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Name:
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Yankee06
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Subject:
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Communist China
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Date:
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11/9/2009 12:45:43 PM
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WW,
-The situation on the dollar is even a little worse than your above post indicates.
-Yes, China is worried about the strength of our dolllar. BUt China has already started to bridge her dependence on our dollar, by supporting and promoting the new "world currency' at teh last G20 meeting.
-I know, the term "world currency" sounds like some kind of lunatic conspiracy talk, but the movement is underway. Over the years, talk of abandoning the $ as the world currencey, especially as oil currency, moved up and down depending on US economic situation and world political situation. But the talk and movement for a world currency under the control of teh UN and IMF (International Monetary Fund) has really increased over the past year.
-The Copenhagan climate meeting in December will be another venue for this discussion as countries will be voting on a climate tax. As of now, the US is believed to be supporting this tax to be administered by the UN and probably managed by the IMF. The plan is that this fund will join teh UN Crisis Fund and this united fund will be the first deposit site for teh conversion of UN funds to world cuurency. The discussed goal is to have this currency by 2020.
-Following is a article from the April G20 summit discussing the world currency effort. Beware, it's a little long and, some might think, boring. Read at your own risk...to your own sanity.
here's the article:
The G20 moves the world a step closer to a global currency:
The world is a step closer to a global currency, backed by a global central bank, running monetary policy for all humanity.
By Ambrose Evans-Pritchard
Published: 7:18AM BST 03 Apr 2009
A single clause in Point 19 of the communiqué issued by the G20 leaders amounts to revolution in the global financial order.
"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 International Monetary Fund that has lain dormant for half a century.
In effect, the G20 leaders have activated the IMF's power to create money and begin global "quantitative easing". In doing so, they are putting a de facto world currency into play. It is outside the control of any sovereign body. Conspiracy theorists will love it.
It has been a good summit for the IMF. Its fighting fund for crises is to be tripled overnight to $750bn. This is real money.
Dominique Strauss-Kahn, the managing director, said in February that the world was "already in Depression" and risked a slide into social disorder and military conflict unless political leaders resorted to massive stimulus.
He has not won everything he wanted. The spending plan was fudged. While Gordon Brown talked of $5 trillion in global stimulus by 2010, this is mostly made up of packages already under way.
But Mr Strauss-Kahn at least has resources fit for his own task. He will need them. The IMF is already bailing out Pakistan, Iceland, Latvia, Hungary, Ukraine, Belarus, Serbia, Bosnia and Romania. This week Mexico became the first G20 state to ask for help. It has secured a precautionary credit line of $47bn.
Gordon Brown said it took 15 years for the world to grasp the nettle after Great Crash in 1929. "This time I think people will agree that it has been different," he said.
President Barack Obama was less dramatic. "I think we did OK," he said. Bretton Woods in 1944 was a simpler affair. "Just Roosevelt and Churchill sitting in a room with a brandy, that's an easy negotiation, but that's not the world we live in."
There will be $250bn in trade finance to kick-start shipping after lenders cut back on Letters of Credit after September's heart attack in the banking system. Global trade volumes fell at annual rate of 41pc from November to January, according to Holland's CPB institute – the steepest peacetime fall on record.
Euphoria swept emerging markets yesterday as the first reports of the IMF boost circulated. Investors now know that countries like Mexico can arrange a credit facility able to cope with major shocks – and do so on supportive terms, rather than the hair-shirt deflation policies of the old IMF. Fear is receding again.
The Russians had hoped their idea to develop SDRs as a full reserve currency to challenge the dollar would make its way on to the agenda, but at least they got a foot in the door.
There is now a world currency in waiting. In time, SDRs are likely evolve into a parking place for the foreign holdings of central banks, led by the People's Bank of China. Beijing's moves this week to offer $95bn in yuan currency swaps to developing economies show how fast China aims to break dollar dependence.
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