What would really happen if the banks collapsed? - Page 3 - PeachParts Mercedes-Benz Forum

RichC · #31 07-02-2009, 10:43 PM

The real problem is something few people would understand or believe.

If american currency lost its prestige in the world market other countries would not
by and sell oil with dollars.

Did you know that the world buys and sells oil by the dollar and not their local currency.

One of the true reasons for the Iraq war was the Saddam was accepting other currencies in payment for oil.

Does anyone else here know this ???

Matt L · #32 07-03-2009, 12:56 AM

Quote:

Originally Posted by RichC

One of the true reasons for the Iraq war was the Saddam was accepting other currencies in payment for oil.

Does anyone else here know this ???

I wouldn't say that I "know" that, but I have heard that.

aklim · #33 07-03-2009, 11:50 AM

Quote:

Originally Posted by RichC

The real problem is something few people would understand or believe.

Did you know that the world buys and sells oil by the dollar and not their local currency.

One of the true reasons for the Iraq war was the Saddam was accepting other currencies in payment for oil.

Does anyone else here know this ???

But we have you.

Yes, I think most everyone knows that.

Really? Can you explain why it would cause such a ruffle? Because under the "Oil for Food" program, I don't think that much can be sold. You may want to demonize Bush but I would have to say that I doubt he would have sent us to war over a little loss of prestige if it can even be called that. If you are trying to say he traded oil for weapons and it was in violation of the treaties, I could understand. But just because he accepted money in Mark, Yen or Dong doesn't really mean that much.

RichC · #34 07-03-2009, 10:15 PM

Exxon cares deeply what currency is used.

Im not trying to blame Bush,
I believe he was just a puppet,
like a lot of other governemt officials.

aklim · #35 07-03-2009, 11:42 PM

Quote:

Originally Posted by RichC

Exxon cares deeply what currency is used.

Im not trying to blame Bush,
I believe he was just a puppet,
like a lot of other governemt officials.

OK. Why would they care? How much of an impact would it have on them whether USD was used or not?

tankdriver · #36 07-03-2009, 11:51 PM

Quote:

Originally Posted by aklim

But we have you.

Yes, I think most everyone knows that.

Really? Can you explain why it would cause such a ruffle? Because under the "Oil for Food" program, I don't think that much can be sold. You may want to demonize Bush but I would have to say that I doubt he would have sent us to war over a little loss of prestige if it can even be called that. If you are trying to say he traded oil for weapons and it was in violation of the treaties, I could understand. But just because he accepted money in Mark, Yen or Dong doesn't really mean that much.

The United States would collapse if oil were traded in other currency.

aklim · #37 07-03-2009, 11:55 PM

Quote:

Originally Posted by tankdriver

The United States would collapse if oil were traded in other currency.

So your thesis is that because Saddam traded oil in another currency and the little he could trade could cause our nation to collapse which explains why Bush went into Iraq? I'm sure there might be some consequences if everyone switched to a different currency but I can't see how Iraq's pittance during the "Oil for food" program could cause such a stir, can you?

How much, in euros are we really talking about? Not as much as the Iranian Oil Bourse, I'll bet. Now if we went to war with Iran and Venezuela after that, I'll admit it shows a pattern. Otherwise, it makes a fine conspiracy theory but is it something to be taken seriously?

barry12345 · #38 02-17-2014, 08:36 PM

Quote:

Originally Posted by 10fords

I have a credit card that I don't use except for my internet monthly payment and I noticed a few months ago that the default rate is 74.99%!!! I called them because I thought that was the definition of usury. They said that they rarely go that high, but they reserve the right to and it is legal! Now, I have excellent credit and I pay my balance every month, but I noticed my statement was coming later every month. It got to the point where if I didn't get my mail the day the statement came and send off the payment the next day it would be late and I would have to pay a $36 late fee on a $21 balance!! needless to say I dont use that card anymore. FYI it is a Chase Visa-Scott

Some banks like mine have a provision if you ask for it. If the due date comes on your credit card the minumin payment is transferred from one of our general accounts. This is if I have not made it in time. I always pay of the one card I use before the due date totally. Actually there is a floating surplus on my visa card. The wife uses only her debit card.

Although I blew the airline points the other day by paying cash for two air to air heat exchangers where I should have used the visa card.

barry12345 · #39 02-17-2014, 08:46 PM

Quote:

Originally Posted by 10fords

I am not an economist or a banker so I am wondering what would really happen? would everyone who had a loan just not have to pay it back? I realize that any money you had in an account would be gone or would the FDIC still cover it? I'm just trying to figure out the worse case scenario.-Scott

If a large contingent of banks where to fail. It would be unbelievable what could transpire overall. I think by the way that everything is safe in that way as is currently being done. The printing of money would just accelerate to cover it. Of course even without the banks collapsing that is already being done to a lesser extent presently also has implications down the road.

Botnst · #40 02-17-2014, 10:13 PM

If a business is so large that its failure is a clear and present danger, then that business is too large.

Businesses should never, ever be protected from failure. Let them die and be broken-up.

barry12345 · #41 02-17-2014, 10:54 PM

Quote:

Originally Posted by Botnst

If a business is so large that its failure is a clear and present danger, then that business is too large.

Businesses should never, ever be protected from failure. Let them die and be broken-up.

If the current policy of partial monopoly in many forms of business continues. It will not be too long before the government may bail out a large retailer quietly. That's if the need presented itself.

There is far too much concentration of ownership occurring to be healthy for society in the long haul. For one thing a small person is actually blocked for all practical purposed from entering many fields as a true owner already.

INSIDIOUS · #42 02-18-2014, 12:25 AM

"What would really happen if the banks collapsed? "

And it goes like this:

Capital One says it can show up at cardholders' homes, workplaces - latimes.com

TwitchKitty · #43 02-18-2014, 06:26 AM

There is a book called Collapse. It is about the collapse of society but is much the same thing. Banks own almost everything and so the there would be a cascade of failures throughout everything.

You can pretend you own things but if you have to pay for space, taxes, insurance, etc to keep your things then you are really renting them.

Skid Row Joe · #44 02-19-2014, 12:19 AM

Quote:

Originally Posted by diametricalbenz

I am going to go out and buy the biggest house I can find with a bank that is about to go down the tubes so I don't have to pay for it.

If only that were true.

Some did exactly that - then the cr@p hit-the-fan for them. They were ALL on the hook for it, not the bank. Too much credit exercised==disaster when your income ceases. What's funny (as in ironic,) is that the cycle of bubbles bursting always repeats itself.

The FDIC could fail. You bet your life it could.

Skid Row Joe · #45 02-19-2014, 12:22 AM

Quote:

Originally Posted by TwitchKitty

There is a book called Collapse. It is about the collapse of society but is much the same thing. Banks own almost everything and so the there would be a cascade of failures throughout everything.

You can pretend you own things but if you have to pay for space, taxes, insurance, etc to keep your things then you are really renting them.

Hundreds, if not a thousand banks failed since this thread started in March 2009. Nothing's changed, other than a few bank workers out of work as they failed. Things have just gotten more consolidated, that's all.