Author Topic: Administration ready to abandon US Dollar and support global currency?  (Read 1331 times)

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Offline IronDioPriest

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I recently read (either on this forum or something linked to this forum) about what will happen to the value of the dollar if it ceases to be the world standard currency. I don't have a mind for the details of such things, but it wasn't a rosy scenario. Perhaps someone remembers what I'm referring to, or can explain what this will do to the value of the dollar.

A government with America's best interest in mind would be fighting for the dollar, not considering abandoning it.

US Administration’s Backing of Global Currency Shocks Global Markets

Secretary of the Treasury Timothy Geithner’s comments that the US would support a global currency shocked global markets.
The dollar plunged instantly against the euro, yen, and sterling as Geithner’s comments flashed across trading screens. David Bloom, currency chief at HSBC, said the apparent policy shift amounts to an earthquake in geo-finance.

<snip>

[blockquote]US Treasury Secretary Tim Geithner shocked global markets by revealing that Washington is “quite open” to Chinese proposals for the gradual development of a global reserve currency run by the International Monetary Fund.

The dollar plunged instantly against the euro, yen, and sterling as the comments flashed across trading screens. David Bloom, currency chief at HSBC, said the apparent policy shift amounts to an earthquake in geo-finance.

“The mere fact that the US Treasury Secretary is even entertaining thoughts that the dollar may cease being the anchor of the global monetary system has caused consternation,” he said.

Mr Geithner later qualified his remarks, insisting that the dollar would remain the “world’s dominant reserve currency … for a long period of time” but the seeds of doubt have been sown.

The markets appear baffled by the confused statements emanating from Washington. President Barack Obama told a new conference hours earlier that there was no threat to the reserve status of the dollar.

“I don’t believe that there is a need for a global currency. The reason the dollar is strong right now is because investors consider the United States the strongest economy in the world with the most stable political system in the world,” he said.[/blockquote]

« Last Edit: March 13, 2011, 10:50:28 AM by IronDioPriest »
"A strict observance of the written laws is doubtless one of the high duties of a good citizen, but it is not the highest. The laws of necessity, of self-preservation, of saving our country when in danger, are of higher obligation. To lose our country by a scrupulous adherence to written law, would be to lose the law itself, with life, liberty, property and all those who are enjoying them with us; thus absurdly sacrificing the end to the means."

- Thomas Jefferson

Online Pandora

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All of our money = wealth - currently belongs to the Federal Reserve.  This move to it being owned and controlled by a new-world order/global organization is simply the next step.

"Under certain circumstances, profanity provides a relief denied even to prayer." - Mark Twain

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Offline Libertas

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Devaluation on a massive scale.  And if currencies are pegged to a new standard, what does that mean for all the nations we owe P&I to in dollars?

This could be a monetary Armageddon that leads to an even bigger fiscal nightmare...

Some Brave New World!

 ::speechless::

PS-Part of me wonders if this isn't a dangerous game of chicken with the ChiCom's...???
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charlesoakwood

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Ambrose Evans-Pritchard is an alarmist wordsmith who occasionally gets something correct.  Geithner made this quote in 2009 and the boo's were on him like white on rice.  It appears they are taking advantage of Japan's current dilemma.
Quote

Mar 26, 2009 · ...
http://www.guardian.co.uk/world/2009/mar/26/global-reserve-currency-world-agenda

The dollar tumbled last night when Geithner said he was "quite open" to a Chinese suggestion that the world should move towards greater use of an IMF-created global currency basket of dollars, euros, sterling and yen.


There is enough doubt and turmoil without digging up bones.







charlesoakwood

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So Ambrose Evans-Pritchard is a lying sos?  No one to defend him or currency shocks?

We don't need Timmy to foul out the dollar.  Within 30minutes of Japan's market opening the dollar headed south. How much further can it go?

It's an odd thing too the dollar going south and oil simultaneously.
There is a probability of more monetary turmoil with one of the Big 3 sidelined for a while and Timmy and the Bernak at the presses. Now there is talk of inflation, less jobs, and a slower economy.

The big question, how does one preserve his wealth remains.
How does one make a profit is a lollapalooza.


Offline MacWell™

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Why this surprises anyone is beyond me. This bunch has been after America for as long as America has been. How dare we upstarts rebel against the King. It too a while but we got the last laugh. I wonder what it would take to sue the FRB and break our relationship with them. Regain control of our gold, so we can begin to restore our economy. This bunch doesn't think much of liberty, or the rule of law, or ones' word!
We the people must make it clear next year. No longer will we allow liberal/Marxists/communists/progressives to ruin America. We must take back our schools, and demand that teachers throw out all the PC crap and start giving our children and grandchildren a classical education. In short, we need to "totally transform America" back to what it once was.

Offline IronDioPriest

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Why this surprises anyone is beyond me. This bunch has been after America for as long as America has been. How dare we upstarts rebel against the King. It too a while but we got the last laugh. I wonder what it would take to sue the FRB and break our relationship with them. Regain control of our gold, so we can begin to restore our economy. This bunch doesn't think much of liberty, or the rule of law, or ones' word!
We the people must make it clear next year. No longer will we allow liberal/Marxists/communists/progressives to ruin America. We must take back our schools, and demand that teachers throw out all the PC crap and start giving our children and grandchildren a classical education. In short, we need to "totally transform America" back to what it once was.

That's a helluva nice way to enter the room MacWell.
Welcome to the forum!

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"A strict observance of the written laws is doubtless one of the high duties of a good citizen, but it is not the highest. The laws of necessity, of self-preservation, of saving our country when in danger, are of higher obligation. To lose our country by a scrupulous adherence to written law, would be to lose the law itself, with life, liberty, property and all those who are enjoying them with us; thus absurdly sacrificing the end to the means."

- Thomas Jefferson

Offline Glock32

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Yes, welcome aboard. How did you find this place? We've recently started leaving "bread crumbs" at other sites and it'd be interesting to know how people found us.
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