I will believe the Saudis don't see any upcoming problems with Ghawar when they cancel one of their projects due to low oil prices. If they continue to be full steam ahead with increasing their capacity then I think they are aware that Ghawar may not be as robust in 5 years time as they would like us to believe.
Joined: Jan 11, 2005 Posts: 568 Location: southern Wisconsin
Posted: Wed Sep 17, 2008 12:28 pm Post subject: Chinese propose moving off dollar?
I thought I just caught a statement broadcast on CNBC that the Chinese are calling for an international meeting to discuss changing the reserve currency.
Anybody else hear this or am I having a senior moment?
Posted: Wed Sep 17, 2008 1:05 pm Post subject: Re: Chinese propose moving off dollar?
Hey! Let's issue a NEW World Currency!
The Russians and Chinese are in the same sewer we are. Scrambling to figure out some way to retain wealth. the Chinese hold tons of dollar denominated assets, just WHO would buy them right now? They stuck holding the bag.
You really thought the Chinese would walk away from this meltdown holding all the cards? COME ON! Their sewer is about a Billion people bigger than ours is.
The Russians? Low population, but how the heck can you make such a low population truly productive, or a decent military force either?
GLOBAL ECONOMIC MELTDOWN. In no uncertain terms. TSHTF all over the world.
Posted: Wed Sep 17, 2008 1:10 pm Post subject: Re: Chinese propose moving off dollar?
vision-master wrote:
"God save the Queen".
Indeed he certainly will.
THE Queen's wealth can be divided into her private wealth and her public wealth.
When it comes to her private wealth it includes Balmoral Estate in Scotland, which has a castle and 50,000 acres of woodlands, moors and lochs; and Sandringham Estate, with dozens of houses, 60 acres of gardens and 20,000 acres of forest. Her real estate is valued together at approximately £150 million as she owns land from Scotland to Hampshire. She also has a portfolio of private investments worth £520m. Her private income from the Duchy of Lancaster, a landed estate held in trust for the Sovereign since 1399, came to £5.70m before tax in the year to March 1998. She also has a jewellery collection worth £130m and an Art collection worth an estimated £1bn.
Her public wealth is also huge as she owns, through her official position as Queen, the Crown Estates worth £700m. The Crown estates owns 260,000 acres of land, of which 64,000 acres are common land in Wales, a quarter of all Crown lands in the UK. In return for the Civil List, the Crown surrenders to Government its hereditary revenues, mainly profits from the property-owning Crown Estate.
The Queen’s income comes from official costs (mainly salaries) which are borne by the Civil List, paid by the Government; this came to £8.9m for the Queen, the Queen Mother and Duke of Edinburgh in the last year. Of that, £7.9 million goes to the Queen, the Queen Mother got £643,000, and Prince Philip gets £359,000. The Queen provides £1.5 million for other Family members (see page 9).
Finally, there are Grants-in-aid from Parliament, to cover Royal travel and maintaining the palaces and the Privy Purse provides for her public and private use.
Anyway, back on subject,
New chinese currency includes - Iron ore, oil, coal, any metal (including scrap), plastic (soon to be an expensive commodity), in fact ANY base resource.
Gasmon _________________ Been there, Done that, Bought the tee-shirt
Posted: Wed Sep 17, 2008 1:11 pm Post subject: Re: Chinese propose moving off dollar?
frankthetank wrote:
How does this work? They have so many toxic greenbacks that the minute they start dumping them, won't the USD drop like a stone???
Maybe they can buy California and ship 500 million Chinese there!
Selling their US bonds there is no major buyers out there so the fed is the buyer of last resort which means major inflation which leads to a domino effect of panic selling and hyperinflation. _________________ Just look at us. Everything is backwards; everything is upside down. Doctors destory health, lawyers destroy justice, universities destroy knowledge, governments destroy freedom, the major media destroy information and religions destroy spirituality.
Joined: May 18, 2006 Posts: 4727 Location: Minneapolis, MN
Posted: Wed Sep 17, 2008 1:34 pm Post subject: Re: Chinese propose moving off dollar?
GASMON wrote:
vision-master wrote:
"God save the Queen".
Indeed he certainly will.
THE Queen's wealth can be divided into her private wealth and her public wealth.
When it comes to her private wealth it includes Balmoral Estate in Scotland, which has a castle and 50,000 acres of woodlands, moors and lochs; and Sandringham Estate, with dozens of houses, 60 acres of gardens and 20,000 acres of forest. Her real estate is valued together at approximately £150 million as she owns land from Scotland to Hampshire. She also has a portfolio of private investments worth £520m. Her private income from the Duchy of Lancaster, a landed estate held in trust for the Sovereign since 1399, came to £5.70m before tax in the year to March 1998. She also has a jewellery collection worth £130m and an Art collection worth an estimated £1bn.
Her public wealth is also huge as she owns, through her official position as Queen, the Crown Estates worth £700m. The Crown estates owns 260,000 acres of land, of which 64,000 acres are common land in Wales, a quarter of all Crown lands in the UK. In return for the Civil List, the Crown surrenders to Government its hereditary revenues, mainly profits from the property-owning Crown Estate.
The Queen’s income comes from official costs (mainly salaries) which are borne by the Civil List, paid by the Government; this came to £8.9m for the Queen, the Queen Mother and Duke of Edinburgh in the last year. Of that, £7.9 million goes to the Queen, the Queen Mother got £643,000, and Prince Philip gets £359,000. The Queen provides £1.5 million for other Family members (see page 9).
Finally, there are Grants-in-aid from Parliament, to cover Royal travel and maintaining the palaces and the Privy Purse provides for her public and private use.
Anyway, back on subject,
New chinese currency includes - Iron ore, oil, coal, any metal (including scrap), plastic (soon to be an expensive commodity), in fact ANY base resource.
Gasmon
I coudn't resist. Must be that old English blood in me (Edred). _________________ Believe those who are seeking the truth. Doubt those who find it.
Joined: Nov 01, 2005 Posts: 842 Location: Euro high horse bastard on the run
Posted: Wed Sep 17, 2008 1:36 pm Post subject: Re: Chinese propose moving off dollar?
One would guestimate the Chinese are already executing a slow and smart withdrawal plan on the background, like buying african mines for their stockpile of usd and in exchange for infrustructure.
But clearly not fast enough, their financial wizards are all american economic faculty graduates, so they just sucked into the wall street system and its nominal "truths/facade" deep and hard.. _________________ DOOMerotron: at all-time high [8.1] out of 10..
Joined: Nov 01, 2005 Posts: 842 Location: Euro high horse bastard on the run
Posted: Wed Sep 17, 2008 1:43 pm Post subject: Re: Chinese propose moving off dollar?
frankthetank wrote:
Maybe they can buy California and ship 500 million Chinese there!
Oh crap, does it mean we won't see the promised Tesla sedan anytime soon? Perhaps, electric microbus..
_________________ DOOMerotron: at all-time high [8.1] out of 10..
Joined: Apr 17, 2005 Posts: 2749 Location: Vancouver Island
Posted: Wed Sep 17, 2008 3:07 pm Post subject: Re: Chinese propose moving off dollar?
frankthetank wrote:
How does this work? They have so many toxic greenbacks that the minute they start dumping them, won't the USD drop like a stone???
Maybe they can buy California and ship 500 million Chinese there!
They could always pour that money into hard assets around the world. If they spread it around thin enough no one will notice that they effectively own a controlling share in almost everything worth having until it's too late. The second any other government gives them hell just pull the pin on a financial bomb of choice. _________________ shame on us, doomed from the start
god have mercy on our dirty little hearts
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