U.N. Panel Says World Should Ditch The Dollar As World Reserve Currency!!!

reply to post by kozmo


So hard for some to have a grasp on the basics isnt it?
Great Posts on this thread...thanks.

Here is a chart for anyone who care to take economics 101.

[atsimg]http://files.abovetopsecret.com/images/member/63fad0748171.jpg[/atsimg]

[edit on 21-3-2009 by burntheships]

In last two weeks the developments have hit hard and fast. First...we have the current U.S. Administration under President Obama utilizing the Hegelian Dialectic www.abovetopsecret.com...'

We have the Treasury Bond pump which devalued the dollar; the biggest drop in a quarter century...
www.abovetopsecret.com...'

And the U.N. is calling for a basket currency to replace the U.S. Dollar as the World Reserve Currency...

www.abovetopsecret.com...'

Hang on for dear life...

According to LEAP/E2020, there are only two options left for the G20 leaders who gather next April 2nd in London: either they rebuild a new international monetary system, creating the conditions for a new global system that involves all the main global players, and reducing the crisis to a maximum of 3 to 5 years; or they strive to prolong the current system, thrusting the world into a decade long tragic crisis starting at the end of 2009.

LEAP 2020 GEAB

Enter the International Monetary Fund Warning of civil unrest and
***War*** !!!

www.abovetopsecret.com...'

GENEVA, March 23 (Reuters) - The world is in a dire economic crisis, but no recovery is possible until the financial sector is cleaned up, the head of the International Monetary Fund said on Monday.

The crisis will push millions into poverty and unemployment, risking social unrest and even war, and urgent action is required, IMF Managing Director Dominique Strauss-Kahn said.

www.reuters.com...

reply to post by burntheships


And now we have China calling for a new world reserve currency...
moving at a brisk pace all of this!!

www.ft.com...

China’s central bank on Monday proposed replacing the US dollar as the international reserve currency with a new global system controlled by the International Monetary Fund.

In an essay posted on the People’s Bank of China’s website, Zhou Xiaochuan, the central bank’s governor, said the goal would be to create a reserve currency “that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies”.

Yes but this world currency unit, not just China has been calling for it, for along time now.
But it will never happen I tell you.
To many people make to much profit from currency exchanges.
One world currency unit?
No more exchanges.

reply to post by BorgHoffen


I agree with you that much wealth is created by the buying and selling of different currencys, and even on the daily rise and fall of currency prices.

However, we are seeing many nations in extreme financial crisis...
take Iceland for example. They did not want to join the Euro...they wanted to keep the krono. They were systematically wiped out...europeunitedstates.blogspot.com...

I am not saying that the U.S. can be wiped out so easily...but there is a banking cartel at work in the world that is bigger than any one nation...and they are part of the NWO. If they have decided that there will be a one world currency...there will be. The step before that is a new World Reserve Currency, a "basket currency".

The NWO does not want the average joe, or for that matter too many joes to be creating wealth. There is a bigger agenda here...an more sinister and evil one.

Hopefully even the most cold-hearted and greedy banking cartels acknowledge that increased productivity and development produce more wealth, real or on paper.

Is there an endgame and all the money is going to be grabbed with the majority of 6 Billion left to pick up the pieces?

That is possible and the spin that's currently circulating.

More likely there is some reconfiguration that has been forced by the redistribution of wealth that we've seen in the last half century, and by the changing needs for natural resources and new information technologies.

I hold out hope the bankers, if they really are the ones determining which way things go, want to keep the game going longer.


Mike

Today, March 25th, 2009, the dollar slid as much as 1.3 percent against the euro within 10 minutes of news accounts of Geithner’s remarks. The U.S. currency was down 0.6 percent at $1.3553 as of 12:31 p.m. in New York.

Treasury Secretary Timothy Geithner sent the dollar tumbling with comments about China’s ideas for overhauling the global monetary system, only to drive it back up by affirming that it should remain the world’s reserve currency.

Geithner was initially asked at a Council on Foreign Relations event in New York about proposals from People’s Bank of China Governor Zhou Xiaochuan for a new international reserve currency. He said “as I understand his proposal, it’s a proposal designed to increase the use of the IMF’s special drawing rights. And we’re actually quite open to that.”

www.bloomberg.com...

Geithner should stop talking.......i hope he loses his position as treasury secretary........he sounds like a bumbling contradicting idiot

He sent the FX markets crazy....as one minute he says the U.S admin is open to those ideas very much so........(that of new reserve currency)...the the next he says (i think the u.s will have the world reserve currency for a long time).........OK timmy......better keep you on a extra short leash

reply to post by cpdaman


Yes the markets seem to freak when he speaks...not like the hypnotic voice of Ben Bernanke...

Have you listened to Jim Rogers? The guy is amazing...confronting Bernanke and Geithner...here is a video of him calling Geithner an idiot...saying he does not know what he is doing...This is a great video!!!

Excellent video with Ron Paul on the Bill Maher show...
February 02/20/2009

George Soros, the billionaire investor sees Zombie banks draining the life out of the U.S. economy...contrary to the majority of U.S. economists...who see the U.S. economy halting contraction in the third quarter, and resuming growth in the fourth quarter...

The U.S. economy is in for a "lasting slowdown" and could face a Japan-style period of relatively low growth coupled with high inflation, billionaire investor George Soros said on Monday.

Soros, speaking to Reuters Financial Television, also warned that rescuing U.S. banks could turn them into "zombies" that draw the lifeblood of the economy, prolonging the economic slowdown.

"I don't expect the U.S. economy to recover in the third or fourth quarter so I think we are in for a pretty lasting slowdown," Soros said, adding that in 2010 there might be "something" in terms of U.S. growth.

CNBC

The recovery will look like "an inverted square root sign," Soros said. "You hit bottom and you automatically rebound some, but then you don't come out of it in a V-shape recovery or anything like that. You settle down—step down."

The healing of the banking system and housing markets is crucial to recovery. "The banking system, as a whole, is basically insolvent," Soros said....
Soros also said the U.S. dollar is under selling pressure and may eventually be replaced as a world reserve currency, possibly by the IMF's Special Drawing Rights, a synthetic currency basket comprised of dollars, euros, yen and sterling.

"I think the dollar is now under question and I think the system will need to be reformed, so that the United States will be subject to the same discipline as is imposed on other countries," said Soros, whose famous bet against the British pound earned his Quantum Fund $1 billion in 1992. "Being the main issuer of international currency, we have been exempt and we have abused that because we have effectively consumed 6.5 percent more than we have produced. That is now coming to an end."

CNBC

Frightening, this echos in harmony with the Global European Anticipation Bulletin's prediciton for the U.S. and World Economy...

More from the Global European Anticipation Bulletin...

Ladies and Gentlemen,

Your next summit takes place in a few days in London; but are you aware that you have less than a semester to prevent the world from plunging into a crisis that will take at least a decade to resolve, accompanied by a whole series of tragedies and ferment? Therefore, this open letter by LEAP/E2020, who saw the arrival of a « global systemic crisis » as early as three years ago, intends to briefly explain why it happened and how to limit further damage.

If indeed you began to suspect the onset of a sizeable crisis less than a year ago, LEAP/E2020, in the second issue of their « Global Europe Anticipation Bulletin » (GEAB N°2), anticipated that the world was about to enter into the « trigger phase » of a crisis of historic proportions.

GEAB (LEAP 2020)