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

Dollar has no future as a reserve currency, believes economist Peter Schiff. He says having reserves backed by the dollar is worthless.

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[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?

[BlueSkies360]

another great one from Peter

[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.

[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.

[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

[datzfast]

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

[wingedarr0w]

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

[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?

[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.