The United States Of... me?

[rodbolt]

Re: The United States Of... me?

when did the US base the dollar in oil?
It happened in the 70's when the US went bankrupt.
cant rember the exact dates but in the mid seventies several countries got a tad nervous about their dollar holdings, they tried to trade them in for the gold that bcked the dollar at the time.
problem was we did not have enough gold to pay for the dollars.
kinda like writing a 50 dollar check with only 25 dollars in the account.
thats when we shifted from a gold backed dollar to an oil backed dollar.
its also why we will have to attack any nation,like we did Iraq, that tries to end run the US and accept only Euro's for their oil shipments.
we simply wont have a choice no matter which administration spins it.
only thing I wish is that I had bought more Euros when I had the chance, had I bought up 50K or so worth of them 6 years ago the profit margin would be decent.
I just wonder how long England can resist the Euro, once that happens it may be a long downhill run.

 

[Tail_Gunner]

Re: The United States Of... me?

when did the US base the dollar in oil?
It happened in the 70's when the US went bankrupt.
cant rember the exact dates but in the mid seventies several countries got a tad nervous about their dollar holdings, they tried to trade them in for the gold that bcked the dollar at the time.
problem was we did not have enough gold to pay for the dollars.
kinda like writing a 50 dollar check with only 25 dollars in the account.
thats when we shifted from a gold backed dollar to an oil backed dollar.
its also why we will have to attack any nation,like we did Iraq, that tries to end run the US and accept only Euro's for their oil shipments.
we simply wont have a choice no matter which administration spins it.
only thing I wish is that I had bought more Euros when I had the chance, had I bought up 50K or so worth of them 6 years ago the profit margin would be decent.
I just wonder how long England can resist the Euro, once that happens it may be a long downhill run.

My dear Rodbolt just so you know the Usa has more gold than probalby any 3 country's combined...If the world went to a gold based system ..........well it would be a disater for the world that is.........We would win by margins that defy your imagination...

The Usa for all of it's short coming's has and will continue to lead the world in wealth tech and humanity issues, and you can take take comfort in the fact this is acheived on the back's of the little guy ...the average American citizen.....

RankCountryGold (tonnes)200720051United States of America8,133.58,133.52Germany3,417.43,427.83International Monetary Fund3,217.33,217.34France2,622.32,892.65Italy2,451.82,451.86Switzerland1,166.31,290.17Japan765.2765.28Turkey700.1700.19Netherlands624.5722.410People's Republic of China600.0600.011Russia438.2386.612Republic of China (Taiwan)423.3423.313Portugal382.6407.514India357.7357.715Venezuela356.8357.416United Kingdom310.3311.317Lebanon286.8286.818Spain281.6107.919Austria280.0307.520Belgium227.7227.621Algeria173.6173.622Sweden150.3155.423Libya143.8143.824Saudi Arabia143.0143.025Bank for International Settlements142.7185.326Singapore127.4127.427Philippines126.9187.928South Africa124.1123.929Romania103.7104.930Poland102.9102.931Thailand84.084.032Australia79.879.733Kuwait79.079.034Egypt75.675.635Indonesia73.196.536Denmark66.566.537Pakistan65.3283.038Kazakhstan62.758.639IranN/A65.3

 

[rodbolt]

Re: The United States Of... me?

tail gunner
not knocking anything, simply stateing facts that are not taught much in high school for some reason.
up until about 1973 the US reserve note(dollar) was a gold backed currencie.
means if you had a dollar bill you could trade it in for gold to the federal reserve, when a few countries got nervous about our oil economy they asked to cash in all their dollar holdings for gold.
problem was we simply did not have enough to supply that demand, technically bankrupt.
nomatter how you slice it.
china now holds almost enough doller reserves to do it again and thats scary cause once they lock onto a broader base market(European) my guess is they will do it just to try to become a superpower as well. now you can buy gold certificates with your dollar bill but not the actual metal.