On The Verge Of A One World Currency

[youngdan]

This sums it up.

[ame=http://www.youtube.com/watch?v=E9DgMG-_6Ls]YouTube - Congresswoman Bachmann Questions Geithner & Bernanke About A Global Currency[/ame]

Look at Geithner after Bachman asks whether a new currency is planned. Remember he is under oath supposedly.

Then today he says the opposite at the CFR conference

Ben Smith's Blog: Geithner 'open' to China proposal - POLITICO.com

[Catalpa]

What the hell would china do with the stacks of dollars they got since building up their trade unbalance with just about every country on earth?

Here's a conspiracy theory for ya ,china floods the world currency markets with all them dollars they got stashed away further destabilizing the U.S.A .

Trouble is that Uncle Sam and Miss China have their tuongs so far down each others throats that it hurts....

So its not in China's interest to pull down the USA

... right now.

[Colonel Kurtz]

One World Currency + cashless society would be very, very scary indeed.

How can they stop communities creating their own demurrage currency to solve their own problems. The one world currency ( while I have no doubt a small group of megalomaniacs will do everything to force it through ) is completely doomed to failure.

[Factorem]

What would this one world currency be called?

Would there be notes/coins, or would it be electronic-only?

[mmrebel]

What would this one world currency be called?

Would there be notes/coins, or would it be electronic-only?

well it couldnt be electronic vast swathes of earth still dont have the E.S.B

Id call the new currency PORN for no particular reason other than i cant think of anything else

[EarlyBird]

Would be extremely hard to implement on a worldwide basis couldnt see the likes of north korea iran or Zimbabwe joining up and i sure as hell cant see the brits dump the sterling.

The likes of North Korea, Zimbabwe and Iran are small potatoes in this "New Global Order", China will reign in NK and Zimbabwe is already on its knees. Iran (one of the only nations on earth that hasn't been totally subordinated, perhaps the only one) might just put up a fight but they won't hold out for long.

You can't see the brits dumping sterling, eh?. Have you not been reading what Brown has being saying lately?.

The special relationship is going global.

Gordon Brown.

Historians will look back and say this was no ordinary time but a defining moment: an unprecedented period of global change, and a time when one chapter ended and another began.

The scale and the speed of the global banking crisis has at times been almost overwhelming, and I know that in countries everywhere people who rely on their banks for savings have been feeling powerless and afraid. But it is when times become harder and challenges greater that across the world countries must show vision, leadership and courage – and, while we can do a great deal nationally, we can do even more working together internationally.

So now is the time for leaders of every country in the world to work together to agree the action that will see us through the current crisis and ensure we come out stronger. And there is no international partnership in recent history that has served the world better than the special relationship between Britain and the United States.

It is a relationship that has endured and flourished because it is based not simply on our shared history but on the enduring values that bind us together – our countries founded upon liberty, our histories forged through democracy and an unshakeable belief in the power of enterprise and opportunity.

But if it reflects our values and our histories, this special relationship is also a partnership of purpose, renewed by every generation to reflect the challenges we face. In the 1940s it found its full force defeating fascism and building the postwar international order; in the cold war era we fought the growth of nuclear weapons and when the Berlin Wall fell we saw the end of communism. In this new century, since the horrors visited on America in 2001, we have worked in partnership to defeat terrorism.

Now, in this generation, we must renew our work together once again. A new set of challenges faces the whole world, which summons forth the need for a partnership of purpose that must involve the whole world. Rebuilding global financial stability is a global challenge that needs global solutions. However, financial instability is but one of the challenges that globalisation brings. Our task in working together is to secure a high-growth, low-carbon recovery by taking seriously the global challenge of climate change. And our efforts must be to work for a more stable world where we defeat not only global terrorism but global poverty, hunger and disease.[COLOR="Red"](ha ha ha)[/COLOR]

Globalisation has brought great advances, lifting millions out of poverty [COLOR="Red"](ha ha ha)[/COLOR]as they reap the benefits of economic growth and trade. But it has also brought new insecurities, as this – the first truly global financial crisis – underlines. Globalisation is not an option, it is a fact, so the question is whether we manage it well or badly.

I believe there is no challenge so great or so difficult that it cannot be overcome by America, Britain and the world working together. That is why President Obama and I will discuss this week a global new deal, whose impact can stretch from the villages of Africa to reforming the financial institutions of London and New York– and giving security to the hard-working families in every country. [COLOR="Red"](ha ha ha)[/COLOR]

I see this global new deal as an agreement that every continent injects resources into its economy. I believe that central to this new investment is that every country backs a green recovery for the future, that every country that wishes to participate in the international financial system agrees common principles for financial regulation, coordinated internationally, and changes to their own banking system that will bring us shared prosperity once again. And that, together, we must agree to reform the mandate and governance of global institutions to recognise the changing shape of the world economy and the emergence of new players.

It is a global new deal that will lay the foundations not just for a sustainable economic recovery but for a genuinely new era of international partnership in which all countries have a part to play. This programme of internationally coordinated actions includes six elements:

First, universal action to prevent the crisis spreading, to stimulate the global economy and to help reduce the severity and length of the global recession. Second, action to kick-start lending so that families and businesses can borrow again.[COLOR="Red"](ha ha ha)[/COLOR] Third, all countries renouncing protectionism, with a transparent mechanism to monitor commitments. Fourth, reform of international regulation to close regulatory gaps so shadow banking systems have nowhere to hide. Fifth, reform of our international financial institutions and the creation of an international early warning system. And last, coordinated international action to build tomorrow today – putting the world economy on an economically, environmentally and socially sustainable path towards future growth and recovery.

I have always been an Atlanticist and a great admirer of the American spirit of enterprise and national purpose. I have visited America many times and have many friends there, and as prime minister I want to do more to strengthen even further our relationship with America.

Winston Churchill described the joint inheritance of Britain and America as not just a shared history but a shared belief in the great principles of freedom and the rights of man – what Barack Obama has described as the enduring power of our ideals – democracy, liberty, opportunity and unyielding hope. Britain and America may be separated by the thousands of miles of the Atlantic, but we are united by shared values that can never be broken. And as America stands at its own dawn of hope, I want that hope to be fulfilled through us all coming together to shape the 21st century as the first century of a truly global society.

The special relationship is going global | Gordon Brown - Times Online

[Destiny's Soldier]

Market Skeptics: *****Fed Planning 15-Fold Increase In US Monetary Base*****

The fed is planning moves that would more than double its balance-sheet assets by September to $4.5 trillion from $1.9 trillion. Whether expressing approval or concern over the fed’s intentions, most commentators fail to understand the real magnitude of the projected expansion of the US monetary base because they don’t take into account the amount of dollars circulating abroad.

15 fold increase in currency means the death of the dollar.

[mmrebel]

Well that put me in my box still not convinced it will happen though.
the euro is as weak as it is because there are too many countries in it. And im also sure the billions made from the currency trade every year would lie down and die without lobbying the bollix out of washington

[Colonel Kurtz]

15 fold increase in currency means the death of the dollar.

Yep, the dollar will not be worth the paper it is written on soon.

[Dios]

The dollar being in the toilet is actually to the advantage of the US overall, if not to the advantage of its individual citizens. That means hyperinflation, which means US exports become extremely cheap (cheaper than China cheap, explaining Chinese support for this - there was also a UN panel which came to the same conclusion, chaired by a man who sees the Chinese as natural inheritors of the US, interestingly).

It crucially also means that US debt goes through the floor, effectively they no longer need to pay off their massive borrowing.

So from the point of view of the US, its a smart play, although I would hate to be a US citizen over the next few years. They could turn insular and isolationist, or be the big industrial power for the 21st century.

The Chinese currency isn't even freely traded yet, so I don't see why anyone should be listening to them.

As for a global currency, I can't see it happening. The practical difficulties are just too big, you can't just freeze exchange rates and say "right thats your value in the currency forever more". When the euro was being put together stringent rules had to be adhered to for good reason, imagine that across a vast multitude of economies, political systems, taxation regimes, previously agreed treaties, special tariffs, and so on.

I mean you could do it, but it wouldn't work.