Comments for Reuters:World: Russia and China float World Currency at G20 »
Posted By truthiness 9 months ago in NewsLONDON (Reuters) - Russia proposed on Thursday an IMF or G20 study on creating a new international reserve currency and China reiterated support for a broader discussion of the dollar's role that was missing at the London G20 summit.
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truthiness9 months ago
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Recently Obama stated that the limit to our deficit spending was the willingness of foreigners to buy bonds.
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China keeps buying bonds, allowing our govt to devalue our currency through inflation, and then turns around and supports a new world currency with our old rival (and their old communist friend turned capitalist dictatorship) Russia. (at this point I would refer you to Marx's point about forming a central bank)
what a totaly amazing set of coincidences. -
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DarkWizard9 months ago
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FTA - "It is not our goal to destroy existing institutions or to weaken the dollar, pound or euro. We are simply calling for a joint assessment of how the global currency system can most favourably be developed for the sake of the global economy."
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Although, I believe that such an endeavor could take a decade to occur, the real possibility of this happening could force the U.S. Government to rethink "what" our economic recovery will really look like in the coming years.
There are other ramifications to be considered, but talks would have to become more serious for the U.S. to really worry about this being an impact on the dollar or our economy in the near future.-
truthinessComment removed: Spam
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truthiness9 months ago
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Here is an article from a few weeks ago in which the UN panel says if everyone agrees they can implement a change from a US dollar based reserve to a global reserve in a few months.
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http://www.breitbart.com/article.php?id=CNG.18e9e5...-
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truthiness9 months ago
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and here is an article from 2004 which discusses the build up towards a world currency at that time.
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http://moneycentral.msn.com/content/Banking/P91828...
my concern is that whoever provides currency is the government. Which is the reason the 10th amendment failed in the USA. Is a world govt necessarily bad? No, but if we are going to surrender our sovereignty to the UN we better engage in some forethought.-
doggammitComment removed: Retracted by user
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cowboygrandpa9 months ago
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truthiness:
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"Is a world govt necessarily bad?"
Yes it is, when you have the evil we have as the leaders in the world right now.
Free speech would be abolished, and one world order would be required. Trade would not be free in that with a one world economy. There would be no competition, everything woulld be government owned and ran. Even if they claimed it would not be, it would have to be.
Think of all the world laying claim to Americas food, or laying claim to Mexicos oil, or Russias oil ...
We give up our rights as a nation when we give up our monetary system.
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DarkWizard9 months ago
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truthiness,
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I'm not saying that they change the global monetary system, but that it won't work until there is economic stability on a global scale. Currencies are too tied in to each other right now to make a change feasible. This move could actually backfire and make China and Russia poorer by devaluing the US dollar. Just my opinion.
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Albmore9 months ago
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We need to avoid this at ALL cost. Another very scary fact that came out of the G20 is the new financial monitoring group that was formed. It is still left open if they will suggest how the system will run or dictate how it will run.
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flyonthewallzz9 months ago
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Forgive me:
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I am a cigarette smoking, beer drinking, barely high school graduate.
I like looking at list of numbers and I often do not understand what I am looking at.
I try like hell to see past my moonbat liberalism and I hope someone here will take the time to peek at some of the spread sheets I will link to after this comment.
Here is why I think the dollar is the dominant world wide currency. (this is a thought vomit and I reserve the privilege to change my mind)
1. Our GDP dwarfs all other countries, although it is roughly equivalent to the European Union now.
2. Our country has a very low percentage of self-employed people compared to the other OECD countries so the dollar is propped up by a very efficient tax collection system.
3. This is sloppy, and I am to lazy to look it up, but I believe our constitution mandates that we pay our dept obligations, and that we have never failed to do so.
Well let me put some of the stuff I have been looking at up with the hope that someone will look at it and straighten me up.-
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flyonthewallzz9 months ago
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http://www.gpoaccess.gov/eop/2008/B91.xls
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TABLE B–91.—Corporate profits by industry, 1959–2007"
This is from the BEA and I do not understand how domestic Corporate profits represent 85% of the share and "the rest of the world" represent 15%.
Okay if I disregard that: it is interesting how the financial industry has become such a dominant profit taker in our domestic industry.
Basically in 1959 the financial industry realized about 14% of the profits, and in 2002 they realized 36%.
If I compare this to domestic manufacturing, I get 50% for 1959 and 6% for 2002.
Or another way of looking at these numbers is that more than half the corporate profit generated domestically went to the financial industry in the following years 1991-1992, 2000,-2007.
I believe this means that more than $.50 on the dollar that went towards profits was either paying for insurance or servicing dept.
This can be compared to the $.14 on the dollar for 1959.
I hope someone will take a look at this data and explain what I am looking at. -
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flyonthewallzz9 months ago
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http://www.irs.gov/pub/irs-soi/04co16ccr.xls
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This table is from the IRS for year 2004, there are some interesting numbers in it.
The financial industry had assets worth $10,031,205,836,000, this can be compared to our GDP of about $14,000,000,000. A comparison of more than 10,000 trillion to 14 trillion divided among about 70,000 businesses. These guys don't make anything, they just lend money and provide insurance.
I think the money supply has recently more than doubled from $700 billion (I think about half has been stashed offshore under mattresses). There has been a lot of demand to shift the money around between types of investments. I am a way dumb carpenter, and it is a Ponzi scheme but I do not think any other nation or group of nations can meet the demand as well as we have.
The dollar can not be the dominate currency if the American wage earner does not realize a surplus in earnings.
I really can not get a perspective grasp on the numbers here.
But my feeling is that these folks feel "entitled" to pull comparable profits in spite of the fact that the numbers that they where playing with where where false and leveraged to begin with.
Another thing that is interesting about this sheet is that it shows that less than 10% of corporate receipts are spent on Salaries and wages.
I think 95% of the folks in this country spend more than they make.
More than 70% of our GDP is dependent on that spending.
I usually think the Laffer curve is laughable, but it may apply here.
I am not sure if I am making sense here.
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truthiness9 months ago
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you don't really need all those numbers to prove your point, fly..
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the primary reason the US dollar is the de facto world currency is because the US dollar serves as the reserve currency for the world. All those numbers you quoted are symptomatic of that singular fact. Which is also what has allowed us to be the world's police/bullies for so long. Our military is very tough, but all militaries can be beaten eventually. We, however, controlled the money.
This is what prompted the conversation "started" by China and Russia. They want to replace the US as the reserve with a different reserve system. The stated goal is to create a more stable system, so that one nation's collapse isn't the collapse for us all.
This sounds great, but AIG was supposed to be stable because it was so big, and when it finally fell....
There also remains the fact that whoever controls the money controls the government. I might be more amenable to such a play if our leaders weren't pretending that wasn't true.
What happens if control of the markets and the currency is handed over to the UN, while everyone continues to claim that doesn't make them the govt?-
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truthiness9 months ago
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of course, when you consider how much influence you and I have over our government now... what difference does it really make who wears the crown?
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I am powerless. Knowing this sets me free. Freedom gives me power. Recognizing the absence of power, gives me power to fill the absence with myself. I am one with all things. Filling the absence with myself, is filling it with everything. The absence of power is the presence of all things. Power is an illusion which masks the absence of all things including myself. Those who would take power must first remove everything that exists in this moment.
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