US backing for world currency stuns markets

I know we've had articles posted lately regarding the UN's call for a global currency, but I was stunned to find this news:

US Treasury Secretary Tim Geithner shocked global markets by revealing that Washington is "quite open" to Chinese proposals for the gradual development of a global reserve currency run by the International Monetary Fund.

The dollar plunged instantly against the euro, yen, and sterling as the comments flashed across trading screens. David Bloom, currency chief at HSBC, said the apparent policy shift amounts to an earthquake in geo-finance.

"The mere fact that the US Treasury Secretary is even entertaining thoughts that the dollar may cease being the anchor of the global monetary system has caused consternation," he said.

www.telegraph.co.uk...

I'd heard that the IMF wanted to create a global currency:

The idea is that the IMF should activate its dormant powers to issue Special Drawing Rights. These SDRs would expand their role over time, becoming a "widely-accepted means of payments".

www.telegraph.co.uk...


I'm careful about what I post about these sorts of topics because I have to admit, I am not an economic's expert. So much of what I read seems...crazy. Wallstreet seems like a cross between gambling and voodoo to me. When X equals 'whatever people feel at the moment, influenced by, well, anything from something an 'expert' said, to 'a hunch', I have to eye the whole process dubiously.

So when 'they' do things that I don't understand, but seem strange or wrong to me, I have to either have faith that those closely involved with such things, either know something I don't, understand economics better than I do - or I decide to not trust their decisions.

But either way, I'm guessing.

My best guess is that many things being done right now that seem dubious are because there aren't any other choices. We're between a rock and a hard place, and there isn't a 'best' way out of it. All solutions have a price.

So, I have no idea the consequences of what they want to do. This doesn't mean that they want everyone to use the same currency, all the time. I think all it means is that there would be a 'super money' as well, that's all.

Sure, we in the US want our dollar to be the basis on which other currencies rely, we want that strength, etc. But I'm afraid we've lost that anyways, no matter what we do. To force the world to keep using the dollar when it doesn't make sense for them to do so, isn't probably best overall.

Originally posted by Jadette
I know we've had articles posted lately regarding the UN's call for a global currency, but I was stunned to find this news:

US Treasury Secretary Tim Geithner shocked global markets by revealing that Washington is "quite open" to Chinese proposals for the gradual development of a global reserve currency run by the International Monetary Fund.

The dollar plunged instantly against the euro, yen, and sterling as the comments flashed across trading screens. David Bloom, currency chief at HSBC, said the apparent policy shift amounts to an earthquake in geo-finance.

"The mere fact that the US Treasury Secretary is even entertaining thoughts that the dollar may cease being the anchor of the global monetary system has caused consternation," he said.

www.telegraph.co.uk...

I'd heard that the IMF wanted to create a global currency:

The idea is that the IMF should activate its dormant powers to issue Special Drawing Rights. These SDRs would expand their role over time, becoming a "widely-accepted means of payments".

www.telegraph.co.uk...


I'm careful about what I post about these sorts of topics because I have to admit, I am not an economic's expert. So much of what I read seems...crazy. Wallstreet seems like a cross between gambling and voodoo to me. When X equals 'whatever people feel at the moment, influenced by, well, anything from something an 'expert' said, to 'a hunch', I have to eye the whole process dubiously.

So when 'they' do things that I don't understand, but seem strange or wrong to me, I have to either have faith that those closely involved with such things, either know something I don't, understand economics better than I do - or I decide to not trust their decisions.

But either way, I'm guessing.

My best guess is that many things being done right now that seem dubious are because there aren't any other choices. We're between a rock and a hard place, and there isn't a 'best' way out of it. All solutions have a price.

So, I have no idea the consequences of what they want to do. This doesn't mean that they want everyone to use the same currency, all the time. I think all it means is that there would be a 'super money' as well, that's all.

Sure, we in the US want our dollar to be the basis on which other currencies rely, we want that strength, etc. But I'm afraid we've lost that anyways, no matter what we do. To force the world to keep using the dollar when it doesn't make sense for them to do so, isn't probably best overall.

China you say? what coincedence! They have purchased US treasury Bonds or US Government backed bonds that in worst case scenarios are backed by US when the Nations Growth is projected to be above it's current rates and consumer driven markets are confident. So what this sounds like is a " super dollar" where it is the US Dollar backing the global monetary fund. Like the current situation where US treasury Bonds are being bailed out by US taxpayers and now US private companies can be usurped by Obama's current legislation to commandeer them, this too will be another investment where our Government says yes lets make a global NWO currency and The internationl bank makes all the profit and the American tax payer takes all the risk.

In other words people,, Americans will pay for the coming


GLOBAL BAILOUT

Once the IMF has this type of control it's game over. The world as we know it will no longer exist, the NWO might reach it's endgame within our lifetime. God help us.

Well every thing has "Made In China" on it now days. I just it will not be too long until our money has "Printed In China" on it. Stop the world, I want to get off.

Originally posted by Jacob08
Once the IMF has this type of control it's game over. The world as we know it will no longer exist, the NWO might reach it's endgame within our lifetime. God help us.

Quite honestly I agree... ask any nation who is under the control of the IMF as of right now.. they are the most corrupted, evil, vile vultures in the World. If there is such a thing as the NWO, I would bet every penny I have that the IMF's leadership is in the inner circle.

If we need a Global Currency, I can understand the need for such a thing, in this new Global economy.. but to put it in control of a privately controlled organization like the IMF? Wtf are people thinking??

Originally posted by fixer1967
Well every thing has "Made In China" on it now days. I just it will not be too long until our money has "Printed In China" on it. Stop the world, I want to get off.

Bill Hicks
It's just a ride and we can change it any time we want. It's only a choice. No effort, no work, no job, no savings and money, a choice, right now, between fear and love. The eyes of fear want you to put bigger locks on your door, buy guns, close yourself off. The eyes of love instead see all of us as one.

if this passes, i do believe that is a final nail in the coffin, then its just putting all the other pieces in place, which they are mighty close to as we speak




[edit on 29-3-2009 by Darth_Prime]