Good job, Zero.
Do it, China. Boil the frog.
using credit-based national currencies
What does he mean by this? Maybe that Fed buying of government debt is a bit of a problem to our biggest lender .... ;-)
What will be the basis of the new world currency? Gold?
Bad moon rising.
schu
“inherent deficiencies caused by using credit-based national currencies”
Replacing it with a “global credit based currency”?
(thought you might be interested in this, Ex-Tex)
I see a trend and it’s not up.
Could it be that China is worried that there 687 billion in US treasuries will be worthless soon and the will have lost 20% of their assets?
“For $1000, what is gold, Alex!”
This is one of the same reasons the Fed was established. To have a pure, scientific, free from politics currency, unlike then the state banks, local banks that were accused of being unstable and political
Well, we know that politics is everywhere at all times and as anyone lightly familiar with the Fed’s actions and failing that it is the same as what it replaced. Which is natural, as human nature and political pressure is everywhere, all the time.
Any notion that a supra Reserve Bank won’t be political need only look at the UN.
Money needs to be taken out of governments hands. It is too important and should be a function of the free market.
It’s becoming increasingly clear why Bernanke is now monetizing our debt. China has run for the hills.
Countries would entrust a portion of their SDR reserves to the IMF to manage collectively on their behalf and SDRs would gradually replace existing reserve currencies.
Collectivism is on the march! BOHICA!
“controlled by the International Monetary Fund”
“able to remain stable in the long run...”
HA-HA-HA-HA-HA-HA-HA-HA-HA...
Heh.
Only if the “long run” is like a week or sumthin’.
Of course, the UN would have to hold on to the gold that backs the currency. You serfs would not be allowed to own any.
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.
To every obama “sticker on their car supporter” I would ask (axe)...
“Is this what you voted for?”
Their look and answer would be, “??? huh??? I don’t understand...”
To which my reply would be...
“Exactly, that’s what I thought.”
I KNEW this was commin. Read this: http://canadafreepress.com/index.php/article/9454 We should be VERY concerned about this story out of China, I did not expect it from this direction, but in hindsight, I should have, given how much of us they now own!
Damn it.
It’s only logical that a nation would want a reserve currency backed by gold or some other tangible asset.
Meanwhile, our inflated currency will be backed by ‘hope and change.’
Keynesian Economic policy has FAILED every time its been tried? What sane person would think it had a PRAYER of working THIS time? It won’t!
Russia and the CIS called for this last week, now the Chinese are calling for it. BTW, Cuba, Venezuela and Iran have also called for a supercurrency.
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