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Japan backs dollar as reserve currency

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posted on Jul, 5 2009 @ 11:18 PM

Japan backs dollar as reserve currency

TOKYO (Reuters) -- Major countries should support the dollar as the key international currency, although emerging nations may discuss a new global reserve currency on the sidelines of the G8 summit next week, a Japanese official said on Friday.
(visit the link for the full news article)

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posted on Jul, 5 2009 @ 11:18 PM
With all of the search engine keywords I could think of, I could not find any reference to this on ATS. If the dollar is so "doomed" as everyone says, than most of you must think Japan is shooting itself in the foot.

However Japan has a vast amount of US $, and their backing of it will probably help them keep that wealth stable, for awhile.

Apparently the article is from early this weekend, but this is truly breaking news here, so I believe that it's relevance is still quite fresh and urgent.

#1 Why is this not on ATS anywhere?
#2 Why did the MSM downplay it so much?
#3 Why did it take several days to reach us?

If this was posted at ATS, I apologize. Delete it or move it. But at least link it because I just cannot find a whisper of this around here.

So, why is everyone ignoring this? It is huge actually, because Japan pulls a lot of weight in the financial world. They are very big players.

This could spill over to the stock markets and spur some buying, IMO.

G8 this week is going to be VERY interesting!

Due to the bizarre circumstances of this being hidden away deep in a financial column, I think it may fit here at breaking news.

Mods if you want to move it to "economic meltdown" go ahead. I apologize. But I think some of you may think it is important and urgent news.
(visit the link for the full news article)

posted on Jul, 5 2009 @ 11:27 PM
reply to post by muzzleflash

"Who's comin with me?!"


All you'll ever see on ATS is alarmist sensationalism. Japan really isn't in a "stable" situation itself, but I doubt we're going to see a dollar just drop out of sight. Look how long it's taken Zimbabwe to plummet and they really didn't have any sort of raw material or industrial capacity that we have. Even that's kind of an extreme example, but regardless, the sky is crashing, but a lot slower than all these wolf criers would like.

On ATS, nobody really knows and everybody speaks from emotions. I was nervous myself about a year ago, and now.. well.. it's whatever, really. People have been saying the dollar is going to crash since I joined almost two years ago, and very many times I've read that it's just "right around the corner."

We're not in a good position at all, but with other countries still relying on our fiat wealth, we're probably years away from any significant failure.

posted on Jul, 5 2009 @ 11:33 PM
Japan already has invested a lot in the dollar. This is similar to that Saudia prince talking up Citigroup stock when it was still worth $10+ a share last year. Major holders of currencies don't want people to get rid of them any less then major shareholders want people to get rid of stock, Japan is one of the largest USD holders. So them wanting to save the dollar and talk it up is not surprising.

posted on Jul, 5 2009 @ 11:37 PM
you make quite a good point

News that is sensationalist tends to get all of the attention.

It is not just ATS though, it is every media outlet.

People just do not care if the world will be around tomorrow, they only care if it will be gone.

But reality dictates that it WILL be here tomorrow.

I am going to be watching the stock market closely all week, and I believe it will be going upwards in general. However, this is all a guess, and it is based purely on gut instinct.

Japan backing the Dollar means that this fake economy has a lot of life left in it.

Who would not accept 100 US $? I know I would accept it!

[edit on 5-7-2009 by muzzleflash]

posted on Jul, 5 2009 @ 11:39 PM
I cannot see the "Zimbabwe hyperinflation" ever happening unless the dollar is dumped as the reserve currency.

How many Dollars are there today? Anyone have a good statistic?

What if we did double the money supply and devalued the currency by 50%?

How many freeking trillions is that?

Now don't get me wrong, I do not want this to happen and I would prefer we balance our budget and engage in "Fair Trade" not "Free Trade" which equals "Free for Them not for US".

We cannot continue to compete on an unlevel playing field unless we become a 3rd world county ourselves which I am sure nobody would like to much.

We must tax imported goods and services or everything domestic will die in time, we have seen this in textiles, electronics production and manufacturing already now "services" are being outsourced as well.

We cannot compete with slave labor, lower cost of living, and benefits. It is impossible without proactive measures to level the market in your home sovereign nation. It is a matter of National Security.

posted on Jul, 5 2009 @ 11:42 PM
reply to post by infolurker

I agree infolurker, we NEED to bring back some tariffs and duties.

It serves as a major balancing force in the economies of all nations, and it is clearly necessary to get new business jump started in America.

"Free trade" has indeed been a major nail in our proverbial coffin, so to speak. Hell even the Clintons admit nowadays that NAFTA was a mistake.

posted on Jul, 6 2009 @ 12:12 AM
Japan doesn't have much choice but to back the dollar - if the dollar is doomed, then so is Japan.

Japan is a US possession - its monetary and fiscal policy is dictated by the Bliderscum. The Japanese economy is very weak - being riddled with debt, and carrying high volumes of US debt.

The western economies are like the Titanic after it hit the iceberg - everyone is still sleeping, or gambling, or eating and the band is still playing. Everyone felt the bump - and quite a few people 'know' it is going to sink - but the reality of it simply hasn't set in yet.

The Bilderscum simply want the band to keep playing for as long as possible - they don't want people running for the life rafts - they know there aren't enough to go around anyway. Their plan is to keep people in denial - to get the rich off the boat in the life rafts first - and to lock the gates on the lower decks to prevent the 'lower classes' from having any chance at all.

I refer you to a recent article regarding 134.5 billion in bonds that the Japanese tried to smuggle through Italy into Switzerland. The MSM decried the bonds as a fake - and of course - many people will believe that. I find the notion that they were fake to be extremely far fetched - a far more likely model is, that the bonds were real, and Chinese agents tipped off the Italians.

People need to listen less to what people are saying - whether the MSM or whoever - and watch what is actually happening using the best stats you can find, and analyzing the situation with your own brain.

posted on Jul, 6 2009 @ 06:45 AM
reply to post by Amagnon

I agree with half of your premise, but you act like America is the source of all globalists.

China has a central bank ran by the very same people. I do not see why China would be trying to play against the "game", because they are one of the top dogs in that very game.

And you say oh but Japan will collapse if the dollar does, so will Europe, China, everyone. The only people who will do ok are those who can grow their own food and get clean water, pretty much.

But that is all just fear based on the assumption that people will see through money and begin to reject it.

I do not see that happening anytime soon.

So what your saying is that there will be a day soon where no one will accept a 100$ dollar bill, but I know how these people think, and that 100$ bill will be worth something for a very long time to come

the sheep will just not give up dollars that easily, they do not even know the Fed is a private corporation. They think its actually part of the treasury and a public owned entity.

theres no way they will suddenly stop accepting dollars any time soon. Just my observations

posted on Jul, 6 2009 @ 06:49 AM
Just wait...if and its a big if,the audit the Fed bill gets through,which i suspect might be part of a nefarious plan(takes tinfoil hat off) Watch the dollar implode like magic.

posted on Jul, 6 2009 @ 07:10 AM
this coming from a country who's economy is in dire straits and seeking anything to get out...

posted on Jul, 6 2009 @ 08:00 AM

Originally posted by muzzleflash
And you say oh but Japan will collapse if the dollar does, so will Europe, China, everyone. The only people who will do ok are those who can grow their own food and get clean water, pretty much.

I don't think that's entirely true. When Germany had hyperinflation it was a huge part of the global economy and not every country was affected as badly as others. America is a bigger part of the global economy but the global economy is also bigger these days.

China and Japan would be absolutely hammered because not only do they have lots of US debt, they also rely on selling products to the US. Eastern Europe (besides Russia who relies on America buying lots of oil to keep prices high) would probably be affected the least because they have problem loans in US dollars that would be easy to pay off with the dollar devalued. Every country would be affected but Japan and China are the two that would be affected the most by far.

[edit on 6-7-2009 by Jacob08]

posted on Jul, 6 2009 @ 10:59 AM
Japan is connected to the U.S. by the hip, both militarily and economically.

The thing is Japan also has massive investments in much of south east Asia so it really isn't the slouch that people are saying. For such a small island with no meaningful resources, I am amazed it has any economy at all.

Japan also has some degree of loyalty. The U.S. could have made Japan another territory or could have outright slaughtered its people like they Japanese thought we would during World War 2. Instead we built up their country and they found a way to take out their aggression through acceptable and peaceful economic expansion rather than war.

The funny thing though is that China is also connected to the U.S. by the other hip. There is a hidden meaning to all this.

China is a big assembly plant, sure they make money, but it isn't the assembly line that truly rakes it in. Wall Street has gigantic investments in China and make large amounts of money by employing low wage earners and selling the products to the American citizen while pocketing the huge profits.

Is it not the Wall Street and banking elite that want the dollar trashed and some global currency put in its place. I think there is a disguised attempt to switch the blame to China and Russia for wanting the dollar to be replaced because it is reasonable to blame the bad Chinese while Wall Street and the elite look nice and clean.

posted on Jul, 6 2009 @ 11:15 AM
The Japanese and Chinese both own too many dollars right now, and if the dollar plummets they will both lose. Japan and China also both need the U.S. to buy their products. It keeps their economy going.

posted on Jul, 6 2009 @ 11:22 AM
China Says Dollar to Remain Leading World Currency

* Vice minister sees dollar pre-eminence for years to come

* Idea of new reserve currency is 'academic discussion'

* China appreciates U.S. govt efforts for stable dollar

ROME, July 5 (Reuters) - Chinese Vice Foreign Minister He Yafei said on Sunday the U.S. dollar would continue to be the world's leading reserve currency for years to come.

"The U.S. dollar is still the most important and major reserve currency of the day, and we believe that that situation will continue for many years to come," He told a news briefing in Rome before this week's Group of Eight summit.

Beijing has floated the idea of an alternative to the dollar as global reserve currency and wants the topic broached at the summit starting in Italy on Wednesday.

Yeah well...

they have been calling for a new reserve currencies for years not months. They and Russia and a few other countries. They floated the idea several times. It went over like a fart in Church, now they are back peddling. Of course they want to protect their investment in the US.

I agree someday there should be a new reserve currency. When that happens it will be a hit to American prestige but in the long run it would do wonders for our economy.

posted on Jul, 6 2009 @ 04:59 PM
oh wow

We just saw China's hand

and it was a bluff

thank you for posting that slayer, excellent addition to this discussion

looks like the US dollar is no where near collapse yet

not even gut instincts have been telling me the truth

i will go ahead and say it now, "where is the inflation?"

so what do they control the inflation rates/figures now too?

looks like it to me...

posted on Jul, 6 2009 @ 05:24 PM

Originally posted by muzzleflash
thank you for posting that slayer, excellent addition to this discussion

looks like the US dollar is no where near collapse yet

Well if anything it should be viewed as a giant wake up call.
We cannot go about business as usual. Something will eventually have to give. I think China may have been a victim of it's own propaganda and thought there was a very real call and support for a reserve change. I think they thought they had larger support and tried to use the most recent crises to take advantage of the situation.

Just my opinion is all...

posted on Jul, 6 2009 @ 07:42 PM
eventually being the keyword of course

i think we have at least the rest of July though

but you never know, since they fake literally everything these days, they could fake it anytime they want - tomorrow if they felt like it i suppose

don't they just have to sell a bunch of equities, crash the markets around the world, and then let the dominoes fall?

seems like they could do that with the push of 1 button...

of course, i do not know how it works exactly, and i am just speculating about all of this based on my instincts

but if this is really china+ japan's view , than we can sit back and relax for awhile

i already have my rice storage waiting for Sit X

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