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A World Currency Moves Closer After Geithner’s Slip

  • The drums for a single world currency is beating louder. The USD is about to cause the world massive problems when it tanks. The Telegraph reports :
     
    US Treasury Secretary Tim Geithner confessed on Wednesday that he had not read the plans by China’s central bank governor for a “super-sovereign reserve currency” run by the International Monetary Fund, but nevertheless let slip that Washington was “open” to the idea. Whoops. 
     
    This is how matters quickly escalate in geo-finance. China’s suggestion – backed by Russia, Brazil, and India, and clearly aimed at breaking US dollar hegemony – is making its way onto the agenda of the G20 Summit next week. ‘Dollar-dämmerung’ no longer looks so far-fetched.
     
    China’s paper, by Governor Zhou Xiaochuan, is couched in understated language – more a ‘thought experiment’ than a declaration of monetary war. His ideas could be mistaken for the musings of an academic theorist. Nobody should be fooled by decorum. 
     
    It comes days after premier Wen Jiabow demanded US action to safeguard the value of China’s holdings of US bonds – $740bn of US Treasuries and a further $600bn or so of other debt. “We have lent huge amounts of money to the US. Of course we are concerned about the safety of our assets,” he said.
     
    China’s Communist Party seems to fear that the Federal Reserve is orchestrating a beggar-thy-neighbour devaluation – and a disguised default on America’s foreign debt – by resorting to the nuclear option of printing money to buy US Treasury bonds.
     
    China’s proposal is to activate the IMF’s power to issue Special Drawing Rights (SDRs). The IMF would be groomed as de facto central bank for the planet. The SDRs would gradually become an “accepted means of payment”. Call it the ‘globo’. 
        ……..
    The pitfalls of a world central bank are obvious. It is hard enough for the European Central Bank to run policy for 16 states in a region with a shared history, and shared EU institutions (Commission, Court of Justice, competition police, etc). The politics of global monetary management would be poisonous.
     
    The heads of the Fed, the ECB, and the Bank of England, must all testify before parliaments and answer to democracy. There is no world parliament, no world government. Who would control a super-IMF?
     
    In theory, this world reserve bank would be above politics. China’s plan suggests a resource currency along the lines of the “Bancor” floated by Keynes at Bretton Woods. This was anchored on 30 commodities, giving it a broader base than the Gold Standard. Such a currency would prevent the “credit-based” debauchery of today’s fiat system, says Mr Zhou.
     
    True, but this would be jumping from frying pan to fire. If the world is running out of oil, metals, freshwater, and arable land – as many believe – then the price of commodities must rise over time. The ‘globo’ would become a deflation machine, like the late 19th Century gold as it asphyxiated endebted US farmers. 
        ……..
    For all its bluster, Beijing must move with care. After years of export-driven mercantilism China is even more dependent on US markets than America is dependent on Chinese capital. The risks of currency and trade conflict are not symmetric. The hegemon must prevail.
     
    But 10 years hence the picture may look different. If the G20 opens the door wide enough next week, a world currency may yet come into being. 
     
     
  • See also :
     
    End of the US Dollar Era?
    EU President – US Plan is a Way to Hell !
    Single Global Currency
    China calls for New Reserve Currency – 1 World Currency ‘666′ Just Around the Corner
    China Backs Russia’s Call for New World Reserve Currency!
    London G20 Summit: Last Chance Before Global Geopolitical Dislocation – 1 World Central Bank & 1 World Currency
    The End of Money -> 666 !
    Towards A One World Currency, One World Central Bank & One World Government !
    Lindsey Williams – Global Bankruptcies and One World Government
    Bob Chapman – Economic And Financial Systems Deliberately Destabilized

end

March 28, 2009 - Posted by | Economics | , , , , , ,

16 Comments

  1. […] US Treasury Secretary Tim Geithner confessed on Wednesday that he had not read the plans by China’s central bank governor for a “super-sovereign reserve currency ” run by the International Monetary Fund, but nevertheless let slip that … Original post: A World Currency Moves Closer After Geithner’s Slip « Socio … […]

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