It's frustrating and a little frightening to imagine what things will look like when the sh*t hits the fan. 
No need to imagine, just look at the periphery of the empire. The collapse has begun 
Topic: Sniff ... do you smell smoke? - page 2. (Read 9114 times)
Well, i hope it collapses soon.
The quicker it fails, the better it is for everyone (especially Bitcoiners
).
The quicker it fails, the better it is for everyone (especially Bitcoiners
).Except for all the people who'll probably end up dying in the collapse. It's hardly going to be better for them.
Sorry. Quite a few of my friends and family can't afford to hedge against such an event. While I know it's coming, and while I've done my best to hedge myself and warn others, I'm acutely aware that I'm probably going to fare much better than most of the people I'm close to. It's frustrating and a little frightening to imagine what things will look like when the sh*t hits the fan.
Where can I trade Bitcoins for Crude oil?
Don't do that for the love of all things holy.Where can I trade Bitcoins for Crude oil?
Nowhere. Even Europeans have to buy oil inUS$ due to the Bretton Woods Treaty. The Russians & Chinese would buy/sell oil in gold or their own currencies in a heartbeat if that wouldn't get them sideways with the US fed.
The Chinese and Russian DO buy it with their own currencies now, they signed a treaty a few months back that took that U.S. out as the reserve currency. That's one of the major reasons for the U.S. going to so many wars lately, they're trying to keep there position of power over the world, but since up to 50% of earth no longer accepts U.S. currencies (including large parts of the U.S.) their already toast.
Wouldn't they do better to hold oil futures?
edit: and can't they buy those with any major currency?
edit: and can't they buy those with any major currency?
Yes, and basicly everyone does this to some degree, but there remains a limit as to how well hedged any single nation can really be because ultimately the contracts have to be settled in US currency per international treaties. This is a *major* part of the artificial demand that supports the value of the US dollar, but this will not ultimately prevent the US dollar from collapse.
Well, i hope it collapses soon.
The quicker it fails, the better it is for everyone (especially Bitcoiners
). 
Selling oil for dollar and for dollar only is the only thing, that is keeping that currency from hyperinflating.
I hear this all the time, but I don't understand it.There's a free exchange market between dollars and Euros. So if Iran sells oil for dollars and immediately exchanges those for Euros, how is that any different from Iran selling oil for Euros directly? (Apart from the currency exchange costs, of course).
Simple.
All countries have to hold certain amounts of dollars on their accounts, as they will always need it to buy Oil. Because they are holding it, they need to buy it from time to time, which creates demand for dollar. And demand rises dollar price and keeps it from falling and keeps it in the market.
With Euro-based oil exchange, nobody would need dollar at all, so no country would hold it, so nobody (outside USA) would buy it, so it would have a small fraction of today's value. Hyperinflation.
Wouldn't they do better to hold oil futures?
edit: and can't they buy those with any major currency?
Yes, and basicly everyone does this to some degree, but there remains a limit as to how well hedged any single nation can really be because ultimately the contracts have to be settled in US currency per international treaties. This is a *major* part of the artificial demand that supports the value of the US dollar, but this will not ultimately prevent the US dollar from collapse.
Selling oil for dollar and for dollar only is the only thing, that is keeping that currency from hyperinflating.
I hear this all the time, but I don't understand it.There's a free exchange market between dollars and Euros. So if Iran sells oil for dollars and immediately exchanges those for Euros, how is that any different from Iran selling oil for Euros directly? (Apart from the currency exchange costs, of course).
Simple.
All countries have to hold certain amounts of dollars on their accounts, as they will always need it to buy Oil. Because they are holding it, they need to buy it from time to time, which creates demand for dollar. And demand rises dollar price and keeps it from falling and keeps it in the market.
With Euro-based oil exchange, nobody would need dollar at all, so no country would hold it, so nobody (outside USA) would buy it, so it would have a small fraction of today's value. Hyperinflation.
Wouldn't they do better to hold oil futures?
edit: and can't they buy those with any major currency?
I do not posess such details. You need to check it out yourself.
However, I imagine that US government took care of that possibility. After all, their world hegemony & military domination comes from taxing entire world with their always inflating currency.
Inflation = tax. When dollar inflates, US taxes entire world (because there is more dollar outside of US than inside US). This is the greatest thievery of the century, or perhaps even in history of mankind by the way.
Selling oil for dollar and for dollar only is the only thing, that is keeping that currency from hyperinflating.
I hear this all the time, but I don't understand it.There's a free exchange market between dollars and Euros. So if Iran sells oil for dollars and immediately exchanges those for Euros, how is that any different from Iran selling oil for Euros directly? (Apart from the currency exchange costs, of course).
Simple.
All countries have to hold certain amounts of dollars on their accounts, as they will always need it to buy Oil. Because they are holding it, they need to buy it from time to time, which creates demand for dollar. And demand rises dollar price and keeps it from falling and keeps it in the market.
With Euro-based oil exchange, nobody would need dollar at all, so no country would hold it, so nobody (outside USA) would buy it, so it would have a small fraction of today's value. Hyperinflation.
Wouldn't they do better to hold oil futures?
edit: and can't they buy those with any major currency?
Selling oil for dollar and for dollar only is the only thing, that is keeping that currency from hyperinflating.
I hear this all the time, but I don't understand it.There's a free exchange market between dollars and Euros. So if Iran sells oil for dollars and immediately exchanges those for Euros, how is that any different from Iran selling oil for Euros directly? (Apart from the currency exchange costs, of course).
Simple.
All countries have to hold certain amounts of dollars on their accounts, as they will always need it to buy Oil. Because they are holding it, they need to buy it from time to time, which creates demand for dollar. And demand rises dollar price and keeps it from falling and keeps it in the market.
With Euro-based oil exchange, nobody would need dollar at all, so no country would hold it, so nobody (outside USA) would buy it, so it would have a small fraction of today's value. Hyperinflation.
Selling oil for dollar and for dollar only is the only thing, that is keeping that currency from hyperinflating.
I hear this all the time, but I don't understand it.There's a free exchange market between dollars and Euros. So if Iran sells oil for dollars and immediately exchanges those for Euros, how is that any different from Iran selling oil for Euros directly? (Apart from the currency exchange costs, of course).
Where can I trade Bitcoins for Crude oil?
Nowhere. Even Europeans have to buy oil inUS$ due to the Bretton Woods Treaty. The Russians & Chinese would buy/sell oil in gold or their own currencies in a heartbeat if that wouldn't get them sideways with the US fed.
Exactly. Saddam Hussein tried to start an oil exchange that wasn't denominated in USD, and then he was taken out of power by the US government.
Iran started saying they were going to do the same thing, and again we heard the war drums beat again.
The US Government is pretty clear on their stance about this...
Iran started saying they were going to do the same thing, and again we heard the war drums beat again.
The US Government is pretty clear on their stance about this...
Citation needed.
Ceiling cat provides:
http://www.time.com/time/magazine/article/0,9171,998512,00.html
http://www.globalresearch.ca/articles/CLA410A.html
http://www.ratical.org/ratville/CAH/RRiraqWar.html
http://www.google.pl/search?hl=en&q=saddam+hussein+oil+euro+exchange
Selling oil for dollar and for dollar only is the only thing, that is keeping that currency from hyperinflating. Question is, how long can this trick work ?
Also, when will USA will attack Iran ? A month/week before opening of Euro-based oil exchange. Destruction of dollar = destruction of current US economy. They can't let it happen.
Exactly. Saddam Hussein tried to start an oil exchange that wasn't denominated in USD, and then he was taken out of power by the US government.
Iran started saying they were going to do the same thing, and again we heard the war drums beat again.
The US Government is pretty clear on their stance about this...
Iran started saying they were going to do the same thing, and again we heard the war drums beat again.
The US Government is pretty clear on their stance about this...
Citation needed.
Nowhere. Even Europeans have to buy oil inUS$ due to the Bretton Woods Treaty. The Russians & Chinese would buy/sell oil in gold or their own currencies in a heartbeat if that wouldn't get them sideways with the US fed.
Exactly. Saddam Hussein tried to start an oil exchange that wasn't denominated in USD, and then he was taken out of power by the US government.
Iran started saying they were going to do the same thing, and again we heard the war drums beat again.
The US Government is pretty clear on their stance about this...
Where can I trade Bitcoins for Crude oil?
Nowhere. Even Europeans have to buy oil inUS$ due to the Bretton Woods Treaty. The Russians & Chinese would buy/sell oil in gold or their own currencies in a heartbeat if that wouldn't get them sideways with the US fed.
Where can I trade Bitcoins for Crude oil?
Oil prices seem much more interesting to me:
And, of course, those increases in crude prices are making their way to the pump:
http://www.gasbuddy.com/gb_retail_price_chart.aspx?time=6
Oil prices seem much more interesting to me:
Look at the mid-2008. See resemblance ?
USA economy is largely supported by cheap oil. If the oil ever goes again to over-130 dollars, there is very high probabilty of next crisis because it will suffocate the economy. If it goes over 140, then financial depression is almost inevitable.
And the oil is over $100 and still keeps rising...
Look at the mid-2008. See resemblance ?
USA economy is largely supported by cheap oil. If the oil ever goes again to over-130 dollars, there is very high probabilty of next crisis because it will suffocate the economy. If it goes over 140, then financial depression is almost inevitable.
And the oil is over $100 and still keeps rising...
Call me an optimist, I think we're still look at the probable scenario being a "lost decade" a la japan.
The USA is not going to be so lucky as to get a lost decade like Japan.
Japan had exports, high rate of savings and a world economy that was not in recession. All those factors produced a carry trade that helped Japan money printing to not make prices rise (removing trade barriers with China and allowing cheap products into the country also helped).
The USA does not have any of those and its going to suffer an inflationary crisis, stagflation. People is going to look at the Japan lost decade with envy.
Call me an optimist, I think we're still look at the probable scenario being a "lost decade" a la japan.
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