World Currency... US backs it?!

BigMac

It does not matter who is President in the good ol' US of A, for they are only a puppet. The power/ruling elite are the ones pulling the strings and their agenda is what we should be concerned of. At the end of the day it all boils down to two things for the "owners" of the world........money and power. It's their crack and to get a fix they will do anything it takes including selling out the American public.

Barefoot

It just occurred to me that there are alot of angry young (?) men here. Maybe political opinions would be better served in a like environment? I don't know, say a political forum?

Here are three that come to mind -- all of different POV's...

http://www.huffingtonpost.com/
http://newsbusters.org/
http://reason.com/

Or better yet, why not actually be productive and write your congressman? That's what they tell 4th graders anyway. So why does that seem to go in one ear and out the other of the adult population?

Maybe now we can get back to talking about audio? Just thinkin' out loud fellas.

apphd

Barefoot wrote: »

It just occurred to me that there are alot of angry young (?) men here. Maybe political opinions would be better served in a like environment? I don't know, say a political forum?

Here are three that come to mind -- all of different POV's...

http://www.huffingtonpost.com/
http://newsbusters.org/
http://reason.com/

Or better yet, why not actually be productive and write your congressman? That's what they tell 4th graders anyway. So why does that seem to go in one ear and out the other of the adult population?

Maybe now we can get back to talking about audio? Just thinkin' out loud fellas.

Some good comments/points here, but remember this is the "The Clubhouse" most other areas is where the audio talk is.

I also want to say I am pretty impressed with members here. There have been a lot of comments from different thinking minds on a pretty volatile subject and has reached 3 pages and hasn't degenerated into a free fall all.

My hat's off and cheers to my fellow Polkies for our ability to do this.

Sami

nooshinjohn wrote: »

stop drinking the kool-aid...

Never liked that stuff, not even when I was a kid.

nooshinjohn wrote: »

Time to toss career politicians and lawyers out on their collective asses and restore power to the people

Like that's the first time we've heard it...

Good speakers make great politicians but great politicians aren't necessarily good decision makers that this country needs. W put this country deep into a swamp, we will have to see what Obama can do to get us out of it. You can huff and buff all you want but for the next 4 years there's nothing you can do about it. It seems like Americans that dislike him so much are the ones that want to eat their cake, but don't want to bake it or even own the flour and eggs to bake one. Of course they won't like someone who tells them they can't do that.

Jstas

Lasareath wrote: »

Instead of old men on the bills we can have planets.

and Pluto on the $1

Pluto's not a planet. Just a mere planetoid. Kinda like an orange on a toothpick.


Well, dwarf planet is the official term but they made that up just for Pluto.

Patronizing jerks.

wizzy

What would help immensely is nationwide Instant Runoff Voting

http://www.fairvote.org/?page=2271

bobman1235

Sami wrote: »

You can huff and buff all you want but for the next 4 years there's nothing you can do about it.

That's a great way to think of a representative government. We just elect a leader and he does what he wants for his entire term, rather than doing the will of the people, with input FROM the people, both those that agree with the "leader"'s philosophy and those that don't.

Awesome attitude. We wonder why we're f**ked.

Sami

bobman, it's reality, like it or not. GWB should have been banished to Siperia in a perfect world but instead he lead the country for 8 years. Yeah, no wonder we're f**ked. Like I said, the right wing can huff and puff about Obama all they want, just like the left wing did when GWB was in power. The shoe is in the other foot now.

bobman1235

I'm not saying it's not the way it is, that doesn't mean I'm going to resign myself to faulty leadership, and nor should you. Left right up down stop picking sides and let your "leaders" know what you want, otherwise they just choose for you.

Conradicles

MrNightly wrote: »

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

The one world monetary system is predicted in the Bible. It will happen.;)

Sami

I am not saying stop the criticism, just that all that nonsense (which we have seen plenty of in this thread) has no effect. Michael Moore seems to have many haters in this forum, yet majority of them have very much in common with him. Just on the other side of the fence.

When GWB was in power, we had plenty of liberal "whiners" out there who "should just shut their yap". Now that we have Obama the conservative "whiners" are emerging and they "should just shut their yap". Just observing...

apphd

Sorry but "just shutting our yaps" for many many years now, long before GWB, has helped put us where we are at. The solution is not whining either. As others have said we need to voice our displeasures to the politicians, with letters, not just individually but collectively like with petitions, so they know that we are aware of how many others have the same view points, and with our votes. We need to become active in starting petitions and in our local government, attend counsel meetings, run for office, etc. Change will not happen over night but I do think we are capable of making this change. But not if we are content to let the "other" guy do all the work.

Sami

apphd wrote: »

Sorry but "just shutting our yaps" for many many years now, long before GWB, has helped put us where we are at. The solution is not whining either.

If whining is not the solution, shouldn't the whiners "shut their yap"?

Maybe I should made a disclaimer that not all opinions expressed in my post were mine. I thought the quotation marks would be enough but reading ones intent is even harder than writing it in very obvious way.

BigMac

**I just put on my double flame proof suit.**


TOOOOO MANY SHEEPLE AND NOT ENOUGH INDEPENDANT,INFORMED PEOPLE OF JUST WHAT IS REALLY GOING ON!!!!!!! Stop believing what the stupid media TELLS you is going on and research what is ACTUALLY going on. History repeats itself over and over and over.......well, time to repeat!!

World currency....could and posibly will happen in the future. Want to see the worse currency of all though......HUMAN BEINGS!!!! Have a license to drive and think it's your right to do so....WRONG!!! You no longer have a right to drive, it is a privilege granted by the state subject to civil law. That social security number you have is a contract between you and the federal govt. taking you from common law status to civil law status. File a tax return? The reason you must is because you became a "legal entity" with your S.S. number. File your name with the military draft board when you were 18? I think you get the idea. Carefully crafted and wickedly twisted is our government.


The United States government, in order to provide necessary goods & services, created a commercial bond (promissory note), by pledging the property, labor, life & body of its PEOPLE for the debt (bankruptcy). This commercial bond made chattel (property) out of every man, woman & child in the United States. We became nothing more than "human resources" & collateral for the debt. This was without our knowledge and or our consent. How? It was done through the filing (registration) of our birth certificates! Essentially, the "American dream" was created to keep us in a vicious cycle of working towards that $1,000,000.000 estimated value placed on every American. Very sad that this once was a nation of FREE people but not in a very long time. Over 90% of people in America work for an elite few and for what.......to make the elite more money and to give them power. All the while the average joe is barely scraping by.....or in the case of thousands of Americans now, living in tent cities.

If you know the right way to do it you to can have control over your strawman. Work smarter, not harder.

Face

Conradicles wrote: »

The one world monetary system is predicted in the Bible. It will happen.;)

How is it worded?

tonyb

Lots of opinions in here,some good,some not so.....maybe some should talk with their parents or grandparents to get a better perspective of whats going on.

Me,personally....old school,tried and true policy of personal responsibility and the ability to fail or flourish.What I see is a war on capitalism,greed and the attempt to legislate it,while taxing and grabbing power.Look around you....your car,the chair your sitting on,your computer,the fridg,washing machine,the clothes on your back,all products of capitalism....greed to one extent or the other.Now excess greed?? Thats why they have to be allowed to fail,then things will balance out.This whole share the wealth idea does nothing to encourage people to rise to the occasion,to better themselves,or at least try.Only through failure do we realize the great achievments we have become so ignorant of.

jflail2

Back on topic, and leaving politics out:

I love how China, who refuses to free float their currency, is now demanding a global currency. Based on what? Their government's decided value of the Renmibi? Or does China and Russia get together once a month and draw relative currency valuations out of a hat.

http://www.investortrip.com/could-china-favor-a-free-float-yuan-to-end-dangerous-speculation/

There are two solutions for the Chinese government. Either the currency could be allowed to free float and probably gain another 10-20% in value in just a few weeks, or the Yuan could be again pegged to the dollar to keep up the trade surplus with the United States while keeping the value low. A low priced Yuan is what the Chinese want in order to dominate the pricing of the goods bought and sold around the world. Simply put, cheap products means more manufacturing orders from China.


But the new debacle might bring another look into the fair market float of the Chinese Yuan in order to curb speculation. After the initial movement, it could be expected that the Yuan would trade in a fairly tight trading range, though probably gaining value over time - which is something that the government does not particularly want. If the market were allowed to set the price for the currency, many economists and traders believe that another large correction in the double digits would finally set the record straight. The Yuan has been severely undervalued for far too long.


Get with the 20th century before you try to lead the 21st China....

tonyb

Your fooling yourself if you think a global currency has nothing to do with politics,power.

jflail2

tonyb wrote: »

Your fooling yourself if you think a global currency has nothing to do with politics,power.

If you're referring to me, I've got a small inkling of politics and the effects on currency.........I kinda work in finance.....So basic economic policies, surprisingly, are within my grasp...

I just wanted to get away from the "well the R's ran up this much debt, well the D's ran up this much debt" and get closer to back on target, which is a global currency being proposed by a country that isn't even allowing their own currency to be valued properly in the global market place.

Carry on.

ND13

Ah screw it, Just nuke em all.;)

tonyb

jflail2 wrote: »

If you're referring to me, I've got a small inkling of politics and the effects on currency.........I kinda work in finance.....So basic economic policies, surprisingly, are within my grasp...

I just wanted to get away from the "well the R's ran up this much debt, well the D's ran up this much debt" and get closer to back on target, which is a global currency being proposed by a country that isn't even allowing their own currency to be valued properly in the global market place.

Carry on.

Yeah man,I hear ya.Wasn't trying to do the R vs D thing.Just the here and now.I myself used to trade currency,so I am a bit schooled on what brings value up and down,and believe me,when some asshat says the wrong thing,the markets can go haywire,but thats another subject alltogether.Think about what a global currency would do to the value of assets,and the loans allready out there on those assets.Think about the value of inventory companies hold.When you look at the big picture,and the differences in value between all the worlds currencies,who will set the worth of a global currency,what will it do to poorer nations? What would it do to ours?A can of worms better left in the can.

jflail2

tonyb wrote: »

Yeah man,I hear ya.Wasn't trying to do the R vs D thing.Just the here and now.I myself used to trade currency,so I am a bit schooled on what brings value up and down,and believe me,when some asshat says the wrong thing,the markets can go haywire,but thats another subject alltogether.Think about what a global currency would do to the value of assets,and the loans allready out there on those assets.Think about the value of inventory companies hold.When you look at the big picture,and the differences in value between all the worlds currencies,who will set the worth of a global currency,what will it do to poorer nations? What would it do to ours?A can of worms better left in the can.

I can agree to all of that with a hearty amen. For the record, I am against a global currency, or even a North American currency. A can of worms better thrown away than anything else...

cnh

Good point! Is a world currency possible, yes! But who would administer and regulate it? The IMF...make me laugh why don't you? No 'politics' there, right?

What is occurring is a massive transfer of wealth from the first world to the rest of the world (a lot to China, of course). This transfer seems inevitable as long as capital can flee taxes, benefits, and find 'cheap labor markets' (in the Third World). Why should it 'stay' in the U.S. Not enough profit there. I don't know what the solution is...it's NOT 'deregulation' of markets...we tried that! It's also not STATE ownership and supervision--the state can't even run the Gov't? Private sector? That works "sometime" not ALWAYS!

This whole thing is like a catch 22 because the World has changed. Because China and India have entered the labor market and they have an almost infinite capacity there? The U.S. has lived on CREDIT for too long and now countries like China, can 'call in our debt' just like developing countries have their debt called in all the time and their Gov'ts collapse as a result.

So where does that leave us. Free markets don't work well in protection free environments that favor capital flight, loss of manufacturing base here, loss of Corp. taxes and so on. State regulation and spending, equally insane. No state can control its own borders when an economy doesn't see borders, spending endlessly leads to greater and greater debt and a weaker dollar. Where do we go from here.

I suggest we take all the world currencies and have a global bonfire and start all over again? Or maybe we can terraform Mars and try something 'new'. The Economics of the past no longer fit our world and our common interdependence.

I give up!

nooshinjohn

Barefoot wrote: »

It just occurred to me that there are alot of angry young (?) men here. Maybe political opinions would be better served in a like environment? I don't know, say a political forum?

Here are three that come to mind -- all of different POV's...

http://www.huffingtonpost.com/
http://newsbusters.org/
http://reason.com/

Or better yet, why not actually be productive and write your congressman? That's what they tell 4th graders anyway. So why does that seem to go in one ear and out the other of the adult population?

Maybe now we can get back to talking about audio? Just thinkin' out loud fellas.

this is the clubhouse forum... you want audio then dont post on this thread... this is still America and I do have some freedom of speach left, that is until the F$#@ING fed decides otherwise

ND13

This has been a most civil discussion. Too bad cable threads aren't as civil.

nooshinjohn

ND13 wrote: »

This has been a most civil discussion. Too bad cable threads aren't as civil.

lol.... I just wish Rush had the cahones to run for office against obama. he would likely loose, but I would pay a mint to see that debate!!!:D

obieone

nooshinjohn wrote: »

lol.... I just wish Rush had the cahones to run for office against obama. he would likely loose, but I would pay a mint to see that debate!!!:D

Yeah, and we could have MSNBC moderate it:eek::p

MacLeod

nooshinjohn wrote: »

lol.... I just wish Rush had the cahones to run for office against obama. he would likely loose, but I would pay a mint to see that debate!!!:D

He wont take the pay cut.

$65 million a year versus $200,000 a year?!?

Besides, hed never get elected. Nowadays youve got WAY too many people voting for a living and you cant get elected without promising to give people stuff. The first time Rush came out and said, "I aint giving you ****! Its your responsibility to provide for yourself and your family. The government is here to build some roads and defend the shores. Thats about it", that would be the end of his campaign.

cnh

I, for one, would love to see Rush 'really' step into the free media and see how he does when he's not preaching to the fold? Obama is not very good in debates. But there are some brilliant individuals that would 'love' to debate Mr. Rush L. And I know 'he' thinks he's good...so let's see it. But you know it won't prove anything.

Because I'm in my 50s and I have yet to see a REAL political debate. What they usually sound like is, (tax and spend Democrat to the rescue vs. no Gov't, and tax cuts save the world) really doesn't sound like much of a debate when all you do is talk past each other. The two don't share any common ground; how can they 'debate'?

It's like watching a Muslim and a Christian argue about religion, heck a Catholic and an Evangelical go at it for that matter!

I suppose the debate would at least be entertaining to both sides!

cnh

nooshinjohn

I remember watching Reagan shred all comers in 1980 and again in 1984. When the light of truth shines upon the ideas of the far left, conservatism wins every time. the fact of the matter is except for those who choose to participate in the arena of ideas, we have not had a leader since Ronald Reagan... For those in California, the last quake you felt was the late president spinning in his tomb.