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Posted by: dissent 9 months, 2 weeks ago

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dissent9 months, 2 weeks ago

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wo there cowboy!

the article is talking about the ditching of the dollar as world reserve currency in the same way the british pound was ditched as world reserve currency at bretton woods. if you want to talk one world monetary system it happened then and has been in place for 65 years now. the one world monetary system is us! the difference is this time it's not cloaked in secrecy by scheming bankers as it was back then, which means it will probably fail.

and yes jovial it does spell trouble for us because whatever currency/currencies are established for global trade, should it come to that, it will probably mean having to actually earn it/them through trade to buy things rather than just printing it for consumption as we've done for the last 3-4 decades. looks like the party's over.... that could be tuff

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  beavith19 months, 2 weeks ago
  
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  actually, the dollar is US reserve currency by consensus, not by agreement. anyone can bail on the dollar anytime. iran has and russia has to a great extent. i think what the UN panel is trying to do is to come up with a new version of the Bretton Woods agreement where the dollar is officially relegated to being a share of that basket.
  i suppose whether a basket is formed is not as important as if people believe the basket has more value and safety than the dollar.
  
  as far as printing money, we've only just begun doing that as part of this crisis. before that, the printing of new money was tightly governed by the Fed, working with Treasury as ameans to throttle inflation.
  yesterday's Fed purchase of debt from the US Gov't is nothing more than printing money. all in the name of freeing up more cash to lend.
  we're still teetering on the brink of complete collapse. I jhave no idea what to do , personally. nationally, we have to figure out the CDO and CDS issue. doing less is tinkering at the edges.
  
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    gamahuche9 months, 2 weeks ago
    
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    Very seldom do I 'pos' one of your comments..
    Are you getting smarter or am I getting more foolish?
    
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