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Nothing Lasts Forever; World Bank Ex-Chief Economist Calls For End To Dollar As Reserve Currency
In the past we have discussed at length the inevitable demise of the USD as the world's reserve currency noting that nothing lasts forever. However, when former World Bank chief economist Justin Yifu Lin warns that "the dominance of the greenback is the root cause of global financial and economic crises," we suspect the world will begin to listen (especially the Chinese. Lin, now - notably - an adviser to the Chinese government, concludes that internationalizing the Chinese currency is not the answer (preferring a basket approach) but ominously concludes, "the solution to this is to replace the national currency with a global currency," as it will create more stable global financial system.
The infamous chart that shows nothing lasts forever...
Nothing lasts forever... (especially in light of China's earlier comments [21])
Via China Daily,
The World Bank's former chief economist wants to replace the US dollar with a single global super-currency, saying it will create a more stable global financial system.
"The dominance of the greenback is the root cause of global financial and economic crises," Justin Yifu Lin told Bruegel, a Brussels-based policy-research think tank. "The solution to this is to replace the national currency with a global currency."
Lin, now a professor at Peking University and a leading adviser to the Chinese government, said expanding the basket of major reserve currencies — the dollar, the euro, the Japanese yen and pound sterling — will not address the consequences of a financial crisis. Internationalizing the Chinese currency is not the answer, either, he said.
...
"China can only play a supporting role in realizing the plans," Lin said. "The urgent thing is for the US and Europe to endorse these plans. And I think the G20 is an ideal platform to discuss the ideas," he said, referring to the group of finance ministers and central bank governors from 20 major economies.
The concept of a global "super currency" tied to a basket of currencies has been periodically discussed by world leaders as well as endorsed by 2001 Nobel Memorial Prize-winner Joseph Stiglitz. A super currency could also be tied to a single currency, but the interconnectedness of world financial markets and concerns about the volatility that can occur as a result of the system being tied to one currency have made this idea less popular.
...
Arguments in favor of a global currency resurfaced during October's US budget impasse, which forced the government to shut down (as we noted here).
"It is perhaps a good time for the befuddled world to start considering building a de-Americanized world," a Xinhua News Agency commentary said on Oct 14. The piece argued that creating a new international reserve currency to replace reliance on the greenback, would prevent government gridlock in Washington from affecting the rest of the world.
In March 2009, China's central bank governor, Zhou Xiaochuan, called for the creation of a new "super-sovereign reserve currency" to replace the dollar. In a paper published on the People's Bank of China's website, Zhou said an international reserve currency "disconnected from individual nations" and "able to remain stable in the long run" would benefit the global financial system more than current reliance on the dollar.
Of course, as we are seeing now, it's not just the Chinese that are concerned...
On that note, David Bloom, global head of FX research at HSBC, said US monetary policy change "will bring fluctuations for emerging countries' currencies and lead to financial instability".
Chen Wenling, chief economist at the China Center for International Economic Exchanges, a government think-tank, said, "A supranational currency may be a new direction for development of the global financial system. It also requires different countries to cooperate in coordinating macroeconomic policies."
Bloom and Chen both said China needs to play a more important role in global financial governance. But Bloom said it is difficult for international financial organizations to reach a consistent conclusion on how to improve the foreign exchange system.
He said the renminbi is predicted to be stronger this year, even against an appreciating US dollar, and internationalization of China's currency will accelerate when the government decides to further open the capital market.
Of course implementation will be painful...
Pierre Defraigne, executive director of the Madariaga College of Europe Foundation in Brussels, said of Lin's infrastructure proposal, "It is excellent, but the problem is how to implement these plans to link those countries that need such infrastructural construction and those with enough foreign reserves, by using an effective global mechanism."
As we noted previously, the muddle-through is over and there is no painless solution left...
Michal Krol, a researcher at the Brussels-based European Center for International Political Economy, said ...
"I don't think that the largest economies and their currencies are at this moment ready for the introduction of a supranational currency," Krol said. "Neither the EU nor China have financial markets and monetary systems yet that are sound, solid, predictable and well functioning to be the cornerstone for a global system. But, indeed, it is time to formulate the fundamentals for global monetary governance."
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Anyone who wants to hold their money as investments gold or silver is free to do so at any time.
"Investment"? - FAIL. Store of wealth, yes.
In the future, seeds that don't require heavy industry to grow (think tractors, pesticides, herbicides, etc...) are going to be considered a store wealth.
Christine IMF...tag team with Prune Yellin' FED.
They take down 20 of the EM countries and IMF bails them out...they run out of Gold (IMF has 3rd or 4th largest gold reserve next to China).
If things get out of hand they bring in the UN.
If they run out of fiat...they start using those handy SDRs.
Once they get their training wheels taken off then it's showtime...and SDRs go Worldwide. Done.
"the dominance of the greenback is the root cause of global financial and economic crises,"
No, the idea that you can become rich without working for the money is the root cause of financial and economic crises. Only the value of real labor can balance the world. If you can;t provide something of real tangible value, then you should be at the bottom of the pile instead of living at the top.
How long before that global currency is in the form of an implanted RFID chip? And you won't be able to buy or sell without it?
Introducing the Intel Beast 666.
Is there an app to choose which of 80 different cryptocurrency is best ? How is a consumer to know ? It could change day-to-day and region-to-region.
eMoneyChanger right ahead, next exit.
How long? Never.
RFID implants are already obsolete.
What's coming will be DNA-chips which scan your DNA, report who you are, and deny you access to food, job, money, legal representation, etc., if you are not in the system OR if you are flagged in the system as a terrorist.
You never get an implanted chip: you are BORN with your DNA which can't ever be hidden or removed.
The chip-reader is a portable hand-held device.
THIS IS NOT SCIENCE FICTION.
The device is manufactured NOW by a company called netbio & is sold NOW to Department of Homeland Security. TODAY. 2 years ago. RFID is obsolete.
sorry those 12 aircraft carriers and thier submersive friends says no
not to mention the US leading world energy production... I guess that means the US has guns _and_ butter now...
If this is anything like "2012"...how many could they fit on those 12 carriers ? Permanently offshore. If things get really bad then gotta find a place to land...or afloat.
But... having a WORLD reserve currency is functionally the same as a global currency. Something else is afoot!
A global currency would be a logical next step of kicking the can down the road. America would be a big losser in being able to control its destiny and make us subject to all big companies and those who vote against us at the UN. Below is a post containing some of the writings of Gerry Spence who has practiced law for almost fifty-five years. Spence has spent his lifetime representing and protecting victims of the legal system from what he calls The New Slave Master: big corporations and big government. Spence makes a stong case that we are all slaves!
http://brucewilds.blogspot.com/2012/02/we-are-all-slaves-interesting-tho...
Former World Bank chief economist Justin Yifu Lin...
Did they remove the chip at his exit interview?
Well, we've already beaten the Dutch.
at last one man from the Oligarchy of finance starts talking the truth down to its root cause...
Bullshit it's not a good thing as many of you claim because you're missing the 'global currency' comment.
This is nothing more than introducing another piece of fucking shit to keep the elite in control another hundred fucking years and everyone else in the US will get fucked.
End of story.
Dont worry ... We wont loose our reserve currency status without a fight!! Just ask Iran, Iraq and Libia. Those 11 carrier battlgroups will convince those lil chicoms to enjoy the greenback for a bit longer. World War III will solve all our problems of debt, unemployment and manufacturing defict.. WinWin!! /sarc
Freegold is the simple solution and it's on its way!
""The dominance of the greenback is the root cause of global financial and economic crises"
Yes, we should immediately replace it with another insolvent fiat currency. That'll fix it for sure.
I want the ink contract to print that stuff. I be a something millionaire....dollar, euro, sdr, doo-hickey.
The Euro failure on a grander scale
Free-gold's interpretation of the Euro is that their marking of gold reserves to market price is no gimmick or oversight but a critical design decision to keep the currency stable during the collapse of confidence in the USD which the planners could see coming in 1999.
Will be interesting to watch this one play out.
As they sell their goods to whom? and for what? Rubles? Yuan? Russia to accept Euros for oil and gas? I don't think so.
you write as if Russia would not import lots and lots of goods and services from the eurozone
How does the SDR or world-currencies-similar adjust for the fact that most of the world's nations despise one another?
Easy as pie. The IMF will do the bidding of the top-most empire nation, the USA today, to destroy those other nations when they get uppity.
Is there actually any real argument for a (fiat) world currency that stands up to even simple scrutiny? The argument seems to be:
1) A run on say, the Ruble destabilizes the county which destabilizes the region which potentially throws the world into chaos
2) A run on a bank just means people sell one currency to buy another.
3) so, if there were only one currency there could never be a run the bank.
Is that it or is there more? It just reminds me of someone saying the solution to high gas prices is to order the gas station owners to lower the number on the sign outside. One world currency seems to solve a very poorly understood problem as far as I can see.
How about a world currency that is pegged to a market basket of Commodities nobody can cheat because its is priced in fish, oil, sugar, coal, iron, etc. it can be done Folks. Like Iceland said, we don't have any money but we can pay you in Fish.
The problem is understood by those in control:
a run on the bank means SOME people do get to escape, first, to cash where none is available for others, or, to another currency because others exist.
The solution: NO ONE can escape if all cash is cut off immediately & no other currencies exist.
After all, it's a lot harder to slaves to escape if the moat is filled with piranhas and is 100 feet across.
The former World Bank Chief Economist says, "There's never been a better time to buy into a World Currency!"
The National Association of Realtors' Chief Economist says, "There's never been a better time to buy a house!"
The TV Ford Guy says, "Now's the time to buy a new Ford!"
Our President says, "Now's the time to buy MyRAs!"
I'm going to have to get another line of credit so I can take advatage of all these once-in-a-lifetime opportunities.
Common currency worked out so well for Europe, let's go for it!
You'll take our dollars, and you will like it or some kid in a cubicle will drone your sorry arse.
Does not apply to countries that have their own defenses to drones & other assorted nasty weapons.
For example: the drone threat can't be used on Russia or China, not ever.
I can't help thinking. 1 billion Chinese invade US with Obama as HNIC, we will fold in 48 hours. How the fuck did we wind up in this position.
Let's hope they consult Hans Hermann Hoppe from the Mises institute
https://mises.org/ and on a lot of presentations on youtube.com
The American dollar is stuffed in mattresses all around the world if they start coming out it could be a shock. One thing people often forget few better options exist and the currencies of small countries are not able to handle the massive volume of world demand. A sudden flow into tangable assets would unleash massive inflation.
More and more often we see Central Bankers pulling rabbits out of their hats. Last summer Mario Draghi, president of the European Central Bank gave a speech, now many people say that "he saved Europe." Intervention and manipulation seems to be the flavor of the day, More on how dangerous these games have become in the post below,
http://brucewilds.blogspot.com/2013/01/currencies-games-in-danger-zone.html
Before Chinese currency can become global currency their government need to first show to the world they have full control over the citizens. The frequent occurrence of events where chinese citizens gang up on local government officials, locking them up, beating them, etc until some policy is overturned/changed for the benefit of citizens are a clear sign the Chinese citizens have too much freedom and too much say in the running of their government. Shit like that will never happen in the USA ... any citizens trying to forcibly affect policy making of local government will be met with army of swat team and their effort will be brutally beaten down and any perpetrators will be accused of being a terrorist, a drug-dealer, or child-porn-addict and be vanished from the society within hours. There is a good reason why the US dollar is a reserve currency and it is through hard work and dedication of many people. Chinese have a lot to learn.
Very sad when China & Russia can't keep up with the imprisonment & police-state SWAT engulfments of the USA upon their own citizens.
US intel chief James Clapper: journalists reporting on leaked Snowden NSA docs “accomplices” to crime http://bit.ly/MwmfLR
is related to the dollar's losing its status [as is $6T and counting on foreign wars paid for by simply printing money, same as that OTHER Texas idiot who paid for VietNam by debasing our formerly clunky SILVER currency. Remember big 50 cent pieces freely in circulation???????
I remember them fondly.
explanatory note i included in red pockets for tomorrow's chinese new years:
1964 Kennedy Half Dollar : the last 90% silver coin ever minted in USA.
check out comment #8 in the article discussion
http://bbs.boingboing.net/t/us-intel-chief-james-clapper-journalists-rep...
banzaiesque
ominously concludes, "... replace the national currency with a global currency," as it will create more stable global financial system."
INDEED, OMINOUSLY!!!
Since money is necessarily measurement backed by murder, a stable global money supply would have to be backed by a stable global murder system. While I have no doubt that the global ruling classes are working towards that goal, of a consolidated, globalized social pyramid system, where they control the ability to make the "money" supply out of nothing, while being able to enforce that fraud upon everyone else, I DOUBT that the globalized triumph of that fraud will be "more stable."
Globalized electronic fiat money frauds, backed by the threat of the force of weapons of mass destruction, is being driven as far away from "stable" as it is possible to be driven. All of its apparent "stability" is based on the insanely unstable situation of being able to back up global frauds with global force, which requires magnifying the current social control systems based on deceits with demonstrations of destructive powers that are similarly many orders of magnitude greater.
I am in favour of global government, but not one based on the current ruling classes continuing to be able to promote their social pyramid systems. I think it is quite impossible for Neolithic Civilization to grow bigger and bigger, based on backing up lies with violence, endlessly. One way or another, sooner or later, there is going to be driven some basic changes of state in the current systems. There is no doubt that the future of civilization, assuming it survives, will continue to require measurements backed by murders. However, the ability of those force backed frauds to be magnified more and more orders of magnitude, while they are still able to continue to deny the facts about themselves, is NOT STABLE, and NOT SUSTAINABLE.
EVERY tangible thing swapping hands is money, some simply better money than others (gold).
Very little of this involves murder & none of it REQUIRES murder.
To murder is an in-born instinct of humans: remove the money and the murder remains unchanged.
+ 1 a one world currency can prevent global warfare ww3.
- 1 ww3 is inevitable with or without it.
AND FOR THE GUY IN FAVOR OF GLOBAL GOVERNMENT WITHOUT A RULING CLASS......I DON'T THINK YOU UNDERSTAND WHAT VERB THE NOUN GOVERNMENT IS DERIVED FROM-----TO GOVERN , OR , TO RULE.
YOU MUST HAVE A PERSON WHO 'RULES' TO HAVE A RULING BODY CALLED GOVERNMENT.
IF THERE IS MORE THAN 1 PERSON, YOU HAVE A CLASS OF PEOPLE WHO RULE.
YOU CAN PLAY SYMANTICS, BUT IF EVERYONE RULES THEMSELVES ALONE, THEN NO ONE RULES ANYONE. AND THAT IS JUST CONFUSING SELF CONTROL WITH GOVERNANCE ---WHICH IS A PHILOSOPHICAL ANNOYANCE USUALLY RAISE BY ANNOYING ARNARCHISTS. [ not that some are not annoying...some actually understand and get the world, but the annoying ones are defined by their persistent use of symantic games to avoid confronting the empirically observed realities of human beheavior. as if they had never read hobbes or lock. ].
I really hope that they make the paper USD just a little wider so that i can at least wipe my ass with it when nobody else wants it
I plan on wiping my ass with it and then paying my mortgage off with it.
Yes, great idea. Nations should give up their fiscal sovereignty just like Greece did, albeit after a few financial fibs to the EU. Economically interlinking different cultures is the fucking fun part of it all. Pleasantville is a horrific idea. We cannot tame the passions of irresponsible men/women and governments. Technology is shrinking our world and has created a system of checks and balances. World Supranatural Government? Is called the internet. World Currency? Gold baby.
The reason that reserve currency status is so important is that it provides a base of wealth (in the form of wealth stored in the currency being held) from which embezzlement can take place by expanding the money supply by either printing or creating new debt that is never repaid. When the government that issues the currency it always uses the new currency to buy things and pay people. Who issues the "global currency" and to whom does the benefit of embezzlement flow and what will they do with the wealth they embezzle?
Granting China's currency reserve status st will be a can of worms compared to using the dollar.
Finally the era of peace and prosperity is coming to a close.
You mean a Global currency will stabilize the world? REALLY? The same way the Euro stabilized Europe but on a global scale? And I though Ben was the lunatic.
Anyway if you want a truly global currency, it exists already, it is called gold and it is currently on sale.
Dont worry, the NWO has an answer that will solve all the problems.......
...Canadian Loonie (no pun intended) should become the New World Currency Reserve.
oh really....... you mean like the euro is to the EU there would be a UN currency for THE WORLD..... yeah that will solve alot...and work reeeeeeeeeeeeeeeeel well ... and of course he would be in charge of it all... right
You don't say. A single currency?
The end of national sovereignty. One banker at the top. One bank managing the world.
and that Mammon demon.
http://www.uncommondescent.com/education/offtopic-mammon-as-a-spiritual-provider/
This is all just a bunch of Chinese hot air. The ChiComs feel ascendant and want to cut America down to size in any way possible. So this article is much to do about nothing special. But the theme of "global currency" got me thinking:
At the dawn of the homo sapiens species, mankind was organized along the lines of the clan, or extended families whose unifying principle was blood relation and familial loyalty.
Later, two or more clans would come together and form a tribe. These tribes were more often than not led by a strongman of some sort, but you would also often see (especially in the case of North American aboriginals) other ways of organizing leadership roles: Elder females, for instance, in some of the the Iroquois nations.
There were tribes at some point who consolidated into city-states, so that you had some who were "civilized," and others who had chosen not to join the cities or build their own (barbarians). Now here you have some city-states who grew into such powers as to found empires (Athens and Rome being the most prominent examples for the sake of this discussion). But these empires were still focused upon the city-state at their heart. ("All roads lead to Rome.") So I don't consider the Biblical and Classical empires to be significant organizational steps in Mankind's civilized development.
From the fall of the age of the city-state, we see the warlords of the "Dark Ages" gradually morph into kingdoms. Once again the "strongman" comes to the fore, this time in the person of a king, queen, or emperor. Ties of land-ownership fealty to the monarch is the predominate feature of a Middle Ages kingdom, but not yet do we see an organization around concepts such as being "English," "French," or "German" in any meaningful way beyond language.
Eventually we see the notion of a kingdom expanded upon with the sense of a national identity. We enter the age of the nation-state. Now we see peoples identifying themselves by a nationality, rather than by their fealty to a monarch alone. The nation-state encompasses many different types of governing principles: Most are still governed by monarchs, either as "divine rights," all power in the hands of the monarch, or as "constitutional monarchies." In other instances, you have republics like the Netherlands (later to become a constitutional monarchy) or the United States, with the remaining tribes of the world falling one by one under the dominion of civilizations that are organized under more advanced principles.
We are still in the age of the nation-state. We see Europe trying to take the next step with a supranational confederation, but it's looking like they will have to reform their confederation to either make it more centralized, or see it broken in the tides of economic pressure. But the point of my lengthy little dissertation here is that we are on the verge of leaving the age of the nation-state and taking that next step towards planetary governance. I believe we are but one step removed from that point, where multiple supranational con/federations and large, populous nation-states (like China) will vie for world supremacy.
China's clamoring for a new global reserve currency is just one of the signs. Make no mistake - there are factions within the Chinese Communist Party who would love nothing more than to have the yuan as that currency alternative (backed by all the gold they have been hoovering up from the markets). I see the battle for control of the world shaping up into a final showdown: Progressivism (and its Marxist siblings, Socialism and Communism), and free market self-determination (republicanism, parliamentary democracy, and the concept of "English common law").
Interesting times are in store for the 21st Century. Gold, silver, brass and lead - must haves in the coming years. Discuss.
Good Post. A little history is good. Rome was the largest and richest nation state BC and early AD. It strectched from the Far East to the entire West of Europe and Britain. Rome began with Copper and Silver with only a few sums of gold for the very elite. As the Private sector prosperd Gold becam a coin for the rich. They had script as well but, it was accepted sparingly.
As it turned out in the 4thor 5th Century AD, gold became so expensive as the dynasty collapsed that it meant robbery or death to show the gold coin. Silver was used for large purchases and copper for incidentals. If we tumble and international problems occur keep silver around. How would you make change from your one ounce coin for some bread and meat?
By getting delivery for enough bread & meat to sell to another large group for more silver than what you'd get straight up for a gold-to-silver purchase. The hungry will deal.
The root cause of the crisis is money itself. Money has no existence of its own. It is not a substance, a thing existing in the world of matter; nor is it a truth emanating from the pure realm of spirit (such as justice or goodness). It is rather a tension in the mind, a shadow cast upon the intellect, an inchoate and ominous something-or-other which permeates the organic functions of producing and consuming, disturbs them from their place and finally overthrows them, forcing them to serve its own interests. The Biblical term "mammon" refers to money in this sense: not to pieces of exchange such as gold coins or even promissory notes, but to this whole shadow-world of notional values and spiritual enslavement. Mammon, like sin itself, is a privation, a maiming of goodness and order. Once the spirit of mammon has taken hold of a man it forces him, by its own inexorable logic, to overreach his brother in all matters, to lie and cheat, to misvalue life and ignore God, and finally to consume and damn himself as he falls forever into the shadow of hell. The lie, the trick--that was the first "money." It has been a deception ever since.
It must be stated without equivocation that money and wealth are two entirely different things, two entirely different kinds of things. For wealth always refers to things of real value. Wealth can be stolen betimes, it can be misappropriated and misused and ill-bestowed, but it cannot simply be spun out of nothing. Conversely the very charm of money consists precisely in the fact that it can be acquired without effort. The middleman interposes himself between buyer and seller, forcing them to offer and ask at his prices. This is the beginning of speculation, which is nothing more than intellectualized extortion and piracy. From there the evil force of money seeks to grow and expand, injecting itself into every last facet of life, even the most sacred, taxing, skimming, dominating, directing, distorting all it can lay its hands on, building it up into its own spiritual body. We have at the present time reached one of those apogees when the tensions of money are stretched like the cords of weaver over the whole face of the earth.
But this is not the end. While money, like any power, wishes to be the only power, there are stronger powers than it in existence with which it cannot reckon. If men, prompted by the susurrations of divine grace, will not put aside their devilish love of mammon, then it is finally overthrown and abolished by blood. The pure fiat, the will to rule and possess the earth untroubled by intellectual tensions, makes an end of the banks and the bourses. The Return of the King throws aside the reign of the counting-house. Ever in history it is the Caesar-figure who dispels the horrors of an over-monied age. They are doing the Lord's work; and while they sometimes can bring horrors of their own, they can also bring about that much-needed return to normalcy for which we all secretly yearn. We should pray, pray indeed, for God to send us the latter.
Moron, nice analysis
i don't know, i bet the Seven Deadly Sins were around way before the invention of money. then again, i always wondered why the oldest remains of Homo Sapiens ever discovered were found adjacent to a gold mine.
perhaps money should be considered as a proxy for stored energy in its multitude of forms (including human). in that sense, it is amoral -- any morality & value placed upon it being purely subjective, depending upon what a critical mass of humans believe it to be, up to the limits of the energy required to keep those humans alive of course.
Hillary, Christine, Janet: Coven ?
"Devilish" love of mammon? Most people are just concerned with putting food on the table, keeping a roof over their heads, and after that, being able to really enjoy life and make some creative things happen---which takes....mammon.
Did you forget /sarc or something?
Money is that which has value that comes from nature.
That which ISN'T money but is still traded is currency or services.
The root cause of the crisis is FRAUD, pretending things are money which are not.
The rest of the religious nonsense is the other kind of history-wide crisis which always harms the species.
Religion is a poison.
The success of a global super currency (SDR ??) will depend on a number of important issues. Not least:
- whether national currencies can fluctuate within it, meaning it's main purpose would be for trade/investment.
- whether national currencies can have direct swap arrangements or whether all exchange has to go thru the SDR, which would mean a new bank commission fee rip-off racket.
- who is in control of the printing press...money supply.
As part of the controlled experiment, as each EM collapses, the IMF will be there ready to catch its fall, and insert their SDRs.
Soon, it will be complete.
Borg, Matrix, or Soylent Green...pick 1 or 2.
SDR is an old dinosaur , bitcoin will power the future
the only time a group of men get together to make a major change like this something happens BEFORE that get together and that something is never any fun and it's a 3 letter word.....
my .02
yes
We already have a global currency, accepted by everyone, particularly the Chinese...it's called physical gold (you know? element 79 on the table to elements).
Problem with gold : it's not compatible with a digital age. Like trying to power a Jumbo from an old prop. engine ,
Says who? You mean thos which tall bullshit all their days?
Problem with a digital money age: it's not compatible with a stable, fraud-minimal society.
It's like powering a jumbo jet with jumbo-sized gumballs and calling it high-octane rocket-fuel.
Newflash: former member of major NWO organization says solution is more NWO. More at 11.
People are pissed at the USD because it's interfering with their financial soveriegnty. A global fiat currency will have the same issue, and China/Russia aren't going to be on board with it, so it's not going to happen.
Gold, bitches. It's been the international currency for 5000 years. It automatically corrects trade imbalances and incorrect fiat valuations, with no intervention needed by a central bank. This is just the world bank wanting to be the new Fed and nothing more more. Fuck them, fuck the IMF, and fuck the BIS.
GOL, SILVER, & BITCOIN
gold, silver, food, ammo & med stockpiles.
Bitcoin has no value where the grid is down which will be most places, and will be any place I'm headed.
premise : the only way to decentralize is to further centralize.
makes about as much sense as the premise we need to bomb a village in order to save it.
End the FED
End the Dollar.
End corruption in Washingto D.C.
End Financialization
Let me guess - IMF SDR's.....
We want nothing that is not backed by GOLD - End of discussion -
These Globalists and their 3 card monte currency fraud games.....Exterminate them
Why is SDR called paper gold?
In 1967, as per the suggestions of Robert Triffin a new 'reserve asset' called the Special Drawing Rights (SDRs) were created under the control of IMF. SDRs represent a claim on currency by the IMF member countries and these countries could obtain hard currency against the SDRs. They are also known as paper gold because they are simply accounting entries that are defined in terms of gold. Originally, 35 SDRs equaled one ounce of gold.
currently no gold is defined in the SDR basket. Times changed.
Bbbbuuuttt...they already printed them up last year ! And Christine and the BIS already have the party planned and all the countries are invited...and the One.
depressing but expected
dismal, as in the mud and SOL, with a broken axle, and it's raining with hail mixed in. And the river is rising.
Sounds like a US surrender is already being orchestrated by the same elitist dildoes that purposely sabotaged us. I guess all we need now is the Executive order.
I'd like to read someone who discusses the economic warfare aspect of dollar hegemony. I'm sure that's what drives US monetary policy, why doesn't anyone explicitly talk about it? The closest I've seen is when the petrodollar gets mentioned. Gas drives jets and humvees, but please connect the dots.
A single super currency. Why would there need to be a basket of currencies that form the super currency. One currency that's it. No more gaming, pegging, fluctuations. Just a single symbol of money the entire world uses. Yeah right. That will solve all of the worlds problems. What would the world do without the world of currency trading, speculation and manipulation. That would just lead to more unemployment.
http://bitvestor.us/?ref=NzB3G8gr4q886H7
That thing is there and exists, and was used since the USD has took over. Gold. So yes I just can hope we get back to this world currency. The sooner the better....
Bitcoin , Bit-chez
GRID-down bitchez - now what? Bitcoin has no use there.
This won't happen until smoke clears from WW3 and what Nation is proclaimed king-of-the-hill.
Why is it when someone leaves a corporation they wrap themselves in a white garment of sainthood speaking out on the same evils and ills that they personaly gained millions when working for them?
Next on ZH: EX NFL player says hits to the head must End.
This talk of the need for well developed "financial markets" for a global monetary system is funny. A financial system is needed by speculators, not producers, consumers or traders. There is no real "need" for global speculators, nor a need for a system that exists for the sake of speculators.
A global currency tied to a basket of fiat currencies is not the solution. But a global fiat currency freely exchangeable for the currencies of participating countries is the solution. Initial allocations of this currency should be proportional to the net foreign exchange holdings (foreign currency holdings of the participating Central Bank less the currency issued by that Central Bank held by outsiders) which represent the net claims that country has on the rest of the world that currently accept its forein exchange as payment for exports. The volume of this currency can be increased by consensus, but the new money should be allocated in proportion to the existing holdings. It can also be increased by a member/non-member selling gold to the bank at a fixed rate. The bank itself wouldn't make any promise to redeem the currency for gold, only to buy or sell (as long as it has some) gold at a fixed price. All the members have to surrender their foreign currency reserves to the bank and can redeem their global currency for these currencies if they need to do so. This currency can float against the currencies of non-member states the bank is allowed to accumulate or currently holds. The member can countries can allow their national currencies to float against this or exchange it at a fixed value for foreign transactions. Members can borrow from the bank at an interest and the interest will be credited to the other members who allow their balances to be lent to members.
Such a currency can be successful only if the bank is initially funded with a large volume currently popular international trading currencies to meet the imports of the member countries and if the members agree to accept only this currency for their exports. It means this can be successful only if either China or Japan or both are the founding members of this bank.
The USA being a net debtor has little to gain and a lot to lose by becoming a member of this bank or even its creation. So that effectively rules out the participation by any country, like Japan, under US influence, at least initially. So China will have to look for other countries. The BRICS grouping is ideally placed to found such a bank. Since it will be a currency meant exclusively for external trade and whose volume by design cannot be inflated to the detriment of existing holders, it can be expected to replace the US$ in a very short time as the most preferred currency for international trade and forex reserves. As that happens, the bank will be accumulating all the US$, Euro, Yen, GBP etc held by its members. As the stocks of these currencies with the bank grow, the need for them will decline and those currencies will depreciate against the new currency. US$ may become worthless, but China's savings redenominated in this new currency will hold value.
I am actually surprised they haven't done so yet. But it is quite possible that all the groundwork for the system has already been done and they are waiting for a suitable excuse to announce it.
What is needed is not a world currency but a stable, well managed currency.
A global fiat currency simply means that every nation on earth gets to debase it.
Global currency--sounds great. Single currency is working great in the Eurozone.
It's not the problem of the Euro but the problem with no markets. Because this is completly in the hand of the ECB. And one currency would be a good thing if it would be currency central bank can not just pop out of thin air. So yes the currency would be good (especially for the Savers) but just without any cental bank or super bank like IMF behind it. Just a simple thin 1 gram of Gold is the "base". Simple, fair and just. But justice is the last the states governments and bureaucrats want....
"replace the national currency with a global currency," as it will create more stable global financial system."
The hell it will.
What will be stable is honest trade NOT driven by war & units of money that are not at all produced by works of man. Not bitcoin, not fiat, not debt ledger entries.
A global reserve currency is the problem, not what KIND of currency is that global reserve.