doesnt work like that. The "full faith and credit" of the taxpayer is fine, but the minute OPEC takes in something besides dollars for oil its all over for america virtually overnight
Psh, $0.75T would not crash the dollar. What's the impact of that kind of credit sitting in the market?? Take a look at the stimulus package (same amount); it gets absorbed. Not mention, SA would be economically fucked. If we disavow them, then all of a sudden rogue groups in Riddyah start to appear and they become Syria. They are bluffing.
The Saudi's are already wrecking our economy with their over production of oil. The main goal is to make current oil, shale oil, natural gas to expensive to produce in the US. Once the companies doing this have stopped or gone out of business they will pull in the reins and raise prices.
First, we have nothing to fear from the Saudis except 1) their terrorism and 2)their death cult. The USA has oil independence if we choose it and oil needs are met by a dozen difference sources today. Iran (just as bad) is more than happy to displace Saudi oil and is the Saudi's sworn enemy. Russia has lots of oil to sell. Hell, there is a massive oil field sitting under Cornwall, England! Oil is literally everywhere we look and fracking has reinvigorated old wells from the 1920s.
So oil is not the issue. Money cannot be the issue, either, as the US dollar is easily capable of sustaining a $800Billion dollar hit. Do you all remember that the USA gave the banks $850Billion in just the TARP bailout alone?
And then we gave an additional $4Trillion to the financial and equities market in the form of QE and ZIRP! So the Saudis can crinkle those Franklin's and curse at the sky all they want but they have no real leverage over the US economy.
But what the Saudis do have is power over the US Congressmen and Senators and President that they have paid bribe money to. And maybe they have blackmail material on some, right? Maybe they know about Senators who have off shore tax havens created with that bribe money?
You know, Mossack Fonseca is just one of several large money laundering and tax dodging enablers in the global financial black market. We just scratched the surface, I'm sure, with those 11million documents. There are literally $tens of Trillion$ of digital dollars in hidden bank accounts, paper shell companies all over the Caribbean and elsewhere.
Corruption is the real leverage that the Saudis have. That is the real power card they hold. Watch this unfold closely and you will see the usual suspects from Hillary Clinton to Mitch McConnell to DNC and RNC party bosses working deals to protect the Saudi secrets from being revealed.
Want this merry-go-round of corruption to stop? DONALD TRUMP 2016!
Spot on analysis. $0.75T is a lot, but all said, it wouldn't even register among one of the larger sectors in the US economy alone, let alone the rest of world trading in USD.
Not too "spot on". Which is it- 850 billion or "$0.75 T" Oh what's $100,000,000,000 ? If I'm nit-pickin', put that little nit-pick in my bank account. And re-define "spot on".
I feel like it's worth looking into considering we invaded two other countries after this.
edit: I'm going to throw this out there since this is /v/conspiracy and all.
Our allies made a deal to attack us in dramatic fashion and we would be justified in destabilizing the countries around them. Big oil contract deals. Project for a New American Century has it's new pearl harbor. Patriot act rolls through. Norad doing that exact drill that day. Haliburton robbing our treasury and moving to Dubia and on and on and on.
The whole thing stinks to high heaven. I think that this thing was too big for for the truth of it to be secret forever. If it's in 10 years or 200, history will eventually reflect on what happened factually. Truth is always seeking light.
Dollar has no intrinsic value. It's because economics is not taught properly that people are socially drawn to paper.
Start your own garden
Buy your own power source
Learn to hunt/fish
Be independent
From these you will learn to not care too much if the US Dollar crashes because what DOES have intrinsic value is material survival items such as food, water, shelter, and hearth.
We know they were involved and have done so since 911. The question is whether we finally do something about them. In the current world, Saudi oil is a redundant commodity. So they have no leverage. So why have we not taken them to the wood shed? Why do we keep tolerating their funding of terrorism and Wahhabi mosques?
We do know the answer here is corruption. Our political class has been taking bribes directly or indirectly to subvert what should have been our policy after 911. Is is up to us to do something about this corruption of our campaign finance system.
What tinfoil hats? What are you refering to? I was pointing out that if the saudis are threatening to crash the dollar, their threat comes a little late; whereas the chinese didn't threaten, they are backing their currency with gold.
I'm sorry. But the entire notion of the "petrodollar" is idiotic. It should not be taken seriously any more than Sweden has a wood-dollar or the EU has a wine/cheese/beer/BMW-Mercedes dollar.
"Petrodollar" is just the wrong starting point of discussion and, sorry again, the term almost always gets dragged-out when some gold-bug conspiracy theory is being forwarded.
OK, np. I was refering to the fact that the US dollar has been a de facto reserve currency for many, despite it being a fiat. Now that the chinese are backing theirs with gold, the dollar has competition. That's all I meant. I wasn't advocating buying gold or tin hats.
No they are not! Until they can guarantee that all future calls on their currency can be matched by equivalent amount of gold then they are not on a gold standard. That is definitional.
When you realize that China is operating a huge Ponzi scheme with junk companies and junk state directed enterprises pretending to be bid up and down on their fixed and manipulated stock market then you will start to realize just how ridiculous it is to the international investor to "bank" on China for the long run. And there Gold reserves won't even make a dent in their colossal debts.
China just keeps imploding day after day...hence the children of the Communist Party bosses are stashing away converted currencies in companies like Mossack Fonseca or laundering it into EU and American real estate. Even at outrageously inflated home prices, the oligarchs in China know that trading their junk for whatever they can get for it makes total sense.
I think you're right about the fact that china can't guarantee any calls. Their word is basically not reliable. If even if it's true, it may not be viable for them long term but it's a play they're making against the dollar.
So glad this is coming back to him during his term. Obama directly drove the loss of our status by putting arbitrary sanctions on Russia based on often-fallacious claims. He deliberately drove Russia and China out of our financial system and into each other's arms to stroke his sensitive ego after he spoke too soon and looked stupid.
It would be a shame if things came to fruition under another leader since we all know how quick the liberal media would be to blame the next person (assuming it's not hillary)
Edward777 ago
Nothing to hide, nothing to fear Saudi Arabia.
k_digi ago
I think Saudi Arabia could beat the USA in a war.
anyone got any feedback, agree or disagree?
thisismyfist ago
if the dollar was backed by anything tangible this wouldnt be an issue
LimaTangoNovember ago
The dollar is backed by the taxing authority of the legislators and enforced by the judicial arm of the same gov't. :(
thisismyfist ago
doesnt work like that. The "full faith and credit" of the taxpayer is fine, but the minute OPEC takes in something besides dollars for oil its all over for america virtually overnight
Rellik88 ago
Boohoo Remove Kebab.
hi5enigma ago
Psh, $0.75T would not crash the dollar. What's the impact of that kind of credit sitting in the market?? Take a look at the stimulus package (same amount); it gets absorbed. Not mention, SA would be economically fucked. If we disavow them, then all of a sudden rogue groups in Riddyah start to appear and they become Syria. They are bluffing.
doubleunder ago
The Saudi's are already wrecking our economy with their over production of oil. The main goal is to make current oil, shale oil, natural gas to expensive to produce in the US. Once the companies doing this have stopped or gone out of business they will pull in the reins and raise prices.
novictim ago
Bingo.
TRUMP 2016!
novictim ago
First, we have nothing to fear from the Saudis except 1) their terrorism and 2)their death cult. The USA has oil independence if we choose it and oil needs are met by a dozen difference sources today. Iran (just as bad) is more than happy to displace Saudi oil and is the Saudi's sworn enemy. Russia has lots of oil to sell. Hell, there is a massive oil field sitting under Cornwall, England! Oil is literally everywhere we look and fracking has reinvigorated old wells from the 1920s.
So oil is not the issue. Money cannot be the issue, either, as the US dollar is easily capable of sustaining a $800Billion dollar hit. Do you all remember that the USA gave the banks $850Billion in just the TARP bailout alone?
And then we gave an additional $4Trillion to the financial and equities market in the form of QE and ZIRP! So the Saudis can crinkle those Franklin's and curse at the sky all they want but they have no real leverage over the US economy.
But what the Saudis do have is power over the US Congressmen and Senators and President that they have paid bribe money to. And maybe they have blackmail material on some, right? Maybe they know about Senators who have off shore tax havens created with that bribe money?
You know, Mossack Fonseca is just one of several large money laundering and tax dodging enablers in the global financial black market. We just scratched the surface, I'm sure, with those 11million documents. There are literally $tens of Trillion$ of digital dollars in hidden bank accounts, paper shell companies all over the Caribbean and elsewhere.
Corruption is the real leverage that the Saudis have. That is the real power card they hold. Watch this unfold closely and you will see the usual suspects from Hillary Clinton to Mitch McConnell to DNC and RNC party bosses working deals to protect the Saudi secrets from being revealed.
Want this merry-go-round of corruption to stop? DONALD TRUMP 2016!
hi5enigma ago
Spot on analysis. $0.75T is a lot, but all said, it wouldn't even register among one of the larger sectors in the US economy alone, let alone the rest of world trading in USD.
scottsacco ago
Not too "spot on". Which is it- 850 billion or "$0.75 T" Oh what's $100,000,000,000 ? If I'm nit-pickin', put that little nit-pick in my bank account. And re-define "spot on".
Iforgotmy_other_acct ago
This is awesome.
This is literally the last card the Saudis have left to play. And if they do it, the military aid stops.
Nixon - 1973.
We give them military aid, and they denominate all oil sales in USD. That was the deal.
spookybm ago
Name a currency that is convertible to US Dollars that is NOT a FIAT currency.
Kal ago
15 out of the 19 Hijackers were Saudis.
I feel like it's worth looking into considering we invaded two other countries after this.
edit: I'm going to throw this out there since this is /v/conspiracy and all.
Our allies made a deal to attack us in dramatic fashion and we would be justified in destabilizing the countries around them. Big oil contract deals. Project for a New American Century has it's new pearl harbor. Patriot act rolls through. Norad doing that exact drill that day. Haliburton robbing our treasury and moving to Dubia and on and on and on.
The whole thing stinks to high heaven. I think that this thing was too big for for the truth of it to be secret forever. If it's in 10 years or 200, history will eventually reflect on what happened factually. Truth is always seeking light.
Internet_Celeb ago
I don't think you understand just how shitty it will be for us though
spookybm ago
"15 dollar minimum wage"
I would like to chuckle once in this cruel world.
Internet_Celeb ago
It could happen............ If hyperinflation hits and the dollar is worth nothing 😊
spookybm ago
Dollar has no intrinsic value. It's because economics is not taught properly that people are socially drawn to paper.
Start your own garden
Buy your own power source
Learn to hunt/fish
Be independent
From these you will learn to not care too much if the US Dollar crashes because what DOES have intrinsic value is material survival items such as food, water, shelter, and hearth.
thisismyfist ago
This should actually be on /v/news since its actually relevant right now.
physicscat ago
Eat a bag of dicks, Saudi Arabia.
blipblipbeep ago
Haha, Its like monkeys throwing shit at each other.
Pawn ago
congress will cuck out and do didly squat.
immatureusername ago
"Congress will cuck-out and do Dildo Squats"!!!!
Pawn ago
there are only a tiny fraction of congresswomen who I'd love to see do dildo squats.
muffalettadiver ago
Well at least now we know they were involved. Is this not an admission of guilt?
novictim ago
We know they were involved and have done so since 911. The question is whether we finally do something about them. In the current world, Saudi oil is a redundant commodity. So they have no leverage. So why have we not taken them to the wood shed? Why do we keep tolerating their funding of terrorism and Wahhabi mosques?
We do know the answer here is corruption. Our political class has been taking bribes directly or indirectly to subvert what should have been our policy after 911. Is is up to us to do something about this corruption of our campaign finance system.
Lag-wagon ago
Who cares anymore... They have told so many lies that when the truth comes out no one will know it is the truth.
LimaTangoNovember ago
Isn't it too late - next week china is basing their currency on gold, making it a default reserve currency. So the petro dollar might be done.
cntwaljstgtalng ago
Is this why the cia/Mossad is bombing China's factories?
Megadega ago
If this is true and Canada sold all of its gold deposits last year than LOL
hi5enigma ago
Sauce?
LimaTangoNovember ago
There are a few, I will try to find and link them This is one most recent http://atimes.com/2016/04/china-announces-members-of-yuan-gold-benchmark/
There was also another good article on this at kitco but still searching for the exact verbiage.
MushroomShaman ago
do you have source for the chinese basing their gold? this is news to me.
LimaTangoNovember ago
I replied above. Yeah, disconcerting news to me.
4960582? ago
I think offically they haven't said much but rumours are abound that they are ready to go just waiting for... I'm not sure.
novictim ago
Could you warn us in advance so we can secure out tin-foil hats to our heads as we read about "the end of the petro dollar"?
Gold = Pet Rock. Right now, pet rocks are worth a lot. Tomorrow? A bullet beats your pet rock every day of the week.
frankenham ago
You can always tell the shill when they pull out the tinfoil card
novictim ago
FYI: Shills usually advocate for something. just sayin
frankenham ago
looks at submission history, nothing but anti-Muslim content.
check.
novictim ago
Look again.
LimaTangoNovember ago
What tinfoil hats? What are you refering to? I was pointing out that if the saudis are threatening to crash the dollar, their threat comes a little late; whereas the chinese didn't threaten, they are backing their currency with gold.
novictim ago
I'm sorry. But the entire notion of the "petrodollar" is idiotic. It should not be taken seriously any more than Sweden has a wood-dollar or the EU has a wine/cheese/beer/BMW-Mercedes dollar.
"Petrodollar" is just the wrong starting point of discussion and, sorry again, the term almost always gets dragged-out when some gold-bug conspiracy theory is being forwarded.
LimaTangoNovember ago
OK, np. I was refering to the fact that the US dollar has been a de facto reserve currency for many, despite it being a fiat. Now that the chinese are backing theirs with gold, the dollar has competition. That's all I meant. I wasn't advocating buying gold or tin hats.
novictim ago
No they are not! Until they can guarantee that all future calls on their currency can be matched by equivalent amount of gold then they are not on a gold standard. That is definitional.
When you realize that China is operating a huge Ponzi scheme with junk companies and junk state directed enterprises pretending to be bid up and down on their fixed and manipulated stock market then you will start to realize just how ridiculous it is to the international investor to "bank" on China for the long run. And there Gold reserves won't even make a dent in their colossal debts.
China just keeps imploding day after day...hence the children of the Communist Party bosses are stashing away converted currencies in companies like Mossack Fonseca or laundering it into EU and American real estate. Even at outrageously inflated home prices, the oligarchs in China know that trading their junk for whatever they can get for it makes total sense.
LimaTangoNovember ago
I think you're right about the fact that china can't guarantee any calls. Their word is basically not reliable. If even if it's true, it may not be viable for them long term but it's a play they're making against the dollar.
Pepper-theDoctor ago
So glad this is coming back to him during his term. Obama directly drove the loss of our status by putting arbitrary sanctions on Russia based on often-fallacious claims. He deliberately drove Russia and China out of our financial system and into each other's arms to stroke his sensitive ego after he spoke too soon and looked stupid.
It would be a shame if things came to fruition under another leader since we all know how quick the liberal media would be to blame the next person (assuming it's not hillary)