John Galt
Forward, March
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 ·CenturyLink
| Brazil Confirms The Gradual Elimination Of US Dollar
Thursday, October 29th 2009 - 12:11 am UTC
Brazilian Central Bank president Henrique Meirelles said the country is considering the gradual elimination of the US dollar in trade with China, Russia and India, which together with Brazil make up the BRIC group.
Meirelles revealed ongoing talks with all members of BRIC for the implementation of the so called SML, Payment in Local Currencies, which already has been successfully tested with Argentina.
“We are working with the two central banks to facilitate trade with China in local currencies. We’re doing something similar with the central banks from Russia and India”, Meirelles told Folha de Sao Paulo.
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Meirelles said he had been instructed by President Lula da Silva to begin talks with Chinese authorities on the issue of using the Real and the Yuan in bilateral trade transactions.
China has become Brazil’s main trade partner, displacing the US, with bilateral exchange reaching over 36 billion US dollars in 2009. China has become the leading purchaser of commodities from Latinamerica.
President Lula da Silva and his Chinese peer Hu Jintao have talked about abandoning the US dollar, gradually, as the international commerce currency on several occasions this year.
»en.mercopress.com/2009/10/29/bra···erations
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So, apparently talks have been going on, despite recent denials.
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Snakeoil
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Mentor, OH | and the crumbling continues.
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Rob
In Deo speramus, God Bless the USA
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2 edits | reply to John Galt
China isn't a friend of the U.S., they are a foe.
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Nanoprobe
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| said by Rob  :China isn't a friend of the U.S., they are a foe. BINGO!!! We have a winner. Just wait until they call in all of our debt paper that they hold. It will be very ugly.
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John Galt
Forward, March
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| said by Nanoprobe :Just wait until they call in all of our debt paper that they hold. The Chinese are out buying up all kinds of resources and such using dollars like they aren't worth anything.
Oh, wait! 
The report that I read said they have every intention of doing 2,000 1B USD deals in the "near future". They admitted that was a bit problematic.
Apparently none of them have wives. The ladies would be looking for something to do after lunch. 
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PhoenixDown
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said by Nanoprobe :BINGO!!! We have a winner. Just wait until they call in all of our debt paper that they hold. It will be very ugly. I was reading a book called Haze by L. E. Modesitt Jr ... it was decent read but the whole thing was about the coming energy crisis and how America was backed into a bad corner because of the mistakes we are making today with our monetary policy.
Sci-Fi ... more like horror story!
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Mchart
Super Joe
join:2004-01-21
Gurnee, IL | You mean a country which depends so heavily on Oil for just about everything could have problems when said resource runs out?!?
Wow. Imagine that.
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Nanoprobe
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| said by Mchart :You mean a country which depends so heavily on Oil for just about everything could have problems when said resource runs out?!? Wow. Imagine that. From 2006.
We Will Never Run Out Of Oil
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horsemouth
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| said by Nanoprobe :said by Mchart :You mean a country which depends so heavily on Oil for just about everything could have problems when said resource runs out?!? Wow. Imagine that. From 2006. We Will Never Run Out Of Oil We have oil for you. It is just that we are not keen on the US
$ thing. I am sure we can come to terms on the payment tho. |
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patcat88
join:2002-04-05
Jamaica, NY
2 edits | reply to Nanoprobe
Semantics. Is it called an insurgent or a freedom fighter?
We can always make oil through whipped slave on a pedal generator generating electricity to run to hydrolysis to generate hydrogen to generate gasoline worst case scenario.
»en.wikipedia.org/wiki/Gas_to_liquids
If using a slave for a pedal electricity generation bicycle can't be done, you can just kill the nearest obese person, boil their body, and skim the crude oil off the top of the pot. Remember how we used to get diesel from whales before we have petrolum? We can never run out of oil.
»blogs.reuters.com/blog/2007/06/1···y-group/
Whale oil is a renewable resource!!! |
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redxii
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Oil doesn't have to run out for the U.S. to run into problems. We need it to be cheap as well. We got plenty of land, who wouldn't keep building suburb after suburb?
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Mchart
Super Joe
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Gurnee, IL | You could cover the entire earth in Suburb's and eat as much super-sized mcdonalds as you wanted to if the world were running on fusion based power.
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pauldenton
join:2003-12-20
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| reply to redxii
said by redxii :Oil doesn't have to run out for the U.S. to run into problems. We need it to be cheap as well. and to be available from countries willing to supply the US with it.... world oil was not in short supply in October 1973 {and just how did project independance go again } |
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pauldenton
join:2003-12-20
London
| reply to John Galt
said by John Galt :President Lula da Silva and his Chinese peer Hu Jintao have talked about abandoning the US dollar, gradually, as the international commerce currency on several occasions this year. . . hmm - why on earth would anyone want to use the $US as a currency to settle transactions in when:
a) it is not the currency of either party...
b) it has proved relatively bad as a store of value..... {and given the terrible state of the US debt seems likely to get even worse in this regard.....}
how it works with Argentina.....
quote:
The mechanism of the SML will trigger significant changes in the way in which companies export and import. In Brazil, exporters may now operate in real, while Argentine businesspeople may operate in pesos. Each one of our countries established a consistent framework for management of the system. The priority was to create a secure arrangement that will provide both exporters and importers with a simplified way to settle their transactions with a degree of ease similar to that with which they effect payments within their own countries. From this point forward, there is no doubt that the private sector will take it upon itself to create new financial products and further deepen the real-peso market.
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With elimination of a third currency in direct transactions among companies, exporters will set their prices in the currency of their own countries. Thus, they will be better able to calculate their margins precisely, since they will no longer be exposed to exchange rate risk. At the start, it will be possible to carry out trade operations between the two countries with terms of up to 360 days. Payments of services related to trade (for example, freight and insurance) can also be made in own currencies. Operations may be contracted on the basis of an exchange rate negotiated with financial institutions or the SML rate itself, calculated based on the average real-dollar rate published daily by the Central Bank of Brazil, and the Argentine reference peso-dollar rate. At the closing of both markets, the SML rate will be announced daily. Financial settlement of operations carried out through the system will take place in three business days (d+2). Banking institutions that have Reserve Accounts at the Brazilian Central Bank may be accredited to operate in the system. Authorization to operate on the exchange market is not a prerequisite
»www.bis.org/review/r081016d.pdf |
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patcat88
join:2002-04-05
Jamaica, NY
| reply to Mchart
said by Mchart :You could cover the entire earth in Suburb's and eat as much super-sized mcdonalds as you wanted to if the world were running on fusion based power. what about REAL global warming AKA heat pollution? what about nature? or we sterilized the earth and make food in a 3d printer? |
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ThunderDawg
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Re: Brazil Confirms The Gradual Elimination Of US Dollar
The only reason the dollar has been used is to artificially prop up the value (through demand) of the USD. When they go off the Dollar Standard, the price of oil (and therefore gas at the pump), will come way down, and the dollar will suffer heavy devaluation.
Take the total value of all oil purchases in a year, is that $Ten Trillion? That's $Ten Trillion USD no longer need by countries worldwide, so there will be an unprecedented surplus of dollars.
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sdebug
@jillyred.net
| reply to John Galt
Friday, 6 Nov 2009 - The dollar will get "utterly destroyed" and become "virtually worthless", said Damon Vickers, chief investment officer of Nine Points Capital Partners. Due to the huge wage disparities between the United States and emerging markets like China, Vickers said that may resolve itself in some type of a global currency crisis.
"If the global currency crisis unfolds, then inevitably you get an alignment of a global world government. A new global currency and a new world order, so we may be moving towards that," he said.
»www.youtube.com/watch?v=UpgZx-9FLbE |
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patcat88
join:2002-04-05
Jamaica, NY
| said by sdebug :
"If the global currency crisis unfolds, then inevitably you get an alignment of a global world government. A new global currency and a new world order, so we may be moving towards that," he said.
(youtube clip)
USA sends CIA operatives to countries wanting to abandon dollar, starts insurgent war there, then offers military and financial help to those countries in exchange for US defined "reforms". End of idea to leave US Dollar. |
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Spice300
Premium
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| said by patcat88 :USA sends CIA operatives to countries wanting to abandon dollar, starts insurgent war there, then offers military and financial help to those countries in exchange for US defined "reforms". End of idea to leave US Dollar. USA tries this with Russia or China, gets caught, starts World War III and we're all dead.
USA tries this with Japan, gets caught, Japan embargoes USA, and USA consumer does without.
USA tries this with Brazil, destabilizes country, disrupts oil supply causing a shortage in the world market, price of crude oil skyrockets and world economy collapses.
USA tries this with Iran, Iran ignites the Straight of Hormuz and the oil fields of Saudi Arabia, oil shipments from the Middle East halt for 60 days and world suffers without enough crude oil.
In summary USA can not destabilize countries with nukes, massive trade deficits and, while at the peak or on the falling edge of peak oil, oil production. The world is changing making the old methods obsolete. |
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