Syria To Dump Dollar

machinehead61 · Feb 16, 2006

http://today.reuters.com/news/newsarticle.aspx?type=politicsNews&storyid=2006-02-13T153028Z_01_L13432231_RTRUKOC_0_US-SYRIA-US-FOREX.xml&rpc=22

It's coming folks, our dollar will tumble.

Congressman Ron Paul also voices his concerns:

http://www.house.gov/paul/congrec/congrec2006/cr021506.htm

JS · Feb 17, 2006

Interesting. If it does happen we just have to pull out of it and move on.

Albert1234 · Feb 17, 2006

Syria? Who cares. Small country, with small currency reserves, and not much oil. Now if China or Japan did this it would be a different story. But they would only be shooting themselves in the foot, so I don't expect them to do it anytime soon.

Ries · Feb 17, 2006

I had heard that some of the very best counterfeit hundred dollar bills came out of the Bekaa valley, technically in Lebanon, but controlled by Syria.
These would be the older series, without all the fancy new anti-counterfeiting tricks.
So maybe they are dumping the dollar because they cant make their own anymore....

dvideo · Feb 17, 2006

I guess this on topic - home shop, and all...

--jr

rj newbould · Feb 17, 2006

It's really not too far off the topic considering whatever affects the economy on a large scale, affects shops as well.

Ries · Feb 17, 2006

Next thing you know, the chinese will start making dollars, and sell em to us for only 80 cents- no, wait, we already give em all of ours, so they dont need to make their own.

machinehead61 · Feb 17, 2006

Albert1234

Syria? Who cares. Small country, with small currency reserves, and not much oil.

An avalanche starts out small also.

Now if China or Japan did this it would be a different story. But they would only be shooting themselves in the foot,

They'll be shooting themselves in the foot even worse by holding on to money that will be depreciating by the day. Better to dump while they will lose only 50 cents on the dollar instead of 75 or more cents on the dollar. There's no way to avoid this correction, it has to come.

Steve

Richard Rogers · Feb 17, 2006

Wow. Now they're starting to hit where it hurts. Look for lots of high-paying (in dollars) jobs to go away quick while more essential work is forced back to this country. Without a dollar that the outside world will take on faith, that's what we'll be forced to do. A shock like this will be unbelievable if it catches on.

As for Syria being a small insignificant country, look where WWI started, and ultimately lead to WWII. A Serbian bullet changed the world. In a little backseat country no one thought much about. This could be big.

Richard

ColoradoBoy · Feb 17, 2006

All the saber rattling in the 'middle east' is becoming tiresome.

At some point the region will probably self destruct or initiate something that invites massive retaliation. I'm hoping sooner rather than later so the world can get on with a real life.

A shake up of our dollar might bring good things. Our Gov't seems unable to deliver to its' citizens and is clearly out of touch with the world or wishes of the voters.

Dave K · Feb 17, 2006

It appears to me that they did it strictly for political reasons, not because of its value.

machinehead61 · Feb 18, 2006

Richard Rogers-

Wow. Now they're starting to hit where it hurts.

Ron Paul-

Congress created the Federal Reserve System in 1913. Between then and 1971 the principle of sound money was systematically undermined. Between 1913 and 1971, the Federal Reserve found it much easier to expand the money supply at will for financing war or manipulating the economy with little resistance from Congress-- while benefiting the special interests that influence government.

I would say that our government has been hitting us where it hurts for the last century, and now it is going to devastate us.

Steve

machinehead61 · Feb 18, 2006

U.S. Constitution
Article I, section 8

the Congress shall have power to....

To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures;

What a joke. See what our public schools DON'T teach our kids?

Steve

jstolaruk · Feb 18, 2006

The US dollar should have been left tied to gold (redeemable for gold). Nixon did that in 1971; big mistake IMHO.

railfancwb · Feb 18, 2006

Nixon just finished what FDR had started 40+/- years earlier. Long before Nixon severed the gold-dollar "connection" it had been a myth, as none of the other nations (who were the only ones our nation considered eligible to hold monetary gold) had the nerve to ask for a conversion of paper to metal. By severing the connection, Nixon allowed gold (and indirectly silver) to catch up with decades of inflation and helped lots of people make and lose fortunes. Charles

jstolaruk · Feb 18, 2006

I was thinking along the lines that without the dollar tied to something material, it gave Congress the license to print it whenever they felt like it. Doesn't printing more currency devalue it and create more inflation? Now the dollar's value seems to be influenced more by our government's debt and the price of oil.

Gary E · Feb 18, 2006

You aint seen nuttin yet...wait til OPEC allows oil to be paid for with Euro's

Google...
Overseas Private Investment Corp

Learn how we are screwing ourselve's and how we are also PAYING FOR IT

Metal Slave · Feb 18, 2006

Maybe they dumped the dollar because they sense that our "war president"
is about to take out Iran & probably North Korea & by switching to the Euro
the USA cannot freeze their dollars.

machinehead61 · Feb 18, 2006

jstolaruk-

I was thinking along the lines that without the dollar tied to something material, it gave Congress the license to print it whenever they felt like it.

the problem is CONGRESS DOES NOT PRINT OUR MONEY.

The Federal Reserve is no way, shape, or form, Congress. It is a private Corporation.

Ron Paul-

For the most part the true victims aren’t aware of how they pay the bills. The license to create money out of thin air allows the bills to be paid through price inflation. American citizens, as well as average citizens of Japan, China, and other countries suffer from price inflation, which represents the “tax” that pays the bills for our military adventures. That is until the fraud is discovered, and the foreign producers decide not to take dollars nor hold them very long in payment for their goods. Everything possible is done to prevent the fraud of the monetary system from being exposed to the masses who suffer from it. If oil markets replace dollars with Euros, it would in time curtail our ability to continue to print, without restraint, the world’s reserve currency.

Steve

railfancwb · Feb 18, 2006

True, Congress does not cause currency to be printed. What they cause is the issuance of bonds, which are exchanged by the government for currency. Same difference, just a few more shells under which the pea might be hidden. Charles

Syria To Dump Dollar

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