IMF Chief Proposes New Reserve Currency to Replace Dollar

Quote from Lojanica:

Yes that may be true that the US has debt but let's be logical here.

The US rolled 8.2 TRILLION out to support the GLOBAL financial structure as the world's reserve currency and largest economy it was imperative lest a full scale meltdown allow the world to spiral into a horrific deflationary death spiral.

Of that 8.2 trillion guess how much went to the merry old BOE. 1 TRILLION. Stop fooling yourself. This is a global problem. Worse in Europe than the US. Having said that it does create conflict as nations like Germany bail out their less fiscally prudent EURO conscripts such as the PIGS. It creates tension when other nations (France comes to mind given the headline of this thread and hence the background info on DSK in the above post) and the organization he leads the IMF.

In 2008, faced with a shortfall in revenue, the International Monetary Fund's executive board agreed to sell part of the IMF's gold reserves. On April 27, 2008, IMF Managing Director Dominique Strauss-Kahn welcomed the board's decision of April 7, 2008 to propose a new framework for the fund, designed to close a projected $400 million budget deficit over the next few years. The budget proposal includes sharp spending cuts of $100 million until 2011 that will include up to 380 staff dismissals.

At the 2009 G-20 London summit, it was decided that the IMF would require additional financial resources to meet prospective needs of its member countries during the ongoing global financial crisis. As part of that decision, the G-20 leaders pledged to increase the IMF's supplemental cash tenfold to $500 billion, and to allocate to member countries another $250 billion via Special Drawing Rights

Where do you think the IMF got their ten-fold increase?

Stop the coy US bashing. We all know the UK and EUROZONE are in a world of hurt. For right or wrong the US has the wildcard in the deck which allows them the ability to print against reserve given the size of our economy and status worldwide in the financial markets.
https://www.cia.gov/library/publications/the-world-factbook/rankorder/2001rank.html

Yes the EUROZONE and the US are ranked equally by GDP hence the call by DSK for a "new world currency." How would that help the EURO, the Pound, and all the other struggling non-EUROZONE participant nations? Yes their is strife as the financial crisis unfolds and it could get ugly for all the reasons discussed as the haves and the have nots grapple with the 21st financial and economic changes unfolding before our eyes. But for the time being and going forward the USD is the go to currency in the world economic zone and until that changes the EURO and Pound are gonna tank as private entities even soveriegnties flee to the USD in times of wealth preservation. As far as US Debt is concerned do not worry the proletariat in the US will take in the shorts as always and their social security benefits will get hacked by raising the age of participation to the age of 67 then 70 essentially making the debt whole.

I would say keep on track with regard to how to stay solvent and perhaps even prosper from the drastic changes happening in the markets now.
More...

"The US rolled 8.2 TRILLION out to support the GLOBAL financial structure as the world's reserve currency and largest economy it was imperative lest a full scale meltdown allow the world to spiral into a horrific deflationary death spiral."

that is opinion among mainstream economists and ET posters who are either clueless or have forgotten the purpose of economic and business cycles. what should one say about the worth of an unanimous opinion?
 
Quote from zdreg:

that is opinion among mainstream economists and ET posters who are either clueless or have forgotten the purpose of economic and business cycles. what should one say about the worth of an unanimous opinion?
More...

I have no stake in this but to learn.

Is your point that we (public global financial interests) would have been fine without massive US gov't intervention?

There are many that currently put forth that the intervention is just delaying or making the inevitable worse. Is that your point?
 
my point is the old saying from the gym no pain no gain. in fact u are guaranteeing more pain down the road by constantly creating larger bubbles. by not allowing deflation except in limited circumstances says that the excesses of the bullish cycle are not washed away. the individuals responsible are not punished for their mistakes. goldman and crew if they survived would have been alot smaller. bank executives would be unemployed up to the highest levels. you can believe wilbur ross and co. would have picked up the detritus at the right price. markets would revive. now financial institutions do not want to anything because the heavy hand of a left wing US government is directing the flow of money instead of the free market. the crap paper remains on the book at inflated prices. the only other way out is inflate the debt out of existence while beggaring the middle class.

we all know the consequences: war and revolution.
 
Quote from zdreg:

"The US rolled 8.2 TRILLION out to support the GLOBAL financial structure as the world's reserve currency and largest economy it was imperative lest a full scale meltdown allow the world to spiral into a horrific deflationary death spiral."

that is opinion among mainstream economists and ET posters who are either clueless or have forgotten the purpose of economic and business cycles. what should one say about the worth of an unanimous opinion?
More...


Especially if you are the main culprit in potentially causing said meltdown.
 
Quote from jficquette:

Can't have a world currency unless its backed by a world government.

World government is the real objective. Currency issue is a smokescreen.

Never let a good crisis go to waste.
More...

I am sure in the end. But you don't need to be the government if you own the money. The bankers are essentially running the government with their money anyway.
 
That is such a stupid fuxxing moronic headline. They can have a new reserve currency any time they wish by selling more of one and buying more another. Fuck Me...what is this the third fuxxing grade?
 
Quote from Dr. Zhivodka:

That is such a stupid fuxxing moronic headline. They can have a new reserve currency any time they wish by selling more of one and buying more another. Fuck Me...what is this the third fuxxing grade?
More...

I do not get you point. are you talking reserve currency de jure or de facto?

I would think it would take a lot of rigging to replace the dollar or the euro with some new currency.

how much would they have to sell. the US just created trillions out of think air and the dollar has not collapsed.
 
You satanic neocon dimwits consistently obfuscate the fact that republicans have been in power for the better part of 3 DECADES.

The demise of the economy and destruction of the middle class started with Reagan and ended with Bush2.

Stupid neocon satanic monkeys - like you - voting for equally stupid satanic monkeys - who think like you - are the real problem.

Quit blaming your momma, democrats, martian invasions and other miscellaneous imaginary foes for the cluster fuck your flat-earther kind have created.

monkeys like you will blame everyone in the world and yet consistently keep on voting for republican deficit spending, massively invasive/intrusive bureaucratic govt. spending, illegal wars and their favorite trickle-republican piss-on you economic policies.

I hope republicans do get back in power.

When shit falls apart, the fat faggots will make for nice target practice. And I doubt we'll forget the drugged up lard asses who put them back in control.



Quote from jem:

Do you realize how significant this is?


You liberal fools still thing the conspiracy guys are nuts?

Remember the plan they have been warning about....


1. spend like crazy and bind the citizens with massive government debt.

2. take down financial grid ( we are only part way there)

3. Crushing taxes.

4. devalue U.S. assets

5. spend more

6. offer world one currency in exchange for debt.

7. loss of sovereignty

8. all transaction become highly controlled with digital currency and massively taxed.
-----

speculation

9. no business without the mark.
More...
 
You must log in or register to reply here.
Back
Top