Free Talk Live

The dollar plunged today following a United Nations report which called for the greenback to be replaced as the global reserve currency by the International Monetary Fund’s special drawing rights (SDRs).

The last time we wrote about Bitcoin, in October, the currency's future looked grim. A series of security incidents had created an avalanche of bad press, which in turn undermined public confidence in the currency. Its value fell by more than 90 percent against the dollar. We thought Bitcoin's value would continue to collapse, but so far that hasn't happened. Instead, after hitting a low of $2, it rose back above $3 in early December, and on Monday it rose above $4 for the first time in two months.

A few weeks ago the Royal Canadian Mint rolled out MintChip, a digital currency that is “better than cash.” It isn’t an alternative currency in that it’s a digital representation of the sovereign currency — the Canadian dollar.

The Wall Street Journal report calls the Turkish gold payments a “loophole in Western sanctions” which ban Iran from receiving payments in US dollars, but it’s far more than that. A “loophole” at least operates within the framework of the policy. Abandoning the US dollar to circumvent the entire policy is a thumb in the eye to US legitimacy, and the global banking system.

An accurate portrayal of the virtual nature of the US dollar which explores misconceptions and realities of the money used by so many.

The Federal Reserve Open Market Committee (FOMC) has made it official: After its latest two day meeting, it announced its goal to devalue the dollar by 33% over the next 20 years. But, an increase of 2% a year over a period of 20 years will lead to a 50% increase in the price level. It will take 150 (2032) dollars to purchase the same basket of goods 100 (2012) dollars can buy today. What will be called the “dollar” in 2032 will be worth one-third less (100/150) than what we call a dollar today.

The dollar may fall below 75 yen next year as it becomes the world’s “weakest currency” due to the Federal Reserve’s monetary-easing program, according to long-time partners-in-crime, J.P. Morgan.

A peer-to-peer currency exchange done without coercive influence is now worth more than the dollar. Which just goes to show that a currency can exist without governmental intervention.

U.S. Senate Approves Sanctions Aimed at Crippling Iran Oil Sales

The U.S. Senate took aim at the Iranian central bank in an effort to choke off oil exports, while the European Union stopped short of targeting crude as it tightened sanctions intended to curb Iran’s nuclear program.