[Marxism] Are we facing the mother of all bubbles?
dwaltersMIA at gmail.com
Thu Mar 5 14:36:19 MST 2009
Well, that's a twist I hadn't thought about "military backed currency".
I'm not sure 'value' is established that way. However, clearly the value
has gone up in recent months, *especially* against weaker currencies
like the Mexican peso, which has dropped about 30% against the USD.
Still...aircraft carries do not a currency makes, me thinks.
The only think that keeps the USD going big time is petroleum and that
countries like the PRC and the Saudis keep buying it up (the dollar that
is) to prop it up. At this point, if the USD to a bbl of oil declines,
the dollar with tumble quite rapidly and, if other currencies don't fall
AS rapidly, we may actually see that Euro based oil mercantile exchange
in Terhan (now "filled" with bored traders standing around not looking
at each other) and Chavez's rather flaccid threat to accept Euros for
his country's oil, get some real traction. Then it's "good-by dollar"
because then there is NOTHING standing behind it, certainly no
manufacturing or gold. Or oil. BTW...have you'all seen the price of gold
Yours for doom and gloom,
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