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Chavez Urges Allies to Pull Reserves From US Banks

Submitted by freedom-fighters on Sat, 01/26/2008 - 19:39

Daily Paul Liberty Forum

"Venezuelan President Hugo Chavez urged his Latin American allies on Saturday to begin withdrawing billions of dollars in international reserves from U.S. banks, warning of a looming U.S. economic crisis."
Implications?

The implications will not be

Submitted by sobrdup on Sat, 01/26/2008 - 21:00. Permalink

The implications will not be much in the short term, but over the longer term it's not good for the dollar. What Chavez is essentially doing is the exact same as we are as we swap out dollars for gold - leaving the dollar system. It makes sense to do it now while the dollar still has decent value. Imagine all of us in 1 state trading gold instead of dollars. It would not hurt the country's dollar system right away, but over time it could because money is what people think it is. That is the key.

If he or anyone can start a

Submitted by wninja on Sat, 01/26/2008 - 20:02. Permalink

If he or anyone can start a global economic panic and the US can no longer barrow from anyone then the war is over and so are alot of other subsidized entitlements. That's my impression anyway.

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"But, indeed, no private person has a right to complain, by suit in court, on the ground of a breach of the Constitution. The Constitution it is true, is a compact, but he is not a party to it."

Why am I NOT surprised?!!

Submitted by ephilipp on Sat, 01/26/2008 - 20:01. Permalink

Seriously though, Panama and Ecuador won't play----they can't both use the Dollar---Panama has totally for about 100 years, they don't mint their own currency. (Yes, right now inflation is a BIG issue and nobody understands that prices are going up because the dollar is dropping not because Rich Gringos are buying big houses and paying their maids too much--sad really)