Without a Top Ten, I'm wondering...

[The Doctor.]

What if something potentially devastating is worth some grave consideration;
(Read before you think this is in anyway shameless...)

If you understand what this means, then you'll be looking hard at the price of Gold tomorrow. Here's an aide;
http://www.monex.com/monex/controller?pageid=prices

If this jerk is right, then we have only a very slim chance to preserve the Republic. We must bind Congress to a pledge of fiscal responsibility to preserve the Dollar's standing in the world... or we lose too much.

Published December 15, 2006 7:27 PM EST

*** BREAKING NEWS ***
CHINA TO DUMP ONE TRILLION IN U.S. RESERVES!
Tells visiting Bush administration officials they will not sit back and lose their shirts as U.S. Dollar collapses; they are getting out fast and large!

BEIJING, CHINA -- Sources with a U.S. Delegation in Beijing have told The Hal Turner Show the Chinese government has informed visiting Bush Administration officials they intend to dump One TRILLION U.S. Dollars from China's Currency Reserves and convert those funds into Euros, gold and silver!

China was allegedly asked to withhold the announcement until Bullion Markets closed for the weekend to prevent an instant spike in gold and silver prices. This delay will give the world the weekend to consider appropriate actions rather than have a knee-jerk reaction which could see the U.S. Dollar totally collapse in value Monday.

According to this Senior source, China told the U.S. delegation they no longer have faith in U.S. Currency for several reasons:

1) The Federal Reserve Bank ceased publishing "M3" data in March, making it nearly impossible for anyone to know how much cash is being printed. China said this act made it impossible to tell how much a Dollar is worth.

2) The U.S. Dollar has lost upwards of thirty percent (30%) of its value against other foreign currencies in the recent past, meaning China has lost almost $300 Billion simply by holding U.S. Dollars in its reserves.

3) The U.S. has no plans whatsoever to reduce deficit spending or ability pay down any of its existing debt without printing money to pay it off.

http://www.halturnershow.com/ChinaToDumpUSDollars.html

This could spell the end of economic stability as we have come to know it.

I'd love some comments... this shit is nothing but serious.

[rug]

1. There is nothing he hasn't wrecked in six years.

[The Doctor.]

2. You mean Hal Turner or Bush+Co.? n/t

[rug]

5. Bush.

He stopped publishing the currency printing data? How stupid.

Ruined the surplus, shredded the Constitution, invaded the wrong country, etc., etc.

[SpiralHawk]

22. Bush & the republicons will make $$$ on this you can be sure

It is the citizens of the USA who will get screwed.

The "elite" republicons are no doubt ready to somehow reap MASSIVE PROFITS while the proles suffer suffer suffer.

As usual.

[Drifter]

24. I don't believe that is true ...

As a Numismatist, I am greatly interested in BEP production data.
I just looked at the November 2006 production data.

I'm not sure what report has been discontinued, but it is not the BEP production report.

Here is a site that uses these BEP production reports: http://www.uspapermoney.info/
You can pull any bill from your pocket (produced after 8/74), and lookup the month that it was printed.

BTW, the new series 2006 $20 bills are now in production.

Cheers
Drifter

[rug]

25. That's a pretty interesting site. My kids will like it too.

Bush is still a scumbag though.

[vicman]

3. Add this to Bush's legacy along with Iraq

what is going to happen to us?

[The Doctor.]

7. Depends... do you have large investments in

land, oil, gold, and Euros?

If not, then it will be community efforts that will save people.

[PDJane]

4. It had to come.

What can't last, won't. The Republican/fascist New World Order is taking from everyone and giving to the very, very, very rich....who should be the basic financial support of the war, since they are the ones that want it.

When else in history has the war machine made it harder for the guy on the bottom to live?

Some of this, of course, is that the war is being waged with what amounts to a paid army of private contractors and sub contractors (100,000 of them at the moment, and the sub-contractors weren't counted.) Moreover, there is no oversight to make sure that the contracts are being kept.

I honestly can't decide how this administration managed to get so far into fascism and over the war crimes line without someone, somewhere, staging a revolt.

[truedelphi]

6. We'll no longer have economic stability but at least

we don't have GAY MARRIAGE!!

We may no longer have economic stability, but at least we don't have a lot of unnecessary
regulations designed by tree-hugging environmentalists!

We may no longer have economic stability, but at least we can say we went to war because we had a President who talks with God!

THEY DON'T EVEN HAVE A GOD OVER THERE IN GODLESS RED CHINA!

[The Doctor.]

8. If you actually take this seriously...

Then vote it up.

What I'm really hoping for is someone to tell us it's not going to happen.

Unfortunately I'm a realist.

[brer cat]

10. I'll vote it up. China owns us and so few realize that. n/t

[The Doctor.]

9. It seems no one likes uncomfortable issues...

I just pray the price of gold doesn't skyrocket this week.

It would be bad.

See the OP for details...

:kick:

:nopity:

[TwilightZone]

11. Perhaps the problem is your source.

Considering it's a conservative blowhard, perhaps people just aren't taking the claims seriously.

[originalpckelly]

14. It might also be because it makes no sense for China to do this...

it might also be because Mr. Turner didn't know that 1/3 of China's dollar reserves are not actual dollars, but our national debt.

[The Doctor.]

21. And I hope that's true.

Let's watch the market today and see what happens.

Here's hoping for nothing.

[The Doctor.]

23. "nothing" it is...

After 45 minutes of trading, gold is down $2/oz.

Not what you'd expect during a run on the dollar.

Now let's make sure congress is fiscally responsible so there's never a reason to take this possibility seriously.

[Lasthorseman]

12. Yes

I have been looking for this!
It's going to be an economic Apocalypse then. They must have been to afraid to release the "flu".

[originalpckelly]

13. Good LORD! How many times do I have to say this?

1/3 of China's dollar reserves are in the US Debt. If the Chinese sell their hard currency reserves, then they will devaluate the debt they own. (Which is what happens when the value of a currency decreases.)

Secondly, if China were to do this, they would basically kill of a market which they make almost a trillion dollars off of every year.

Third, Mr. Turner is a racist sack of shit, he used to call into Hannity and Limbaugh, until he went more racist:
http://en.wikipedia.org/wiki/Hal_Turner

[TwilightZone]

17. If the only source for a story is a conservative nutcase...

it deserves to be ignored.

[originalpckelly]

19. Well, even a stopped clock is right twice a day...

if he was right, I'd believe him, but the story is a *little* preposterous.

I've now seen it on DU twice, and once on another website I visit. It pisses me off to see an article from a white supremacist on DU.

This guy isn't just borderline racist like most conservatives, he's a full on raging racist.

I'm sick to see this here.

[Earth_First]

15. This explains the economic team heading off to China this weekend...

on currency exchange-rate reform et. al.

[originalpckelly]

16. No, it doesn't, not one bit at all...

They went to China to encourage China to allow the Yuan to float freely instead of being directly tied to a basket of currencies.

That is only related in the most general terms.

[Yukari Yakumo]

18. And now OPEC is threatening China...

I don't see them following through with their threats.

I doubt Iran would stop selling to China, I wouldn't be too surprised if they try to ramp up oil exports if any OPEC member won't sell to China.

Then there's Venezuela, who has no love for the U.S also.

Plus there's Russia and the Central Asia...

But most importantly, China's oil imports are second only to the US. And money talks.

[truedelphi]

20. Kicked & R'd n/t