US has dug a ditch too deep to escape.

PocketChange · Feb 11, 2011

Our Government Spends $35B every 5 days and adds $35B to our debt every 9 days. IMF is making moves to remove the dollar as the world currency.

The jig is up... fat lady has sang.. game over. There is no escape and all that remains is the typical raping and pillaging that goes with a collapse.

Our multinationals and bailed out banks have moved their profitable assets and investments overseas leaving their toxic ones behind. Our politicians are desperately trying to create jobs and every program has failed. It's sad when they announce a program saving 11 jobs as a success. Unfortunately the quicker we hit rock bottom the quicker we can start on rebuilding... An ugly and painful future.

Patriot act passed the house today after our homeland cronies pleaded stating our current terrorist threat is at the highest level since 9/11. So WTF has really changed since 9/11?

Even if we shut down every branch of our govt except for the department of defense we still lose money each and every day. Our defense department needs to bring home riches from their conquests to justify the effort.

Take out the biggest loans you can... buy a yacht and sail away.

peilthetraveler · Feb 11, 2011

Yeah we are digging a big hole because Obama was told as a child that if you dig a hole deep enough, you will eventually end up in China. And of course Obama knows thats where all our money is so he figures if the hole is deep enough, we end up with all the dollars like the chinese!

T_Geithner · Feb 11, 2011

Quote from PocketChange:

IMF is making moves to remove the dollar as the world currency

Where did you get that from?

nutmeg · Feb 11, 2011

I see the IRS has a new amnesty program.

The last amnesty program from the IRS netted 400 million dollars.

Chump change.

PocketChange · Feb 11, 2011

http://money.cnn.com/2011/02/10/markets/dollar/index.htm

http://blog-imfdirect.imf.org/2011/02/10/stronger-financial-architecture/

And an IMF published paper: Enhancing International Monetary Stability--A Role for the SDR http://www.imf.org/external/pp/longres.aspx?id=4523

The SDR has enjoyed renewed attention lately in the context of debates on international monetary reform. To be sure, the term SDR has been used to refer to three different conceptsâ(i) a composite reserve asset created in 1969: the âofficial SDRâ as defined in the Fundâs Articles; (ii) a potential new class of reserve assets: tradable SDR denominated securities issued by the Fund or an investment vehicle backed by a subset of the Fundâs membership; and (iii) a unit of account, which could be used to price internationally traded assets (e.g., sovereign bonds) and goods (e.g., commodities), to peg currencies, and to report balance of payments data. All three are discussed in this paper.

Give this a quick read... In Black & White spelled out rater clearly:
http://www.imf.org/external/np/pp/eng/2011/010711.pdf

Quote from T_Geithner:

Where did you get that from?

nutmeg · Feb 11, 2011

Quote from peilthetraveler:

Yeah we are digging a big hole because Obama was told as a child that if you dig a hole deep enough, you will eventually end up in China.

Heads up Obama, we'll be in the Indian Ocean near Australia.

http://www.antipodemap.com/

antitrust · Feb 11, 2011

Quote from PocketChange:

Even if we shut down every branch of our govt except for the department of defense we still lose money each and every day. Our defense department needs to bring home riches from their conquests to justify the effort.

Take out the biggest loans you can... buy a yacht and sail away.

welcome to the empire where have you been

Pauky · Feb 11, 2011

Quote from PocketChange:

Take out the biggest loans you can... buy a yacht and sail away.

Why should we take out the biggest loans that we can? What's the purpose?

Scataphagos · Feb 12, 2011

Quote from PocketChange:

"... Our defense department needs to bring home riches from their conquests to justify the effort.

Riches from conquests?

The list must be short... I can't think of any. (Think of all the money we spent in Iraq. Not only did we not "get" their oil, we don't even get first shot at BUYING it.... or am I missing something?)

PocketChange · Feb 12, 2011

Yeah.. this is going to happen very fast with little notice or debate.
Behind closed doors everyone knows we can't pay our bills and their surety: the good faith and force of the US treasury is just a printing press.

If you think about it... all it takes to push this through is for OPEC to require settlement of OIL contracts in SDR backed instruments. Once one commodity adapts all others are forced to do the same.

IMF is going to propose and recommend using SDR backed instruments.
US is going to pitch a fit and threaten the world.
The next business day OPEC will require SDR settlements.
By the end of the week CME Group will require the same to settle all futures contracts.

Then we will feel the pain much the same as Zimbabwe.

Quote from T_Geithner:

Holy fuck! This is big news.