World Currency... US backs it?!
MrNightly
Posts: 3,370
Any thoughts?
US backing for world currency stuns markets
US Treasury Secretary Tim Geithner shocked global markets by revealing that Washington is "quite open" to Chinese proposals for the gradual development of a global reserve currency run by the International Monetary Fund.
The dollar plunged instantly against the euro, yen, and sterling as the comments flashed across trading screens. David Bloom, currency chief at HSBC, said the apparent policy shift amounts to an earthquake in geo-finance.
"The mere fact that the US Treasury Secretary is even entertaining thoughts that the dollar may cease being the anchor of the global monetary system has caused consternation," he said.
Mr Geithner later qualified his remarks, insisting that the dollar would remain the "world's dominant reserve currency ... for a long period of time" but the seeds of doubt have been sown.
The markets appear baffled by the confused statements emanating from Washington. President Barack Obama told a new conference hours earlier that there was no threat to the reserve status of the dollar.
"I don't believe that there is a need for a global currency. The reason the dollar is strong right now is because investors consider the United States the strongest economy in the world with the most stable political system in the world," he said.
The Chinese proposal, outlined this week by central bank governor Zhou Xiaochuan, calls for a "super-sovereign reserve currency" under IMF management, turning the Fund into a sort of world central bank.
The idea is that the IMF should activate its dormant powers to issue Special Drawing Rights. These SDRs would expand their role over time, becoming a "widely-accepted means of payments".
Mr Bloom said that any switch towards use of SDRs has direct implications for the currency markets. At the moment, 65pc of the world's $6.8 trillion stash of foreign reserves is held in dollars. But the dollar makes up just 42pc of the basket weighting of SDRs. So any SDR purchase under current rules must favour the euro, yen and sterling.
Beijing has the backing of Russia and a clutch of emerging powers in Asia and Latin America. Economists have toyed with such schemes before but the issue has vaulted to the top of the political agenda as creditor states around the world takes fright at the extreme measures now being adopted by the Federal Reserve, especially the decision to buy US government debt directly with printed money.
Mr Bloom said the US is discovering that the sensitivities of creditors cannot be ignored. "China holds almost 30pc of the world's entire reserves. What they say matters," he said.
Mr Geithner's friendly comments about the SDR plan seem intended to soothe Chinese feelings after a spat in January over alleged currency manipulation by Beijing, but he will now have to explain his own categorical assurance to Congress on Tuesday that he would not countenance any moves towards a world currency.
http://www.telegraph.co.uk/finance/economi...ns-markets.html
US backing for world currency stuns markets
US Treasury Secretary Tim Geithner shocked global markets by revealing that Washington is "quite open" to Chinese proposals for the gradual development of a global reserve currency run by the International Monetary Fund.
The dollar plunged instantly against the euro, yen, and sterling as the comments flashed across trading screens. David Bloom, currency chief at HSBC, said the apparent policy shift amounts to an earthquake in geo-finance.
"The mere fact that the US Treasury Secretary is even entertaining thoughts that the dollar may cease being the anchor of the global monetary system has caused consternation," he said.
Mr Geithner later qualified his remarks, insisting that the dollar would remain the "world's dominant reserve currency ... for a long period of time" but the seeds of doubt have been sown.
The markets appear baffled by the confused statements emanating from Washington. President Barack Obama told a new conference hours earlier that there was no threat to the reserve status of the dollar.
"I don't believe that there is a need for a global currency. The reason the dollar is strong right now is because investors consider the United States the strongest economy in the world with the most stable political system in the world," he said.
The Chinese proposal, outlined this week by central bank governor Zhou Xiaochuan, calls for a "super-sovereign reserve currency" under IMF management, turning the Fund into a sort of world central bank.
The idea is that the IMF should activate its dormant powers to issue Special Drawing Rights. These SDRs would expand their role over time, becoming a "widely-accepted means of payments".
Mr Bloom said that any switch towards use of SDRs has direct implications for the currency markets. At the moment, 65pc of the world's $6.8 trillion stash of foreign reserves is held in dollars. But the dollar makes up just 42pc of the basket weighting of SDRs. So any SDR purchase under current rules must favour the euro, yen and sterling.
Beijing has the backing of Russia and a clutch of emerging powers in Asia and Latin America. Economists have toyed with such schemes before but the issue has vaulted to the top of the political agenda as creditor states around the world takes fright at the extreme measures now being adopted by the Federal Reserve, especially the decision to buy US government debt directly with printed money.
Mr Bloom said the US is discovering that the sensitivities of creditors cannot be ignored. "China holds almost 30pc of the world's entire reserves. What they say matters," he said.
Mr Geithner's friendly comments about the SDR plan seem intended to soothe Chinese feelings after a spat in January over alleged currency manipulation by Beijing, but he will now have to explain his own categorical assurance to Congress on Tuesday that he would not countenance any moves towards a world currency.
http://www.telegraph.co.uk/finance/economi...ns-markets.html
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Comments
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The Obamanation continues. God help us!Political Correctness'.........defined
"A doctrine fostered by a delusional, illogical minority and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a t-u-r-d by the clean end."
President of Club Polk -
Thread terminated in T-minus.......~ In search of accurate reproduction of music. Real sound is my reference and while perfection may not be attainable? If I chase it, I might just catch excellence. ~
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This does not even rise to the level of stupidity. Just because something is inevitable in the long term does not mean that you help it along if it is very, very contrary to your best interest.
Then again this presupposes that those currently in power have the same “interests” that we as individuals do. Their primary goals may however be very different i.e. socialism, world government or whatever other precept they can dream up that limits the power of the individual while increasing the power of the state … In a more technologically advanced time this would almost be akin to or at least the beginnings of … “The Matrix”. -
With a global currency, we will see wages similar to that of our trading partners, ie China.
'Free trade' is essentially working to do that now and will slowly equalize living standards.
This is why we need to be self sufficient in as many areas as possible. F- the global village, the UN, WHO, IMF, World Bank, et al.-Ignorance is strength - -
Scary road we all travel under Obama.
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Platinum,Gold and Silver should be the main currencies used period.SRT For Life; SDA Forever!
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Congratulations folks. We've given the family checkbook to the dyslexic blonde chick!I refuse to argue with idiots, because people can't tell the DIFFERENCE!
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New World Order."He who fights with monsters should look to it that he himself does not become a monster. And when you gaze long into an abyss the abyss also gazes into you." Friedrich Nietzsche
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I saw on CNN two days ago that Obama was not interested in a world currency
I think he's shown in pretty short time that what he says has no bearing on what he does.If you will it, dude, it is no dream. -
Totally Incompetent Buffoons running the Asylum in Washington!!! So, How's that "Change" working out for ya????"2 Channel & 11.2 HT "Two Channel:Magnepan LRSSchiit Audio Freya S - SS preConsonance Ref 50 - Tube preParasound HALO A21+ 2 channel ampBluesound NODE 2i streameriFi NEO iDSD DAC Oppo BDP-93KEF KC62 sub Home Theater:Full blown 11.2 set up.
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It is going to happen, the question is when. Also when this takes place money as we know it probably will not exist, you will have accounts and everything will take place electronically, no one will have any currency in there pocket. We are well on our way to this now. Also I think before the world currency becomes a fact for us we will see the "North American Union and the Amero" take place. It will be easier to get people to accept this to compete against the European Union and the Euro and it is only our neighbors Canada and Mexico. Then normal progression and propaganda will tell us "why not make one currency and merge the two". "For that matter we no longer need Washington, let the UN make decisions for us it really is to your advantage in this new world economy and markets."
Movie to be released this fall:rolleyes:
North American Union
Ameros allready minted -
This has been in the works since Reagan was president."He who fights with monsters should look to it that he himself does not become a monster. And when you gaze long into an abyss the abyss also gazes into you." Friedrich Nietzsche
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Man, all that this administration is doing to flush our country down the tubes is just painful. I seriously wake up in some mornings and hurt. Hope things start looking up sooner than later . . .
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Someone had to usher in the New World Order.Sharp Elite 70
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<object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/87b4a4a2wmY&hl=en&fs=1&rel=0&color1=0x5d1719&color2=0xcd311b"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/87b4a4a2wmY&hl=en&fs=1&rel=0&color1=0x5d1719&color2=0xcd311b" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>"He who fights with monsters should look to it that he himself does not become a monster. And when you gaze long into an abyss the abyss also gazes into you." Friedrich Nietzsche
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I'm confused if the US backs a world currency, how is it that we can print money to bailout pass errors. I mean I understand how we do it now, not that is best thing to do but in the future how could we hilly nilly just print cash.
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Face...Thanks for the song!
Always nice to rock out to Ministry on a Sunday morning. -
Yes, how will we be able to print up the cash to pay for the massive deficits run up by the Bush administration?
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Thread terminated in T-minus.......
Naw, that's only for liberal threads. Anything which leans towards being conservative, anti-liberal anti-Obama usually never get touched.
W -
This has been in the works since Reagan was president.
If not sooner; thank you for paying attention. Sal Palooza -
pearsall001 wrote: »Totally Incompetent Buffoons running the Asylum in Washington!!! So, How's that "Change" working out for ya????
A lot better than the alternative would have been. I've got my fireproof suit on. Flame ON!!!!SDA-1C (full mods)
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^^ Your kidding right?
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New World Order.
Its time to wake up and look around at the world to see what they are doing. Start by looking at what the world leaders are doing at Bohemian Grove. This should give you some food for thought and yes, this fact.
Arthur SchopenhauerAll truth passes through three stages. First, it is ridiculed, second it is violently opposed and third, it is accepted as self evident. -
Yes, how will we be able to print up the cash to pay for the massive deficits run up by the Bush administration?
Wizzy, The money printed for Bush debts have already been done. We are now printing the money for Obama's debt.
Look any more I could not give a flying freak if you like donkeys or elephants. My question to you is are you an American or not? Because the road Washington is leading us down (from both sides) is scary. Anyone with a sound mind can see that. Put the party affiliation crap aside and look at from a American perspective. -
i voted for the other guy......Onkyo 806
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avelanchefan wrote: »Wizzy, The money printed for Bush debts have already been done. We are now printing the money for Obama's debt.
Look any more I could not give a flying freak if you like donkeys or elephants. My question to you is are you an American or not? Because the road Washington is leading us down (from both sides) is scary. Anyone with a sound mind can see that. Put the party affiliation crap aside and look at from a American perspective.
Hear Hear! This is no longer an issue of "Left" or "Right." It's an American issue! Bush started this crap, and now the liberals are pushing it even further down our throats.
We as American's... UNITE!Honoured to be, an original SOPA founding member
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disneyjoe7 wrote: »^^ Your kidding right?
No. As serious as a heart attack.SDA-1C (full mods)
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Justin would have shut this thread down in 3.5 secondsSDA-1C (full mods)
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No. As serious as a heart attack.
If there was a way to get to the moon and live there that's where I would be. Well as long as no one like you was allowed
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I won't take it personally Jeve (Joe Steve). I'm Canadian. I was born left.SDA-1C (full mods)
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