'Dollar can't be reserve currency' - Peter Schiff

[datzfast]

what is a reserve currency? does it mean every country on earth coverts euros and china dollas to US dollars to buy oil?

[JackHabbit]

So the U.S want the rest of the world to help with their task of global capitalisation and now that the majority is on board they're claiming they're losing at their own game... WTF! With superpower comes super-responsibility, changing the rules every time you start losing won't make the game any better. Capitalism is man-made and flawed, just like everything else man-made.

[gregger4truth]

So, i'm curious, what happens to the guy who has a mortgage and the dollars he owes the bank aren't worth anything? What does the bank do? The deal he made was for dollars, right? Does he get a free house then, cuz the bank goes out of business? Does the gov't create a law that says he now owes the bank the equivalent in whatever new currency they adopt?

[wingedarr0w]

@gregger4truth nah banks are smarter than that, they will chuck up interest rates to 1000000000% or something like that.

[datzfast]

@gregger4truth your dept is in federal reserve bank notes that are legal tender for all goods and services public and private. the bank isnt loosing anything. its paid in full. if the money has no value its because it never did. you were just in slavery

[rockhuddy]

All the gold has been moved offshore... look at the Gold Confiscation Act of the 1930s, where by law US citizens were forced to turn their gold in to the private Federal Reserve bank. They stole all our real wealth and forced us to use their phony paper money instead. Does anyone think the Fed actually kept the gold for the American people, who it originally belonged to?

[hmakas]

@rockhuddy gold is worthless as well, its a stinkin rock. I'm tired of these gold fanatics. Every form of money ever used is worthless in itself. Its the faith behind it. If i manage to brainwash everyone that bird shit is the new currency then that will be worth more. Gold just has a long history of being used as money. Fiat currency dates back to the greeks who made gold coins that were only 5% gold.

[rockhuddy]

@hmakas The desirable characteristics for money are as follows: scarcity, durability, divisibility, and portability. This is why, as you note, precious metals have long been used as money.

[datzfast]

@hmakas gold is not rock its a metal shiney that attracted the eye in a riverbed. money and the idea of money is a creation of man. in fact most money is now electronic money or virtual money. 

[needbailout]

need to destroy russia or else the us is doomed zibigniew brezenski plans to have iran attack russia once iran has 200 warheads and friendly to zionist Henry kissinger wants to turn iran into a nuclear holocaust adventure a place to take the kids/ family 4 a real 70 million massacre lol

[babil81]

dollar are going to be the new toilet papers cheap and in abundant

[CrossHeart79]

because the dollar isnt backed up by anything, it doesnt have any real value. its pretty much just a piece of paper with a picture on it which people accept as money.

[BlueSkies360]

another great one from Peter

[dancecosmic]

cold:

1$ = 2 Rub

[Turbo291]

reason dollar is currency - US military might. Thanks to Bush no one wants to mess with USA.

[MortalAndKnowingIt]

don not blame americans, not all of them are stupid ... actually there si 3-5 % of them who actually know what is happening .... blame the constant erosion in education, civil rights, and other policies that caused americas transformation from heaven on earth to a travesty of a country which is now ... im not an american, but if america goes in the shit hole, guess what ... so does everyone else ...

[sugarpuddin88]

Just face it: Americans love to bend over & take it like a little yatch!

Meanwhile, my Norwegian Kroners are going ballistic - Thank god I rolled all my IRAs, 401s & annuities into foreign currency IRAs

Now I'm making a killing!

The worse America does, the more money I make!

Go America Go!

[sugarpuddin88]

People may think the privately owned Federal Res Bank that our US Constitution forbids has money, but you would be wrong: Just like the empty hallows of Fort Knox, the FED has swapped all its treasury paper for all these worthless toxic assets that wiped out the banking system. If we get a Ron Paul styled audit of the FED, you will see it holds no value at all. This is also why Germanys Prime Minister last week pissed on the FED: They know it is broke & Germany wants its gold bullion back

[MortalAndKnowingIt]

fort knox is empty and has been so for almost 25 yrs .... the US doesnt have one single once of gold in FK ...

[sugarpuddin88]

Just face it: Americans love to bend over & take it like a little yatch!

Meanwhile, my Norwegian Kroners are going ballistic - Thank god I rolled all my IRAs, 401s & annuities into foreign currency IRAs

Now I'm making a killing!

The worse America does, the more money I make!

Go America Go!

[datzfast]

@sugar puddin 88 the german euro and the american dollar are bank notes owned buy the same family. we already have a free world currency. neither will replace the other, they are the same. So what assets do the bank own? well they have Evey dollar ever paid back to the bank. about 100 trillion dollars. Of couse they become just paper the moment you money becomes just paper. what can they do whit all that money? well last year they gave a trillion to the US government as a gift.

[joeymackaroni]

I feel so sad about his father...

Irwin Schiff is a political prisoner and a hero to all of us even to those who have never heard of him.

[joeymackaroni]

watch?v=0J5XxFlWts0

read it at the end...it's a shame

[BlueSkies360]

joe: thanks for this

[MortalAndKnowingIt]

yep youre correct buddy .... i just dont get why doesnt he get more media exposure now that peter is all over the news ....

[TheVampirella]

Peter Schiff rocks! I sure hope he decides to run for the US Senate.