The War of the World currency

The below news articles are foretelling of the battle in the World over a World currency and to whom it will move to, if at all. Presently, the U.S. Dollar is the preferred currency, but the value of this dollar is much weaker then the EURO.

The American currency has been inflated tremendously during this current fiscal crisis. As this truth will finally become reality, will it depress the dollar so much that there is a run on it, that all the Nations of the World holding the dollar will try to be the first out of the gate to shed themselves of the deflation that this inflation will cause on their investment holdings?

China, the holder of 30% of the worlds wealth has a different idea. They want to go to a new currency known as the World Reserve currency printed by the International Banking Community. This currency is already in place, since 1931, but has yet to be distributed. The current debate is to administer 250 billion as soon as possible. But with Europe holding 8 of the 20 seats of the G-20, this prospect is in doubt.

The Euro has resisted the need to lower the currency borrowing by the European Reserve, named the World Reserve when the EURO was created. Though their banks are also in dire straights as the rest of the world, their currency is holding fast and as the world pulls out of this foray of fiscal debacle, the EURO will be manifold in strength.

It is a war of a monetary tsunami. The EURO could fail, the U.S. Dollar could collapse, China could lose much of the wealth. Which way will the world turn? Time will tell. As for what I think? Sorry, can't tell you.

• But one fact that makes one wonder is Iceland. They are the first to collapse and they are going to the EURO. Is that the wave that will result?
• Will the U.S. citizen uprising against the totalitarian Federal Government succeed and cause America to isolate from the World's fiscal folly?
• Will Europe be able to sustain the fiscal pressures of the debt on it's shoulders?
• Will China, Russia and those outside of the G-20 succeed in a new world currency?

God knows what the future holds once we have one world order.

R. George Dunn
***

Premier Wants Iceland to Join European Union
New York Times - United States
Ms. Sigurdardottir, 66, argues that membership, together with abandoning Iceland's currency, the krona, for the euro, would provide a shield for Iceland as ...
See all stories on this topic

World Bank, IMF say crisis becoming 'human calamity'
AFP
"No one knows how long this crisis will last," World Bank president Robert Zoellick told a news conference. Although the bank's finances are "in a strong ...

China Vice Fin Min Li Calls For Reform Of Intl Monetary System Wall Street Journal - USA In his speech Sunday, Li noted that the global economic crisis originated from the developed world, as diminishing demand from developed countries "is one ... See all stories on this topic

China Calls for Accelerated Timetable for Reform of World Bank CRIENGLISH.com - Beijing,China "Therefore, we should improve the regulatory mechanism for reserve currency issuance, maintain the relative stability of the exchange rates of major reserve ... The US Rapidly Losing Respect In The World InvestmentWatch By Daniel 'We have agreed to support a general SDR allocation which will inject $250bn (£170bn) into the world economy and increase global liquidity,' it said. SDRs are Special Drawing Rights, a synthetic paper currency issued by the ... Now, it is losing its ability to fund its military, economy, debt service, entitlements and is rapidly losing respect in the world. They will dump it like a hot potato if they think doing so will give them the one world government they have worked ... InvestmentWatch - http://investment-blog.net/ European Tribune - Community, Politics & Progress. By European Tribune The US Dollar will remain "a" major reserve currency for decades to come, if not the only one. While it is conceivable that the US Dollar will no longer be the dominant reserve currency (whether because the euro increases its share, .... This is also why a world currency won't happen. Since most value still comes from threatened violence and the ability to pillage and dominate smaller countries, a world currency without an army to back it up would be meaningless. ... Time to Short the EuroDollar With Forex Currency Trading? World ... By shidie35 I am sure many think currency trading is easy…however there are huge risks due to the leverage involved. It is not prudent to purchase any forex software or forex system to trade forex.There is a learning curve. One does not become a ...

World Currency moves nearer after Tim Geithner's slip

A world currency moves nearer after Tim Geithner’s slipUS Treasury Secretary Tim Geithner confessed on Wednesday that he had not read the plans by China’s central bank governor for a “super-sovereign reserve currency” run by the International Monetary Fund, but nevertheless let slip that Washington was “open” to the idea. Whoops.

By Ambrose Evans-Pritchard
Last Updated: 8:58AM GMT 27 Mar 2009

A world currency moves nearer after Tim Geithner’s slip
As President Barack Obama – pictured with Geithner – put it, the US is going through a ‘rough patch’ Photo: AP

This is how matters quickly escalate in geo-finance. China’s suggestion – backed by Russia, Brazil, and India, and clearly aimed at breaking US dollar hegemony – is making its way onto the agenda of the G20 Summit next week. ‘Dollar-dämmerung’ no longer looks so far-fetched.

China’s paper, by Governor Zhou Xiaochuan, is couched in understated language – more a ‘thought experiment’ than a declaration of monetary war. His ideas could be mistaken for the musings of an academic theorist. Nobody should be fooled by decorum.

It comes days after premier Wen Jiabow demanded US action to safeguard the value of China’s holdings of US bonds – $740bn of US Treasuries and a further $600bn or so of other debt. “We have lent huge amounts of money to the US. Of course we are concerned about the safety of our assets,” he said.

China’s Communist Party seems to fear that the Federal Reserve is orchestrating a beggar-thy-neighbour devaluation – and a disguised default on America’s foreign debt – by resorting to the nuclear option of printing money to buy US Treasury bonds.

China’s proposal is to activate the IMF’s power to issue Special Drawing Rights (SDRs). The IMF would be groomed as de facto central bank for the planet. The SDRs would gradually become an “accepted means of payment”. Call it the ‘globo’.

It would be an error dismiss this idea as a pipe-dream. Cynics once ridiculed Maastricht plans to launch the euro. John Major famously said chatter about a European currency had “all the quaintness of a rain-dance and about the same potency”. Yet once officialdom began assembling the machinery for monetary union, EMU acquired a life of its own.

The pitfalls of a world central bank are obvious. It is hard enough for the European Central Bank to run policy for 16 states in a region with a shared history, and shared EU institutions (Commission, Court of Justice, competition police, etc). The politics of global monetary management would be poisonous.

The heads of the Fed, the ECB, and the Bank of England, must all testify before parliaments and answer to democracy. There is no world parliament, no world government. Who would control a super-IMF?

In theory, this world reserve bank would be above politics. China’s plan suggests a resource currency along the lines of the “Bancor” floated by Keynes at Bretton Woods. This was anchored on 30 commodities, giving it a broader base than the Gold Standard. Such a currency would prevent the “credit-based” debauchery of today’s fiat system, says Mr Zhou.

True, but this would be jumping from frying pan to fire. If the world is running out of oil, metals, freshwater, and arable land – as many believe – then the price of commodities must rise over time. The ‘globo’ would become a deflation machine, like the late 19th Century gold as it asphyxiated endebted US farmers.

The China-Russia plans may never come to much. As President Barack Obama put it, the US is going through a “rough patch” but still commands the world’s biggest economy, under a stable democracy and the rule of law. He might have added that it will largely avoid the aging crisis already dulling Japan’s dynamism, and soon to ensnare Germany, Italy, above all China.

For all its bluster, Beijing must move with care. After years of export-driven mercantilism China is even more dependent on US markets than America is dependent on Chinese capital. The risks of currency and trade conflict are not symmetric. The hegemon must prevail.

***

My comment::

Points to ponder:

What if those in Washington the Beltway crowd, the Shadow, want to go to a one world currency for the benefit of the shift of power to their agenda?

Why and when will the Federal Reserve, the American National Bank become transparent to the World Banking Community as has all the rest of the members?

If China holds 30% of the world's wealth, what leverage would that produce on the world stage? With the blood in the water by the (purposeful) stumble of Geithner on adopting to a world currency, what will stop the rest of the world from seeing this as an opportunity to bring down the last superpower to equitable level?

Has Obama, stating that the United States is the most stable government in the world, provided the green light to a one world domination being as leaders around the world are telling America to not go down the road it is on, one very unstable?

The greatest tool in the process of changing is to put out a statement of controversy then deny it, to which one day becomes reality.

The RINOs are putting up smoke on the one world currency

Geithner say we should look into dropping the U.S. Dollar as the dominant currency and give credence to a one world currency, then he backed off that saying he only meant to be friendly in conversation.  Right, he is that naive.  We are being desensitized into accepting that thought of a one world currency, once these tyrants in Washington get done devaluing the Dollar.  How many trillions over the past year?

 

First Newt says that Treasury Secretary Geithner makes a stupid move to friend up to the Chinese, then Rover comes along and calls it a stumble.  Why are we being fed all this BS?  What is it that these guys are trying to do?  Could it be that they secretly want the one world currency?  Think about it.  Who came out publicly in support of the one world order while in office as President?  Bush 41.  So would it not be plausible that Bush one is for the one world currency?  And how about all the other supporters we now know are of the one world order.  Bush two, the son, Rove, the Bush two twin, Newt sitting on the couch with Hillary, George Soros which brings in the rest of the left , Romney with all his overseas investments, RNC power brokers  of 2008,  Clinton, Obama, etc.

 

Shall we now once again call those who fear the one world order to be wearing their tin foil hats, or are we going to stop being led around by the shadow behind both parties and stand up to this tyranny and get back to the Constitution.

 

Here is an article that shows the smoke being put up to hide the agenda:

http://www.examiner.com/x-243-Progressive-Politics-Examiner~y2009m3d25-Reserve-currency-vs-global-currency

 

R. George Dunn

Why a Tea Party === US backing for world currency stuns markets

We must fight the fight.  There is hope to bring us back.  The Constitution was founded to protect from this by merely going by it's doctrine.  That is our hope, to awake America to TRUTH!  We are having a Tea Party in Lansing on the Capital steps on 4/15.  Some are gathering in front of Post Offices to protest the Federal Reserve and all the tyranny going on in the Federal Government.  People are coming!  There may be a bus lot set up for transporting to the steps.  Go here for details and to sign up  http://www.reteaparty.com/category/tea-parties/michigan/

----- Original Message -----

From: CT Mom

To: mikehuckabee-154@meetup.com

Sent: Wednesday, March 25, 2009 5:56 PM

Subject: Re: [mikehuckabee-154] US backing for world currency stuns markets

George, Thought you & your recipients of your list might want more UNbiased coverage of tiny Tim's lastest blunder, and more importantly, the TRUTH about the corrupt Fed Reserve, "pimping OWE-bamunist's REAL agenda" prostituting the dollar - which is an insult to the world's oldest profession - and the dire consequences that will catch too many "average" American's by surprise & crush all of us, especially those least able to survive the catastrophy these utterly corrupt, greedy power lusting synchophants in DC are manipulating to keep the PRIVATE Fed banking/DEBT system afloat - at taxpayers expense...engineering not only the most massive power grab in the HISTORY of the world, but condemning furture generations into indentured servitude... Financial Times provides not only useful tools to understand & monitor the markets, it's editorials and resources provides salient insight for those unaware or naive... It was not without irony former Fed Chair Greenspan testified numerous times that we, as a nation, needed to better "educate" the public... the democrat's dominance of the dysfunctional, failed public education monopoly has DELIBERATELY dummed down, revised and omitted the most BASIC knowledge every generation needs - while denying parents free choice but demanding "choice" for abortion on demand, attempting to FORCE higher prices on all consumers by FORCING Unionization by Intimidation - aka Card Check - and the enormous SCAM & FRAUD ever perpetrated against all taxpayers, a long litany as you know. Following Market Watch & comments thereon, the RAGE can not be overstated. The politicians - especially OWE-bamunuts - are either ignorant, which is cureable, stupid, which is not, or, more likely, far more sinister than the vast majority realize.  The "sheeple" simply don't get it. They've been duped and are being fleeced and coerced into submission. We can't wait til July for more Tea parties...nor can any of us AFFORD to allow Congress to pass OWE-Bamunist's obscene bankrupting Marxist plot...on the way to installing his Islamic rule once he has destroyed the dollar & allowed China & Russia to impose a "new world currency" managed by the IMF - over which China wants greater say but refuses to play by fair rules, artificially manipulating & suppressing their currency - which Putin laid out in his Blueprint of the Future of US last month at Davos - which OWE-Buma didn't attend, empty suited coward that he is, sending credibility challenged tiny Tim  instead. At the Congressional Finance Committee hearings Tuesday, both Burnacke & tiny Tim gave the most succinct responses any official has uttered - as did OWE-Bamunut during his insufferable, contrived PARTISAN theatrics last night - to the question about US dollar as reserve currency...AS IF JUST SAYING THE DOLLAR WILL REMAIN the world's reserve currency makes it so - which they merely uttered JUST BECUZ THAT's what they know the Markets & Bankers want to hear... the writing is on the wall, folks... Some of the best advise market observers have been giving for over a year now is: "get your gold, guns and ammo" and stock up for a very long, hard time ahead. --- On Wed, 3/25/09, George <rgdunn@veionline.com> wrote: From: George <rgdunn@veionline.com> Subject: [mikehuckabee-154] US backing for world currency stuns markets To: mikehuckabee-154@meetup.com Date: Wednesday, March 25, 2009, 10:05 PM   ----- Original Message ----- From: R George Dunn To: Alger Meetup Sent: Wednesday, March 25, 2009 4:29 PM Subject: US backing for world currency stuns markets 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.   http://www.telegraph.co.uk/finance/economics/5050407/US-backing-for-world-currency-stuns-markets.html By Ambrose Evans-Pritchard Last Updated: 8:12PM GMT 25 Mar 2009 US backing for world currency stuns markets 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.... -- Please Note: If you hit "REPLY", your message will be sent to everyone on this mailing list (mikehuckabee-154@meetup.com) This message was sent by George (rgdunn@veionline.com) from Mid Michigan Mike Huckabee HUCKPAC Meetup Group. To learn more about George, visit his/her member profile To unsubscribe or to update your mailing list settings, click here Meetup Support: support@meetup.com 632 Broadway, New York, NY 10012 USA

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