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Chavez urges allies to pull money out of US - 1/26/2008 2:38:50 PM   
Level


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quote:

Venezuelan President Hugo Chavez urged his Latin American allies on Saturday to begin withdrawing billions of dollars in international reserves from U.S. banks, warning of a looming U.S. economic crisis.

Chavez made the suggestion as he hosted a summit aimed at boosting Latin American integration and rolling back U.S. influence.

"We should start to bring our reserves here," Chavez said. "Why does that money have to be in the north? ... You can't put all your eggs in one basket."


http://news.yahoo.com/s/ap/20080126/ap_on_bi_ge/venezuela_alba_summit

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RE: Chavez urges allies to pull money out of US - 1/26/2008 3:00:26 PM   
Real0ne


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so he learned 1/2 of saddams lessons, lets see if he gets lesson 2.

ya dont fuck with wmds around america!






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Yesterdays tinfoil is today's reality!

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RE: Chavez urges allies to pull money out of US - 1/26/2008 8:23:26 PM   
thompsonx


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quote:

ORIGINAL: Real0ne
so he learned 1/2 of saddams lessons, lets see if he gets lesson 2.

ya dont fuck with wmds around america!



Real0ne:
Wont we have to extricate ourselves from Iraq before we can attack Venezuela?
thompson




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RE: Chavez urges allies to pull money out of US - 1/26/2008 8:46:59 PM   
SugarMyChurro


Posts: 1912
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Status: offline 		That's just amazing! Pretty funny...

The lesson to be learned here was learned by Che Guevara in a Bolivian prison cell.

Of course, Chavez will not be as easy to hit.


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RE: Chavez urges allies to pull money out of US - 1/26/2008 8:59:32 PM   
popeye1250


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Status: offline 		Latin American "allies?"
So how much is that going to be, $300? 
And a goat?

< Message edited by popeye1250 -- 1/26/2008 9:00:09 PM >

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RE: Chavez urges allies to pull money out of US - 1/26/2008 9:06:36 PM   
thompsonx


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quote:

ORIGINAL: popeye1250

Latin American "allies?"
So how much is that going to be, $300? 
And a goat?

popeye:
Had you taken the time to read the cite you would know that it was $300 a goat two ducks and a pig.
thompson





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RE: Chavez urges allies to pull money out of US - 1/27/2008 11:46:19 PM   
Real0ne


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quote:

ORIGINAL: thompsonx

quote:

ORIGINAL: Real0ne
so he learned 1/2 of saddams lessons, lets see if he gets lesson 2.

ya dont fuck with wmds around america!



Real0ne:
Wont we have to extricate ourselves from Iraq before we can attack Venezuela?
thompson






I would not be surprised if they took both them and iran on!!! 

What did surprise is how quiet things got when the saudis started talking WMDs.  A big silence fell, then a month later we sell them 20 what? billion? in arms?  LOL


By the time these assholes get done milk will be 12 bucks a gal and gas 10/gal.





_____________________________

"We the Borg" of the us imperialists....resistance is futile

Democracy; The 'People' voted on 'which' amendment?

Yesterdays tinfoil is today's reality!

"No man's life, liberty, or property is safe while the legislature is in session

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RE: Chavez urges allies to pull money out of US - 1/28/2008 12:58:32 AM   
greyangelus


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Status: offline 		Meh, has very little to do with WMD' s and everything to money.  Petroleum by and large is still traded in dollars, which is how Venezuela derives pretty much all its income from the sale of (It is a member of OPEC after all).  With the US economy tanking and taking the purchasing power of the dollar along with it, many oil-producing states are becoming leery of accepting dollars as payment for the oil. A majority of OPEC members depend upon American military and diplomatic muscle to stay in power, Saudi Arabia and Kuwait leap to mind ( remember Gulf I? It really was the oil, stupid), so they continue to insist upon dollars as payment, even though it is quickly turning into a liability for them, (quid pro quo arrangement in essence, also a major aggravating factor in the price of oil going so high in the last few years).

On the other hand, some major oil-producing states have already either stopped accepting the dollar as payment for oil, or they are moving to do in the near future.  Wanna guess who these nations are?

Iraq (In 2000, Iraq stopped accepting dollars as payment under the Food-For-Oil Plan, only resuming accepts dollars for exported oil after 2003  http://www.trinicenter.com/oops/iraqeuro.html)
Russia (has expressed interest in an oil bourse in Russia, with trades accepted and denominated in rubles http://en.rian.ru/russia/20071114/88030056.html )
Iran ( Plans were afoot to open a oil bourse similiar to the IPEX and NYPEX denominated in euros as of 2004, payments for oil have be denominated in Euros or other currencies excluding the US dollar since late 2007 http://www.worldnetdaily.com/news/article.asp?ARTICLE_ID=59109 )
Venezuela ( In 2000, Chavex made arrangements to accept goods and services in lieu of dollar payments, has all initiated steps to complete remove all reserve dollar holdings in favor of euros, see the links for Iraq and Iran )

As for why all of this is important, this link pretty much says it better than I can http://www.trinicenter.com/oops/iraqeuro.html.

In summary, in order to retain its value despite the massive expansion of the money supply since 1973 (especially in the form of total Federal debt, note the years that the debt started to increase by a major percentage http://www.cedarcomm.com/~stevelm1/usdebt.png ), new things to shove that money into had to be created in order to hide that expansion.  And "poof" the petrodollar is created.


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RE: Chavez urges allies to pull money out of US - 1/28/2008 8:36:15 PM   
Real0ne


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Excellent comments and links GA!  Thanks!  Sure did get quiet in here didnt it?





_____________________________

"We the Borg" of the us imperialists....resistance is futile

Democracy; The 'People' voted on 'which' amendment?

Yesterdays tinfoil is today's reality!

"No man's life, liberty, or property is safe while the legislature is in session

(in reply to greyangelus)
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RE: Chavez urges allies to pull money out of US - 1/28/2008 10:38:08 PM   
UtopianRanger


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quote:

ORIGINAL: Level

quote:

Venezuelan President Hugo Chavez urged his Latin American allies on Saturday to begin withdrawing billions of dollars in international reserves from U.S. banks, warning of a looming U.S. economic crisis.


Chavez made the suggestion as he hosted a summit aimed at boosting Latin American integration and rolling back U.S. influence.

"We should start to bring our reserves here," Chavez said. "Why does that money have to be in the north? ... You can't put all your eggs in one basket."


http://news.yahoo.com/s/ap/20080126/ap_on_bi_ge/venezuela_alba_summit



I consider this to be great news, as it will further exacerbate an already deteriorating economic situation.  

One can only hope that the American people are flogged-- by this--- at a level where it hurts so bad that enough of them will begin see beyond the phony Democrat /Republican false-paradigm.







- R

< Message edited by UtopianRanger -- 1/28/2008 11:01:35 PM >

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RE: Chavez urges allies to pull money out of US - 1/29/2008 12:37:55 AM   
greyangelus


Posts: 192
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Status: offline 		I've noticed.  Numbers and facts tend to kill arguements, as no opinion on earth can change (provided one is provided or knows ALL the facts, leaving bits and peices out can radically change the outcome)

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RE: Chavez urges allies to pull money out of US - 1/29/2008 12:58:07 AM   
cyberdude611


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Status: offline 		Castro tried to do the same thing in the 70s.... It didnt work.

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RE: Chavez urges allies to pull money out of US - 1/29/2008 1:14:03 AM   
greyangelus


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quote:

ORIGINAL: UtopianRanger

quote:

ORIGINAL: Level

quote:

Venezuelan President Hugo Chavez urged his Latin American allies on Saturday to begin withdrawing billions of dollars in international reserves from U.S. banks, warning of a looming U.S. economic crisis.


Chavez made the suggestion as he hosted a summit aimed at boosting Latin American integration and rolling back U.S. influence.

"We should start to bring our reserves here," Chavez said. "Why does that money have to be in the north? ... You can't put all your eggs in one basket."


http://news.yahoo.com/s/ap/20080126/ap_on_bi_ge/venezuela_alba_summit



I consider this to be great news, as it will further exacerbate an already deteriorating economic situation.  

One can only hope that the American people are flogged-- by this--- at a level where it hurts so bad that enough of them will begin see beyond the phony Democrat /Republican false-paradigm.

- R


Quite unlikely which is unfortunate, and also would make very little difference.  The root of the problem is in the very thing the economy relies upon in order to function, the dollar as a fiat currency.  Fiat currency by its very nature is exponentially inflationary.  The current economic crisis is starting to reach the point where the meltdown of the reactor has started and no cooling rod yet invented will stop its eventual destruction.

http://www.nypost.com/seven/01212008/news/regionalnews/eat_it__weep_445569.htm?CMP=EMC-email_edition&DATE=01212008

This is a rather interestig article, because it illustrates just how bad inflation through devaluation has been this year.  Going by the numbers very roughly, figure inflation has been 30% or so ( I found another article that gave a computed M3 at 34%, unfortunately one without sources so i cannot corroborate it).  I can personally attest to this jump, I've seen the price of a gallon of milk jump 80-90 cents in the last year in my own area.  Pay very close attention to the percentages that are given in the article, the very first paragrph has them listed in the hi 20's to lo 30's,  and 3 paragraphs down lists that same percentage at 5.5% average.  Take a wild guess as to which is the right percentage :).

The oil prices thing is accurate, but what is left unsaid is that the same inflation affecting consumer goods is also affecting oil, giving a nice one-two effect.

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RE: Chavez urges allies to pull money out of US - 1/29/2008 1:15:58 AM   
greyangelus


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quote:

ORIGINAL: cyberdude611

Castro tried to do the same thing in the 70s.... It didnt work.


Castro also didn't sell millions of barrels of oil denominated in dollars, which is why Chavez threat carries weight.

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