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Author Topic: Petrodollar to be substituted with goldbarrel?  (Read 1851 times)
BobK71
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October 29, 2015, 01:20:40 AM
Last edit: October 29, 2015, 01:45:09 AM by BobK71
 #21

But anyone that bought gold in the January 21, 1980 peak of $850/oz never made a profit, if allowing for inflation. They may have gotten close to achieving a profit if they had sold at the peak of August 2011, when gold prices rose briefly above $1,950/oz, but to really make a profit, allowing for inflation, they would have had to sell for about $2,200/oz.

Serious authors have published detailed evidence of central bank suppression of gold "market" prices by derivative trading in recent decades.  What this means is that the central banks' own assessment is that suppressing gold is necessary to support fiat currencies.

This is the essence of the gold standard.  The difference is that the classical gold standard suppressed gold by selling gold at the official price to any holder of paper currency.  Today's gold standard is hidden and more flexible, and saves embarrassment for the authoritis as currency goes through a rolling devaluation over the decades from $35 to the $1000 price range.

It is possible that the central banks allow gold to rise past the new target point, and then stage a revaluation of currency up, back to the target point, to send a message to gold bugs.  This happened during both of the major post-Bretton-Woods devaluations (to the $300 range and to the $1000 range respectively.)

The four-century-long view of the modern monetary system is the gradual loss of control by the authorities to saver sentiment in favor of gold.  The Dutch Golden Age saw a totally secure peg to specie, that went beyond the economic decline of the Netherlands (the agent of decay was public debt.)  Britain ended up owning only 3% of the gold required to redeem its total paper issue on the Eve of the First World War, and was forced to bow out from hegemony.  The US was forced to devalue the dollar explicitly by more than 50% during the Great Depression, and then close the gold window in 1971 to avoid running out of gold.

Now the gold standard has gone underground, with a rolling devaluation over four decades with the dollar losing 97% of its value against gold.  Gold holders are also increasingly aware of the need to hold physical gold (thus making derivative-based suppression more difficult.)

The only bad scenario that I see for gold is, for whatever reason, a successful and drastic increase of financial repression.
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EastKing
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October 30, 2015, 09:17:21 AM
 #22

PetroYuan or PetroBitcoin is the future. China will use more oil than America for the same per capita consumption. However, China does not have strong military.
China does not have strong army? Are you kidding? Their army is 2nd in the world right not. And probably will be first in matter of years now.
Soon they will have everything (top army adn economy) to back up yuan and petroYuan will be real.

Chinese military is weak. Personally, I wouldn't put them even into the top 3 strongest (toughest) armies. Japan would knock them back into the Stone Age (again) if they were given such an opportunity...

Maybe the number of military personnel is large. It is quite corruptive. It has not been in war for many decades. It will take many battles for it to grow strong.
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October 31, 2015, 02:27:10 PM
 #23

Oil is finished after 100+ years of being the main agenda. Just like paper and silver and so many other "essential commodities" for enterprise, this is gong to take a while. Any portfolio should be based on Bitcoin and metals and tend to gravitate more and more towards these two as time goes on. Personally im going to start selling stocks and go on BTC and metals gradually over this decade.
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October 31, 2015, 02:51:05 PM
 #24

Oil is finished after 100+ years of being the main agenda. Just like paper and silver and so many other "essential commodities" for enterprise, this is gong to take a while. Any portfolio should be based on Bitcoin and metals and tend to gravitate more and more towards these two as time goes on. Personally im going to start selling stocks and go on BTC and metals gradually over this decade.

What are you going to use as a substitute for it, I'm sorry? GLTY with Bitcoin...

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EastKing
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October 31, 2015, 05:32:11 PM
 #25

Oil is finished after 100+ years of being the main agenda. Just like paper and silver and so many other "essential commodities" for enterprise, this is gong to take a while. Any portfolio should be based on Bitcoin and metals and tend to gravitate more and more towards these two as time goes on. Personally im going to start selling stocks and go on BTC and metals gradually over this decade.

What are you going to use as a substitute for it, I'm sorry? GLTY with Bitcoin...

The substitutive energy for fuel would be hydrogen, and battery which is charged with renewable energy.
deisik
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October 31, 2015, 06:19:17 PM
 #26

Oil is finished after 100+ years of being the main agenda. Just like paper and silver and so many other "essential commodities" for enterprise, this is gong to take a while. Any portfolio should be based on Bitcoin and metals and tend to gravitate more and more towards these two as time goes on. Personally im going to start selling stocks and go on BTC and metals gradually over this decade.

What are you going to use as a substitute for it, I'm sorry? GLTY with Bitcoin...

The substitutive energy for fuel would be hydrogen, and battery which is charged with renewable energy.

Hydrogen has been around for hundred years already, but I don't see many power stations using it a source of power. In fact, I have only heard about ITER, an experimental reactor, yet to be built. So, I suspect, the funeral of oil is a bit premature...

As I said above, until we have major break-throughs (which we don't, and may not have for another 100 years), oil is safe from dying out 

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EastKing
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October 31, 2015, 09:20:39 PM
 #27

Oil is finished after 100+ years of being the main agenda. Just like paper and silver and so many other "essential commodities" for enterprise, this is gong to take a while. Any portfolio should be based on Bitcoin and metals and tend to gravitate more and more towards these two as time goes on. Personally im going to start selling stocks and go on BTC and metals gradually over this decade.

What are you going to use as a substitute for it, I'm sorry? GLTY with Bitcoin...

The substitutive energy for fuel would be hydrogen, and battery which is charged with renewable energy.

Hydrogen has been around for hundred years already, but I don't see many power stations using it a source of power. In fact, I have only heard about ITER, an experimental reactor, yet to be built. So, I suspect, the funeral of oil is a bit premature...

As I said above, until we have major break-throughs (which we don't, and may not have for another 100 years), oil is safe from dying out 

Sorry, I mean the hydrogen used as a fuel for car and other vehicles. We may use fuel cell to consume hydrogen in cars. Hydrogen can be created by renewable energy.
deisik
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October 31, 2015, 10:00:41 PM
 #28

Oil is finished after 100+ years of being the main agenda. Just like paper and silver and so many other "essential commodities" for enterprise, this is gong to take a while. Any portfolio should be based on Bitcoin and metals and tend to gravitate more and more towards these two as time goes on. Personally im going to start selling stocks and go on BTC and metals gradually over this decade.

What are you going to use as a substitute for it, I'm sorry? GLTY with Bitcoin...

The substitutive energy for fuel would be hydrogen, and battery which is charged with renewable energy.

Hydrogen has been around for hundred years already, but I don't see many power stations using it a source of power. In fact, I have only heard about ITER, an experimental reactor, yet to be built. So, I suspect, the funeral of oil is a bit premature...

As I said above, until we have major break-throughs (which we don't, and may not have for another 100 years), oil is safe from dying out 

Sorry, I mean the hydrogen used as a fuel for car and other vehicles. We may use fuel cell to consume hydrogen in cars. Hydrogen can be created by renewable energy.

This technology is not viable yet, both technically and economically. Then again, unlike oil, hydrogen is not readily available (mildly speaking), and you would need a lot of energy to extract it from somewhere (say, from water by electrolysis)...

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.L I V E C O I N . N E T.
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..PROFITBOX..
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thejaytiesto
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November 02, 2015, 06:56:12 PM
 #29

Oil is finished after 100+ years of being the main agenda. Just like paper and silver and so many other "essential commodities" for enterprise, this is gong to take a while. Any portfolio should be based on Bitcoin and metals and tend to gravitate more and more towards these two as time goes on. Personally im going to start selling stocks and go on BTC and metals gradually over this decade.

What are you going to use as a substitute for it, I'm sorry? GLTY with Bitcoin...

Bitcoin in my wallet, electricity for my car, and some gold i'll keep around too for the good ol times sakes, but oil will eventally be deprecated. We will likely see very few oil based/consuming autos on our streets in the next 20 years. Battery technology has advanced as has wind and solar tech. Oil will rally from time to time but the game is over. The End
deisik
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November 02, 2015, 07:09:09 PM
 #30

Oil is finished after 100+ years of being the main agenda. Just like paper and silver and so many other "essential commodities" for enterprise, this is gong to take a while. Any portfolio should be based on Bitcoin and metals and tend to gravitate more and more towards these two as time goes on. Personally im going to start selling stocks and go on BTC and metals gradually over this decade.

What are you going to use as a substitute for it, I'm sorry? GLTY with Bitcoin...

Bitcoin in my wallet, electricity for my car, and some gold i'll keep around too for the good ol times sakes, but oil will eventally be deprecated. We will likely see very few oil based/consuming autos on our streets in the next 20 years. Battery technology has advanced as has wind and solar tech. Oil will rally from time to time but the game is over. The End

If the battery technology has advanced as you say, why should I still recharge my cell phone every night? Wind and solar tech is meaningless unless you somehow manage to store up electricity (or, at least, transmit it without significant losses for thousands of miles)...

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EastKing
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November 03, 2015, 10:41:37 AM
 #31

If the battery technology has advanced as you say, why should I still recharge my cell phone every night? Wind and solar tech is meaningless unless you somehow manage to store up electricity (or, at least, transmit it without significant losses for thousands of miles)...

Storing energy is the most difficult part for the renewable energy as they are quite intermittent. Hydro power is not reliable during dry season.
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November 03, 2015, 02:06:08 PM
 #32

A long time ago, when oil first became popular, the Arab countries began accepting the US dollar for all their sales. (It didn't start being called the petrodollar until 1973.) That meant that if Japan wanted to buy a barrel of oil, it had to buy US dollars to do it with. This alone has kept the dollar afloat far longer than it would have naturally. As the value of the dollar dropped, starting with Nixon going off the gold standard in 1971, countries began to grinch privately that they weren't getting as much money for their oil as before.

Thus evolved petrodollar warfare. In 2000, Saddam Hussein began accepting Euros for oil instead of dollars. This was the real reason for the Iraq invasion. Now, Iran is threatening to do the same. Can another war be far behind?

But the truth is that if the petrodollar ceases to exist, America will crash. There will no longer be anything at all backing up the dollar and it will be worth less than toilet paper. So we can either collapse from the weight of debt needed to finance the wars or we can stop fighting and deal with the consequences a little sooner

http://www.bitsofnews.com/content/view/6352/

EastKing
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November 04, 2015, 12:34:19 PM
 #33

But the truth is that if the petrodollar ceases to exist, America will crash. There will no longer be anything at all backing up the dollar and it will be worth less than toilet paper. So we can either collapse from the weight of debt needed to finance the wars or we can stop fighting and deal with the consequences a little sooner

http://www.bitsofnews.com/content/view/6352/

The American has the strongest military power in the world, it will not let it happen. It will wager against anybody trying to weaken dollar usage.
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November 04, 2015, 12:54:54 PM
 #34

Only problem is the us likes to take out foreign leaders who go against the petrodollar (Gaddafi, sadam).  The problem they may run into though is when another superpower (russia) decides to go against the petrodollar (I think they already have?).  That is probably why all the anti-russian propaganda is going on.
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November 04, 2015, 02:31:21 PM
Last edit: November 04, 2015, 02:48:58 PM by deisik
 #35

Thus evolved petrodollar warfare. In 2000, Saddam Hussein began accepting Euros for oil instead of dollars. This was the real reason for the Iraq invasion. Now, Iran is threatening to do the same. Can another war be far behind?

Saddam Hussein invaded Kuwait in 1990 in an effort to capture its oil fields. This led to the Desert Storm operation by the US and friends in January 1991 (First Gulf War), well before the Euro. After that, Hussein and his ideas became mostly irrelevant (Iraq was under severe economic sanctions in the '90s)...

Had the US wanted that, he wouldn't have been able to sell any oil at all

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