Will Obama Trash the Dollar and Support a Global Currency?
Has anyone ever really believed that politicians will be able to save us from economic ruin? Didn't think so. Economic problems are global, but politics remain local. National leaders have been impotent because their top priority is not shoring up the global economy but watching their political back at home.
But a single clause in the communiqué issued by the G-20 leaders hints that political impotence is about to end:
"We have agreed to support a general SDR allocation which will inject $250B into the world economy and increase global liquidity," it said. Special Drawing Rights, abbreviated as SDRs, is the synthetic paper currency issued by the International Monetary Fund.
In effect, the G-20 leaders have activated the IMF's power to create money and begin global "quantitative easing", writes Ambrose Evans-Pritchard at The Telegraph. "In doing so, they are putting a de facto world currency into play."
Why is this important? The biggest problem facing the global economy is the fundamentally unbalanced system in which the excess production and savings of some countries need to be matched with the excess consumption of other countries. A global currency might provide a good framework to restore balance to the system, because a centralized, global central bank will be more effective in tackling global imbalances than a group of uncoordinated central banks reacting to local conditions.
A global currency might be attractive to central banks looking for an alternative to the U.S. dollar, but it won't be an easy adjustment for the U.S., which relies on pumping out dollars to inflate its way out of debt. The dollar is being challenged, and Obama's administration have some difficult decisions to make.
The world is now a step closer to a global currency, backed by a global central bank, running monetary policy for all humanity. But it's going to be a fragile process of adjustment, and America will likely feel the most pain. Is Obama going to put local interests ahead of global problems and derail the global currency? I hope not.
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The use of a currency is a political issue as well as economic, and the movement to a Single Global Currency, to be managed by a Global Central Bank within a Global Monetary Union will be the result of political decisions made upon sound economic analysis. As the benefits are measured in trillions, the world should begin planning a Single Global Currency.
If 16 European countries can use the same currency, why not the 192 U.N. member countries? Of those 192, 51 are already sharing a currency with others.
In addition to eliminating currency fluctuations, the use of a Single Global Currency would eliminate the current foreign exchange trading expense of $400 billion annually, eliminate currency risk, eliminate current account imbalances, eliminate the need for foreign exchange reserves (now totaling more than $4 trillion); and bring other benefits worth trillions, such as reducing the impact of global
financial turmoil such as we are now experiencing.
The Single Global Currency Assn. (www.singleglobalcurrency.org) promotes the implementation of a Single Global Currency by 2024, the 80th anniversary of the 1944 conference. That’s only 15 years away.
The world is moving toward a Single Global Currency through the creation, expansion and merger of regional monetary unions. Another route is through international monetary conferences proposals and
agreements, such as were seen at Bretton Woods.
See the book, "The Single Global Currency - Common Cents for the World."
Morrison Bonpasse
Single Global Currency Assn.
Newcastle, Maine, United States
Obviously Obama hates all Americans, and wants to install a socialist government of terrorists, and he will confiscate all of your guns and ammo!
Obama will do anything the Fed bankers tell him. Since the Fed consists of the banks with the international reach the interests are complex and have to do with more control of other currencies as well.
In answer to the question posed in the headline, nope. Not a chance. Even if Glenn Beck shouts otherwise.
ummmm this idea scares the crap outta me. in the book of revelations, one of the signs of the apocalypse was one global currency... im just sayin'...
has anyone read Revelations? global currency? who did the translation; Rush?
Germans were against their new currency, the Euro Dollar, but no one asked them, they just had to put up with it. They were told that prices would be cut in half, which did not happen, however, their pay was cut in half.
Americans are so scared of being held accountable for the abuses we heap on others
One world government, one world currency, one humanity, one world
The first step is eliminating state government as more than implementers of federal policy, and removal of rednecks from positions of power
"The world is now a step closer to a global currency, backed by a global central bank, running monetary policy for all humanity".
Thats a prescription for universal slavery. I'm happy to be an old man.
No kidding. I think we're gonna see some of it anyway before we pass.
One of my greatest reliefs is that my dear departed mother didn't live to see what has become of her beloved country. She went through the Great Depression and WWII. I don't think she'd be very amused at what is happening now. I know my 94 year old Aunt is aghast. she's been saying all along that this Depression is going to be worse than the last one. that we could/will lose our national sovereignty also, is beyond belief...of, course the Constitution has been replaced by The Patriot Act already, so.........
This from last night on Olbermann:
Turley video for your edification: "a breathtaking expansion of sovereign immunity" http://video.google.com/videosearch?client=news&pz=1&hl=en&q=Turley%20on%20Olbermann&sa=N&tab=bv#client=news&pz=1&hl=en&q=Turley+on+Olbermann&sa=N&tab=bv&st=week
Enjoy!
Given that all politics is local, Obama won't drop the dollar - who wants to be President when the dollar is no longer the world's reserve currency?
As others have said, the fate of the dollar isn't solely in our hands. Currency is to a country what stocks are to a company: it's valued at some combination of inherit worth and perceived value, both domestic and foreign.
I have a great idea for a world currency. Mass units of Gold (grams ounces whatever) it is time tested, and pretty darn inflation proof.
We're all doomed! Pretty soon we're going to have Zimbabwe like inflation and a coke is going to cost 500 bucks. Time to melt down grandma's jewelry.
jail the crooks
put Ameicans back to work
retain sovereignty
give the bankers the world's money and you create nations of masters and slaves
"If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the People of all their Property until their Children will wake up homeless on the continent their Fathers conquered. "
-Thomas Jefferson
http://wiki.monticello.org/mediawiki/index.php/Private_Banks_(Quotation)
Why do so many people misquote Jefferson and where do they get their info?
The Fed, not Obama, is trashing the dollar and getting enormously rich in the process. Just look at the assets of Geithner's NY Fed tripled to ~ 1T dollars from 2008 to 2009. Obama is just doing nothing about and going along with what Rahm orders him to do.
I see we are going to have to move on; interesting article. It seem to be more of this lately. We will have to create another angle in about two weeks.
Our whacked out, Fed-driven, financial system encourages speculators and punishes savers. Low interest rates boost the prices of assets (shares and houses), and discourages savings. This leads to equity extraction----->more debt. It's a great game, if the goal is to create asset bubbles, discourage savings, and accumulate debt.
Yes, indeed, and the banks flag your account if you go over $ 10,000! They want control of all money.
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