Global Imbalance - An imminent Dollar Crisis - 57 min

http://video.google.com/videoplay?docid=4343898391323537541


¿

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"Be who you are and say what you feel, because those who mind don't matter and those who matter don't mind." - Dr. Seuss

With the help of 1/2 bottle of wine I watched the whole thing.

1) The USA probably has him on the definitely do not let him in the country list. He must be a terrorist out to destroy the tissue dollar.

2) His part about what we consider the rich guy versus the poor guy was funny. We in USA think of ourselves as rich. But we are borrowing billions from others every year. Usually, rich people are the lenders not the borrowers, so our perception of being rich is kind of laughable. If other countries stopped lending us money we would fold like a house of cards quickly. Of course we would not be the only ones to suffer because they would be left with no other use for their dollars than to wipe their rears with.

3) He hit a favorite subject of mine and that has been hit here in some older threads. Any country that wants to immediately go to war with the USA should try to sell oil in a currency other than the dollar. Iraq tried and we WMD'd Saddam. Iran wants to try to set up an exchange that will trade oil for other currencies. What is our stance on Iran? We are using the WMD / Nuke lie again. The sad thing is that the USA so called free press is falling hook, line, and sinker for that crap again. The guy said Iran is delaying the start up of the exchange because they know for certain that if they start it, the USA will attack them no if ands or buts. Iran is smart.

One day soon, we in the USA will wake up and realize that we are completely owned by other countries.
What that will mean for us, I don't really know. We are to fat and lazy to be very good slaves.

I would have to give someone in my country credit for completely snowballing the rest of the world the way we seem to have done. It was quite a feat to get the dollar to be the so called world currency. The rest of the world might have to do a bailout on the USA government if the gov loses its bet with all the loans and bailouts it is doing.

I tried to find out whether Iran is selling oil for money other than the dollar. I think they already are doing it. I have not been able to verify if their oil exchange is up and running. There are so many internet articles, but they all seem to be from year 2006. I did find a page that said Japan is paying yen for Iran's oil.

A few articles say the bourse opened around March of this year but it is not fully operational and has only limited volume. It has only been around 5 months since it opened and the USA financial markets are being bailed out by our GOV. Coincidence??? You decide.

The US Government bailing out their financial markets? Are You Sure? Just where does the Government get their money from?

There's a lot worse to come & at the end of the day, it is us that will have to pay the piper while the fatcats sit back in their mansions untouched!

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I guess you could say something like "what are we going to pay the piper with"? Our worthless dollars? Our financial system seems to be a house of smoke and mirrors.

To me, the root of the problem is that every part of the USA economy is built on debt and borrowing. What ever happened to pay as you go? If the financial system collapsed, perhaps it would be a good thing. It might force us to pay as we go. If you can't pay cash, you don't buy something.

Who needs stinking finance!!!

If we weren't able to borrow, perhaps the price of things would come down. Getting a loan and paying it off overtime lets you pay way more than something is worth and not notice it so much.

If we weren't able to borrow, perhaps the price of things would come down. Getting a loan and paying it off overtime lets you pay way more than something is worth and not notice it so much.

Exactly how many people do you know that have $100,000+ just laying around to pay for a house without financing.

Do you mind me asking how old you are? It seems to me that you're still of an age where you think money grows on trees...

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If no one was able to finance, perhaps houses would not cost so much. Finance increases the price. Basic economics. Plus most lenders will try to screw the borrower as much as possible. If you don't think that is true, I think you are the one living in la la land.

It seems to me that you're still of an age where you think money grows on trees...

I'm old enough to know that money did grow on trees for about fifty years... Paper Money... ;)

(Your children haven't been so lucky! In fact, they'll be the ones paying it back! One trillion dollars worth! --> 1,000,000,000,000)

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It may not be 1984 but George Orwell sure did see the future . . .

If no one was able to finance, perhaps houses would not cost so much. Finance increases the price. Basic economics. Plus most lenders will try to screw the borrower as much as possible. If you don't think that is true, I think you are the one living in la la land.

Ok, let's say the housing market takes a 75% plunge.

How many people do you know with $25,000+ just laying around to pay for a house without financing?

NOW which one of us is living in la la land?

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I do... guess la la land is treating me well. :) But all the money I have is going to become worthless if the government policies make the dollar decline.

The fact that I argue that we would be better off without all the financing does not mean that I don't realize that financing is part of our current system. It is too big a part in my opinion. We have no financial discipline. That eventually catches up to us, like in the current meltdown.

I do... guess la la land is treating me well. :) But all the money I have is going to become worthless if the government policies make the dollar decline.

The fact that I argue that we would be better off without all the financing does not mean that I don't realize that financing is part of our current system. It is too big a part in my opinion. We have no financial discipline. That eventually catches up to us, like in the current meltdown.

One has to wonder how many loans you've defaulted on to accumulate that kind of savings account.

It certainly explains your "let them fail and give the houses away" attitude.

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It seems to me that you're still of an age where you think money grows on trees...

I'm old enough to know that money did grow on trees for about fifty years... Paper Money... ;)

(Your children haven't been so lucky! In fact, they'll be the ones paying it back! One trillion dollars worth! --> 1,000,000,000,000)

plus money was made of paper, which is in a case of paper money made out of rags, and surprise, trees. darn.