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Thread: IMF calls for dollar alternative

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    Re: IMF calls for dollar alternative

    Quote Originally Posted by Albert Di Salvo View Post
    Crude oil is priced in US Dollars. If it ceases to be priced in dollars the price of gas at the pump will skyrocket.
    If crude oil ceases to be priced in US dollars, then there will be less demand for US dollars. This will reduce the price of our currency relative to others, causing an increase in the price of our imports (including oil) and a decrease in the price of our exports. That's not necessarily a bad thing. Sure, it would cause some problems in the short term, but in the long term the main effect is to reduce our dependence on oil and accelerate the R&D of alternative energies. It would cause some short-term inflation since most prices partially include the cost of energy...but it would also result in a short-term economic boom as our international trade soared.

    Anyway, the dollar isn't going to be replaced as the world's reserve currency for many years.
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    Re: IMF calls for dollar alternative

    Quote Originally Posted by Albert Di Salvo View Post
    Inflation is coming. Look at fuel and food prices.
    All the money we give to corn farmer, we should get have the supermarket for free.

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    Re: IMF calls for dollar alternative

    Quote Originally Posted by Kandahar View Post
    I agree. Ultimately it is inevitable that the dollar will be replaced by a basket of currencies. I don't see this as a bad thing though...it means that poorer countries are becoming more wealthy and are developing their economies to the point where they truly have some international clout. American declinism is highly overrated...the US is improving, just not as quickly as developing countries.



    How do you figure?
    There is a symmetry in nature. Life is a zero sum game imo. There are winners and losers. If foreigners get American money from oil sales they get richer and America gets poorer. You and I have discussed this before my friend.

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    Re: IMF calls for dollar alternative

    Quote Originally Posted by Albert Di Salvo View Post
    There is a symmetry in nature. Life is a zero sum game imo. There are winners and losers. If foreigners get American money from oil sales they get richer and America gets poorer. You and I have discussed this before my friend.
    Life is not a zero sum game; the global standard of living is far better today than 50 years ago. Most places are far richer, and even the ones that aren't are generally stagnant rather than worse off. Our wealth does not come at the expense of others. Mercantilism was discredited long ago.

    To illustrate: If I'm a farmer and you're a teacher, and you agree to educate my kids in exchange for enough food for the year, which of us "wins" the economic exchange? We both do.
    Last edited by Kandahar; 02-11-11 at 06:31 PM.
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    Re: IMF calls for dollar alternative

    Quote Originally Posted by Kandahar View Post
    Life is not a zero sum game; the global standard of living is far better today than 50 years ago. Most places are far richer, and even the ones that aren't are generally stagnant rather than worse off. Our wealth does not come at the expense of others. Mercantilism was discredited long ago.

    To illustrate: If I'm a farmer and you're a teacher, and you agree to educate my kids in exchange for enough food for the year, which of us "wins" the economic exchange? We both do.
    The global standard of living is better now than it was fifty years ago? Do you realize that the era you have just outlined ran concurrently with the era of Pax Americana?

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    Re: IMF calls for dollar alternative

    Quote Originally Posted by Albert Di Salvo View Post
    The global standard of living is better now than it was fifty years ago?
    Yes, absolutely. Fifty years ago, most of the world lived in desperate poverty. Now that's mainly confined to parts of Sub-Saharan Africa and South Asia...and the latter is rapidly lifting itself out of poverty. Western countries are not improving their standards of living nearly as quickly...but they ARE improving or at least not getting any worse.

    Quote Originally Posted by Albert Di Salvo
    Do you realize that the era you have just outlined ran concurrently with the era of Pax Americana?
    It also ran concurrently with the era of widespread economic growth, the explosion of international trade, and the development of many new technologies.
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    Re: IMF calls for dollar alternative

    Quote Originally Posted by Kandahar View Post
    Yes, absolutely. Fifty years ago, most of the world lived in desperate poverty. Now that's mainly confined to parts of Sub-Saharan Africa and South Asia...and the latter is rapidly lifting itself out of poverty. Western countries are not improving their standards of living nearly as quickly...but they ARE improving or at least not getting any worse.



    It also ran concurrently with the era of widespread economic growth, the explosion of international trade, and the development of many new technologies.

    There is some truth in that. However, the fastest and greatest rate of economic growth, elimination of poverty and increase in education has occurred during the last thirty years under the auspices of the Chinese Communist Party. They manipulated globalization to achieve their objectives.

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    Re: IMF calls for dollar alternative

    The dollar has been on the decline for a while IMO. It should be replaced with a basket of currencies as it helps to lower the ripple effects of what happens if the US economy screws up.
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    Re: IMF calls for dollar alternative

    So SDR's are essentially an aggregate of participating members currency valuation. My question is: An aggregate of what, exactly?

    Tim-
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    Re: IMF calls for dollar alternative

    Quote Originally Posted by Hicup View Post
    So SDR's are essentially an aggregate of participating members currency valuation. My question is: An aggregate of what, exactly?

    Tim-
    It will be an Aggregation of Pretense with everybody participating in the charade until some point in the future when some polity distinguishes itself and provides a currency that is universally respected.

    I think even the North Koreans have stopped forging $100 Supernotes.

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