Link to the original article

[From the article]
In the most profound financial change in recent Middle East historyGulf Arabs are planning – along with China, Russia, Japan and Franceto end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, goldand a new, unified currency planned for nations in theGulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar.

Secret meetings have already been held by finance ministersand central bank governors in Russia, China, Japan and Brazilto work on the schemewhich will mean that oil will no longer be priced in dollars.

[My comments]
Obama and the democrats got us into this un-enviable position.
They did so by ignoring common sense about debt and inflation
and instead financed their insane deficit spending by
printing trillions of us dollars thereby
Destroying the dollars value..

Now these other countries are taking advantage of the situation so their Currency will REPLACE the Dollar.

Its so bad that the chinese yuan and the russian ruble soon
will be the worlds currency of choice after the democrats have finished destroying the dollar.

Hey you morons voted for the god damned democrats
I hope your retirement check is in rubles..

But it gets even better for
just you wait until oil PRICED in RUBLES or the Yuan
suddendly climbs to 250 dollars a barrel..
because the dollar is now worthless thanks to you liberals

How will you pay for your gas then you liberal morons.
When gas is 20 dollars a gallon ?

you liberal morons..

You should try the elk river C&R sometime. Some of the best fly fishing in the east.

0321_GUY on October 5, 2009 at 4:21 PM

Thanks. I’ve read about it, but never fished it. Have you fished the Blackwater? I’m supposed to go to the Blackwater with a cousin in a couple of weeks. How does it compare to the Elk C&R?

Ah, those magic words, “last year”.

Obviously, these Bush lies are the reason the stimulus hasn’t been sufficient to rekindle employment.

All hail the “Save-or-creator”.

I write. I fish. I often write about fishing.

flyfisher on October 5, 2009 at 1:18 PM

You should try the elk river C&R sometime. Some of the best fly fishing in the east.

WASHINGTON (CNNMoney.com) — A government watchdog says federal officials weren’t entirely honest with the public about the health of the first 9 financial firms that got federal bailouts, according to a report released Monday.

Bailout special inspector general Neil Barofsky says in an audit that Treasury Department officials painted an overly rosy picture, creating “unrealistic expectations,” when they called the first bailout banks “healthy” institutions that would be able to lend more with government help.

“It is not our intent to suggest that government officials should make public their concerns over the financial health of individual institutions, but rather that government officials should be particularly careful, even in a time of crisis, of describing their actions (and the rationales for such actions) in an accurate manner,” the report stated.

Treasury appeared to disagree with the assessment of the Special Inspector General of the Troubled Asset Relief Program (SigTARP), saying “people may differ” on the phrasing of the original bailout announcements.

“Any review of the announcements must be considered in light of the unprecedented circumstances in which they were made,” wrote TARP chief Herb Allison in response to the SigTARP report.

Separately, the new audit looks into charges that federal officials strong-armed Bank of America (BAC, Fortune 500) into completing its planned purchase of Merrill Lynch, even as BofA worried about mounting losses at Merrill in late 2008. Further, the report looks into whether officials pressured BofA to conceal those losses from its shareholders.

Barofsky gives the major players the benefit of the doubt. He acknowledges that Federal Reserve chairman Ben Bernanke and then-Treasury Secretary Hank Paulson wanted the deal to go through, fearing the potential failure of Merrill Lynch and the “collateral damage to the economy.”

But Barofsky “found nothing to indicate Treasury and Federal Reserve officials instructed Bank of America executives to withhold the public disclosure of losses.”

It seems all to often people come out with these kind of reports on different issues, and then other information comes out later that brings those reports into doubt. Such as the NIE report.

I read the other day that the Tarp money is being repaid, at a 5% profit.

There will be no place to hide, except for owing gold.
PatriotRider on October 5, 2009 at 11:25 AM

Every time it really hits the fan, Uncle Sam bans private ownership of gold. Look it up.

I remember when this country planned on surviving a nuclear exchange with the USSR. Funny, maybe because I was a kid, but nobody seem worried about how we’d guarantee the Forbes 400 kept their doors open. Funny, since that’s apparently more important than the dollar itself!

I know what let’s do !!!

Let’s run around, like Henny-Penny, telling Bozo John Q. Public the banks are in trouble. !!!

What could possibly go wrong?

photoboy74 on October 5, 2009 at 2:32 PM

This is a good article to start you off.

wasn’t one of the problems of the great depression the appearance of going out of business that led people to keep taking out money, or selling stock? couldn’t that be said for the decision to pump hundreds of billions of dollars into “healthy” banks? the mere appearance of trouble could cause a run on withdrawls and selling of assets, thus making the problem a wee bit worse. AIG? can’t say i blame bush or o’bama. anyone care to prove me wrong? would like to know more about this.

To your earlier post, I have heard there is still tolerably cheap property on the hills overlooking, say Norris Lake. Not the lakefront properties. Unfortunately, the wife said Tenn. is too far from the coast. Hmmmm. Old house or new wife?

Of course probably won’t be able to afford either unless the fraudsters are jailed, and soon.

riverrat10k on October 5, 2009 at 1:35 PM

Give me an easy one. The Tennessee hills are God’s country my friend. New wife!

FYI…My brother-in-law is a permanent bachelor who lives in an incredible cabin on fifty secluded acres near Lake Norris. He works hard for about three months of the year. The rest of the time he hunts, fishes, golfs and drinks a lot of beer.

mojo on October 5, 2009 at 1:42 PM

And Paulson. And Bernanke. And…etc. etc.

If the CRA hadn’t existed the banks would have eventually started writing the same kind of risky loans the CRA demanded just to supply the demand for those highly rated low risk products that have destroyed our economy.

Prove it. The CRA provided the vehicle and the political cover.

J_Crater on October 5, 2009 at 1:15 PM

Can you prove how the housing bubble would have been possible had we left sane leverage limits in place?

When you erase reasonable restrictions on leverage, erase boundaries (repeal of Glass-Stegall), and flood the market with trillions in cheap credit, you don’t need a CRA to produce a disaster. A disaster was guaranteed.

Poorly constructed second sentence, LOL. Oh well, more fisherman than writer myself.:)

riverrat10k on October 5, 2009 at 1:13 PM
I write. I fish. I often write about fishing.

flyfisher on October 5, 2009 at 1:18 PM

To your earlier post, I have heard there is still tolerably cheap property on the hills overlooking, say Norris Lake. Not the lakefront properties. Unfortunately, the wife said Tenn. is too far from the coast. Hmmmm. Old house or new wife?

Of course probably won’t be able to afford either unless the fraudsters are jailed, and soon.

Prove it. The CRA provided the vehicle and the political cover.

J_Crater on October 5, 2009 at 1:15 PM

I don’t recall them ever using minority housing as a cover for deregulation. There was talking about the regulations being outdated and that our system was inherently safe and didn’t require those old stogy regulations. No political cover needed, and of course the financial system was all too happy to provide the vehicle that we rode off a cliff.

Poorly constructed second sentence, LOL. Oh well, more fisherman than writer myself.:)

riverrat10k on October 5, 2009 at 1:13 PM

I write. I fish. I often write about fishing.

Nine banks got billions of dollars from the TARP funds, ostensibly to help shore up confidence in the American financial sector, while Henry Paulson declared them “healthy.” Instead, Barofsky now says at least some of those nine institutions were in serious trouble when they got the cash infusions:

Paulson lied???

Get the f outta here!