(Web Blog)

THE END OF THE DOLLAR

AUGUST 9, 2011

I have mostly avoided the news regarding the debt, realizing that much of it is a show. What many are thinking is a bad thing regarding the Economy, USA Credit Rating and the end of the dollar; is really the best thing that can happen for the country and the world. The plan is to get rid of the Privately Owned Bank called the Federal Reserve and issue our own Treasury Note that's already printed and waiting to be distributed. Nevertheless, even with our own Treasure Note, the success of it will be shortly lived.

Of course, when the Planned Crash finally happens many will panic because their TRUST is in the not so almighty dollar, worthless paper. We have suggested to our readers for years to get out of anything that is paper (401k's, etc) and invest in Silver, Gold and other Precious metals. The day has come when everything will be tried by fire. Paper currency will not stand the test-don't be fooled by their rhetoric.

The article below is only a sign for things to come. Your governments wont tell you what to do but they will leak enough information to let you know what's going on if you are watching. (We are not qualified to give any expert financial advice).

--------------------------------------------------------

DOLLAR TO BE 'DISCARDED' by WORLD:

China Rating Agency

Published: Sunday, 7 Aug 2011 | 10:28 AM ET

By: Ee Sing Wong

News Editor

The man who leads one of China’s top rating agencies says the greenback’s status as the world’s reserve currency is set to wane as the world’s most powerful policy makers convene to examine the implication of S&P’s decision to strip the United States of its triple “A” rating.

The United States "should get a clear understanding that the continuous decline of the debt service capability will inevitably result in the outbreak of a sovereign debt crisis.”

Guan Jianzhong Chairman, Dagong Global Credit Rating

In comments emailed to CNBC, Guan Jianzhong, chairman of Dagong Global Credit Rating, said the currency is “gradually discarded by the world,” and the “process will be irreversible.”

Dagong made headlines last week when it became the first rating agency to cut its U.S. credit rating from “A+” to “A” after policymakers in Washington failed to act in a timely manner to lift its debt ceiling.

However, the announcement failed to register in the markets as investors have yet to decide whether to take the Beijing-based company seriously.

“It has been around for quite a while, but I do not know of anyone assigning risk assessment to their portfolio according to Dagong,” said Steen Jakobsen, chief economist at Saxo Bank. “However, clearly the rating industry could do with some competition and deviance from firm beliefs.”

But Guan’s observation—made just before S&P slashed its ratings on the world’s biggest economy—now seems strangely prescient.

“I think the most pressing issue facing the U.S. at the moment is to reflect on the crisis which happened in relation with the debt ceiling," Guan said. "They should get a clear understanding that the continuous decline of the debt service capability will inevitably result in the outbreak of a sovereign debt crisis.”

His sentiment is also reflected in a strongly worded editorial published by China’s official Xinhua news agency on Saturday that is widely seen as a thinly-veiled criticism of U.S. fiscal and economic policies from Beijing.

The editorial called for “international supervision over the issue of U.S. dollars” and the introduction of “a new, stable and secured global reserve currency.”

It also noted that as its largest creditor, Beijing has every right “to demand the United States to address its structural debt problems and ensure the safety of China's dollar assets.”

Share this with all you know.

We accept donations for our non profit work.