Posted on 03/23/2009 4:17:35 PM PDT by datura
China’s central bank on Monday proposed replacing the US dollar as the international reserve currency with a new global system controlled by the International Monetary Fund.
In an essay posted on the People’s Bank of China’s website, Zhou Xiaochuan, the central bank’s governor, said the goal would be to create a reserve currency “that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies”.
(Excerpt) Read more at ft.com ...
Maybe the chicoms should try untying their currency from ours.
The only reason they’ve done as well as they have recently, is because of the dollar based economy.
Bunch of crybabies.
Great! I'll send you a full ream of 500 sheets of 20 pound 96% white paper, and you can send me back 1500 single $1 bills (about the same amount of paper).
Just PM me an address and I'll get it shipped out immediately!
Oh, and I'll even save you the return shipping on the 1500 dollar bills - you can just PayPal the money, or use a US Postal Money order...
The US Government is the world's largest debtor, does anyone think they are concerned about anything but maintaining their power? Inflation allows them to get out of this dilemma ... and we shall have it!
schu
If we do what the Chinese want we won’t be able easily to inflate our way out of debt. If every country that spent like a drunken sailor was able to just “print money” - the Haitians would be rich. Same with all the tin plated dictators in the world.
Honestly, I can’t say I blame them. Obama & Friends are going to give us hyperinflation in a few years.
Please see this thread: http://www.freerepublic.com/focus/f-news/2213174/posts
BTW, what ever happened with that story?
It’s a proposal which will go nowhere. They may as well say, “we’re going to make those cool multicolored bills from the ‘Life’ game into the new world reserve currency.”
Sure. My $60 printer can print up that much without dying,.
:)
Those who believe that "our" government's massive debt to China is a good thing, argue that anything China does with the US dollars they own that will eventually benefit us. For example, if they buy US goods, that's good for us.
But what if China buys raw materials, gems, and precious metals from severely impoverished nations like Zimbabwe. Zimbabwe could pay debts they owe to the USA, and if many 3rd world countries did the same that could cause inflation here. Or they could buy nukes or nuke materials, and I don't have to tell you what could happen in that case.
OR: How about a Uranium or Plutonium standard?
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