Posted on 04/02/2009 10:21:56 PM PDT by FromLori
Arthur Laffer, an economic advisor to President Reagan, says the idea of a new world reserve currency has merit.
Chinese officials recently proposed the concept.
“What China is doing is amazing,” Laffer told Bloomberg TV. “China is taking a far better leadership role than I ever would have imagined.”
China’s suggestion “is clearly in the right direction,” Laffer says.
(Excerpt) Read more at moneynews.newsmax.com ...
Ping
Something tells me many posters with no knowledge of economics will attack Laffer.
I admit not knowing anything about economics. Why do you think his opinion here has merit?
Do you agree with him? If so, then why? I don't know enough about economics to seriously comment. Do you?
Man has had a world currency since the beginning of civilization.
With a new reserve currency how can we possibly expect to inflate our way out of the huge debt Hussein has piled on our country?
Our fate will be in the hands of those who hate us.
(And I do understand more economics than you might believe.)
Yes, you have a point. However, it would also be much more difficult for China to undervalue it's currency as it has done the last 12 or so years. Which, makes me even more curious why China is behind such a move.
Let the globalist pukes do whatever they want. We need to worry about the value of the dollar, and dollar only.
I think you meant "Woman" has had a world currency since the beginning of civilization. Men just have a peni$.
back in the old days... a peni$ and a club would get you whatever you want.
Anything that keeps the US government from printing money until our currency is like that of zimbabwe would be a good thing.
Best would be a gold standard. That prevents inflation. Anything that prevents the govt from doubling the money in circulation, and spending it, without the bother of getting elected legislators voting taxes would be a good thing.
Taxation is a bad thing. Inflation is a tax that also ruins money, pushing us back to the inefficiency of Barter.
Well, the penis mightier than the sword.
SICKENING.
This represents *exactly* what is wrong with the so-called “free trade” sellouts - for the most part allegedly Republican. Reagan must be rolling over in his grave.
They won’t be satisfied, until America falls.
But they’re just fine with that - as long as they can make money on the destruction.
Disgusting traitor.
Donmeaker put it very well in post #13. A global currency—if properly designed—would offer many of advantages of a gold standard, in that it would take control over monetary policy (to the extent that the government can heavily inflate the currency) away from our government.
I haven’t followed the precise discussion on what China is opting for, so I’m not an expert to this effect. Basically however it depends on what China means with “new world currency”.
If it is SDR’s we already have this in place so nothing new there. If they want to expand on this no big deal. Basically with expanding the IMF as done so by the G20 this may be in the books depending on how it is put to use or made instrumentally.
If they mean a “new currency” next to dollars, yen etc, I don’t see the merit, not even as a basket currency. This isn’t new and can even be done without a new label. Just ask payment in 85% US$, 10% EU and 5%Yen or otherwise.
If they mean sort of a new benchmark or even a “new gold standard” count me out.
Are we assuming this is a fiat world reserve currency? Because if so, I want nothing to do with it.
The idea of a world currency is BS.
Art Laffer also voted for Clinton, twice.
You and Laffer are off your rockers.
FReeper pissant has it right. The dollar should be our only concern. America first!
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