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Global currency war escalates over Euro and why Britain's City of London is about to get wiped out

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maxkeiser Donating Member (404 posts) Send PM | Profile | Ignore Sat Dec-10-11 02:34 PM
Original message
Global currency war escalates over Euro and why Britain's City of London is about to get wiped out
 
Run time: 07:10
https://www.youtube.com/watch?v=xo9o6g1-nkM
 
Posted on YouTube: December 10, 2011
By YouTube Member: MaxKeiserTV
Views on YouTube: 182
 
Posted on DU: December 10, 2011
By DU Member: maxkeiser
Views on DU: 2387
 
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MJJP21 Donating Member (262 posts) Send PM | Profile | Ignore Sat Dec-10-11 03:32 PM
Response to Original message
1. Nonsense
This guy is pushing for a return to the gold standard. These are the facts about gold: Since man has been on the planet he has mined in total about 166,000 tons of gold. Thats it. It would take about twice that amount based on thousand dollar(ounce) gold to just pay off the US debt. There isn't enough gold on the planet to back the dollar let alone everyone elses currency. Now taking the logic further IF the dollar had been backed by gold all along much of what you see out your window would not exist as there would not have been enough money to create it. We operate much like a monopoly game in which we put money into the system and we can take money out of the system via taxes. Europe has no such mechanism which is why it is in trouble. They truly do borrow money and must pay it back. In this country the analogy is the states vs the federal. The states can go bankrupt because they do not issue currency. The US cannot go bankrupt much to the error of both politicians and the media when they report it.
I also doubt the Germany is the panacea of Europe as well. They are not the financial juggernaut the media is portraying and that reality should be making itself known shortly.
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mckara Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-10-11 04:43 PM
Response to Reply #1
2. What IF Gold Sold for $10,000 or $20,000 an Ounce?
Then, your argument would be complete nonsense! Max is talking on a different financial plane than your feeble explanation. Read Super Imperialism, by Michael Hudson, and research how debt and currency valuations can be used as weapons in financial wars.
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nauthiz Donating Member (2 posts) Send PM | Profile | Ignore Sat Dec-10-11 06:34 PM
Response to Reply #2
3. What's the main difference between the two?
It seems all relative to me.
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mckara Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-10-11 11:22 PM
Response to Reply #3
5. His Premise Made Assumptions of $1,000 per Ounce Gold
Higher prices per ounce would require less and less physical metal to equal money supplies of countries on gold standards. Adding silver to the mix would relieve the dependence on a single metal and add more flexibility.
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sabrina 1 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-10-11 06:50 PM
Response to Original message
4. The simple explanation is that the EU leaders are trying to
protect the Banks at the expense of the people. And they can't do it anymore. They screwed everyone so badly, they collapsed the world's economy and THEY are the ones trying to fix this. They should be in jail, and let people with some brain cells working take over.

But they accumulated such power over the past several decades, buying everything, including Governments, they will not allow anyone who actually could begin to turn this around, to get near it. And that includes the people most affected by their criminal 'Austerity' and 'Share the Sacrifice' programs. Programs designed to take even more from the people who had nothing to do with creating this disaster.

When Governments get the courage to start arresting those responsible, taking over the banks, returning the money the got so corruptly, then things might begin to change.

But as long as THEY are in charge they will continue to try to save the money they stole for themselves, and make the people pay their gambling debts. But it's all falling apart and the people learn more about how it all happened and start to understand what they hoped we never would, the deliberately confusing language etc which was never meant for the people to understand. They underestimated the people though.
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mckara Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-10-11 11:50 PM
Response to Reply #4
6. The Strategies of Using Debt as a Weapon...
Has an interesting history dating back to First World War debts of European powers. Banks and governments worked together from the beginning. Bankers didn't have to buy governments and there were no conspiracy theories bringing the world to this hopelessly out of control system. Leaders intended the private sector to take larger roles of national decision-making and circumventing the rise and influence of dictatorial leaders. Bankers' influences on destroying regulations were a product of neo-liberal economic policies instituted at Bretton Woods after the Second World War by the U.S. Treasury, the IMF, and the World Bank, agreements evolving into a system known later as the Washington Consensus. There was much more to the story and it was explained much better in Michael Hudson's books among others.
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