China wants to dump the dollar, calls for new "world currency"

[digital kemical]

http://www.foxnews.com/politics/first100days/2009/03/23/china-takes-aim-dollar-urges-new-global-currency/


BEIJING -- China called for the creation of a new currency to eventually replace the dollar as the world's standard, proposing a sweeping overhaul of global finance that reflects developing nations' growing unhappiness with the U.S. role in the world economy.

The unusual proposal, made by central bank governor Zhou Xiaochuan in an essay released Monday in Beijing, is part of China's increasingly assertive approach to shaping the global response to the financial crisis.

Zhou's proposal comes amid preparations for a summit of the world's industrial and developing nations, the Group of 20, in London next week. At past such meetings, developed nations have criticized China's economic and currency policies.

This time, China is on the offensive, backed by other emerging economies such as Russia in making clear they want a global economic order less dominated by the U.S. and other wealthy nations.

However, the technical and political hurdles to implementing China's recommendation are enormous, so even if backed by other nations, the proposal is unlikely to change the dollar's role in the short term. Central banks around the world hold more U.S. dollars and dollar securities than they do assets denominated in any other individual foreign currency. Such reserves can be used to stabilize the value of the central banks' domestic currencies.

Monday's proposal follows a similar one Russia made this month during preparations for the G20 meeting. Like China, Russia recommended that the International Monetary Fund might issue the currency, and emphasized the need to update "the obsolescent unipolar world economic order."

Chinese officials are frustrated at their financial dependence on the U.S., with Premier Wen Jiabao this month publicly expressing "worries" over China's significant holdings of U.S. government bonds. The size of those holdings means the value of the national rainy-day fund is mainly driven by factors China has little control over, such as fluctuations in the value of the dollar and changes in U.S. economic policies. While Chinese banks have weathered the global downturn and continue to lend, the collapse in demand for the nation's exports has shuttered factories and left millions jobless.

[digital kemical]

http://www.foxnews.com/politics/first100days/2009/03/23/china-takes-aim-dollar-urges-new-global-currency/


BEIJING -- China called for the creation of a new currency to eventually replace the dollar as the world's standard, proposing a sweeping overhaul of global finance that reflects developing nations' growing unhappiness with the U.S. role in the world economy.

The unusual proposal, made by central bank governor Zhou Xiaochuan in an essay released Monday in Beijing, is part of China's increasingly assertive approach to shaping the global response to the financial crisis.

Zhou's proposal comes amid preparations for a summit of the world's industrial and developing nations, the Group of 20, in London next week. At past such meetings, developed nations have criticized China's economic and currency policies.

This time, China is on the offensive, backed by other emerging economies such as Russia in making clear they want a global economic order less dominated by the U.S. and other wealthy nations.

However, the technical and political hurdles to implementing China's recommendation are enormous, so even if backed by other nations, the proposal is unlikely to change the dollar's role in the short term. Central banks around the world hold more U.S. dollars and dollar securities than they do assets denominated in any other individual foreign currency. Such reserves can be used to stabilize the value of the central banks' domestic currencies.

Monday's proposal follows a similar one Russia made this month during preparations for the G20 meeting. Like China, Russia recommended that the International Monetary Fund might issue the currency, and emphasized the need to update "the obsolescent unipolar world economic order."

Chinese officials are frustrated at their financial dependence on the U.S., with Premier Wen Jiabao this month publicly expressing "worries" over China's significant holdings of U.S. government bonds. The size of those holdings means the value of the national rainy-day fund is mainly driven by factors China has little control over, such as fluctuations in the value of the dollar and changes in U.S. economic policies. While Chinese banks have weathered the global downturn and continue to lend, the collapse in demand for the nation's exports has shuttered factories and left millions jobless.


they just asked Obeyma about this on his prime time news confrence , and he danced around the question.

[crazyray™]

of course he would... if acknowledge this as a REAL issue (which it is, imo) he would set off some serious panic and it might hurt his approval rating. OH NOES!

lol @ people who doubted the possibility of a global currency/north american currency/etc. looking like fools now. this validates many people's concerns.

:agree

[metfan85]

of course he would... if acknowledge this as a REAL issue (which it is, imo) he would set off some serious panic and it might hurt his approval rating. OH NOES!

lol @ people who doubted the possibility of a global currency/north american currency/etc. looking like fools now. this validates many people's concerns.

:agree

no we're nuts lol.. they'll never do that, just like the income tax was supposed to be temporary and the militarism was only to win the Cold War and theyre never going to take our guns and turn this country into an outright dictatorshup. (oops looks like most of those have happened or are happening)

[TrippinFace101]

no we're nuts lol.. they'll never do that, just like the income tax was supposed to be temporary and the militarism was only to win the Cold War and theyre never going to take our guns and turn this country into an outright dictatorshup. (oops looks like most of those have happened or are happening)

America is not goin to be a dictatorship as long as i have something to do with it.

[sadelb]

Wait you mean a Fox News analyst asked that question.

Just ordered some Amero tonight after this press conference. I'll get a head start. :yourcrazy

[crazyray™]

Wait you mean a Fox News analyst asked that question.

Just ordered some Amero tonight after this press conference. I'll get a head start. :yourcrazy

http://www.realclimate.org/images/Sheep.jpg

[sadelb]

Let me know when your spending Amero at the grocery store. I love watching Fox News after the press conference. Such great entertainment that station is.

[metfan85]

America is not goin to be a dictatorship as long as i have something to do with it.
better hurry up. President can start wars without permission, bail his buddies out with only a rubber stamp, create "civilian defense forces" but shoot down militias, arrest you indefinitely saying you're a terrorist.

Guns, gold and secession, my man, guns gold and secession



http://www.realclimate.org/images/Sheep.jpg

:floor:ROTFL:chuckle:floor:lol

[TrippinFace101]

better hurry up. President can start wars without permission, bail his buddies out with only a rubber stamp, create "civilian defense forces" but shoot down militias, arrest you indefinitely saying you're a terrorist.

Guns, gold and secession, my man, guns gold and secession




:floor:ROTFL:chuckle:floor:lol

http://www.deathrowtshirts.com/ProductInfo.aspx?productid=INFIDEL

[crazyray™]

Let me know when your spending Amero at the grocery store. I love watching Fox News after the press conference. Such great entertainment that station is.

O hai, you must have forgotten that after the Euro had been created there were nations that had wished they never taken it up.

Happened so fast a lot of people had wool pulled over their eyes.

I'm not saying its gonna happen, but if you don't believe it is a possibility I honestly feel bad for you.

[sosak99]

O hai, you must have forgotten that after the Euro had been created there were nations that had wished they never taken it up.

Happened so fast a lot of people had wool pulled over their eyes.

I'm not saying its gonna happen, but if you don't believe it is a possibility I honestly feel bad for you.

If/Before that takes place, the world would have to experience utter chaos.

[eL FryEdo]

the amero will come soon enough ... notice how with those "special" chipped ny IDs they want everyone to get your allowed to go over the borders and the carribean with them thats the start ... soon theyll be mandatory and and the eventually the north american union will be created along with placement of the amero ... asia will be united in such a way also and eventually the three will be combined ... just take time they cant do this shit over night ...

[eL FryEdo]

If/Before that takes place, the world would have to experience utter chaos.

like 9/11 and holy wars that kind of chaos?

[sosak99]

like 9/11 and holy wars that kind of chaos?

To be honest with you I was smoking a blunt in my first week of college watching that tragedy on TV. I wouldn't call that global chaos. If a country/city got nuked, and maybe a government was toppled or marshall law/curfews put in place, I would say that's chaos.


But you are right, 9/11 had a huge impact on where we are at financially, today.

[crazyray™]

If/Before that takes place, the world would have to experience utter chaos.

Not necessarily... we really don't have any kind of transparency in government anymore, so who knows what's going on.

Again, i'm not saying this is a given like many wackjobs do, but looking at some specific information, the situation becomes very plausible. To rule it out completely without questioning stuff is dangerous.

[metfan85]

the amero will come soon enough ... notice how with those "special" chipped ny IDs they want everyone to get your allowed to go over the borders and the carribean with them thats the start ... soon theyll be mandatory and and the eventually the north american union will be created along with placement of the amero ... asia will be united in such a way also and eventually the three will be combined ... just take time they cant do this shit over night ...

The South, the Mid-West, NH, Vermont, Upstate NY, will all secede before that happens. There are already free state projects already in NH and VT. 20 states just passed or are set to pass bills that takes back states rights from the federal government. Montana and I forget which other state is looking into issuing it's own gold backed currency.

The good people of this country aren't going to let this Amero crap happen. Sure the government bureacrats can think they can set this crap up, but whether or not it is used as a means of exchange is very much up in the air and most definitely leaning to its ultimate rejection. Good riddance for that, the people can govern themselves better than some government educated momo in the Imperial City.

[digital kemical]

The South, the Mid-West, NH, Vermont, Upstate NY, will all secede before that happens. There are already free state projects already in NH and VT. 20 states just passed or are set to pass bills that takes back states rights from the federal government. Montana and I forget which other state is looking into issuing it's own gold backed currency.

The good people of this country aren't going to let this Amero crap happen. Sure the government bureacrats can think they can set this crap up, but whether or not it is used as a means of exchange is very much up in the air and most definitely leaning to its ultimate rejection. Good riddance for that, the people can govern themselves better than some government educated momo in the Imperial City.


What do you mean "takes back states rights from the federal government." I am no constitutional expert but maybe you can explain?

I thought THE FEDERAL GOVERNMENT owns the land.

the federal government has the right to take the land back from the states correct?

are you calling for states to leave america and become their own contries? Because they states dont own the land they use.

http://chestofbooks.com/society/law/The-Constitutional-Law-Of-The-United-States/61-Federal-Exercise-Of-Eminent-Domain-In-The-States.html

61. Federal Exercise Of Eminent Domain In The States

The relation of the federal power to state governmental instrumentalities has been further illustrated in the matter of the Federal Government's right of eminent domain, it having been held that the General Government has an implied right of eminent domain which it may exercise within a State with or without that State's consent.61 Though never authoritatively decided the better opinion is, however, that the United States may not take for its own use land or other property essential to the State in performance of its governmental functions.

[metfan85]

What do you mean "takes back states rights from the federal government." I am no constitutional expert but maybe you can explain?

I thought THE FEDERAL GOVERNMENT owns the land.

the federal government has the right to take the land back from the states correct?

are you calling for states to leave america and become their own contries? Because they states dont own the land they use.

http://chestofbooks.com/society/law/The-Constitutional-Law-Of-The-United-States/61-Federal-Exercise-Of-Eminent-Domain-In-The-States.html

61. Federal Exercise Of Eminent Domain In The States

The relation of the federal power to state governmental instrumentalities has been further illustrated in the matter of the Federal Government's right of eminent domain, it having been held that the General Government has an implied right of eminent domain which it may exercise within a State with or without that State's consent.61 Though never authoritatively decided the better opinion is, however, that the United States may not take for its own use land or other property essential to the State in performance of its governmental functions.

What the federal government owns are the tanks. Pretty much makes any of their unconstitutional, illegitimate claims to land, powers not explicitly granted, and our general liberty and hard earned dollars, a heck of a lot easier to get away with.


Amendment 9 - Construction of Constitution. Ratified 12/15/1791.

The enumeration in the Constitution, of certain rights, shall not be construed to deny or disparage others retained by the people.

Amendment 10 - Powers of the States and People. Ratified 12/15/1791. Note

The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.

The federal government was supposed to be very weak, and the congress the strongest part of that loose power. The fact that it is completely the other way around shows how pieces of paper, constitutions, don't stop central governments armed with tanks and nukes.

There was actually a great essay written the other day by Jack Hunter about this topic, State of Revolution: The national movement for state sovereignty (http://www.takimag.com/site/article/state_of_revolution/)

[Gspot555]

There will not be an Amero...all the money the politicians steal is still American...so it will always be around