Ameros and US Dollars

Today I am posting a video link by the American white nationalist, rightist and controversial figure Hal Turner.

In this video , Hal alleges that the American government is in the process of minting a new currency called ameros to rpelace the dollar in use because of the inability to service debts. He even produced one amero coin in the video to substantiate his allegation.

WHether such an allegation is true or not, I leave it to you to judge. But anything happening to Amercan dollars, being the most improtant international currency, will have severe impact on the whole global economy and the financial system, inclduing Malaysia and Malaysians.

SO maybe it is worthwhile to spend a few minutes listening to him and then judge for ourselves whether such a thing could happen..

Go to this link and wait for it to load….

http://video.google.com/videoplay?docid=1954933468700958565&hl=es

23 Comments (+add yours?)

  1. romerz
    Jan 11, 2009 @ 03:46:55

    Rubbish!

    Like

  2. romerz
    Jan 11, 2009 @ 04:01:34

    The part about sending 800 billion to China does not make sense. If the US$ is to fail, sending the Ameros to China makes no sense what so ever.

    What the hell are they afraid of in China? Russia has more nukes and they are more hostile!

    Come on doc, talk about a momentous by-election ongoing in KT instead and stop distracting us with rubbish.

    I know, I know, its difficult to talk about KT (and I’ve been blank for the past 2 days) but Gerakan has been extremely silent whilst the MCA lapdog has been very vocal.

    Tell us something we don’t already know! Especially about UMNO, your leaders’ good friends.

    Like

  3. Justin Choo
    Jan 11, 2009 @ 09:06:32

    What’s going on here??

    A change in tone and approach!!!

    Is the madness in Gaza affecting all of us??

    (I am now a sitting duck!)

    Like

  4. A true Malaysian
    Jan 11, 2009 @ 12:04:08

    Perhaps this is the reason why RPK and Haris Ibrahim are not keen to join political party. One need to ‘toe party line’ and subject to ‘gag order’.

    Can I regard this as ‘immaturity’ of Malaysian politics?

    KT voters are voting for PR-PAS for sure. They are voting for themselves and for the whole Malaysia. That is for sure, just see.

    Like

  5. klm
    Jan 11, 2009 @ 12:09:47

    This guy is a crackpot that America is full of. The other is the end of the world Adventists. Be careful of what you read on the Internet. The Internet is perfectly made for crackpots too.

    Is the scenario painted by this guy possible? I am sure its is in the options.

    Can it happen as what is said? Unlikely. the President of the US do not have the power to demonetize the currency, much less the Treasury Secretary. Congress will have to pass bill.
    It has to be a last ditch step for this plan to be approved.

    The changeover of the currency as mentioned by this guy will require the use of martial law. Without the cooperation of the citizens, this is not possible in the US. Note the allegiance of the US military is to the constitution of th US, and not the president.

    The execution of this option could result in World War 3 and possibly the end of the world. This time it will be the rest of the world vs USA. USA will have no allies.

    Demonetize the US currency abruptly will completely stop world trade and the world economy. Event the suggestion to demonetize the USD will throw the world into turmoil. Saudi Arabia will ask for payment in gold for their oil.
    Singapore will become a beggar overnight. Malaysia cannot export the electronic chips it make. All will die.

    On further thought, the Us may demonetize its currency. Why cant the global community through the UN and World bank or IMF take over the control of the USD and continue – without the US.

    Anyway, if the US is stupid enough to take this step, it will no longer be able to dominate the world. It will become a weak nation – a third world country with nuclear weapons. Unstable and unpredictable – like Pakistan. The world will be a more dangerous place.

    So there. My 2 sens worth.

    Like

  6. klm
    Jan 11, 2009 @ 12:20:23

    A side track from this American crackpot.

    I was reading about Dr. Jomo Kwame Sundaram – a former lecturer in economics in MU. I am very impressed with hi credential.

    It seemed that when his contract with MU was over, it was not extended. Nor was he offered any position in the government.

    Now he work for the UN in New York – in a mid level management position.

    He can be an an asset to the country. But I guess
    the govt do not seem to want him. Another case of brain drain?

    Like

  7. Dr Hsu
    Jan 11, 2009 @ 16:42:04

    romerz, sorry if this post has distracted you .

    It is not meant to distract people from the onging things in Malaysia.

    This video link was sent to me 2 days ago by a respected elderly friend, and the view in the video, by the white nationalist, actually represents that of a small segment of people in the world ( not this blogger). Even the former press sec of Dr M has written about the collapse of US economy and dollar some time back. Since it was so, I thought I would just post it for the readers to offer their views. I thought klm has made a very valid observation, and that would reassure lots of people not to abandon their US investments.

    Like what klm has said,it might be one of the last “grasp straw options”, but I do not think the COngress nor the American People would allow it.

    Coming back to Malaysia, this blog has been consistently advocating for change, and has been very critical of the bad governance, money politics and corruption as well as race based policies of UMNO.

    If you do recall, in Permatang Pauh by electin, I have openly called upon the people of PP, not only in my blog, but in the bigger arena of Malaysian Insider, that it is important for them to support Anwar. The leaders were very displeased by my action but since I was only a grassroot leader, no action was taken against me then.

    I adhor the bad policies and poor governance as much as anyone, maybe even stronger than most. That the country needs a 2 party system for a better check and balance has always been my belief, and that belief, romerz, is as strongly held as anyone , including yours.

    My desire for change is as great as anyone else.

    The fact that I am still in Gerakan was due to the fact that I thought there is still a chance that the party would go back to its ideology , and leave BN and on its own.

    I have given myself a time frame to do what I set up to do…Since it is just 3 months after my getting inside CC, I would persist with what I set out to do.

    My resignation as Head of the education bureau on the 4th (nomination was on the sixth) was a signal to leaders as well as members.

    Sometimes, as the Chinese saying goes, when you draw a figure, you do not have to draw the intestines.. Subtle action speaks for itself. Since the time frame is not up, I am not taking the drastic step of openly revolting, but sometimes passive resistance can be as effective in sending message across.

    After resigning from bureau head, my role within the CC would be even more difficult because I would be viewed as someone who would not work for the leadership… and by extension, I would be viewed as someone who would not work for the party which is of course not true… IT is precisely that I love the party and hope to see it gain back the ’69 glory, that i took that step to remain an independent CC member to voice out my views that the party to go back to its founding ideology and my continued objection to NEP and raced based politics…. But I expect to have a few gun barrels aiming at me at meetings, and poison gossips spread behind my back outside meetings….. This is expected for someone who does not toe the line… And that is the reality in politics.. I can tell you it would be easier for me just to resign and go …. but that would let down the members who have voted me 3 months ago…

    Like

  8. A true Malaysian
    Jan 11, 2009 @ 18:49:35

    Dr. Hsu,

    To voice up views that are of the similar wavelength as those of Pakatan Rakyat is much difficult in BN than voicing up in Pakatan Rakyat.

    Dr. Hsu, you are exactly in this position and would sure to invite ‘suspicion’ among all readers of your forum here especially in the run up to KT bye-election.

    Many of your righteous comrades have left Gerakan, that’s make your life in CC even more difficult, as their rice bowls are at stake if you keep ‘making trouble’ in CC.

    Would you make your stand clear for this KT bye-election?

    Like

  9. Amin
    Jan 11, 2009 @ 23:22:40

    Dr. Hsu, you should not dignify a mad man’s ramblings by linking you blog to his postings.

    As for Gerakan, it is a goner from the perspective of the general public.

    Like

  10. romerz
    Jan 11, 2009 @ 23:53:51

    Dr Hsu,

    Sorry if my words came across rather harsh. It was 4 am and I couldn’t sleep and after hitting the bottle. I was rather cranky too at that time after reading some blogs reporting that a few non-Malay KT voters were spooked by MCA’s propaganda.

    I do understand where you are coming from so no need to explain to me.

    But I wish you would write something in your blog addressed to the Chinese in KT, of course not BN propaganda, since many of your readers see you as a fair and good man working for a better Malaysia.

    Who knows, these readers may have a relative or friend in KT and it might just make a difference since these 11% of the voters could be crucial this time.

    Again my apologies if I was rude.

    Like

  11. Richard Loh
    Jan 12, 2009 @ 00:07:35

    Dr.Hsu,

    I think you need not state your stand on the KT by-election. What you wrote inside the comment box above should be very clear to everyone.

    So long as you are sincere in what you wrote in all your posting, I will stand by you to make the change that everyone is hoping for.

    But the change is easier said than done because of umno’s persistent arrogant attitude and using the power they are still holding to terminate all who goes against them.

    It is my hope that all the other component parties can come to their senses and think of the rakyat and country first before themselves and leave bn to teach umno a good lesson. But this may be just a dream as we know that most of them are in politics because of only two things, power and money as far as Malaysia is concern.

    Like

  12. sing lau
    Jan 12, 2009 @ 08:57:08

    It is evaluated and rated as false at http://www.snopes.com/
    politics/business/amero.asp

    There are some helpful resources for verifying odd or scary items we find on the internet. Several of these fact-checking services are collected at http://purportal.com/.

    Like

  13. Dr Hsu
    Jan 12, 2009 @ 10:50:34

    sing lau, thanks for the link…

    Like

  14. john
    Jan 12, 2009 @ 11:05:55

    it may seem far fetched for the majority to fathom that USA will not be able to service her debts in the form of paper-i promise to pay you at xxx % interest for yyy years,however its the general consensus USA will default payment if china and japan stop buying those papers or bonds.in fact 52% of bonds issued are held by foregners and 60% of income generated by the USA government are use to service those debts
    Reforms or ‘printing money’ strategy to revive the ailing economy by the incoming president will be derailed if china stop buying those papers and china has indeed indicated it has little or no appetite for those financial instruments NOW.
    i think there must be a lot of behind the doors negotiations to convince the chinese gomen to continue buying those papers to help restore some form of order to the battered and disorientated financial market
    the use of alternative form of currency to replace the currency in circulation is not uncommon when the country runs into dire financial circumstances -argentina,mexico and a host of other latin american countries!!!
    as to the adsurdity of the claim-i leave this to readers to ponder!!!

    Like

  15. cilipadi
    Jan 12, 2009 @ 13:17:06

    All the while, I only mention ‘someone’, but since this ‘someone’ can ‘rasa pedas’ now, I shall refer him as the infamous ‘monsterball’.

    I have achieved my aim in blogosphere, i.e. to entice him show his ‘tail’ that he hides so well all the time.

    Not only his tail, his face is all over in blogosphere and people’s perception on him is one of ‘unreasonable’, a ‘mole’ planted and so on….

    Monsterball is a lonely guy want to ‘poke at people’s asses’, so to make people quarrel with him in blogosphere, so he doesn’t feel lonely, but, is this the role he plays? Think about it.

    If you people want, I shall give you further tips to korek his smelly hole. At the meantime, I have achieved what I wanna achieve, unless you people want more from me.

    Thank you for being so patient with me and monsterball, you are a nice guy. Sorry if I inconvenient you, Justin. (Monsterball never know how to say sorry one for shitting around your house)

    monsterball MAKAN CILI, monsterball RASA PEDAS.

    January 12, 2009 1:13 PM

    (read Justin Choo blog for story)

    Like

  16. klm
    Jan 12, 2009 @ 14:05:28

    View of the world
    =============

    There is always the possibility of the US defaulting on its payment of its IOUs. There is always a risk when a bank lent money to a billionaire. But as long as the US generate income, it will pay. can

    But at this moment of crisis, will Japan and China continue to lend money. They would not like to, but do they have a choice. When a bank’s biggest customer who had borrowed billions, run into problem and cannot make the interest payment, what would the bank do. Lent this customer more money to make the interest payment, in the hope that the customer will recover.

    In the short term, Japan and China will bail out the US, but of course on their terms – if possible. Otherwise, they will have to write off their assets in USD. China – 2 trillions USD ?) The US can always threaten to default. This is playing chicken.

    On longer term, I am sure China if not Japan will initiate action – alternative to the USD. In fact China is already proposing the Yuan as an alternative. The Middle East led by Saudi Arabia is initiating a Gold based common currency. (is Dr. M behind this – his Gold Dinar idea ?). I think Japan is too shell shocked to do anything. The EU – take too long to get any common agreement. China is the best bet. This financial crisis thrusts China into the center of the world stage. It buries the G8. Now it is the G20. By the way, with the G20, our neighbour Indonesia has a ringside seat.

    The USD is different from Argentina, Mexico and the other banana republics currencies. If the USD collapse without an alternative, hell will break loose. The banana republic currencies do not have any global impact.

    My doomsday scenario is World War 3.

    That is the gloom side of the picture. What if the US is able to turn around? If Obama gets his way. I think he may get most of what he plan to do if not all from the US Congress.

    The US will be very different 8 years from now. The US will be retooled. Its school and people more competitive. Its high cost structure will be re-engineered. Texas is an example of the new US. It is the new center of high tech industry. Its costs about 40% less than California and the North East. And in this crisis, it is still growing albeit slower. In fact cost in Texas is just slight higher than India. Dell closed its development center in India and moved it back to Texas last year.

    The new US will less be likely to exports jobs. It will control its intellectual asset tighter. Example, today all microchips in the world are designed using software from 2 privately owned companies. Latest versions of the software are not allowed to be sold outside the US. You probably see more of this as US try to maintain its competitive edge on new technologies.

    So, when the US recovers from the crisis, it will be a more dangerous economical animal. You can already see that from Obama’s speeches.

    Like

  17. A true Malaysian
    Jan 12, 2009 @ 15:16:56

    klm,

    Very enlightening analysis. Ultimately, the world trade need a common currency that facilitate free flow of goods and services.

    Currently, currencies value are all ‘perceived value’ arrived at through trading of currencies. In the long run, currencies should not be treated as ‘commodity’. Its original intention was a medium for exchange of goods and services in replacement of ‘barter trading’.

    Why subject the currencies to exchange risk in the first place? World body need to find a mechanism to counter this problem.

    Like

  18. klm
    Jan 12, 2009 @ 15:38:36

    A true Malaysian. What you suggest is the Bretton-Woods Accord. It collapsed in 1971. (Bu

    The UN tried with SDR as a global reserved “currency” during the Bretton-Woods days. But it failed. I read a funny statement by IMF. saying the SDR is a not a claim against IMF.

    I dont think the UN will try again. It will never be able to get an unanimous agreement.

    Maybe it is a good idea to go back to barter trade. And of course the simpler old way of life.

    Sigh!. Wishing for the good old days.

    Like

  19. mosesfoo
    Jan 12, 2009 @ 16:28:09

    Hello klm,

    You offer a very pertinent analysis about the state of world today. The assumption here is that the US; ie the president, congress, militarily, and all relevant institutions are honourable enough to do the right thing.

    Well, your analysis is in a way rested on the big IF…that is, people are honourable. The alternative to the situation you yourself have highlighted, so that it is also a possibility. Me? I really hope that people are honourable. The otherwise? I wish there is no otherwise but unfortunately that is not true because many experience the otherwise on a day to day basis…people stop by when you are in trouble and for all you know you may just lose your handphone and wallet; a small inconvenient but a nasty inconenient. Others lose their life.

    All in all, I wish you a nice day.

    Like

  20. john
    Jan 13, 2009 @ 11:43:49

    well USA is not exactly a billionaire !!!its trillions in debt and is still playing the most imprudent and irresponsible game in town- spending her way out of her colossal debts!!
    Technological advances or breakthrough accounts for a minute percentage of USA’s GDP and FYI domestic consumption contributes to 70% of USA’s growth which is not substainable without those IOU.contemporary wisdom is that those much hype about tech or patents is not going to ERASE or reduce the massive debts of USA
    a major realignment of fiscal policies and financial prudence might help in the restablishment of some semblance of credibility and trust in USA’s financial system
    how can one possibly keep on spending (consumption)without an income(IOU)???
    perhaps the only solution inevitably is a lowering of standard of living with the only not so palatable long term policy -depreciation of one’s currency
    in stark contrast ,rich asian countries instead are not spending enough to kickstart a possible recession in their own background(japs were not spending for nearly a decade despite 0 interest rate after the property bubble burst in early 90’s)
    we can go on ranting about the great USA making a recovery and maintaining hegemony over the world in all departments becos of ABCD reasons
    the fact of the matter is simple-1massive debts2no intention to address this potentially crippling and explosive problem.3depends on the goodwill of other countries to purchase those IOU papers4finally- lowering standard of living!!!

    Like

  21. john
    Jan 13, 2009 @ 11:46:06

    well USA is not exactly a billionaire !!!its trillions in debt and is still playing the most imprudent and irresponsible game in town- spending her way out of her colossal debts!!
    Technological advances or breakthrough accounts for a minute percentage of USA’s GDP and FYI domestic consumption contributes to 70% of USA’s growth which is not substainable without those IOU.contemporary wisdom is that those much hype about tech or patents is not going to ERASE or reduce the massive debts of USA
    a major realignment of fiscal policies and financial prudence might help in the restablishment of some semblance of credibility and trust in USA’s financial system
    how can one possibly keep on spending (consumption)without an income(IOU)???
    perhaps the only solution inevitably is a lowering of standard of living with the only not so palatable long term policy -depreciation of one’s currency
    in stark contrast ,rich asian countries instead are not spending enough to kickstart a possible recession in their own background(japs were not spending for nearly a decade despite 0 interest rate after the property bubble burst in early 90’s)
    we can go on ranting about the great USA making a recovery and maintaining hegemony over the world in all departments becos of ABCD reasons
    the fact of the matter is simple-1massive debts2no intention to address this potentially crippling and explosive problem.3depends on the goodwill of other countries to purchase those IOU papers4finally- lowering standard of living!!!

    Like

  22. john
    Jan 13, 2009 @ 11:47:04

    well USA is not exactly a billionaire !!!its trillions in debt and is still playing the most imprudent and irresponsible game in town- spending her way out of her colossal debts!!
    Technological advances or breakthrough accounts for a minute percentage of USA’s GDP and FYI domestic consumption contributes to 70% of USA’s growth which is not substainable without those IOU.contemporary wisdom is that those much hype about tech or patents is not going to ERASE or reduce the massive debts of USA
    a major realignment of fiscal policies and financial prudence might help in the restablishment of some semblance of credibility and trust in USA’s financial system
    how can one possibly keep on spending (consumption)without an income(IOU)???
    perhaps the only solution inevitably is a lowering of standard of living with the only not so palatable long term policy -depreciation of one’s currency
    in stark contrast ,rich asian countries instead are not spending enough to kickstart a possible recession in their own background(japs were not spending for nearly a decade despite 0 interest rate after the property bubble burst in early 90’s)
    we can go on ranting about the great USA making a recovery and maintaining hegemony over the world in all departments becos of ABCD reasons
    the fact of the matter is simple-1massive debts2no intention to address this potentially crippling and explosive problem.3depends on the goodwill of other countries to purchase those IOU papers4finally- lowering standard of living!!!

    Like

  23. john
    Jan 13, 2009 @ 11:49:04

    well USA is not exactly a billionaire !!!its trillions in debt and is still playing the most imprudent and irresponsible game in town- spending her way out of her colossal debts!!
    Technological advances or breakthrough accounts for a minute percentage of USA’s GDP and FYI domestic consumption contributes to 70% of USA’s growth which is not substainable without those IOU.contemporary wisdom is that those much hype about tech or patents is not going to ERASE or reduce the massive debts of USA
    a major realignment of fiscal policies and financial prudence might help in the restablishment of some semblance of credibility and trust in USA’s financial system
    how can one possibly keep on spending (consumption)without an income(IOU)???
    perhaps the only solution inevitably is a lowering of standard of living with the only not so palatable long term policy -depreciation of one’s currency
    in stark contrast ,rich asian countries instead are not spending enough to kickstart a possible recession in their own background(japs were not spending for nearly a decade despite 0 interest rate after the property bubble burst in early 90’s)
    we can go on ranting about the great USA making a recovery and maintaining hegemony over the world in all departments becos of ABCD reasons
    the fact of the matter is simple-1massive debts2no intention to address this potentially crippling and explosive problem.3depends on the goodwill of other countries to purchase those IOU papers4finally- lowering standard of living!!!

    Like

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