Is fiat money heading for the grave?

[OhioArcher]

Well, it would threaten the end of the Federal Reserve Bank (a private corporation)and paper money. The US $ is the only allowed way of buying and selling oil in any legal world market and this is what keeps the US $ strong (as it is no longer backed by gold bullion). If the FIAT system is threatened, the USA must go to war to stop it or the US $ will be worthless as oil can then be traded by gold, etc. and that will be a certain end to the American way of life.

The Petro Dollar may be coming to an end if China gets their huge refinery opened and operating in Saudi Arabia. The Yen could displace the Dollar in the oil market...if that happens the Dollar will not be worth the paper it is printed on. We will be a nation of 314M paupers...

 

[MossLvR]

http://www.cbpp.org/cms/?fa=view&id=1258

More than half the budget is on social programs.

Those programs operate like a donation to , say, Oxfam, what actually gets to the people is what's left after the "cost" of "distribution".

 

[Water Monkey]

Less to Oxfam if less people are eligible to go on welfare, early social security, Medicaid, Medicare, Section 8....