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In reference to my last post, I was forwarded this video from someone named Hal Turner. I had no idea who Hal Turner was, but it only took a few minutes to know the video was poppycock.

Quick summary:

• There is an Executive Department conspiracy to destroy the US Dollar and in it’s ashes create a North American Union (NAU from now on) with Canada and Mexico.
• This will remove US Sovereignty and create a new central authority.
• We will have a new currency, the Amero.

Mr. Turner’s original story is on his blog. Some excerpts:

The US Secretary of the Treasury has informed the China Development Bank that the US has shipped $800 Billion of a new currency called the Amero, which is to be based upon the merging of the economies of The United States, Mexico and Canada into what is termed as The North American Union.

The current American debt obligation to China, currently based on the US Dollar, is now estimated to be the staggering sum of $2.5 Trillion, and which this new Amero will be exchanged for $400 Billion of this debt as the current American currency is set to be devalued by 50 percent before the end of the year…

US Treasury Secretary Paulson, however, continues leading the charge attempting to force upon the American people the ‘final peg’ to their own demise by completely bankrupting the United States leaving no other choice but to completely discard the almost totally worthless US Dollar and its replacement with the Amero…

For myself, I think that the day such an announcement of the Amero replacing the Dollar is made, is the day I may be left with no choice but to start killing the people involved in destroying my nation.

Cute. But being a hypothetical murderer doesn’t mean he’s wrong about the central point. Everything else he says does that. Let me start off with my immediate reactions while watching his video:

1. Special coins can be minted by almost anyone, they have infomercials for them all the time.
2. The people who push and would believe this theory are not free-traders. They view China as an enemy and a rising threat. Given that, why on earth would they believe China would accept coins from a union that doesn’t yet exist on the promise that someday they’ll be convertible?
3. Even if people in charge wanted a North American Union and a common currency, do you really believe that the easiest thing for them to do is destroy the dollar to bring in a new currency that virtually no one would accept?
4. Assets are not in dollars. I own stock. The stock is not dollars, it’s a share of a corporation. My broker gives me a dollar valuation, but I’d still own the stupid stock if we converted to Ameros.

Those were my immediate reactions while watching the video. Now let me elaborate.

First, I was right on the easiest piece, virtually anyone can print coins. And it looks like the coin he was specifically holding was custom minted by Daniel Carr Coins. Very interesting, specifically because it only takes a short google search of Amero to turn up this result. That makes it a very silly stunt.

Lets say the coin was real. Why would the same people who think China is a rising threat also believe they’d accept currency from a union that doesn’t exist? The very fact China has claim to so much of our Treasury Bonds makes them that much less likely to accept the word of a government that may be someday that the would-be currency will have its supposed value. This requires suspension of disbelief for two things: a) that China would accept the currency and b) they’d accept the rate. Honestly, if you were China, would you do such a thing?

Destroying the Dollar to the extent that Mr. Turner is claiming wouldn’t allow for an alternative currency to come into the fold. Imagine you woke up today and your checking account (which is in dollars) is useless. Would you really be chomping at the bit to accept a new currency? How would the Government institute this currency? A Dollar buy-back program? Why not just keep the Dollar? Just hand them to Banks and let them have-at it? Please, the velocity and confusion over a new currency would be so large that no one would know what to do. The Euro wasn’t created out of complete devastation, it was a series of trade agreements that started decades ago. If an Amero ever happens, it isn’t going to be a surprise.

Let’s say it was overnight. Everything that wasn’t Dollars or promises of Dollars: Houses, Cars, Stocks, Bonds from foreign companies, whatever, would be fine. There’d be massive confusion, but they wouldn’t go to zero, because you could convert them into other currencies, even maybe the Amero.

Oh, and for the record, Hal Turner is an unapologetic “White Nationalist.” Whatever the heck that is. So please people, before you hit forward on that email that you think I must read please make sure that: a) it’s plausible b) it’s interesting and c) it’s not a conspiracy theory from an unabashed racist, even if he kinda looks like Kevin James from The King of Queens.