Dubai Defaults (17 Viewers)
- Thread starter Bjerknes
- Start date
There was some guy who served as a pastor for oil executives in Alaska who was supposedly told this would happen. What they wanted to do was suppress the price of oil to the point where it would default OPEC nations and their constituents. After the run up to 148USD/barrel a couple summers ago, I bet tons of folks in Dubai took bets at having oil over 100 for the rest of time. Well, last year at this time we were around 40 per barrel. That is a huge, huge loss.
I guess that guy was right, which is scary, because he claims some oil exec said the US would default and become third world.
I guess that guy was right, which is scary, because he claims some oil exec said the US would default and become third world.
should've never trusted Alen...goddamn Croats 
seriously though, the average person here knew this was what was going to happen eventually...there was so much fake growth here in property values, not to mention crazy inflation...I just feel bad for the schmucks who fell for this scam
seriously though, the average person here knew this was what was going to happen eventually...there was so much fake growth here in property values, not to mention crazy inflation...I just feel bad for the schmucks who fell for this scam
And you guys are welcome.
As I've always maintained there is only one economic system that isn't doomed to fail and it lies between Capitalism and Socialism:
Capitalism---X---Socialism------Communism.
State control of natural resources, power generation and water supply, publi-private partnerships in healthcare and infrastructure.
This whole 'big government' phobia prevelent in the US is ridiculous, you've said it youself a few times that more government isn't the answer, maybe not in size and budget allocation. However, government reform in the US could revitalise the economy, especially if they stop puttign their faith in a system that ONLY works when the rules are followed, the invisible hand only works under perfect conditions, and that is why China and the BRIC countries with Europe to a lesser extent are looking long and hard at declining US economic hegemony. I would not be surprised if the Dollar is no longer the majority world reserve by the end of 2010.
Capitalism---X---Socialism------Communism.
State control of natural resources, power generation and water supply, publi-private partnerships in healthcare and infrastructure.
This whole 'big government' phobia prevelent in the US is ridiculous, you've said it youself a few times that more government isn't the answer, maybe not in size and budget allocation. However, government reform in the US could revitalise the economy, especially if they stop puttign their faith in a system that ONLY works when the rules are followed, the invisible hand only works under perfect conditions, and that is why China and the BRIC countries with Europe to a lesser extent are looking long and hard at declining US economic hegemony. I would not be surprised if the Dollar is no longer the majority world reserve by the end of 2010.
I think the dollar will be gone by 2013. You can't switch away from the dollar overnight, but it could certainly lose 20% of its value overnight. Countries are buying gold and other currencies in anticipation of a new reserve, which is being proposed by Russia.
What we need to do in the US is weed out all of the rent-seekers, corrupt politicians and prosecute the bankers who orchestrated this mess. Make it illegal for politicians to hold stocks of US companies and rid Washington of lobbying groups. No more government saving failed banks or institutions that made bad bets. Taking these measures will automatically thwart attempts to corrupt politicians into doing something not based on the best interest of the country and taxpayers.
Moral hazard and rent-seeking will become less of a problem, two of the three facets of history that got us into this mess. The third being Greenspan's cheap money policy.
What we need to do in the US is weed out all of the rent-seekers, corrupt politicians and prosecute the bankers who orchestrated this mess. Make it illegal for politicians to hold stocks of US companies and rid Washington of lobbying groups. No more government saving failed banks or institutions that made bad bets. Taking these measures will automatically thwart attempts to corrupt politicians into doing something not based on the best interest of the country and taxpayers.
Moral hazard and rent-seeking will become less of a problem, two of the three facets of history that got us into this mess. The third being Greenspan's cheap money policy.
Green shart alert! The markets are going crazy right now! US futures are getting ass raped and Asia markets are down around 2%. Even dollar futures are down, breaking the inverse correlation between the dollar and US equities. We might have hit a major breaking point in the global markets due to this news and news coming from Greece.
Today is Black Friday in the United States because of the after Thanksgiving shopping, too.
Today is Black Friday in the United States because of the after Thanksgiving shopping, too.
I was reading an article alst week about russia's reserves being 60% Euro now and the only reason that China has get to switch is that obviously flooding the markets with 200BN would make China lose a lot of money.
I find it hilarious with the interest groups being allowed to fianance politicians. Here you can donate €1200 max no matter who you are. It's also partly your Biparty system that actually aids corruption in that with only two parties which are only economically different in real terms you've created a boys club, you need a labour party pronto.
I find it hilarious with the interest groups being allowed to fianance politicians. Here you can donate €1200 max no matter who you are. It's also partly your Biparty system that actually aids corruption in that with only two parties which are only economically different in real terms you've created a boys club, you need a labour party pronto.