned any notion of maintaining the world as we have known it.
So many people fault our leadership because they arent trying to solve an unsolvable problem.
Look beyond your wish that someone can fix the mess we're in and observe the actions that are being taken by America:
-invasion and attempt to control world's key oil reserve region
-military buildup
-disregard for established economic and financial systems.
-disregard for the american population's preparation for coming changes.
Pretty clear to me they arent planning for the future we'd like to see.
There are powerful government entities full of the BRIGHTEST minds in America. These people have the best of modern technology and unlimited resources at their disposal. It's by no means George Bush, or whoever lands in the oval office next, running the world.
after re-reading this post.
i think that this is just wishful thinking on your part.
you wating to belive our 'bright' 'leaders' have got it all figured out, that there's justification for for allowing our country to degrade into the sorry state it's in now, and the even sorrier future we're headed twords.
sorry to break it to you, but our 'leaders' are just plain horrible, they arent looking our for anyones interests other than their own and the special interests they're indebted to, they don't have some brilliant master plan, and are destroying our country.
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