U.S. oil reserves.
Posted on 10/05/2009 8:28:54 PM PDT by Shellybenoit
“The United States would be mistaken to take for granted the dollar’s place as the world’s predominant reserve currency,” the World Bank president, Robert B. Zoellick, said in a speech at the School for Advanced International Studies at Johns Hopkins. “Looking forward, there will increasingly be other options to the dollar.”
Mr. Zoellick, who previously served as the United States trade representative and as deputy secretary of state under President George W. Bush, said that the euro provided a “respectable alternative” for financing international transactions and that there was “every reason to believe that the euro’s acceptability could grow.”
In the next 10 to 20 years, he said, the dollar will face growing competition from China’s currency, the renminbi. Though Chinese leaders have minimized their currency’s use in international transactions, largely so they could keep greater control over exchange rates, Mr. Zoellick said the renminbi would “evolve into a force in financial markets.”The World Bank, which is financed by governments around the globe and lends money primarily to poor countries, has no say over the economic policies of large nations or over currency matters. New York Times 9/29
Depending on how fast it done, if the world switches to some other currency (or mixture of different currencies) displacing the dollar as the primary reserve currency , the amount of US dollars held by foreign governments will decrease and the demand for US treasuries that yield next to nothing will decrease substantially.
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Tap the hundreds of years of oil in California and quit buying foreign oil!
U.S. oil reserves.
bambi’s plan is working.
There’s a lot more rthan that in California.
According to the Vice Presidents of union Oil I used to have lunch with in the 70s they had 400 years of reserves in California if consumption doubled every 20 years.
I best there is about 10 times that in shale oil and coal diesel.
The Sauids and Chinese boy. How to buy an election for $700 million and destroy America.
That would be twenty doublings, do you have any idea what that means?
Rederic
nancy and harry wont let us
They can see the writing on the wall. Our currency is on the brink of tanking. People with means are preparing for it.
I am just surprised it took this long to happen.
So. Iran will win all around then.
We will wind up with a Weimar type of inflation otherwise.
I’ve got some cash stashed in a sock. The sock will probably be worth more than the cash before too long. What’s a man to do to survive? And do I really want to survive?
The government under both political parties has had opportunities to choose between the citizens and special interest groups. It has chosen special interest groups each time. Weimar here we come.
Can’t say no. Well, it has been about 150 years since the last revolution. Maybe we are getting close to needing another one.
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