India Pays Gold for Iranian Oil/Gas

You were doing fine up till that point .
I am no Leftist seeking vengeance , but don't you think you could point your finger at Military spending as a rather more accurate cause .
Or just plain greed and dishonesty across all social groups .
Seems nearer the truth .

 

You sound like Alexander Kerensky.

 

It's not just "leftist" ideology... it's "progressive" ideology which encompasses both the left and right.

 

They still have to use dollars to buy the gold genius.

 

At one time that was true. Progressivism now has no place on the right. Earl Warren is long dead.

 

not necessarily as both india and china have more than enough gold!

 

They got the gold from somewhere. And they used dollars to get it unless they mined it. Even if they mined it they used dollars to buy the tractors from caterpillar to mine it.

 

which is exactly why the dollar needs to be removed as the reserve currency. And that trend has alsready started although in a small way. China has made deals in the pacific rim to do trade using the yuan. India, Russia and brazil along with china will do trade among each other to do trade using yuans...and also russia has made deals with india and iran and some OPEC nations to do trade in euros. Sure its still minor compared to world trade but it has started as 5 yerars ago it was unheard of for anybody to do any trade other than the US dollar!

 

India and China have been accumulating gold since before the Roman Empire. The Economist magazine estimates that about 40% of all the world's gold is in India, the vast majority in private hands. Adopting a gold standard would automatically make India the richest nation in the world, able to buy up the US for a song.

 

India uses rupees and China owns the mines.

All the GOP candidates except Ron Paul are progressives... Bush 43 was/is a progressive.

 

well thats the price to pay for going on a fiat system for so long!

 

That is a completely delusional comment. India which is swimming in it's own feces is going to buy up the US. If those imbeciles didn't blow what little money they have buying bling maybe they would have that malaria situation under control. What do you think, hhhmmm?

 

you really dont know what you are talking about.....as you dont understand the US is screwing the rest of the world with its worthless paper as it made the world accept the dollar as the reserve currency.

Perhaps you should read up on bretton woods as the only reason the world accepted the dollar as reserve was because the US assured everyone that the dollar was backed by gold.....otherwise there was no way the globe would of accepted it. Had the world known that the US would of screwed them by going off the gold standard there is no way in hell they would have the reserve currency today.

But I cant expect you to understand that....heck all you see is what you know....you lived with the dollar all your life so thats all you understand...the linear affect I believe its called.

Oh well you shall learn soon enough

 

You know how they will attempt to fix the issue? War

That is their only other option. The countries causing the us and the beneficiaries of the current status quo will be labeled as a threat somehow. No way they just sit on the sidelines and allow china/india and other countries to buy commodities in anything other than the US dollar or another currency they create so they can manipulate.

 

every nation that has ever challenged the US dollar reserve status has eventually been invaded...funny how the clueless gang doesn't see that!

 

The swiss are getting signatures right now to go back to a 20% Gold Standard. Have you looked at how much Gold China is buying through Hong Kong? Don't they have aspirations to be a reserve currency? Don't be so absolute we have not seen the worst of this economic crisis yet. Gold is a safe haven.

 

Once again you are wrong about gold. You can even use the Yuan now.


http://www.businessweek.com/news/20...ading-gold-in-yuan-to-tap-triple-demand-.html

 

40% of the Gold is not in India. That would be around 64,000 tons. NO WAY. Central Banks control around 20% of the Gold market. Nobody knows how much Gold is in India but the estimates from analysts are (including all the jewelry) around 10,000 tons. Not even remotely close to 64,000.

The U.S has the most Gold as long as Fort Knox, West Point, and New York truly have 8,122 tons of Gold. There is a lot of Gold under the New York Fed from other countries.There is a LOT of gold in private hands in this country.

Do you have any clue how many Krugerrands are in this country? Gold Eagles, pre-33 Gold, there is a lot of Gold in the US. There is one heck of a lot of Gold in the Delaware depository? They store the IRA gold.

 

not only in the US but in several G8 nations......I am sure there is alot of gold in private hands in europe and japan also!

 

India's gold reserves are more than twice that of the US...

For the last 20 years, World Gold Council has shown India’s annual gold consumption fluctuating from 400 tons to 800 tons. Estimated Indian gold reserves at 25,000-30,000 tons are double of the next largest country – the USA with 14,000 tons. India has 20% of the world population and also 20% of the world’s above-the-ground gold.

http://2ndlook.wordpress.com/2007/11/10/india-the-worlds-richest-economy/

 

I believe Italy has alot of gold too!

 

PIGS doesn't posses enough gold to get them out of debt... but neither does the US... actually there hasn't been enough gold mined... ever... to get the US out of debt.

 

unless of course they revalue the price of gold upwards to lets say 15,000 dollars....goodie LOL

 

I think in previous days that might be true but who is the US to go to war with these days ?

Certainly not China or Russia or India. Wasting yet more money in the middle east will only increase the economic strength of these countries.

I just do not know who they would attack. Iran ? .. Syria ?

These countries are not Iraq and Libya that had pre 1980's technology due to an arms embargo.

Iran has a very strong missile program which poses a threat to US bases and Navel vessels.

Syria .. Forget it. The US could win of course but they would suffer losses.

The Syrians have serious missile techology including the new supersonic stealth anti ship cruise missiles from Russia. Carriers would go down.

Even one sunken carrier would be a big wake up call as to the vunerability of these floating cities to the ever increasing advances in missile technology.

US bases would suffer losses due to destruction and loss of life from balistic missiles chemical warheads.

 

If your going to quote the world gold council maybe you should go to their website and look at their data instead of the wordpress. The numbers you suggest don't match up with the WGC data. No where do they suggest India has 25-30 thousand tons.

There is a lot of Gold in this country.
There were over 100 million double eagles minted in this country before 1933. That is 3000 tons and that is just one denomination. That doesn't include Gold Eagles, Bars, foreign gold, etc. Gold was confiscated in 1933 some sent over seas but much of it has returned.

India may have over 10,000 tons. Recently I heard Jim Rickards suggest there were 10,000 tons of Gold in India. I believe him. He tends to have his finger on the pulse in the gold market. Don't be fooled. There is a lot of gold in the USA.