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...seems to be quite a few discussions floating around about this...
Dollar as world’s only reserve currency is illegal, Kazakhstan president says
A new world currency must be created under the aegis of the United Nations Organization, Kazakhstan’s President Nursultan Nazarbayev stated during his speech at the 21st Congress of the Eurasian Association of Universities in Astana.
“We need to switch to an absolutely new global currency system based on a legitimate and, from the point of view of all countries, joint monetary unit. All countries must participate in its issuance and regulation,” Interfax quoted Nazarbayev as saying.
The Kazakh president believes that the present financial system in the world does not meet the requirements of today and does not correspond to the currency system stability criteria – “the system that we all rely on, under which we all live in international trade,” as Nazarbayev put it.
“World currency is de jure not legal because it was never accepted by any communities, any organizations and there is no such law in the world,” the president of Kazakhstan said.
“The procedure of the activity of the world currency issuer is not democratic. The mechanism of the balance of demand and supplies of the world currency is uncompetitive and constrained,” Nazarbayev said. “The world currency market is not related to civilized markets, whereas the system to issue the world currency is not controllable,” he continued.
Nazarbayev stated that many countries offered their models to reform the currency and financial system in connection with the world crisis. He particularly reminded the idea of German Chancellor Angela Merkel to set up an economic board at the UN to work on the issue.
The leaders of Russia and Kazakhstan have made a number of statements since the beginning of the new year setting out their support to various financial projects. Nazarbayev expressed his idea of a new joint world currency created under the UN’s aegis during his recent visit to India. “I think that we need to have the fair world currency, but not with one issuer only, as it happens now,” he stated.
Russia ’s Prime Minister Putin said during the recent World Economic Forum in Davos that the world needs to proceed to the model of several reserve currencies. However, Both Putin and Nazarbayev stressed out the need to defend economies against the dollar. Putin said that the world’s overdependence on the dollar as the world’s only reserve currency, was dangerous for the global economy.
An official spokesman for the press service of the International Monetary Fund told Itar-Tass that the issue, which Nursultan Nazarbayev touched upon, was very interesting, although it had not been studied thoroughly yet.
...Now mind you Fitchs has rated all these AAA so you can rest easy...
FED: Collateral for TALF Expanded
* DIRTNEWS: The Fed announced today that TALF collateral has been expanded to include bags of dog squeeze, used condoms and plasma.
** ADDENDUM: Fed considering accepting barf from pubs; determining the viability of collection devices in bar restrooms.
Geez...these slugs have more ways to Lo-Jak us than Millipede have legs...
Citi prices $3 bln credit-card deal open to TALF investors
SAN FRANCISCO (MarketWatch) -- Citigroup said late Thursday it had priced a $3 billion securitization, backed by its Citibank unit's credit card receivables, that will be eligible for the Federal Reserve's recently launched Term Asset-Backed Securities Loan Facility, or TALF. It carries a triple-A rating, and the first coupon on the deal is 2.55%. The New York Federal Reserve Bank, which is administering TALF, was scheduled to stop accepting loan requests from investors in the first round of the program later Thursday. Analysts have high hopes this Fed program, which aims to help credit card and auto loan lenders sell their loans to institutional investors, will lower consumer and business borrowing costs.
Originally posted by xoxo stacie
reply to post by marg6043
I think perhaps "crazy" may in fact be "desperate" and a last ditch effort to try and turn the economy "they" destroyed around. This before the people get tired of them and throw em out of those 10 million dollar office's!
I mean if you seriously think about it, this past two weeks has been a flurry of new programs and type's of run around the bush policies that they "say" will help turn this around.
The truth is they have no idea how bad it is because they have yet to get any of these gambling addicted bankers to tell exactly how much money they owe to everyone else. This isn't going to go away until they start telling the truth and we can all get together and find a solution. Keeping everything a secret is what has caused this crisis in the first place. If the government had any clue they would straight go in and seize what ever they haven't already shredded and get to the bottom of it. Then and ONLY THEN can we find a way to really fix the problem and prevent it from EVER happening again.
...Another "Blast of Hot Air"...ya'll Girls got any broken hair driers...?
FDIC Chief: Uncle Sam Needs New Bailout Model
FDIC Chairman Sheila Bair told Congress a new system of supervision that prevents institutions from taking on excessive risk and becoming so large their failure would threaten the financial system is needed.
The head of the Federal Deposit Insurance Corp. said Thursday that the government's strategy in the financial crisis of bailing out huge institutions deemed "too big to fail" must be replaced by a new model.
FDIC Chairman Sheila Bair told Congress a new system of supervision that prevents institutions from taking on excessive risk and becoming so large their failure would threaten the financial system is needed. A mechanism is needed to resolve troubled financial institutions similar to what the FDIC does with federally insured banks and thrifts, she added.
Testifying at a packed Senate Banking Committee hearing, Bair said simply creating a co-called systemic risk regulator -- a central idea in the discussion of overhauling the U.S. financial rules -- "is not a panacea."
Bair appeared with other top regulators to discuss the high-stakes issue of modernizing oversight of the nation's financial institutions amid the crisis gripping the U.S. and the global economies.
The government's rescue of insurance giant American International Group Inc., its pumping of tens of billions of dollars into Citigroup Inc. and Bank of America Corp. in more than one instance, and other actions in the crisis have put a "too big to fail" stamp on U.S. policy.
The committee's chairman, Sen. Christopher Dodd, D-Conn., said that possibly the most important lesson to take from the crisis is that "no institution should ever be 'too big to fail."'
"Replacing Citibank-sized financial institutions with Citibank-sized regulators would be a grave mistake," he said.
Dodd suggested it could make more sense to give the FDIC, which has the expertise in that area, the authority to resolve big failing institutions.
But Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, and other lawmakers have proposed the Federal Reserve assume the role of systemic regulator to monitor against the kinds of risks that plunged markets worldwide into distress last year.
Both Congress and the Obama administration are starting to craft their strategies for revamping a patchwork regulatory system that dates to the Civil War as they strive to prevent a repeat of the global crisis.