China Calls For One World Global Currency

a reply to: intrptr

To clear up a common misconception the US dollar is not the only reserve currency.

The Canadian dollar, the Euro, the British pound sterling, Japanese yen, and Swiss frank are all reserve currencies.

a reply to: Xcathdra

Backed by what. A 'pound' of sterling silver? "Currencies" are worthless if they aren't backed up by tangible assets. China is laying the ground work by purchasing tons of gold… guess why?

On the other hand, America's gold is… somewhere…

On one hand, I guess I could see the American dollar getting replaced someday. Maybe not in the next couple decades, but someday.

On the other hand, ONE global currency? Yeah, that's just... not gonna happen, unless everybody breaks and we all have to start over.

originally posted by: intrptr
a reply to: Xcathdra

Backed by what. A 'pound' of sterling silver? "Currencies" are worthless if they aren't backed up by tangible assets. China is laying the ground work by purchasing tons of gold… guess why?

On the other hand, America's gold is… somewhere…

Gold is not the only asset that can be used to back up exchange media, it is just one of the more portable. Unlike land, manufactured and agricultural goods , other industrial metals and minerals, gold has no inherent value. Saudi Arabia does not need to back the Riyahl with gold.

a reply to: DJW001

Gold is not the only asset that can be used to back up exchange media, it is just one of the more portable. Unlike land, manufactured and agricultural goods , other industrial metals and minerals, gold has no inherent value. Saudi Arabia does not need to back the Riyahl with gold.

"Gold has no inherent value"

That statement is as ignorant as it gets.

"Other metals" are what make the world go round. If it isn't made of metal it was produced in a factory made of metal.

The Kingdom of Sauds reserve is oil… they don't need gold.

Do you spout this crap on cue from a list?

a reply to: intrptr

If you were stranded on a desert island, which would you rather have: a pound of gold or a gallon of fresh water?

Autocorrect trauma.

originally posted by: DJW001
a reply to: intrptr

If you were stranded on a desert island, which would you rather have: a pound of gold or a gallon of fresh water?

The worlds economy isn't 'stranded on a desert Island'. You're scenario doesn't address the reality. The reality is every nation has or hopes to have a Gold reserve, it is universally accepted by all nations and economies. Proof of that is the current price per ounce universally recognized. Except those institutions that are trying to rip people off. Or hide the value of the notion that gold is a good asset, a valuable thing to hold in reserve.

A lot like you do when you say "gold has no inherent value".

a reply to: DJW001

As for the acquisition of large amounts of gold by the notoriously non-transparent Chinese government, it is worth remembering that gold remains a popular possession in Asia. People will give gold jewelry and gold coins as New Year's gifts. Some percentage of the gold the government has been acquiring is being used to mint gold coins that are given as gifts in China and collected by nervous American investors.

Are you sure that's all there is?

China has been a leading producer of consumer electronics for years-and gold is used in consumer products-see the pattern?

a reply to: Xcathdra


* for you....

China announced their intention 3 years ago... correct

in the interim China has been building the infrastructure necessary to diminish the USD from current top-dog status in global financial system (world bank/IMF/BIS, et al) China has launched Physical PM exchanges outside of the London/NY paper markets of PMs
China has built up the AIIB (an Asian led investment & infrastructure bank to displace the western dominated financial system in place right now)

the next stage will be to re-set currencies (the basket of reserve currencies that Xcathdra noted earlier in the SDR (special drawing rights = as world trade currency)
the BRICS currencies in collusion with the AIIB will re-set USD and other western currencies at roughly 60% of their current value/status while asset backed monies from the Asian-BRICS-AIIB-Islamic system... with their own 'swift code' will essentially replace the current western dominance

~ergo a new, one world money unit will emerge from the SDRs morphing in an Asian led replacement of the current USD Based system which links the Trillion$ in derivatives to the USD (a debased/ reset USD that will be a hollow shell of what it once was)

originally posted by: DJW001
If you were stranded on a desert island, which would you rather have: a pound of gold or a gallon of fresh water?

Remind me to never get stranded with you.

That gold would be sufficient for making rudimentary tools. The water will only be good as long as it lasts.

Hands down, give me the gold. I'll have a small desalination still running in about 10-12 hours.

a reply to: peck420

I hope you're joking. Gold is too malleable to make into tools.

a reply to: Thecakeisalie

Correct. They have already cornered the Rare Earth market as well.

originally posted by: Telos

originally posted by: DJW001

originally posted by: Telos

originally posted by: DJW001

The blogger says that China made an attempt to create a global currency when it considered going on the gold standard three years ago! Why are you posting a three year old rumor as though it were something current?

Can you stop hijacking the thread ? Using reference from past actions are tools that help a current argument and the level of understanding it. How hard is to get that?

Excuse me, what is the point of this thread? China has been talking about creating an alternative to the US dollar as an international reserve currency for years. It seems no closer today than it was three years ago. Do you want to discuss whether it is serious about this or not? It seems that it is just a bluff to assert its economic superiority over Europe and Russia.

The point of this thread is not for you to decide. If you've got nothing to say than just stay away from it. I appreciate your opinion and inputs but whether the thread is worth or not, that's something mods decide. You either put up or shut up.

Thank you for taking the time to post this information. Reactions such as you are receiving are the reason I no longer start threads.
I find the whole experience to be a downer as I notice many others have recently by the lack of threads from long time contributors.

As per the OP topic, when the USD crashes, and it will crash, there are other nations eagerly preparing to step in and replace it.

September is my bet on the collapse. We are in the final days of the Roman Empire.
(1) the age of outburst (or pioneers)
(2)the age of conquests
(3) the age of commerce
(4) the age of affluence
(5) the age of intellect
(6) the age of decadence
(7) the age of decline and collapse.

IMHO, ATS is a realistic microcosm of humanity. The downward spiral is blatant and sobering.

Again, Thank you for the thread.

a reply to: intrptr

You can live your entire life without ever seeing so much as s speck of gold. If you do not have fresh water, you will die within days. Saudi Arabia now imports "virtual water." Because they have a desert climate, they do not have enough fresh water to grow the crops they need to feed themselves. The solution? They purchase arable land in places like Brazil where there is no shortage of water. The crops they grow there are sent back to Saudi Arabia... hey, Preston, virtual water. Where does the gold come in? It does n't. They purchase the real estate with virtual money -- petrodollars -- that are, in effect, virtual petroleum. The Annunaki could clean the Earth clear of gold and the global economy would continue to hum along with so -called "fiat currency" doing its job: replacing direct barter of goods with a fungible counter that represents goods and services in transactions.

a reply to: DJW001
I guess humanity never went through an age of copper tools.

By the way, the malleability is an asset, not a problem. The malleability of the gold will let me reform it multiple times if required. What you should be referencing is the hardness, which is what would dictate a metals usability as a tool.

Hardness:
Gold: 2.5-3
Copper: 3

But, I guess you can rely on your fingers (which have approx the same hardness as gold at the nail, just with all the extra pain), and I will rely on a rudimentary tool that will be far harder than the objects that it will be used on, ie: wood.

originally posted by: DJW001
a reply to: Telos

Here comes the New World Order... and it's Chinese! HOORAY!!!

Want to buy some organs?

a reply to: peck420

At the risk of further thread drift, what would you use to work the gold? Also, there is a reason why we talk about the Bronze Age, but not the Copper Age.

In terms of providing stability to global trade, a global currency does make a lot of sense. Not much good holding $1 Trillion USD if the USD does tank, having $1 Trillion earth dollars might appear a more secure goal. No use having $1 Trillion if the Earth does tank.

I expect many global traders would prefer the less hassle, complexity, risk and manipulation that does go on in the foreign exchange markets. At the moment it is this market that is the global currency, and it is one big fight club in terms of political posturing, manoeuvring and taking advantage. The SDR has been one step to try and implement better organisation into the foreign currency mix, but there is still division on agreement.

In terms of providing a practical solution to how the worlds population does trade, national and a divergent mix of other currencies is the reality. One gold backed currency I like is where the actual note was made out of gold, it just had a thin laminate that could be easily burnt away to recover the gold if needed.

The one thing a global currency must have is the trust of the globe. To those that search for such a solution I wish the best of luck as it is not going to be easy.

a reply to: kwakakev

What makes you think that the USD would not continue to fill the role of an international currency even if the US goes belly up? The Spanish Mark continued to be used even as the Empire collapsed, and the Pound Sterling was eclipsed only after Bretton Wood. If enough players are invested in the chips, they will continue to honor them.