Titan
VIP Member
- Dec 28, 2010
- 350
- 124
Currently the US dollar is one of about 7 or 8+ world reserve currencies. The dollar is for the most part the most used currency because of the fact it "was" worth more during the last 30+ years.
The other currencies are the Euro, the Yen the sterling and so on. Here is the Wikipedia definition of reserve currency:
"A reserve currency (or anchor currency) is a currency that is held in significant quantities by governments and institutions as part of their foreign exchange reserves. The reserve currency is commonly used in international transactions and often considered a hard currency or safe-haven currency. People who live in a country that issues a reserve currency can purchase imports and borrow across borders more cheaply than people in other nations because they don't need to exchange their currency to do so.
By the end of the 20th century, the United States dollar was considered the world's most dominant reserve currency, and the world's need for dollars has allowed the United States government as well as Americans to borrow at lower costs, granting them an advantage in excess of $100 billion per year. However, the U.S. dollar's status as a reserve currency, by increasing in value, hurts U.S. exporters.
But the problem is China has surpassed the US in the size of their economy and still, America is currently more significant that China and that is only because the US dollar is still the major reserve currency in the world.
I feel that is all about to change coming this fall.
A report released by the United Nations Conference on Trade and Development in 2010, called for abandoning the U.S. dollar as the single major reserve currency. The report states that the new reserve system should not be based on a single currency or even multiple national currencies but instead permit the emission of international liquidity to create a more stable global financial system.
Countries such as Russia and the People's Republic of China, central banks, and economic analysts and groups, such as the Gulf Cooperation Council, have expressed a desire to see an independent new currency replace the dollar as the reserve currency.
On 10 July 2009, Russian Prime Minister (then President) Medvedev proposed a new 'world currency' at the G8 meeting in London as an alternative reserve currency to replace the dollar.
According to economist Michael Hudson, China has said, "we don't want to make any more foreign exchange reserve of any paper currency, because all the paper currencies are government debt currencies." China, Russia, India, Turkey, Brazil, Venezuela and oil-producing countries have recently agreed "to transact all of their mutual trade and investment in their own currencies" effectively minimizing the need, at least in the short term, for a global reserve currency. Nevertheless, at the beginning of the 21st century, gold and crude oil were still priced in dollars, which helps export inflation and has brought complaints about OPEC's policies of managing oil quotas to maintain dollar price stability.
Some have proposed the use of the International Monetary Fund's (IMF) special drawing rights (SDRs) as a reserve.
China has proposed using SDRs, calculated daily from a basket of U.S. dollar, euro, Japanese yen and British pounds, for international payments.
On 3 September 2009, the United Nations Conference on Trade and Development (UNCTAD) issued a report calling for a new reserve currency based on the SDR, managed by a new global reserve bank.
The IMF released a report in February 2011, stating that using SDRs "could help stabilize the global financial system"
I believe what is going to happen is the Fed is going to sacrifice the US dollar by allowing ( not really the FED's choice its up to the IMF if this happens) it to come off the world reserve status in order to help (in the long run...very long run like a few decades down the road)
to try to revive the dollar and try to relieve its huge world debt. Essentially going full blown bankrupt.
China will then step up (if not already) and join in as one of the major world reserve currencies, which it is not currently.
Things will move very quickly and the dollar will plummet in a matter of days. Anything valued in US dollars will lose value virtually over night: Stocks, real estate, Etc.
America as we have known it for the past 100 years will be a thing of the past. At lest for the next 10-15+ years !!
Our economy will be a devastated. Unemployment will sky rocket and the only jobs will primarily be in the service industry. So, in effect to the average American citizen who used to get food stamps and TANIF benefits and now cant because the government cant afford to dish out those funds or simply doesn't have them to dish out... to those people that housekeeping job at the local nursing home that pays only $9 per hour that nobody wants now, will begin to look very inviting around this time next year.
So what to do?
First have a reserve of food water and supplies to last you and your love ones for about 18+ months in your home or someplace safe. The infrastructure of this country such as the trucking industry may shut down for an extended period of time causing food shortages. That's the first major concern.
Obviously, electricity may be out in many areas and with all this looting and crime in order for some folks to keep from going hungry and feed their children.
You'd be surprised at how quickly morality and ethics goes by the wayside when your wife, family and child is starving and cold. in other words if you don't own a weapon ie: hand gun or rifle its time to buy one... or better buy 3 or more and plenty of rounds for them.
Another thing to do is take what money you do have out of your bank now. Even if it wont be worth much, it will be worth something and it is yours, so don't let it vanish when the banks go belly up like what happened in the 1930's, No one were able to withdraw their money back then because it was gone. Withdraw it now. The banks will be closed when all this goes down. Also, if you have US investments sell them for something invested in foreign currencies or withdraw that US investment and buy foreign currencies.
Do it before September 2015 !!
I'm sure that Martial Law will be in effect in many areas to keep the peace. Local police will become local military out posts for the National Guard and US Army. It wont be a Hollywood WWIII type world apocalypse, but it will be very bad. You have to realize when the US dollar does collapse, the US government will shuttle all its reserve funds and many public resources you and I take for granted, into the military for national defense. Without the military intact we as a nation could be in a very precarious situation.
The second thing you should do before this all happens is buy as many Euros and Chinese Yuan as you can afford. Remember the US dollar will be, for the most part, not worth much at all.
In Hebrew the word Yeshua means safe haven or safety. Another word for Yeshua is Jesus.
The Third and most important thing to do to "Prep" is get your spiritual life in order and except Jesus as your lord and Savior now this minute, before your world comes apart, as it may very happen very soon.
Jesus can be all our safe haven in order to survive the coming Collapse.
Ill add more to this situation as the days draw nearer.
The other currencies are the Euro, the Yen the sterling and so on. Here is the Wikipedia definition of reserve currency:
"A reserve currency (or anchor currency) is a currency that is held in significant quantities by governments and institutions as part of their foreign exchange reserves. The reserve currency is commonly used in international transactions and often considered a hard currency or safe-haven currency. People who live in a country that issues a reserve currency can purchase imports and borrow across borders more cheaply than people in other nations because they don't need to exchange their currency to do so.
By the end of the 20th century, the United States dollar was considered the world's most dominant reserve currency, and the world's need for dollars has allowed the United States government as well as Americans to borrow at lower costs, granting them an advantage in excess of $100 billion per year. However, the U.S. dollar's status as a reserve currency, by increasing in value, hurts U.S. exporters.
But the problem is China has surpassed the US in the size of their economy and still, America is currently more significant that China and that is only because the US dollar is still the major reserve currency in the world.
I feel that is all about to change coming this fall.
A report released by the United Nations Conference on Trade and Development in 2010, called for abandoning the U.S. dollar as the single major reserve currency. The report states that the new reserve system should not be based on a single currency or even multiple national currencies but instead permit the emission of international liquidity to create a more stable global financial system.
Countries such as Russia and the People's Republic of China, central banks, and economic analysts and groups, such as the Gulf Cooperation Council, have expressed a desire to see an independent new currency replace the dollar as the reserve currency.
On 10 July 2009, Russian Prime Minister (then President) Medvedev proposed a new 'world currency' at the G8 meeting in London as an alternative reserve currency to replace the dollar.
According to economist Michael Hudson, China has said, "we don't want to make any more foreign exchange reserve of any paper currency, because all the paper currencies are government debt currencies." China, Russia, India, Turkey, Brazil, Venezuela and oil-producing countries have recently agreed "to transact all of their mutual trade and investment in their own currencies" effectively minimizing the need, at least in the short term, for a global reserve currency. Nevertheless, at the beginning of the 21st century, gold and crude oil were still priced in dollars, which helps export inflation and has brought complaints about OPEC's policies of managing oil quotas to maintain dollar price stability.
Some have proposed the use of the International Monetary Fund's (IMF) special drawing rights (SDRs) as a reserve.
China has proposed using SDRs, calculated daily from a basket of U.S. dollar, euro, Japanese yen and British pounds, for international payments.
On 3 September 2009, the United Nations Conference on Trade and Development (UNCTAD) issued a report calling for a new reserve currency based on the SDR, managed by a new global reserve bank.
The IMF released a report in February 2011, stating that using SDRs "could help stabilize the global financial system"
I believe what is going to happen is the Fed is going to sacrifice the US dollar by allowing ( not really the FED's choice its up to the IMF if this happens) it to come off the world reserve status in order to help (in the long run...very long run like a few decades down the road)
to try to revive the dollar and try to relieve its huge world debt. Essentially going full blown bankrupt.
China will then step up (if not already) and join in as one of the major world reserve currencies, which it is not currently.
Things will move very quickly and the dollar will plummet in a matter of days. Anything valued in US dollars will lose value virtually over night: Stocks, real estate, Etc.
America as we have known it for the past 100 years will be a thing of the past. At lest for the next 10-15+ years !!
Our economy will be a devastated. Unemployment will sky rocket and the only jobs will primarily be in the service industry. So, in effect to the average American citizen who used to get food stamps and TANIF benefits and now cant because the government cant afford to dish out those funds or simply doesn't have them to dish out... to those people that housekeeping job at the local nursing home that pays only $9 per hour that nobody wants now, will begin to look very inviting around this time next year.
So what to do?
First have a reserve of food water and supplies to last you and your love ones for about 18+ months in your home or someplace safe. The infrastructure of this country such as the trucking industry may shut down for an extended period of time causing food shortages. That's the first major concern.
Obviously, electricity may be out in many areas and with all this looting and crime in order for some folks to keep from going hungry and feed their children.
You'd be surprised at how quickly morality and ethics goes by the wayside when your wife, family and child is starving and cold. in other words if you don't own a weapon ie: hand gun or rifle its time to buy one... or better buy 3 or more and plenty of rounds for them.
Another thing to do is take what money you do have out of your bank now. Even if it wont be worth much, it will be worth something and it is yours, so don't let it vanish when the banks go belly up like what happened in the 1930's, No one were able to withdraw their money back then because it was gone. Withdraw it now. The banks will be closed when all this goes down. Also, if you have US investments sell them for something invested in foreign currencies or withdraw that US investment and buy foreign currencies.
Do it before September 2015 !!
I'm sure that Martial Law will be in effect in many areas to keep the peace. Local police will become local military out posts for the National Guard and US Army. It wont be a Hollywood WWIII type world apocalypse, but it will be very bad. You have to realize when the US dollar does collapse, the US government will shuttle all its reserve funds and many public resources you and I take for granted, into the military for national defense. Without the military intact we as a nation could be in a very precarious situation.
The second thing you should do before this all happens is buy as many Euros and Chinese Yuan as you can afford. Remember the US dollar will be, for the most part, not worth much at all.
In Hebrew the word Yeshua means safe haven or safety. Another word for Yeshua is Jesus.
The Third and most important thing to do to "Prep" is get your spiritual life in order and except Jesus as your lord and Savior now this minute, before your world comes apart, as it may very happen very soon.
Jesus can be all our safe haven in order to survive the coming Collapse.
Ill add more to this situation as the days draw nearer.
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