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U.S. Dollar Going Down, No Longer World Currency? World Bank President To Make Remarks Tomorrow

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posted on Sep, 27 2009 @ 08:04 PM
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The World Bank President will be making remarks tomorrow and if the article from Bloomberg is any hint to what he will be saying, then the world will be dropping the U.S. dollar as it's currency.

link to article:
www.bloomberg.com...


Sept. 27 (Bloomberg) -- World Bank President Robert Zoellick said the U.S. shouldn’t take for granted the dollar’s status as the world’s main reserve currency.

In remarks set for delivery tomorrow, Zoellick said the “next upheaval” in the international economic order is under way as emerging nations gain greater influence.

“The United States would be mistaken to take for granted the dollar’s place as the world’s predominant reserve currency,” according to excerpts released by the World Bank.

Policy makers from China to Russia repeatedly have called for an alternative to the world’s main currency in foreign- exchange reserves.

Zoellick’s speech to the Paul H. Nitze School of Advanced International Studies at Johns Hopkins University in Washington echoes his previous comments about the dollar’s standing.



All I can say is, for all of those people who have argued "It will never happen and China needs us more than we need them, and the dollar will always stay supreme".

Well, your world is about to change in the not too distant future.

All the people here on ATS should have already prepared in many different ways, because there have been a ton of members sounding the alarm for a long time.

I sure hope people heeded the alarms and did not discount them. Though there are some here who have denied anything was wrong many times.

Now with the world bank President making a statement tomorrow, are you going to listen?

If you have not already prepared for the dollar to go Zimbabwe in the next few months when the other countries drop it, then you need to start.




[edit on 27-9-2009 by questioningall]




posted on Sep, 27 2009 @ 08:08 PM
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The dollar will be kept as the world's currency.

Simply because the US has borrowed so much money from those countries like China, that they won't allow a change since it will make their loans useless.

I think they will introduce a reserve currency to help curve the problem, but it will only compound it in the long run.

~Keeper



posted on Sep, 27 2009 @ 08:09 PM
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And how many threads are there on ATS saying the same thing?

"They're going to drop the dollar as the world currancy starting tomorrow!! Batten down the hatches, America is doooooooommmmmmmeeeeeddd!!"

Or something to that affect.

OK, so they ditch the dollar. It's worth less than toilet paper and not as soft to use.

How much crap do we buy from China every year? How many billions of dollars of products?

Now, with the dollar worth nothing, who's going to be buying all that stuff? Ghana? Lichtenstein?

If the US economy goes Tango Uniform, there are going to be a lot of other countries following us down the toilet. Maybe further, or not as far, but they will be getting hit finanicially, too.



posted on Sep, 27 2009 @ 08:13 PM
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I totally agree QA. We all need to be aware and take action accordingly.

When they decide on something else...probably SDR's for a while, our money will be worth less but our debt will not have decreased.

I would think we should begin getting rid of any debt we can before we are devalued.

Would love to here other thoughts on how this may play out.

Anyone know how the change to Euro was made?



posted on Sep, 27 2009 @ 08:15 PM
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reply to post by questioningall
 





All I can say is, for all of those people who have argued "It will never happen and China needs us more than we need them, and the dollar will always stay supreme".


This is more the "wish" of many members as oppossed to the reality of the situation.

Printing new sheets of money to replace the dollar is not the answer. The US has debt in dollars. Perhaps when all countries are forgiven of the ir respective "dollar debts" then, and only then can the world look for a global currency.

Good job whipping up the haters though. I bet they'll be on your thread in a fw minutes.

Becker



posted on Sep, 27 2009 @ 08:16 PM
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reply to post by liveandlearn
 


I was a Chinese News youtube vid today, that said an agreement was made where 3 U.S dollars would be traded for 1 SDR. But I don't know how real it was.



posted on Sep, 27 2009 @ 08:29 PM
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reply to post by questioningall
 


I've seen plenty of threads on this type of subject, but rarly participate only because my lack of fiscal knowlege is only outshined by my dancing skills.

What would happen? Inflation? Isn't the value of the dollar artificially created anyway? What would be the big deal?

Honest questions, not trying to be snarky.



posted on Sep, 27 2009 @ 09:36 PM
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For those who say it isn't going to happen, I suppose you've never heard the phrase "Cutting your losses"?

Its only a matter of time till the dollar gets dropped. The entire US economy is toxic and the longer the world holds onto it, the more disastrous it is going to be for them. Yes, it is going to hurt now, but it will hurt a hell of alot less than the global dark age that would happen if they turn a blind eye to the situation any longer.

So they are cutting their losses.



posted on Sep, 27 2009 @ 09:43 PM
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Originally posted by jerico65

Now, with the dollar worth nothing, who's going to be buying all that stuff? Ghana? Lichtenstein?


I read in May some pieces of info on some asian tech forums & elsewhere on the net of people speculating.

I am not sure if this has anything that is correct at all? but it made me stop for a while thinking if it could be plausible?

So don't take this too seriously now because it's my and others speculations from small pieces of information:

There were apparently talks among some Intellectuals & students in China that all these money that they buy bonds for could be used to be invested in China to now raise the standard of living in China instead - it was their turn now to enjoy the fruits of the progress of China

By doing so they could prop up the domestic Chinese and asian market and be the consumers themselves.

Apparently, some of the US consumers could be replaced with 200.000.000 new asian consumers.

And the bonds that are written in dollar would still be valid even if the dollar no longer is the world's reseve currency.

SDR is a basket of the dominant world currencies, so the dollar would still have its exchange course with 1 SDR

So some US debt to China would still be valid with the only change that you do not longer have the advantage of holding the world's reserve currency with the Petro Dollar Recycling System.

The new world trade currency the SDR will give the same advantage to all currencies that's in the basket which the dollar would be included in:

These are the currencies you would share the reserve currency status/ advantage with:
en.wikipedia.org...

(And maybe the Russians & Chinese will be included in the new SDR basket?)

Well! I think it was something like this or maybe I've dreamt it?



[edit on 28-9-2009 by Chevalerous]



posted on Sep, 27 2009 @ 09:43 PM
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... I see the future now... Americans working in Chinese sweat shops...
I just love how our government keeps pulling money out of their posteriors and then using it for toilet paper... don't you?



posted on Sep, 27 2009 @ 09:49 PM
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Originally posted by sisgood
... I see the future now... Americans working in Chinese sweat shops...
I just love how our government keeps pulling money out of their posteriors and then using it for toilet paper... don't you?


Hey, I'm doing my best to pave the way for our new Chinese overlords. I'm hoping to be the guy that's watching you working in a sweatshop.



posted on Sep, 27 2009 @ 09:58 PM
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Originally posted by jerico65

Originally posted by sisgood
... I see the future now... Americans working in Chinese sweat shops...
I just love how our government keeps pulling money out of their posteriors and then using it for toilet paper... don't you?


Hey, I'm doing my best to pave the way for our new Chinese overlords. I'm hoping to be the guy that's watching you working in a sweatshop.


No man! there will be no Chinese sweat shops in America.


America will take the lead with the new & shiny 2100 century industries and new technology! - green tech that the world will buy from you!



Your new manufacturer base!


[edit on 27-9-2009 by Chevalerous]



posted on Sep, 27 2009 @ 09:59 PM
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seems to potentially validate my post from yesterday

Breaking news from China's ZGC Focus economics - Dollar is dead

Within days, instead of dollar bills and pound coins, US and British shoppers may be paying for their purchases with SDR notes.

www.abovetopsecret.com...

s/f






posted on Sep, 27 2009 @ 10:03 PM
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All I can say is everyone should read The Creature From Jekyll Island
This is all in accordance with the world bankers/socialists desires.



posted on Sep, 27 2009 @ 10:23 PM
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reply to post by questioningall
 

I found this from the Beijing Review Bold Mine



The International Monetary Fund (IMF) announced on September 2 that the People's Bank of China will purchase up to 32 billion Special Drawing Rights (SDRs), or around $50 billion of the IMF notes, as part of the international effort to ensure the adequacy of the financial resources available to the fund.

Zhang Bin, a researcher at the Institute of World Economics and Politics under the Chinese Academy of Social Sciences, shared his insights on how the central bank's decision might influence the Chinese currency with Beijing Review. Edited excerpts follow: T

The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries' official reserves. Its value is based on a basket of four key international currencies, and SDRs can be exchanged for freely usable currencies.
...
By purchasing dollar assets or foreign currency-denominated assets from other financial institutions, (we suppose the IMF will most likely choose to buy U.S. Treasury securities), the IMF transaction will help keep U.S. Treasury securities and U.S. interest rates at a relatively low level for the time being. This will in turn maintain the value of dollar assets currently held by China and further boost the economic recovery worldwide. However, this decision, in the long run, will dampen the real dollar value because lower U.S. interest rates will intensify inflationary pressures in the future. In other words, it will eventually hurt the value of China's dollar assets.


And then we have this, though it is from Sept.9. The above is was written today although it references Sept 2.


NEW YORK, Sept 9 - A top Chinese economist said on Wednesday a proposal by his country's central bank chief to eventually replace the dollar as a global reserve currency with Special Drawing Rights was "academic" and not Beijing's official policy. Zhang Yuyan, director of China's Institute of World Economics and Politics, told reporters it would be difficult to replace the dollar in the next decade or two.

link

It is hard to know what the heck is going on. It looks like no one else is sure either.

Would you post a link to your video?



posted on Sep, 27 2009 @ 10:32 PM
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I have to say, at times I am astounded by people here, still not understanding what is really happening. Especially when it comes from the MSM and the people in charge of things.

If some are still not understanding the dollar is doing it's last dance right now and yet they are members here - the denial is unbelievable.

The only thing to say over and over is Prepare - and if you ignore that, then you are doing it at your and your families peril.

Truth is truth even on an alternative forum site.

WarrenB is awesome in getting the word out and trying to sound the alarms for others benefits, just as Burntheships. There are so many great members here, that have tried over and over to get people to understand what has been happening.

Now, if you aren't going to pay attention to the World Bank President - dang.. how far in the sand is your head buried?

I will be watching what the man has to say tomorrow.

OH, BTW: the Asian stock markets are tanking right now.

What will happen here tomorrow?

Replay of last year, exactly on these dates?



posted on Sep, 27 2009 @ 10:43 PM
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Stability of US dollar key to global recovery: China

PITTSBURGH, Pennsylvania — China has called on the United States to ensure the stability of the weak US dollar, saying it was critical to global recovery driven by trade in the key reserve currency.

While showing apparent concern over the status of dollar, which dived to a year low against the euro on Wednesday, a Chinese central bank official said Beijing remained supportive of the dollar.

"Since US dollar is a major reserve currency and a major trade settlement currency, the stability of the US dollar has a key influence on the stability of the world economic recovery," said Xie Duo, director general of the People's Bank of China on the sidelines of the Group of 20 summit in Pittsburgh.



posted on Sep, 27 2009 @ 10:46 PM
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duh, I posted this in the wrong thread:

World Bank Says Don't Take Dollar's Place for Granted



abcnews.go.com...




World Bank President Robert Zoellick said the United States should not take the dollar's status as the world's key reserve currency for granted because other options are emerging.

In excerpts released on Sunday from a speech that he is to deliver on Monday, Zoellick said global economic forces were shifting and it was time now to prepare for the fact that growth will come from multiple sources.

"The United States would be mistaken to take for granted the dollar's place as the world's predominant reserve currency," he said. "Looking forward, there will increasingly be other options."

Zoellick said that a meeting of Group of 20 rich and developing countries in Pittsburgh on Thursday and Friday had made "a good start" toward increased global cooperation but they will have accept global monitoring of their activities.

"Peer review will need to be peer pressure," he said.

Zoellick said that the G20, as the new chief forum for international economic cooperation, also must not forget the 160 countries left outside its structure and should try to open opportunity for them.

"We need a system of international political economy that reflects a new multi-polarity of growth," Zoellick said. It needs to integrate rising economic powers as 'responsible stakeholders' while recognizing that these countries are still home to hundreds of millions of poor and face staggering challenges of development.".

(Reporting by Glenn Somerville; Editing by Diane Craft)

Copyright 2009 Reuters News Service. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.



Sounds like he is laying the groundwork, but probably won't pull the plug tomorrow. You never know..........



posted on Sep, 27 2009 @ 11:03 PM
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Originally posted by questioningall


OH, BTW: the Asian stock markets are tanking right now.

What will happen here tomorrow?

Replay of last year, exactly on these dates?


Japan exporter shares skid as yen surges

'Not abnormal'

Japanese Finance Minister Hirohisa Fujii said Monday that recent movements in the U.S. dollar/yen exchange rate are "not abnormal" at this point, suggesting he still isn't worried about the Japanese currency's rise, according to Dow Jones Newswires.


[edit on 27-9-2009 by SLAYER69]



posted on Sep, 27 2009 @ 11:04 PM
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reply to post by tothetenthpower
 


You know what they will do? Turn those US dollars China holds into IMF bonds. Then the US will have to pay back all the money to the IMF.

Just you watch.





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