Thread: Traitor Greenspan Urges Gulf States To Abandon Dollar

Alan Greenspan has again exposed himself as a traitor working against the interests of the American people by urging Gulf states to abandon the dollar peg, a move that could result in financial chaos and an economic depression in America.

The dollar peg mandates Gulf nations to price their assets in U.S. dollars and follow U.S. monetary policy at a time when the Fed is cutting interest rates, a system that has produced a boom in oil revenues but led to high inflation as the dollar weakens.

Article here.....

I thought that it was a policy of Greenspan to protect the dollar, hell this is proof that the economy is being tanked on purpose.

That flushing sound well thats you dollar.

Greenspan is retired, he can say what he wants. He is correct in his advice. Is it immoral to say what is right?
That is the problem with patriotism, it works against truth, justice and intellectualism

Originally Posted by Latherty

Greenspan is retired, he can say what he wants. He is correct in his advice. Is it immoral to say what is right?
That is the problem with patriotism, it works against truth, justice and intellectualism

Well let me drop a bit of news on you, with all due respect to your opinion. The petro dollar is all we have, people listen to Greenspan. If they heed his word and oil sells for Euros then our economy is done for. It is not like we manufacture anything and therefore there is nothing to fall back on.

This is a bad move by Greenspan, but it would be fair to say that he knows that.

Probably, so what?
Is it the problem of the gulf states whether the US is over-reliant in foreign currency pegs? Why should the gulf states suffer to keep US citizens in luxury? would the US do the same for them?
Shouldn't the US be able to stand on its own two feet economically?

Originally Posted by Latherty

Probably, so what?
Is it the problem of the gulf states whether the US is over-reliant in foreign currency pegs? Why should the gulf states suffer to keep US citizens in luxury? would the US do the same for them?
Shouldn't the US be able to stand on its own two feet economically?

Well yes it should, however with the current administrations policies we can't. We are in a recession now and it is only the tip of the iceberg. If we had a manufacture base to fall back on I probably would think that this is a great idea, at least a good idea. But as it is, we are going to have a bigger problem then even I could imagine. Basically the only thing that we have going is the fact that oil is sold world wide in US dollars. Once that stops then recession will get worse. That will cause countries to not buy the dollar, again worsening recession. It is a spiral effect straight to the bottom.

Right now we need to raise interest rates, get the manufacturing base back, and keep oil revenues in dollars.

Yes, but other countries do not want to go down with the US sinking ship...why should they?
Would we?

Originally Posted by Latherty

Yes, but other countries do not want to go down with the US sinking ship...why should they?
Would we?

They want to switch to the Euro here Latherty, it was one of Greenspan's last wishes before he retired.

The countries of the world will drop the dollar like a hot potato if OPEC changes to the Euro, you haven't seen recession yet.

Originally Posted by michaelr

They want to switch to the Euro here Latherty, it was one of Greenspan's last wishes before he retired.

The countries of the world will drop the dollar like a hot potato if OPEC changes to the Euro, you haven't seen recession yet.

Absolutely, but the US economy using the gulf states as a crutch is not sustainable. What will grow the economy in real terms is US goods being comparatively cheaper, making the economy more competitive. This might involve some pain as a transition, but we have to be realistic here.

If we can only afford our ever increasing debt-fuelled consumerism because other countries are carrying the burden, we are set for an ever increasing vulnerablity to their whims. Our current exposure is the result of this, and sustaining it will only make it worse when it eventually reverses, as it will at some stage... its only a matter of when.

This is screwing Europe as well, incidentally...

I was under the impression that devaluing the US dollar would hurt almost all developed and semi-developed nations equally, as they all HOLD so many US dollars.

Originally Posted by Dr.Knuckles

I was under the impression that devaluing the US dollar would hurt almost all developed and semi-developed nations equally, as they all HOLD so many US dollars.

Actually they are getting hit hard.