Posted on 08/07/2011 9:08:35 AM PDT by barmag25
The man who leads one of China’s top rating agencies says the greenback’s status as the world’s reserve currency is set to wane as the world’s most powerful policy makers convene to examine the implication of S&P’s decision to strip the United States of its triple “A” rating.
In comments emailed to CNBC, Guan Jianzhong, chairman of Dagong Global Credit Rating, said the currency is “gradually discarded by the world,” and the “process will be irreversible.”
Dagong made headlines last week when it became the first rating agency to cut its U.S. credit rating from “A+” to “A” after policymakers in Washington failed to act in a timely manner to lift its debt celing.
However, the announcement failed to register in the markets as investors have yet to decide whether to take the Beijing-based company seriously.
(Excerpt) Read more at cnbc.com ...
We need to renegotiate trade deals and place tariffs in areas where foreign governments are taking advantage.
Stop foreign aid....first to China! Put into place major tax abatement's for corporations who bring jobs back to America.
Begin cranking out WORLD CLASS American products once again and stop allowing corporations to take advantage of near slave labor world wide.
Bring home our troops with the exception of areas of imminent threat to national security. Let the world fin for itself until we've healed our own nation and booted the big government commie b@st@rds out of D.C.
Close the borders, stop handing benefits to illegals and pass policy to aid self deportation.
The fix is to remove all Statists from office, to return to the roots of limited government that our Founding Fathers created, and to return a truly free-market system.
I don’t think that’s possible now. It’s gone too far.
Folks don't CREATE a world reserve currency out of the blue ~ they just end up with it.
It's "the market at work".
Big China can engage in a great deal of world trade because they hold enough dollars to pay for just about anything they might buy. Without those dollars they'd pretty much be limited to whatever it was Hong Kong could generate for them.
Someone’s spoilin for a fight.
Am I reading this right that it looks as if the Euro was a test run? They have pictures of the world currency bills.
http://www.futureworldcurrency.com/Documents.asp?DocumentID=3037
Reports of our demise are greatly exaggerated. These setbacks provide us with the motivation and political imperative to reform and reemerge stronger - we need only the will and the political skill to achieve it.
I don’t blame them.
The Tea Party’s fault!
Someone’s spoilin for a fight.
Yep.
In one of the sub sections on the left I found it. A letter and example coin presented to Obama
http://www.futureworldcurrency.com/Documents.asp?DocumentID=3028
Currency design can be changed very quickly. They just need a lot of paper on hand.
Exactly and people need to realize that the Chicoms need the Americans to buy their junk, but we don't actually need to buy their junk.
Twenty years ago the Yen was "destined" to be the new reserve currency, then it became obvious that the Japanese economy was largely smoke and mirrors; ten years ago the Euro was "destined" to be the reserve, but that turned out to be a sham.
People can worry all they want about a new "global currency" taking over, but it would take decades for the world to be comfortable with it and (as demonstrated by the Euro), its appeal would collapse as soon as any sizable member nation showed strain.
Not when Obama won’t budge from his stance. Not when he goes to the podium and blames the weather and his spokesmen Jay says the dow plunge is no big deal. We need to call the status quo republicans and tell them to join with what the tea party says or it will be too late.
I wish Herman Cain would have run the last election instead of this one. This never would have happened. Obama simply was never qualified to be President, had no experience even being the mayor of a city, has no idea about meeting budgets. He’s so ignorant and so were all the idiots who voted for him. They did not check his record, his views on things. Shoot, first time I heard him, I was so impressed - yes! America does need a change, I just might vote for a democrat so I looked him up on line and could not BELIEVE what I was reading on his website, he was waaaayyy left of Hillary. All those ignorant people never bothered to simply log on to a website and check his views. And now look...
I fear America may not be able to last one more year while we wait for him to get voted out and yes, I think this will be voted out - or maybe not, I may be overestimating the intelligence of the general population. I did check DU to see if they were coming around, course many weren’t but there were several critics. One said he should have at least finished out his term and ran in 2012 instead. And what was funny, is no one jumped his/her butt in defense of Obama.
America had had the world's largest economy for nearly a century AND America had just financed the bulk of WWII AND America had just financed the rebuilding of the world after WWII.
A new world currency only happens when there is a logical replacement.
Course Standard & Poors is so far the only one that downgraded, but I heard on FOX news that it takes 9-18 years to recover the higher rating. The quickest time period where it’s been accomplished has 9 years so we’re probably looking at - at least that to raise back to a triple A.
I just hope the other one’s don’t follow suit, right now they’re saying they won’t downgrade. I seriously doubt they want the financial crisis we’d be in if they did.
[From “The Naked Communist,” by Cleon Skousen]
CURRENT COMMUNIST GOALS
1. U.S. acceptance of coexistence as the only alternative to atomic war.
2. U.S. willingness to capitulate in preference to engaging in atomic war.
3. Develop the illusion that total disarmament [by] the United States would be a demonstration of moral strength.
4. Permit free trade between all nations regardless of Communist affiliation and regardless of whether or not items could be used for war.
5. Extension of long-term loans to Russia and Soviet satellites.
6. Provide American aid to all nations regardless of Communist domination.
7. Grant recognition of Red China. Admission of Red China to the U.N.
8. Set up East and West Germany as separate states in spite of Khrushchev’s promise in 1955 to settle the German question by free elections under supervision of the U.N.
9. Prolong the conferences to ban atomic tests because the United States has agreed to suspend tests as long as negotiations are in progress.
10. Allow all Soviet satellites individual representation in the U.N.
11. Promote the U.N. as the only hope for mankind. If its charter is rewritten, demand that it be set up as a one-world government with its own independent armed forces. (Some Communist leaders believe the world can be taken over as easily by the U.N. as by Moscow. Sometimes these two centers compete with each other as they are now doing in the Congo.)
12. Resist any attempt to outlaw the Communist Party.
13. Do away with all loyalty oaths.
14. Continue giving Russia access to the U.S. Patent Office.
15. Capture one or both of the political parties in the United States.
16. Use technical decisions of the courts to weaken basic American institutions by claiming their activities violate civil rights.
17. Get control of the schools. Use them as transmission belts for socialism and current Communist propaganda. Soften the curriculum. Get control of teachers’ associations. Put the party line in textbooks.
18. Gain control of all student newspapers.
19. Use student riots to foment public protests against programs or organizations which are under Communist attack.
20. Infiltrate the press. Get control of book-review assignments, editorial writing, policymaking positions.
21. Gain control of key positions in radio, TV, and motion pictures.
22. Continue discrediting American culture by degrading all forms of artistic expression. An American Communist cell was told to “eliminate all good sculpture from parks and buildings, substitute shapeless, awkward and meaningless forms.”
23. Control art critics and directors of art museums. “Our plan is to promote ugliness, repulsive, meaningless art.”
24. Eliminate all laws governing obscenity by calling them “censorship” and a violation of free speech and free press.
25. Break down cultural standards of morality by promoting pornography and obscenity in books, magazines, motion pictures, radio, and TV.
26. Present homosexuality, degeneracy and promiscuity as “normal, natural, healthy.”
27. Infiltrate the churches and replace revealed religion with “social” religion. Discredit the Bible and emphasize the need for intellectual maturity which does not need a “religious crutch.”
28. Eliminate prayer or any phase of religious expression in the schools on the ground that it violates the principle of “separation of church and state.”
29. Discredit the American Constitution by calling it inadequate, old-fashioned, out of step with modern needs, a hindrance to cooperation between nations on a worldwide basis.
30. Discredit the American Founding Fathers. Present them as selfish aristocrats who had no concern for the “common man.”
31. Belittle all forms of American culture and discourage the teaching of American history on the ground that it was only a minor part of the “big picture.” Give more emphasis to Russian history since the Communists took over.
32. Support any socialist movement to give centralized control over any part of the culture—education, social agencies, welfare programs, mental health clinics, etc.
33. Eliminate all laws or procedures which interfere with the operation of the Communist apparatus.
34. Eliminate the House Committee on Un-American Activities.
35. Discredit and eventually dismantle the FBI.
36. Infiltrate and gain control of more unions.
37. Infiltrate and gain control of big business.
38. Transfer some of the powers of arrest from the police to social agencies. Treat all behavioral problems as psychiatric disorders which no one but psychiatrists can understand [or treat].
39. Dominate the psychiatric profession and use mental health laws as a means of gaining coercive control over those who oppose Communist goals.
40. Discredit the family as an institution. Encourage promiscuity and easy divorce.
41. Emphasize the need to raise children away from the negative influence of parents. Attribute prejudices, mental blocks and retarding of children to suppressive influence of parents.
42. Create the impression that violence and insurrection are legitimate aspects of the American tradition; that students and special-interest groups should rise up and use [”]united force[”] to solve economic, political or social problems.
43. Overthrow all colonial governments before native populations are ready for self-government.
44. Internationalize the Panama Canal.
45. Repeal the Connally reservation so the United States cannot prevent the World Court from seizing jurisdiction [over domestic problems. Give the World Court jurisdiction] over nations and individuals alike.
http://www.uhuh.com/nwo/communism/comgoals.htm
Sure enough. I hadn’t looked hard enough. thanks.
““Free traders” have given away the prosperity of America.”
No. Socialists have driven prosperity out.
Bump!
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