On the Edge with Max Keiser - 09 October 2009 (3/4)

[traynickel]

Jim Willie is the best, one step up from Bob Chapman, but not much.

[sugarpuddin88]

For the Arabs to now talk of refusing the US dollar means they are convinced the Chinese & Russian military will protect them from Saddam's fate!

This will make my Norwegian Kroners will go through the roof!!!

1.5 Quadrillion dollars in derivatives!

[tuktukktotam]

This is 100 % true . I speak Russian and watch Russian Duma , they have been talking about ditching dollar for a few years now

China and Arabs in same boat and even France and Germany want their gold back .

[trevormac77]

deflation knuckleheads, ha! Take that Mish Shedlock!

[orangedac]

The banks & financial companies were smart. They rushed to the trough first and managed to clean it out using their government insiders like Bernanke, Geithner and compliant (clueless) guys like Obama.

When the rest of society gets to the trough, they will find it bare.

[Piscivorus]

Well, 300+ million pissed off people aren't just going to sit in their apartments and stair at the walls after the dollar collapses and they loose their jobs and can't pay afford to buy food or pay their utility bills. The idiots responsible for this will have nowhere to hide.

[tuktukktotam]

that is true but they have a perfect hideout place for those people inside of FEMA camps happy camping people lol

[TungstenOrWolfram]

hey, the global economy is fucked up because of a bunch of criminals, no shit. so... what's new?

[DavidAKZ]

Money flow in the financial sector is destroying the real world 'goods and services' economy. In other words, borrowing to prop up the balance sheets of failed investment banks may inflate banking bonuses, but for the rest of faced with rising unemployment and debt , prices have to fall because people cant buy at the current inflated prices. This Willie is a Wall St clown

[markdcarter]

Your analysis is a good one! The whole financial sector is a fictitious overlay that has less and less to do with real goods and services. Privately-issued monopoly "money" ("legal tender" = use this or we smack you) is becoming ever more abstract: people who cling to it are caught in a hypnotic trance... ah, the sorcerors of Basel and the City of London.

I think it's the fear of change and of independence/ personal sovereignty that has kept people cowed for so long. Not for much longer though!

[gazoorap]

i was going to update my oil burner 5 years ago its a coal burner and oil its 30 years old and a dinosouer.

i didnt i spent the last 3 days cleaning it burner .its a ot harm they stoped making them but can get parts. im burnin coal

[ziggenzify]

Americans will change their behavior alright. Tent cities, slave labor, drugs, crime, and cotton picking. And if oil stays the same for the other nations in terms of cost, than they will continue growing and we will be left out in the cold.

[TonyUnplugged]

Obama is going to invent green technology to make our cars run on water. :-D Who needs oil when you have Obama's green jobs and technology ? :-P If oil goes up to $5 per gallon or higher, Americans will drive less, We are the largest consumer of oil. We will change our behavior.

[SSWOLFENSTEINSS]

I hope you saying that sarcasticly. this is not 1970 when america was the #1 oil producer.The oil embargo of 1973 failed only because of that reason and america was the largest consumer of oil by far for its manufaturing industry. Today  americais are totally addicted to oil. I think petroluim product refining is one of the last major American manufacturing sectors left employing people and if America purchased no oil today From "Arabia" others would pick up the slack in a hart beat.

[1blnde]

U.S. economy priced in dollars. ?.,Obviously. Oil already priced and traded in Euros(Shedlock).For instance, if oil is priced in Swiss francs, then we'd buy francs and then buy oil.Never does explain the deflation knucklehead idea. Maybe too much Costa Rican sun on Jim's head!

[ziggenzify]

If no one wants dollars than we wont be able to trade dollars for other currencies. Or more dollars will be needed. You have a poor understanding of the magnitude of loss of dollar as a world reserve currency.

[overseachininadoll]

Sure understand very well. So the Americans no longer can bomb here bomb there to "spread the Americans' #1 democracy" at whim. It'll whip the arrogant off their face. The Americans will have to relearn the lesson their grandparents had learned in the past.

[overseachininadoll]

Common guys. I doubt about that they will ever trade oil without the Dollar. Most certainly the dollar will be one of the basket currencies in the trade. The Dollar may not be the reserved currency in the future but still will be one of the hard currencies of the world after gold.

[motorolarules]

Why?

[overseachininadoll]

Gee, isn't so obvious? Who owns the world's biggest oil companies as well as the technologies and the capability in oil field development drilling and refine etc etc? Who are the kings in the oil businesses? If it's not Uncle Sam, I don't know who is.

[motorolarules]

I certainly understand your point of view and am hard pressedto disagree with you. However, there is something different about how the world seems to be treatin gthe biggest bully of our life time, the US. Maybe its just the ability to find information now due to the net but people are learning more, faster and making decisions differently on the world stage. Thanks for the response!

[mengwise36]

You are mistaken. Uncle Sam does not own anything. This is not a socialist country. Uncle Sam does not own the oil companies. If anything, those big oil companies owns Uncle Sam.

[overseachininadoll]

Mistaken? Who do you see Uncle Sam is? Someone different than "THE AMERICAN INTEREST?" I'm afraid mistaken is u, not me.

Uncle Sam is the Empire Window Dressing the Empty Suit. The body inside is the interest groups in favor of the time. Be it the oil industry, defense industry, banking mafia, insurance health or death. They are inside the body is Not by accident.

[mengwise36]

Uncle Sam is the national personification of the United States and sometimes more specifically of the American government, with the first usage of the term dating from the War of 1812 and the first illustration dating from 1852.

You are mistaken.

[supreme600]

I think hes Saint Germain.

[supreme600]

I am afraid you are wrong about this. The government owns 70% of Exxon and roughly 60 to 70% of the stock market via the government pension funds. more information can be found on cafr1 . com

[mengwise36]

How is the government pension funds the same as "Uncle Sam"? Can the government shut down production? Can the government sell off asset? Can the government fire and hire executives? I think not.

[supreme600]

I never said government pensions are the same as Uncle Sam. The government can force corporate America to shut down production, sell assets, and hire and fire executives through the use of its proxy votes.

[WOGI5M]

What makes you think so?

[overseachininadoll]

How do you pricing oil? Base on what? RMB? Yen? Arabian money? Gold? They have to spend days and nights to figure out the right price. Need the math big shots from the Wall Street to help them out may be.

You don't trust dollar OK. What other currencies do you trust? What and who is there to protect the Swiss Frank or the Keivie? Who's dare to invade USA demand their money back?

[overseachininadoll]

The Dollar is still the world's reserve currency before they have a replacement. Moreover, what kind of basket currencies is it without the dollar - the currency of the strongest country even when it's in it's worst.

[mengwise36]

You don't invade a country to demand your money back. You just stop doing business with them.

[1mealperday]

reads Jim Willie . He is right on the money.

[SolitonPL]

Jim Willie Rocks! This guy is so awsome! Pure truth & great analysis! Always on the economic edge!

[TilveranNavarre]

Go gold :)