Another one bites the Dust: Australia turns nose up at the dollar

It appears the jig is up America, your chickens are coming home to roost. Australia is the latest nation to opt out of the dollar in trade and now will conduct trade in the yuan. This is just another nail in the coffin for the dollar as we know it.

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Brazil, South Africa, even Japan are getting out of trading exclusively in dollars. But what do we do about it? How do we keep these latest traitors, these damn barbequing Aussies from going through with this? Do we convince the American people kangaroos are secretly hiding dirty bombs in their pouches (i could see it working) and are training to enter the US and set them off?

The problem is more and more nations are trading amongst themselves without the dollar. We can’t just attack the entire world. OR, maybe this (sic) IS THE PLAN? Why else are we spending the same amount in military expenditures as the rest of the world combined and refusing to make any cuts to it?  

And here all along you thought these wars over the last 30 years were for freedom, fighting terrorism, nukes and/or WMD’s. Wars are a win-win for America. It keeps the population always at war, thus easier to manipulate. It promotes growth for so many sectors in private enterprise (especially banking) and above all it protects American hegemony. From the end of the cold war to Kuwait to Iraq and soon to be Iran it’s all been single pieces in a larger puzzle – the petrodollar. From the Federal Reserve Bank of New York:

 The recycling of petrodollars into the U.S. financial markets has supported activity here by allowing for higher consumption and investment spending than otherwise would have occurred. The concomitant cost has been a further expansion of the U.S. economy’s already sizable net international liabilities.

As we enter the golden age of globalization, we must accept the old proverb to be true; for whatsoever a man soweth, that shall he also reap.

American companies wanted to establish markets and dominate the globe with its dollar and to a large degree it has; OPEC still uses the dollar but the rest of the world isn’t down with it anymore. In doing so, American business and its government have built and educated the world in finance and trade. Now they are turning around to see who has been dangling the strings. And they don’t like it.

As we turn each page of history we see empires rising and falling. Nobody has stood the test of time. It’s been a good run America but the grip we’ve had on the world is loosening. When the dollar starts to tumble it will trigger a REAL economic catastrophe and the rest of the world knows it; 2008 wasn’t that long ago in the history books.

This will have a direct impact on our debt, trade deficit, standard of living… basically EVERYTHING and ANYTHING “uniquely American”. 

3 comments to Another one bites the Dust: Australia turns nose up at the dollar

  • Malcolm

    Australia has always relied on the US for defence. It has been a good alliance for Australia. So what happens after the big collapse, when some country starts pointing weapons at Australia and sends forces to invade and wipe out our puny little army ??? Maybe Australia has realised this and so are now crawling up China’s bum ultra fast, even trading in the yuan, just like we used to crawl up Americas bum for protection. We really need our own nuclear defence capability and stop crawling up other countries bums for protection.
    I would say its likely we will have a currency change in Australia sometime soon, like there was in Feb 1966 when we changed from pounds shillings and pence, to dollars. The Australian currency will be the new Australian yuan. oh unless China goes down the gurgler and the Euro survives and goes on to be the number one world currency as the bible indicates. Then we will have a new Australian currency called Euro’s.

  • Yowie

    My sense is it’s much more likely Australia will be joining the new currency arrangements being now being cooked up by the so-called BRICS nations. In that situation, the Aussie will likely remain in name, but in reality then be something backed by this new gold and silver uber-currency that Jim Willie has been talking about – and remember that Australia is one of the big gold and silver producers.

    As for military backing, we (Australia) then become a protectorate of the new boys in town rather than the US and the UK as has been the status quo. Provided we continue to provide raw materials to the boyz at a reasonable price, everything will be ‘OK’.

  • carolanne

    The Australian government has been infiltrated by those who do not have it’s best interests at heart. Further the downward slide to Communism is not a far slide for Australia as they have been further along the Socialist spectrum than say the USA,therefore the Australian government at all levels has been rapidly eroding the rights of it’s people in a unprecedented time frame. However most of this negative legislation is being enforced in the cities, not in the “outback.” So the Aussies who do not like what is going on are moving deep into the interior of the country. I have spoken to many Australians who say that what is happening in the cities has little to no effect on the residents of the outback, as that area still operates as the old west operated in the USA. Lastly the one big drawback that the Australians continue to have is that they are stuck on an island, a big island they like to say but an island nonetheless and they feel that this inhibits their options. I do not think that Australia is necessarily using the yuan exclusively perhaps just for the trade they do with China, as there is a huge U.S base there in Australia to protect them from the Chinese, as well as the intelligence gathering U.S. “secret” base at Pine Gap. They are still using dollars for their trade outside of their Chinese trade. Also the yuan is not a stable currency, it is backed by nothing but confidence, like fiat dollar (most of us have read about confidence games and ponzi schemes, who knew the whole world was economically run that way), so why trade one fiat currency for another, especially if the US remains their protectors. Unless the U.S. is encouraging them to use the yuan, I highly doubt it will be their currency of choice.

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