World’s major powers including China and Russia don’t want to ‘finance’ American military adventures anymore. That’s the view of Max Keiser, finance critic and former stockbroker. He says China and Russia are interested in collapsing the US economy by rejecting the dollar.

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8 Responses to “Dollar to be buried way before 2018”

  1. techy says:

    of course….who does not want to see the big bully USA fall down.

    but china…i dont think so, their people need the employment generated by the stable global economy.

    russia: yes, those dudes never cared for their population….its almost like north korea…strong military rule with no chance of common man revolting.

  2. Uchicagoman says:

    Pardon my French, but what a puntz… Stay in France.

    What’s stopping them for ridding themselves of dollars now, if this movement is so powerful?

    China, (the only party that really matters, compared to all those other pip-squeaks), can do what it want. No one is holding a gun to their heads.

    There will only be a gradual re-balance. And in the case of China, if they can pull their people up to a better standard of living, that is a good thing in itself, lord knows they have earned it.

    But, I can guarantee it will not work by solely conspiring against the USA.

    Pure and simple, there is a reason they still hold ENORMOUS amounts of USD $s, and CONTINUE to purchase more.

  3. johnhaskell says:

    Why not attribute this story to its source, 9/11 “Truther” Robert Fisk? I guess it’s a bit of a redundancy, if you think GWB organized 9/11, buying a piece of paper he printed doesn’t make much sense.

    As for the Russians and Chinese, with something like $1.5 trillion of these pieces of paper between them, I don’t see why they would want the dollar to become worthless. If I owned a boatload of GE stock I would not want GE to go to zero. But the Chinese and Russians may have a more subtle understanding.

    Let’s face it: Mish Shedlock just did a better job on this one.

  4. Brendan says:

    Uchicagoman,

    China isn’t the only party that really matters. See http://en.wikipedia.org/wiki/United_States_public_debt and you’ll notice China holds only a few more percent of US debt than Japan, and less than a quarter of total public debt. I know it’s not as fashionable to rail against Japan these days, but they’re still probably more important to us, economically speaking, than China. The Yuan has little chance of becoming a major currency, and doesn’t even compare to the Yen in terms of global currency trade. It’s just a gut feeling, but I’m guessing the “People’s Republic” part of China’s name will probably hinder any serious investment in the Yuan for the foreseeable future. China will remain dependent on foreign currencies to conduct trade. Plus, America wouldn’t collapse overnight for lack of throw-away plastic toys, and the Japanese actually buy our consumer goods, not just our brains and heavy industrials (to produce those throw away items that they sell to us). The creation of “wealth” on Wall street is a far bigger threat to the dollar than China.

  5. Gatsby says:

    Yes we all know that Max and Fisk are a bit provocative, and intentionally so. And yes I seriously doubt that both China and Japan which have very expert dependent economies and hold a huge piece of US debt would want to see the Greenback collapse.

    However, like Max tirade against Goldman Sachs there is a lot of truth to what he is saying. The US has clearly lost its standing and not just thanks to Dubya. The blatant bailout fiascos, AIG bonuses, illogical support for Israel through AIPAC lobbying, the infuence of religious right (i.e. “The Family”), Iraq, the military industrial complex, and all that DEBT have made foreigners (myself included) have to rethink our support of a US hegemony.

    All those things make us wonder if all that great America we have aspired to, the America of Jefferson and Eisenhower and Volker is gone forever. Taken over by an America of Phil Gramms and Glen Becks and Alan Greenspans.

    Yes, this tirade is over the top, but it dies hit a nerve, if anything people (Americans) should remember that no hegemony is infallible or invincible.

  6. Gatsby says:

    In the first line above I meant to say export dependant not expert dependant.

  7. leftback says:

    Now THIS one is probably a contrary indicator, Barry, seriously. The Euro has at least as many stressors in terms of internal conflicts (PIGS v France and Germany) as the Dollar (CA, NV, FL, NY, DC v the non-bubble states).

    The DGDF is an asinine argument.

  8. powerpak59 says:

    I don’t know why some of the commenters above suppose the world US debt financiers wouldn’t be willing to “write off” their US debt investments in order to free themselves from chasing good money after bad. Weren’t WE willing to write off all this Citi, BAC, Fannie, Freddie debts? Is it really that radical an idea? The best thing for the rest of the worlds’ economies is to cut the US loose and let it collapse. We consume an inordinate amount of resources and have become more like the worlds parasite than its bastion.