Posted on 09/07/2009 8:41:57 AM PDT by the invisib1e hand
The tom-toms continue to beat for the implementation of a global currency -- which already exists in prototype, in the form of Special Drawing Rights, and has since Bretton Woods.
The latest press release from the global currency promotion home office comes from none other than the UN, as reported in Bloomberg:
Indeed. It should be noted that this blog postulated these very developments on several previous posts, including A Primer on The Coming Global Currency.The dollar’s role in international trade should be reduced by establishing a new currency to protect emerging markets from the “confidence game” of financial speculation, the United Nations said.
This statement begs the question of what would protect emerging and developed markets from the “confidence game” of a global currency? As we predicted, the current scheme for a global currency is a fiat one, and if there's one thing we all agree on, it's that nothing requires "confidence" quite like a fiat currency.
We would observe that such a draconian, utopian, and just plain foolhardy initiative, which has been simmering since time immemorial, would never gain traction in a sane and just world. However, in a politically charged, post-financial-crisis, arguably unhinged world, with the most radical, self-impressed, and naive US president conceivable in office, the stars have lined up for globalists like they haven't done for a long, long time. They appear to be leveraging their good fortune with a public relations campaign.
A global currency is such a bad idea that it's hard to fathom intelligent people giving it any thought at all. But it is an indispensable tool to the power hungry, and as we noted in those previous posts, provides a new set of smoke-and-mirrors for governmental financial alchemists.
It's a confidence game of an entirely different order.
will I get suspended for bumping myself?
EUR-USD 1.4506, change = 0.0174, 1.22%
That's a huge rally in the EU.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.