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Bloomberg: Don't Panic, USA Has 'Infinite Amount of Money'
#11
Dave;84569 Wrote:What is interesting to me is not the gold buying but how they are spending all them dollars buying up mineral rights around the world, most notable Africa.

We have nothing to worry about in regards to China buying up mineral rights. I read on the inturwebs that Obama has found a major source of Unobtanium, worth a little over $20M/Kilo. It's gonna get us completely out of the mess we're in.
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#12
billamj;84565 Wrote:
Deal_me_in;84564 Wrote:Everything is always fine until it isn't. I don't necessarily disagree with you that a currency collapse isn't imminent, but these things are rarely accurately predicted by mainstream economists let alone by Dave from the gun board. Are you saying that you support borrowing/printing at unsustainable levels for now?

There is talk of making the Yuan the world's reserve currency, probably because the Chinese central committee has had a policy of buying gold bullion for the past year or so. Not sure how viable it would be but...


At the very least they are positioned to step in should the dollar falter. China has problems of their own to deal with, but the ability to offer a gold backed currency at some point in the future is definately a threat to the petrodollar.
Deal_me_in, proud to be a member of pa2a.org since Sep 2012.
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#13
If the dollar fails I don't think you would see another dominating currency for a very long time. And as hinted at in the statement, if the dollar fails it may just hurt china more than us. If not more they would be pretty much screwed without lube.

Think of a bank and if all of a sudden everybody stopped paying their mortgage. The home owner is in trouble but the bank is dead.

The main thing going for us is that all players have a very real vested interest in keeping the game going. And make no mistake, even with all of our issues we remain incredibly rich and powerful compared to everybody else. I would never bet against the US no matter how fashionable it is these days.
Dave, proudly annoying members of pa2a.org since Sep 2012.
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#14
Dave;84569 Wrote:
billamj;84565 Wrote:There is talk of making the Yuan the world's reserve currency, probably because the Chinese central committee has had a policy of buying gold bullion for the past year or so. Not sure how viable it would be but...

Honestly don't think we will ever see that in our life times for a number of reasons, mainly that no country in Asia would ever trust China with that much power. The yuan as well as export manufacturing is also still too centrally controlled. And yes, by leaps and bounds over us.

What is interesting to me is not the gold buying but how they are spending all them dollars buying up mineral rights around the world, most notable Africa.

It isn't the mineral rights that I find so interesting as the types of minerals that they seem to be going after. We could be in deep shit if they corner the market on certain of those minerals.
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"The problems we face today are there because the people who work for a living are outnumbered by those who vote for a living." Dan Cofall
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#15
billamj;84592 Wrote:It isn't the mineral rights that I find so interesting as the types of minerals that they seem to be going after. We could be in deep shit if they corner the market on certain of those minerals.

Much of the reason why they've cornered the market on some minerals is because our government is regulating so many mines in the US to the point that it isn't worth it to mine here anymore.

There was an article a few years ago about china cornering the market on Rare-Earth magnets because we don't produce them like we did here anymore. Not because we've run out but because of the EPA. I believe the same is happening for things like cadmium and other minerals that are used in technology.
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#16
streaker69;84593 Wrote:
billamj;84592 Wrote:It isn't the mineral rights that I find so interesting as the types of minerals that they seem to be going after. We could be in deep shit if they corner the market on certain of those minerals.

Much of the reason why they've cornered the market on some minerals is because our government is regulating so many mines in the US to the point that it isn't worth it to mine here anymore.

There was an article a few years ago about china cornering the market on Rare-Earth magnets because we don't produce them like we did here anymore. Not because we've run out but because of the EPA. I believe the same is happening for things like cadmium and other minerals that are used in technology.

Which brings up a few more questions for this administration to answer. How the hell do they intend to continue building/replacing aircraft, satellites, certain tank parts and certain ship parts needed to protect the CONUS, if we are no longer able to mine enough of the raw materials to do so?
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USAF (1976 -1986) NRA, GOA Anim_sniper2
"The problems we face today are there because the people who work for a living are outnumbered by those who vote for a living." Dan Cofall
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#17
billamj;84607 Wrote:
streaker69;84593 Wrote:Much of the reason why they've cornered the market on some minerals is because our government is regulating so many mines in the US to the point that it isn't worth it to mine here anymore.

There was an article a few years ago about china cornering the market on Rare-Earth magnets because we don't produce them like we did here anymore. Not because we've run out but because of the EPA. I believe the same is happening for things like cadmium and other minerals that are used in technology.

Which brings up a few more questions for this administration to answer. How the hell do they intend to continue building/replacing aircraft, satellites, certain tank parts and certain ship parts needed to protect the CONUS, if we are no longer able to mine enough of the raw materials to do so?

We'll buy those materials from China of course. Just think about all those millions of harddrives currently sitting inside military and government hardware.
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#18
streaker69;84611 Wrote:
billamj;84607 Wrote:Which brings up a few more questions for this administration to answer. How the hell do they intend to continue building/replacing aircraft, satellites, certain tank parts and certain ship parts needed to protect the CONUS, if we are no longer able to mine enough of the raw materials to do so?

We'll buy those materials from China of course. Just think about all those millions of harddrives currently sitting inside military and government hardware.

Exactly and it isn't like China would embed worms in those harddrives, and they would never in a million years decide to cut off our supply.Angel
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"The problems we face today are there because the people who work for a living are outnumbered by those who vote for a living." Dan Cofall
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#19
billamj;84614 Wrote:
streaker69;84611 Wrote:We'll buy those materials from China of course. Just think about all those millions of harddrives currently sitting inside military and government hardware.

Exactly and it isn't like China would embed worms in those harddrives, and they would never in a million years decide to cut off our supply.Angel

Don't worry, I'm sure amidst all the budget cuts in defense that we're checking every single line of firmware and BIOS of every machine that's deployed. It isn't like they could possibly hide something in there.
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#20
Dammit who let Bloomberg in on the infinite money cheat code?
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