Five Nations Take Steps to Move Away from Dollar

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Number 2
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Posted on: April 19, 2011 - 10:52am

The following is discussion about the post titled:
Five Nations Take Steps to Move Away from Dollar
Feel free to add your own comments!


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FUR3jr
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Posted on: April 19, 2011 - 11:06am #1

Those five nations mentioned that are moving away from the dollar are not the only ones.  Private investors and individuals have been divesting of the dollar in favor of precious metals.  Check out this story about Texas University's Endowment Fund taking delivery of nearly $1 Billion dollars worth of Gold.

from the artcle:

"The endowment, which oversees funds held by the University of Texas System and Texas A&M University, has 664,300 ounces of bullion in a Comex-registered vault in New York owned by HSBC Holdings Plc (HSBA), the London-based bank, according to a report distributed at a meeting in Austin last week. The fund said its cost basis for the gold investment was $764 million."

Ron Paul had this to say:

"Why hold your money in dollars when the Fed can double and triple the supply rather quickly and quietly and won't even tell us what they are doing," U.S. Representative Ron Paul, a Texas Republican who has for decades favored a return to a currency backed by precious metals, said today in a telephone interview. "Logic tells me a lot more people will do it."


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Weedwacker
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Posted on: April 20, 2011 - 11:18am #2

I don't trust any of them.  Is there any national government that does not have a fiat currency? 

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stevo_dubc
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Posted on: April 24, 2011 - 6:02am #3

Weedwacker wrote:

I don't trust any of them.  Is there any national government that does not have a fiat currency? 

I don't think so. There is one country, Panama, that has no central bank however.


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FUR3jr
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Posted on: April 25, 2011 - 12:53am #4

The official currency of Panama is the Federal Reserve Note, as a client state of the good ole U. S. of A.

http://en.wikipedia.org/wiki/Panama#Currency


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FUR3jr
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Posted on: April 25, 2011 - 12:33pm #5

This appeared on Lew Rockwell's site, a story of an individual investor in Silver, who was, essentially defrauded by his brokers:

Sorry, Delivery of Your Silver Is Not Possible