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View Diary: Anti-Capitalist Meetup: Money and Magic Beans (46 comments)

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  •  Currencies are very interesting (10+ / 0-)

    Like language, they emerge early and often in the evolution of the species.

    I'd like to introduce an overlay to this discussion of "national" and virtual currencies. It is the idea of a global currency.

    From the very beginnings of commercial trade between nations, we have had one. They have always been sponsored by a particular nation. Inevitably, that currency becomes corrupted or debased by the controlling nation through over-reach, hegemony, loss of confidence, and greed -- and the nation's power recedes.

    Here's what it looks like:

    The world is detaching from the US dollar for all the reasons above -- and the super power status of the US is in a precipitous fall.

    The terms of the Bretton Woods agreement were broken in the early 70s, when Nixon detached the currency from gold. (The sins of Vietnam war costs.) But the world continued to use the Dollar.

    I'll skip the piling on of corruption along the say, such as banking monopolies and the forced growth of consumer class debt via inflation, which caused a loss of confidences globally.

    The final straw has been the total paralysis of Federal Government, the sinking of the US into third world demographics, and above all -- massive QE from the Fed that exports inflation, and the constant threats that the US was prepared to default via debt ceiling terrorism.

    I'm a currency trader. Yes, the exchange rate business casino is still the largest market on earth. But in the real world, nations are letting their Dollar reserves drop and they trade with direct currency swaps instead, avoiding the dollar at all costs. Trillions upon trillions of US dollars are heading back to the US from a once dollarized world.

    Sounds like a good thing, huh? All that money.

    It's an economic tsunami.

    Denial is a drug.

    by Pluto on Sun May 19, 2013 at 04:30:53 PM PDT

    •  Oh, and fascinating Diary. Thanks, northsylvania. (6+ / 0-)

      Denial is a drug.

      by Pluto on Sun May 19, 2013 at 04:31:55 PM PDT

      [ Parent ]

      •  Thank you for commenting. (5+ / 0-)
        Recommended by:
        JayRaye, Pluto, Odysseus, AoT, BlueDragon

        I had hoped at least a few of the people who had experience with currencies and currency trading would weigh in.
        The Euro has obvious problems, the Pound is in process of devaluation (if you live in an island economy with no manufacturing and failing agriculture, you notice things like that). The Japanese are doing the same. If cracks are appearing in the facade of the almighty Dollar, it is time to begin some process of alternative exchange into use, until the central banks come to the realisation that playing beggar your neighbour will also beggar your own citizens.

        You..ought to be out raising hell. This is the fighting age. Put on your fighting clothes. -Mother Jones

        by northsylvania on Mon May 20, 2013 at 12:19:47 AM PDT

        [ Parent ]

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