President of OPEC calls USD "useless piece of paper"
 

whats your take on that??

hopefully the prices remain normal

Hopefully they move to the Canadian Dollar, or well the Euro.

Money is overrated

If they do switch to the Euro it will radically effect everyones economy in a major way. I know there is a lot of anti american fuck the dollar ideology around here. Though think about how your costs will rise if they do base it on the Euro. Right now you get energy prices in american dollars. When that doubles or so, even the mighty Euro would get slammed and then you all would end up paying double what you pay now.

Well, the US Dollar is worthless, always has been since day one.

Minus, you happen to be one of the most idiotic peron with missguided knowledge on here, and sadly otherwise you would and could be an intellegent person.

Goddamn camel jockeys:321GFY

wasnt the presifent of opec..it was irans president armididijan:2 cents:

You guys are crazy if you think it should be moved to Euro's or Canadian dollars. :1orglaugh

You do realise oil is much cheaper right now because it's sold in US dollars. Sell it in Euros and it's going to be even worse. You guys just dunno how good you have it with the price of oil due to the weak US dollar.

A currency trader suggested to me that if OPEC was ever going to change from the US dollar we should look to see which currency was appreciating against all the others - and that's the one that OPEC would pick.

I could be mistaken but I don't think that, while all the currencies are appreciating against the USD none of them are appreciating against any other currency.

Prove to me that the USD Dollar has now - or ever had - value and I will let you shove that statement up my ass. Its worthless fiat. Backed by "the full credit and faith of the United States Government". How much, exactly, is something that is backed by the full faith and credit of a country that is $7 trillion dollars in debt worth? Its not like the US Dollar is a TV or something, that you can use for anything other than buying stuff. It has no dual purpose. At least you can take a TV overseas and pawn it for what, 20 yen or something.

Asians, Europeans and other non-Americans should not have to buy USD in order to pay for oil.

The government doesn't want oil to be traded in any currency because America super wealth relies on both cheap oil and the dollar as world's reserve currency. The Federal Reserve makes a killing by selling USD (99 cent profit on the dollar) to foreign suckers.

It's a post WW2 legacy enforced by the US Army in the Middle East.

I suggest to him to use Euros then and stop using USD and see where it gets him....

It will get him the same place Saddam is.

The US economy would collapse if OPEC countries broke this currency monopoly.

Oil is the most traded commodity in the world with a trade value now in the trillions of dollars, and foreigners must buy USD from the Federal Reserve to pay for it.

It's a scam enforced by the US Army.

The EUR won't replace the USD, we will just switch to a multi -currency global monetary system, and probably closer to real value rather than paper.

I hope it stays the way it is... though I understand I am the only one wanting that lol

Every major country in the world is based on fiat currency. Are you saying that every country in the world has a currency with no value?

"Value," as defined by dictionary.com:

"2. monetary or material worth, as in commerce or trade"

Take a $1 bill. Go to the candy store. Tell the gentleman you'd like a pack of gum. Give him the $1 bill. He will give you a pack of gum, and maybe even some change back.

ergo, the dollar bill has value in the present.

Q.E.D.

Time to lube up the ass... I hear ASM uses a big font text. :2 cents:

It's bought a lot of shit for me :1orglaugh

You are priceless, clueless, but priceless! :1orglaugh



.

Im starting to like you.

You’re pretty much certified idiot. For some reason you’re more active than any other day.

Thread title is bullshit.

It wasn't the president of OPEC who said that, it was the nutjob from Iran who says the holocaust didn't really happen.

You are so fucking wrong it's not even close.





We are $9 trillion in debt. :1orglaugh

LOL...the way you spelled his name reminds me of that fantasy football commercial.

TJ Hooshmazood.

TJ Whose-yo-mamma

Championship

Cool, you want to hang out or something?

Quoted for truth.

I stand corrected then.

And actually, if you want to be exact, its: $ 9 , 1 1 8 , 1 7 9 , 9 4 7 , 1 7 9 . 9 2 as of 07:07:11 AM GMT.

Truth of the matter is, it stopped really mattering when it started to race out of control. For this country, $9.1 trillion may as well be $910 trillion.

I disagree. As a % of GDP our debt has been higher than this before. In particular after WWII.

I concede that we can't sustain our current course indefinitely, but once the current administration is gone I think alot of things are going to change for the better, our fiscal situation being one of them. :2 cents:

What a nice couple you would make.

Worth More Than $100 USD: (Then and Now)

http://i13.tinypic.com/7xe6ir7.jpg

Sure, I’ll let you lick my left nut.

Another piece of real money. Hey, their money was even prettier. It was fiat too, but at least it stood for something. If I am gonna have worthless money in my pocket, I'd rather have something that at least stands for something.

http://i3.tinypic.com/717colv.jpg

Don’t even go there old man. You may be riding a bike and take shit load of pictures of hot girls but we all know what you get to fuck at the end of the day
http://www.oldbikebarn.com/newslette...rchick-fat.jpg

I would totally hit that :thumbsup

Please cite your source.

Life is all about change and cycles ... start getting used to it!

Ever had been - when it was on the gold standard. Ok prepare the lube.

Currently - it is backed by the taxation of its citizens and the assets it controls. Not to mention we literally have trillions of dollars in uncollected loans to other countries. Most of which we have never bothered to try collecting back. Now we may be 7 trillion in debt. We do have enough resources and the like to keep any investor satisfied. Not to mention the citizens personal assets cause to keep in mind most of that is in debt fashion and could be collected by any company or country that purchased such debts.

There are very few dual currencies though. Nearly all are paper. Sure many may be backed by gold but good luck getting that gold. Then again gold is only valuable because we all agree that it is. Aside from select scientific and conductivity uses it otherwise is a useless metal that just happens to be slightly rare. Thus that places it in the same category as diamonds, which are immensely worthless outside of construction and drilling. Regardless though even with our dollar not based on gold, the nation itself does maintain a large reserve of gold in order to deal with foreign countries.

I think he meant Iran, not OPEC.

ICQ here: 16075497
she's all yours

I am amazed at how many people don't have a basic understanding of economics.

Money is money, it doesn't "stand" for anything.

But if you must convince yourself that Confederate currency "stood" for something, note that much of their currency had images of slaves picking and loading cotton.

No he didn't :1orglaugh

The main mutterings from the President of OPEC have been to ask western industrialized countries and others with increasing energy needs to cut their requirement for oil and find alternative energy sources. Mohamed Al Hamli never offered his opinion as to whether the US dollar is a "useless piece of paper".

Yes worse for us and everyone but great for OPEc.. which is all OPEC really cares about.

All of this speculating is useless - why not post actual facts - like one OPEC nation has already swapped over to only selling oil in Euros instead of dollars - Qatar - and the reason Iran is in the spotlight from the US point of view (although everyone beats their chest about nuke this and that) is that they have already started swapping their sales over to Euros to avoid the UN sanctions - and being that they are one of the largest producers - the US is extremely worried if they were to completely change over - so the administration is scaring the US public into thinking that there is some issue with nuclear to ensure that the UN sanctions get toughened

If you dont know the real story - dont make yourself look like an idiot

Back when a US dollar was 1/35 troy oz of gold, backed by physical reserves, it was more than a useless piece of paper.

Of course a metal like gold only has the value we assign to it too. But you can't just print more gold.

here we go again... we should see the price of the dollar plummet again today, darn it!

please keep logic to a minimum

rather try yelling insults or threatening someone...thanks