China central bank governor suggests creating super sovereign reserve currency

China central bank governor suggests creating super sovereign reserve currency

news.xinhuanet.com

Zhou Xiaochuan, governor of China's central bank, has proposed to create a super-sovereign reserve currency as part of reform in the international monetary system.

The desirable goal of the international monetary system is to "create an international 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," he said.

(visit the link for the full news article)

* FURTHER QUOTE FROM ARTICLE:

Zhou said the Special Drawing Right (SDR) of the International Monetary Fund (IMF) has the potential to act as a super-sovereign reserve currency in a signed article posted on the website of the People's Bank of China Monday.

The SDR is an international reserve asset created by the IMF in1969.

The ongoing financial crisis is a testimony to the inherent deficiencies of current monetary system of the world, he said.

SNIP

Last week, Russia announced a similar call for the introduction of a super-national reserve currency as part of the country's proposal to reform the international monetary and financial system at the upcoming London summit.

*END OF QUOTE


Hmmm... is the time of the one-world currency near?

It just caught my eye this morning, because an IMF-created currency would be truly "international," I guess.

news.xinhuanet.com
(visit the link for the full news article)

Amazing how fast things are changing. This is the second major nation to propose this idea. Just the fact that China is proposing this despite holding so much US debt means they no longer care what happens to that debt. Therefore if this comes to pass, many of the US haters on this board will finally see their wetdream come to fruition. The US financial system will finally collapse.

So, what are the chances of someone controlling the IMF or whoever governs the new reserve currency?

Did anyone else ever study Revelations and the end times? It's been awhile for me but the dominoes are certainly lining up.

The future is going to be a lot different and I fear for what my kids are going to go through.

I wonder what AlexJones is going to say about all of this?
I want to know, what happens to the Dollar? Will it only be good for wiping our arses with?Whos in control of this money? The fed? Andhow are they going to put value on this money? You cant just create money with nothing to back it, so wtf they gunna do about that and all the debt that is already accumulated? is it just wrote off? Last time I checked, everybody owes everybody money, so how could anybody pay anybody back if nobody has the money to pay anyone back with? its like the money is just getting sucked into a black hole? we owe them, but they owe them, who in turn owes them, whom owes them. this is a freakin circus act.

Originally posted by Common Good
You cant just create money with nothing to back it

Of course you can. They've been doing it for almost forty years. The dollar isn't backed by anything, the euro isn't backed by anything, and most other currencies of the world aren't either.

This sounds vaguely familiar eh?

According to a little reported article in the Moscow Times Russia will propose the new currency at the next G20 meeting in April.

People are getting nervous it seem about our fiat currency!

"'The re-establishment of a new and widely accepted reserve currency with a stable valuation benchmark may take a long time,' Mr. Zhou said" in a report by the Wall St. Journal.

Hyperinflation would be the result. "Somethings happening but you don't know what it is, do you Mr. Jones?"

Something about all of this reminds me of the fall of Babylon in Revelation 17:15 when the Kings of the Earth who hate Babylon, lay waste to her and then give all of their power to the Beast after she has been destroyed.

The world seems hellbent on forming a global financial union and destroying America in the process.

Originally posted by sylvie

Originally posted by Common Good
You cant just create money with nothing to back it

Of course you can. They've been doing it for almost forty years. The dollar isn't backed by anything, the euro isn't backed by anything, and most other currencies of the world aren't either.

exactly, and look at the mess we are in now.
Why do it again?

reply to post by MikeboydUS


financial and military babylon will be laid waste ,i.e USA , and then the financial beast the bankers will rule the world ,who will bring the antichrist ,potentially a Rothshcild in my opinion, the rothschild beleve they are from the house of solomon

reply to post by MikeboydUS

The world seems hellbent on forming a global financial union and destroying America in the process.

It must look that way from your perspective, but I suspect the rest of the world is more concerned with saving its own skin than with destroying you. If America is no longer the biggest bully on the block, well, so what?

I think the time for bullies is over anyway. Maybe we should try some cooperation for a while and see how that works. Surely it can't get any worse -- even for you guys.

reply to post by wayno


There will always be bullies as long as there are humans.

It doesn't matter if its a "Babylon" or a global central bank bullying the masses.

reply to post by wayno


I certainly don't agree with the USA being the bullies comment. There is no other nation on this planet that has liberated and assisted more people than the USA. Most people are stuck with what is happening in the ME now instead of looking at the big picture. This preemptive mess has caused more problems than it is worth. Time to pull back and respond when help is needed like we use to do.

As far as bullies or superpowers?.... China will take that throne very soon. I'm sure Moscow and Bejing will convince most of Asia to jump on board a new reserve currency.

[edit on 24-3-2009 by on_yur_6]

reply to post by on_yur_6

I certainly don't agree with the USA being the bullies comment.

The U.S., as the richest country for a long time, was used by the PTB to do its bidding all over the world. Most of the "saving" was of other people's natural resources for the benefit of the PTB. They gave just enough to the American people to keep them happy and ignorant of the exploitation going on.

Now as the US itself is getting used up the PTB are moving on to countries like China. Will they be able to use them as easily as they have used you/us? I am not sure, but I am sure they have their plans well under way. If they succeed then China will be doing their bidding, and as such will bully the less powerful in the process; including US and Canada via banking, and other means, as Mikeboyd stated above.

I do believe we have heard this before now let's see who was it....yes thats right it was Russia! But when they were spouting off about it no one listened and took it as a joke. But hey now that CHINA is talking about it let us all pay attention.
I mean after all they do own alot of our debt, but we must also remember that we also import a whole lot from China so it is a two way street.
The leaders of other governments are getting mad because the USA isn't following along with what they are doing also. Just look at what the government of the EU is spouting today... the economy of the US is going to "hell". (Actual news story on the financial wires.) This because somehow we managed to get our markets to do another rebound while their central bank is telling their people they are totally out of money and to stop spending.
China can cry all it wants but it better remember that a HUGE portion of it's economy comes from exports and if it keeps biting the hands that feed it well it will be in a very bad position. Perhaps stuck only having to export to it's good buddy Russia.