China's yuan 'set to usurp US dollar' as world's reserve currency

China's yuan 'set to usurp US dollar' as world's reserve currency

www.t elegraph.co.uk

Known as "Dr Doom" for his negative stance, Prof Roubini argues that China is better placed than the US to provide a reserve currency for the 21st century because it has a large current account surplus, focused government and few of the economic worries the US faces.

In a column in the New York Times, Prof Roubini warns that with the proposal for a new international reserve currency via the International Monetary Fund, Beijing has already begun to take steps to usurp the greenback.

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Would the Chinese Yuan replace the U.S. dollar as the world's next currency? or will some other currency replace it?

Several nations, including China, Russia, Iran, Venezuela, and India, have called and have made meetings sometimes asking, and sometimes demanding a new world currency in which China, and Russia would be the mayor players in the world.

Is the Bilderberg group in accord with this plan from the east, or do they have a plan of their own, and a currency of their own in mind? Time will only tell.

www.t elegraph.co.uk
(visit the link for the full news article)

No replies yet?

Bumping because another thread about this topic was started.

seems NWO/Rothschhild and Sahedrin have sucked USA blood and now are going to find a new host for their parasitic activities

America: Failing economy.

China: Surging Economy.

America: Over stretched Empire.

China: Fledgling Empire.

America: 300,000,000 Consumers

China: 1,330,000,000 Consumers....

Even assuming they have one billion dirt poor peasants, if they can get 10% of their population to lower-middle class level, they will out strip America with a Consumer base..

America is defunct, we are on our way out like the British Empire.. this Century will see our dying days, and the wars that will come with it.

Well he seems to have a good reputation. I honestly don't see how this can happen. Unless it is a massive coordinated effort on a global scale. Too many people around the world know, use and still trust the Green back.

Interesting.
Nouriel Roubini

Because his descriptions of the current economic crisis have proven to be accurate, he is today a major figure in the U.S. and international debate about the economy. Although he is ranked only 410th in terms of lifetime academic citations,[4] Prospect Magazine in January, 2009, voted him #2 on its "list of the world’s 100 greatest living public intellectuals."[5] He has recently appeared before Congress, the Council on Foreign Relations and the World Economic Forum at Davos. Having become a sought-after adviser, he spends much of his time shuttling between meetings with central bank governors and finance ministers in Europe and Asia."[2]

reply to post by SLAYER69


What backs a Fiat Dollar is Production and Military Power.. Our Dollar is supreme because our military can ensure it's used for trade (oil) .. it has backing because America has the highest GDP in the World.

China has to manually keep their currency low, to encourage exports, makes them cheaper in other countries.. basically inflating their own currency to keep it's value low. IF they stopped doing this, their currency would shoot to the moon .. they produce a lot, they have a green budget, and their military ensures the governments survival..

If the value of the Yuan where to rise, the purchasing power of Chinese citizens would also rise, turning China over night into the single largest consuming market in the world...

Seeing as in America Consuming is 70% of our GDP, China would essentially shoot past us, creating the largest economy in the World easily within 10 years..

As the value of their currency rises, ours would fall, and eventually oil producing states would see the benefits of a Chinese currency over an American...

In the end it will be a military match up.. our last line of defense for monetary domination..

Originally posted by SLAYER69

Well he seems to have a good reputation. I honestly don't see how this can happen. Unless it is a massive coordinated effort on a global scale. Too many people around the world know, use and still trust the Green back.

Several years back I was presenting evidence here, and stating that this was going to happen.

For years, even before the economic crisis, China, Russia, Iran, and other countries were calling for a new world economy in which China, and Russia would be the mayor players.

So yes, it has been almost a global scale coordinated effort by many countries in the east.

reply to post by ElectricUniverse


I dont doubt that.

What I was referring to is all the other countries around the world excluding the above mentioned. If I walk into a bar/store in Panama/Argentina
[ pick your favorite third world country] and I hand over a greenback they will take it over their own currency. Would they even know what a yuan is?

Heres my reasoning, this will ABSOLUTELY NOT HAPPEN

1. No one trusts CHINA (are u kidding me?)

2. Why would you want to exchange dollars (yuan) with a known manipulator (ok, we might too)

3. If we stop buying their ****, they sink, they DEPEND ON US

4. Their country is half secrets, half transparent

5. They dont allow the internet in most forms

6. Just b/c they are growing, doesnt mean anything, you think saudi's want to deal with chinese? Saudi's owe us.. meaning oil producing nations..

7. If it comes to it, we will have a bigger presence in the middle east, or could pull more strings if needed

8. We can get someone else to finance our expeditions

EDIT: 9. USA has NEVER defaulted on a debt

10. T-Bills and T-Bonds are a safehaven in times of economic struggle

EDIT: Contrary to popular belief, they are NOT the biggest financier of our debt.

These are my opinions of course

[edit on 15-5-2009 by GreenBicMan]

[edit on 15-5-2009 by GreenBicMan]

reply to post by SLAYER69


Correct,

Meaning we have more in circulation, or widely accepted..

It might come many years down the line, but not in our lifetimes..

You think Columbia, Brazil, even any european countries over lets say, the next 100 years, are going to be accepting yuan instead of dollars at a local cafe/restaurant?

Prob. not

reply to post by GreenBicMan


I was a little concerned they would be accepting Euro's actually.. Euro is a stronger currency, and a few oil producing states began excepting Euro's before the wars..

Technically, the Euro Zone's economy is larger than the US. the Euro is thus an equal contender. China poses a threat as well, I doubt it will be much of a threat for the next few decades, but America is not immune to ways empires have gone in History..

It all comes down to China's economy -- if it surpasses ours and their middle class continues to expand, and they continue to be more capitalist in nature.. we could see problems for America.

China's yuan as world's reserve currency is a very good idea.

It would cause the value the raise to a point that products from china would cost more then to make the products in the US.

Then manufacturing would start to come back to the US.
This would totally change the trade deficit between the US and the rest of the world to a trade surplus and make the US even richer.

reply to post by Rockpuck


There is one thing that keeps coming to mind.

I agree they can make a decision to change the worlds reserve currency but people choose the dollar by popularity. They know the dollar. They trust the dollar. Good, Bad or indifferent.

They cant simply force it on people if they don't want it. That's something I don't think China and Russia understand. The greenback was not forced on anybody. It was chosen.

reply to post by SLAYER69


The Dollar is only excepted because it has value..

The Euro, being more valuable, is already eating away at the Dollar's base of support -- look at 2000-2008 the Dollar dropped over 27% in value in less then 10 years.. while the Euro in 1999 was valued far lower than the Dollar, surpassed it by a long shot.

You might have been able to go to France as a tourist and use a Dollar.. now it would be turned away, laughed at and demanded Euro's.

OPEC is/has considered the Euro for oil trade, or a currency basket (Dollars, Euro's and Yuans)

Russia stopped accepting Dollars for oil/gas trade.

So did Iraq before we attacked them.

Iran is stopping the sale of oil in Dollars.

It's a trend that has picked up more and more in recent years. Yes, the dollar is recognizable all over the World.. but I think an intelligent person would prefer a Euro, or a Pound over our Dollar any day.

Originally posted by Rockpuck
but I think an intelligent person would prefer a Euro, or a Pound over our Dollar any day.

That's kind of an insult dont you think? Anybody who has faith in the greenback is unintelligent?

Anyway. A lot of people don't care what Iran or Russia does. As far as a weakening dollar that can be a good thing as mentioned above, that means American made products become more reasonable abroad.

Contrary to popular belief the US is still the Big Dog when it comes to high quality High Tech items. Most are not the average consumer item though.

reply to post by SLAYER69

That's kind of an insult dont you think? Anybody who has faith in the greenback is unintelligent?

If someone was selling something valued at $5 USD and was offered $5 dollars, 5 Pounds, or 5 Euro's and accepts the Dollar over the other two currencies.. yes, it unintelligent. Even if appropriately valued, the Pound and Dollar are better.

Anyway. A lot of people don't care what Iran or Russia does. As far as a weakening dollar that can be a good thing as mentioned above, that means American made products become more reasonable abroad.

That's true, in fact in Q4 2008 most S&P companies who posted profits only did so from over seas sales.

However.. it was because the Dollar devalued so much so fast that led to the Deflation of the Currency, which due to the cost of living rising debts where defaulted and what did we get?

"Credit Crunch"

Devaluing the currency is only effective if you increase the money supply in circulation, to give appropriate inflation, otherwise your currency is causing Deflation. which is good for Corporations, they make the most profits over seas in those instances, but the citizens hurt extremely bad.

Contrary to popular belief the US is still the Big Dog when it comes to high quality High Tech items. Most are not the average consumer item though.

True, but we export far less than we import, and 70% of our GDP is from internal circulation of wealth. Doesn't say much for us. The only reason we are still sitting pretty on top of the World is our Military.

reply to post by Rockpuck


I agree as well, but i was thinking the quid/euro.. same lines..

I dont think we will ever see those 2 or any in USA (as long as we dont have NAU/NWO/Whatever you want to call it)

It's happened throughout history that hegemony changes hands every 100 years or so. Britain had it for even longer than that I think. The USA really took that crown at the end of WWll.

Normally it transfers more or less by economic conditions. It just goes where the strongest economy is. But it's kind of like a heavyweight boxing event... you gotta really earn the crown... a tie isn't gonna do it.

The demise of the American dollar (totally planned by the NWO) is painfully obvious in this long term chart.

static.seekingalpha.com...

To be honest, for a while I was thinking that the only logical nation whose currency would end up being the world's reserve was Japan. But now, clearly China is the obvious candidate. There's no county in Europe even near powerful enough economically speaking. In fact, the entire European Union is a smaller economy than the USA and it's in worse trouble financially than the US is.

In fact, with the current account balances the way they are, there's not a damn thing the NWO can do to avoid the fact that China is the only answer.... except one. They will try to wrestle power away from China by instituting the "one world" currency we've all be talking about. I can't see China signing up for that deal any time in the next two hundred years.

It'll be interesting to see how Rothschild screws China over to get his way. Personally I hope China rolls over and squashes the life out of the bastard.

reply to post by Albertarocks


Doesnt china have a central bank? If they do, most likely the intl. banking cartel already has a hand in their business, if not 2 hands

If they do, they are owned