China Calls For New Reserve Currency

FT.com ^ | 23 Mar 09 | Jamil Anderlini

[o2bfree]

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.

[PugetSoundSoldier]

Paper money is worth the paper it is printed on.

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...

[schu]

The Chinese are about to get fleeced, when Bernanke opens the flood gates, these Treasuries held by China will be paid off pennies on the $$.

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

[GOPJ]

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.

[ksm1]

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

[Las Vegas Ron]

I wonder if/how this plays into the rumor a week or two ago about China having eminent domain rights here in the US

BTW, what ever happened with that story?

[SunkenCiv]

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.”

[2001convSVT]

“A fiat currency controlled by the IMF.....versus a fiat currency controlled by the Fed.” I don't see any improvement. A global currency that is based upon gold, silver or oil would be an improvement, but it must be backed by a real, tangible asset.

[dynachrome]

Sure. My $60 printer can print up that much without dying,.

:)

[ding_dong_daddy_from_dumas]

Is this why China has shouldered up with Mugabe in Zimbawe?
Zimbawe has a lot of precious metals and diamonds. And a currency that is totally worthless.
Does China want to provide the asset based world currency?
Think about this.

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.

[2harddrive]

OR: How about a Uranium or Plutonium standard?