Posted on 03/26/2009 10:12:43 PM PDT by Fred
US Treasury Secretary Tim Geithner confessed on Wednesday that he had not read the plans by China's central bank governor for a "super-sovereign reserve currency" run by the International Monetary Fund, but nevertheless let slip that Washington was "open" to the idea. Whoops.
This is how matters quickly escalate in geo-finance. China's suggestion backed by Russia, Brazil, and India, and clearly aimed at breaking US dollar hegemony is making its way onto the agenda of the G20 Summit next week. 'Dollar-dämmerung' no longer looks so far-fetched.
China's paper, by Governor Zhou Xiaochuan, is couched in understated language more a 'thought experiment' than a declaration of monetary war. His ideas could be mistaken for the musings of an academic theorist. Nobody should be fooled by decorum.
It comes days after premier Wen Jiabow demanded US action to safeguard the value of China's holdings of US bonds - $740bn of US Treasuries and a further $600bn or so of other debt. "We have lent huge amounts of money to the US. Of course we are concerned about the safety of our assets," he said.
China's Communist Party seems to fear that the Federal Reserve is orchestrating a beggar-thy-neighbour devaluation - and a disguised default on America's foreign debt - by resorting to the nuclear option of printing money to buy US Treasury bonds.
China's proposal is to activate the IMF's power to issue Special Drawing Rights (SDRs). The IMF would be groomed as de facto central bank for the planet. The SDRs would gradually become an "accepted means of payment". Call it the 'globo'.
It comes days after premier Wen Jiabow demanded US action to safeguard the value of China's holdings of US bonds - $740bn of
(Excerpt) Read more at telegraph.co.uk ...
If Soros tells him he does.
A one world currency ping to y’all
Break the dollar and you break the U.S. economy.
She is awesome. The GOp abandoned her after she mentioned IslamoFacism during teh election. Conservative radio, donations by conservatives and Mitt helped her when the RINO GOP cutoff her money and she won. She is great!
Palin-Bachmann 2012
If the dollar loses reserve currency status and it looks that way - things in this country will get far worse. This is part of Obama’s plan. These criminals are a nightmare.
Soros
Geithner
Obama
NWO puppets
That was a rhetorical question in the title, right? The only thing that remains to be completely proven is which specific group of people is behind him (or bowing in front of him) that he believes will be able to take him there.
It seems to be a rather large assortment of various factions and interests, really. Half under the guise that they were/are promoting some American political party, and half full-knowing they were supporting “Closet” Communists, and Muslim Radicals (and by that I’m not necessarily talking about Al Qaeda for there are separate factions even in the Muslim Terrorist World as well...). I don’t think some of them even realize it yet, but I wouldn’t be surprised to find out that Obama was using people like Bill Ayers himself — simply for his pure-Communist connections with Moscow and Cuba, and for the position it gave him within the Democrat party. He seems willing enough to through some of the people who helped get him into the White House already (SOME the folks at AIG, Christopher Dodd, Pelosi, etc...). They will all be the scapegoats for his power grab. It’s the only way he can assure himself of success. The people have to have someone to crucify so he can walk free and adulated by the masses and thus remain in control (see Chavez).
“Break the dollar and you break the U.S. economy.” You are spot on but not only the US economy but those who are strongly linked to it. It will bring down the western world economy and specifically leave China/India in a very strong position. These mutts think that leveling the playing field will bring up third world economies but it is the first world who is keeping these countries afloat - I wonder how they will cope without US aid.
Mel
I tell you what President Palin and VP Bachmann would be pretty easy on the eye too. The rest of the GOp need to learn from both of these women - they have the Regan thing down. They are both excellent.
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