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China suggests switch from dollar

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posted on Mar, 24 2009 @ 08:55 PM
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China suggests switch from dollar


news.bbc.co.uk

China's central bank has called for a new global reserve currency run by the International Monetary Fund to replace the US dollar.

Mr Zhou said the dollar could eventually be replaced as the world's main reserve currency by the Special Drawing Right (SDR), which was created as a unit of account by the IMF in 1969.

"The role of the SDR has not been put into full play, due to limitations on its allocation and the scope of its uses," he said.

(visit the link for the full news article)




posted on Mar, 24 2009 @ 08:55 PM
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The essay comes before the G20 summit in London on 2 April, at which reform of the international financial system is top of the agenda.
"This confirms that China intends to play fully its role of global economic and political power at the next G20 summit," said Sebastien Barbe, an analyst at French financial service firm Calyon in Hong Kong.


Here we go folks hang on to your hat .. china publicly denouncing the dollar .... with all the U.S owes .. the global economy is in BIG trouble now ..

And WTF is the SDR? is this to be our N.W.O currency????

BBC news link? , china? bad times ahead western civilization..........

news.bbc.co.uk
(visit the link for the full news article)



posted on Mar, 24 2009 @ 09:11 PM
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Everybody counterfeit money now to crash the corrupt capitalism and activate The Venus Project.



posted on Mar, 24 2009 @ 09:13 PM
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Wait what the hell is the SDR?

Why didn't I know that the IMF had a currency already?



posted on Mar, 24 2009 @ 09:52 PM
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THIS IS NOT GOING TO HAPPEN. If China does that, it means that the USD is dead and therefore China's investments in US will be worth nothing. It is not in China's interest to do that.

China is actually buying more USD Debt.

China to buy more U.S. debt


[edit on 24-3-2009 by rattan1]



posted on Mar, 24 2009 @ 09:55 PM
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Originally posted by Frankidealist35
Wait what the hell is the SDR?

Why didn't I know that the IMF had a currency already?



You did not know about it simply because you did not go to school or never studied economics.


Chew the link bellow:

Special Drawing Rights (SDRs)

[edit on 24-3-2009 by rattan1]



posted on Mar, 24 2009 @ 10:16 PM
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reply to post by rattan1
 


I go to school.

I just never heard of this.

This is SO NWO. It reeks of world government.



posted on Mar, 24 2009 @ 11:49 PM
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They were carefully to use the word "eventually" but the intent, particularly taking the step to publish and disseminate in English as well as Chinese, is ominous.

The psychology is apparent, China is flexing it's muscle. Otherwise this would be out of the public ear.

China has it's own currency problem. They frankly are caught short in an uncomfortable situation and are in wait and see mode but getting impatient.

OPEC is pushing for a move away from pegging the dollar as the oil trading currency.

The US will either convince China to stay with them for the very long haul, or China will watch as their new partner slides out of it's 60 year primacy.


Mike



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