Socio-Economics History Blog

Socio-Economics & History Commentary

The Creation of a Truly Global Currency with Gold Backing

  • Many calls are being heard around the world for a return to the Gold Standard. There are also many skeptics who say there isn’t enough gold to go back to a gold standard. The problem isn’t the quantity of gold available. This is easily rectified when gold price re-adjust itself upwards.
  • I do not believe the PTB western banksters want to relinquish their right to the printing of fiat currencies out of thin air. It is almost as good as legalized counterfeiting of paper money. However, there is always a possibility that in their drive towards a 1 world currency, these banksters will legitimize their 1 world currency with the backing of gold. Once the world accepts this gold backed 1 world currency, the shenanigans will begin. Gold will then not play an important role in their fiat 1 world currency.
  • Julian DW Philips writes :
      …… the I.M.F. was boosted to a much stronger global role than ever before by the addition of nearly $1 trillion to its Balance Sheet. It seemed appropriate to Russia then to attempt to elevate the Special Drawing Right to a real global currency from the synthetic bookkeeping role it has at present. With the I.M.F. now placed in such an important role in the global monetary world and if such a proposal were adopted, would it work?
    The I.M.F. established the Special Drawing Rights to serve as the reference point of the global monetary system. However, it never made it there and now serves solely as an accounting measure of value with little practical use. This was because the U.S. controls the I.M.F. through its voting power [17.3% with 85% needed for a resolution to pass], which are required before any motion can be passed. So the Special Drawing Right was seen as an extension of the $, but in a world run by the U.S. No nation will be happy with the States continuing to pull the strings on such a global currency. The need is now for a currency that is truly global currency above any local national interests. 
    If the measures proposed by the G-20 conference last week do not succeed in rectifying the global monetary system the currency world will begin to break down. As it is, once the $ retreat back to the States is complete, it looks like the € will rise strongly again against the $. For the currency world to remain stable the exchange rate between these two currencies must remain relatively stable. This stability remains under threat. With potential financial mayhem just being skirted, never has the time been as pressing as now for a global solution to the world’s credit and associated crises. Without global unity on this, there will be no solution and then it will be every trading bloc for itself!
    The I.M.F has the support of the world [provided China and Russia are given a greater say in that body and the U.S. stranglehold over it is removed by lowering its voting power below 15%] to ‘manage’ the global monetary system, as we mentioned above.
    With this threatening situation hanging over us, it also looks like only the I.M.F. has the support of the world to adjust and agree any fundamental reforms to the monetary system. This is a view confirmed at the G-20 meeting where both China and Russia called for new global reserve currencies. While there is little chance that these proposals will be accepted, through it, China and Russia made their presence known and initiated the reformation of the monetary system. Certainly the time has come when China cannot be ignored on such matters. 
    Now Russia has said it would favor the inclusion of gold bullion in the basket-weighting of a new world currency based on Special Drawing Rights issued by the International Monetary Fund. With the uncertainty affecting foreign exchanges and exchange rates, such a move could add increased credibility to the currency system. Bear in mind its price would be a reference point and the move would not involve buying gold on the open market. However, with Bankers so resistant to gold, its inclusion in the S.D.R. may be premature? If not, we would then expect to see central bankers remove their dislike of gold completely and let it find its own level.
    Russia has been buying up gold for the last two years slowly but surely and intends to raise the gold content of its reserves to 10%. By doing so it adds action to intention on gold as part of their monetary system. The silent but difficult to ignore presence of gold in so many central bank vaults tells us that the return of gold in support of currencies may well be possible now?
    With the U.S. still controlling the I.M.F. even the U.S. of A. may find such an additional reserve currency acceptable. This would certainly diminish, over time, the impact of the U.S. $’s swings on global foreign exchanges, on global trade. With the Obama administration trying to fortify the I.M.F. at the meeting of the Group of 20 now is a good time to launch the proposal and for adjustments to the I.M.F. and the S.D.R. to be made. The I.M.F.’s view of gold continues to be one of respect of a vital reserve asset, so there should be no barrier provided it supports currencies and does not compete against it.
    The G-20 will only follow such a move if gold is needed to shore up confidence in currencies, which is becoming abundantly clear to all now. Certainly, we are not quite at that point at the moment. But how far away from that are we? Should major currency crises begin gold will quickly become a very visible anchor to investors be bought as such. This may force central banks to re-recognize it as a stable foundation in extreme times.
    So if the U.S. is prepared to take a lesser role in the I.M.F. it should gain the support of the world and such structural changes to the global monetary system would follow. Sadly, as national interests, not global ones, govern international policies, we doubt whether the States would lessen its dominant role, just yet. A little more pain may be needed first?
    “The times, they are a changing”.
  • See also :
    Gillian Tett: Return to a Gold Standard for Currencies?
    The Financial New World Order: Towards a Global Currency and World Government
    The End of The Dollar And The IMF Takeover
    G20 US Dollar Fiat Currency Smoke and Mirrors Manipulation
    The G20 Moves the World A Step Closer to a Global Currency!
    UN & IMF Back Agenda For Global Financial Dictatorship
    Depression, World Currency and Digital Gold
    A World Currency Moves Closer After Geithner’s Slip
    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!
    Towards A One World Currency, One World Central Bank & One World Government !


April 13, 2009 Posted by | Economics | , , , , , , | Comments Off on The Creation of a Truly Global Currency with Gold Backing

Violence Breaks Out in Bangkok – State of Emergency

  • At least 68 people were injured in Thailand early today as red shirt protesters demand fresh elections. Red shirts are Thais who support the ousted premier Thaksin. Channel News Asia reports :
    BANGKOK: Thai troops launched a crackdown to enforce a state of emergency in Bangkok Monday, firing shots in the air as anti-government protesters hurled petrol bombs in clashes that left 70 injured. Hundreds of heavily armed soldiers moved in to clear a key road junction in the capital, which demonstrators calling for the resignation of Prime Minister Abhisit Vejjajiva had blocked overnight.
    Abhisit issued an emergency decree for Bangkok and surrounding areas on Sunday to curb mass protests against his government, a day after demonstrators forced the humiliating cancellation of a major Asian summit in Thailand. Government spokesman Panitan Wattanayagorn said troops had successfully cleared the busy intersection near the capital’s Victory Monument landmark and made several arrests.
    “The operation is complete, and a number of protesters have been detained in safe places. The operation is in line with the law, accountable and reasonable,” Panitan said on national television.
    But authorities made no effort to clear the main body of some 10,000 protesters loyal to ousted former premier Thaksin Shinawatra, who were camped out at Abhisit’s offices in the capital in defiance of the state of emergency.
    There are also several other smaller pockets of protesters dug in around the city. The so-called “Red-Shirts” have sparked the biggest crisis that Abhisit has faced since he came to power in December following a controversial court ruling that drove Thaksin’s allies out of power.
    An AFP photographer at the intersection said that soldiers fired hundreds of rounds into the air after several hundred protesters hurled bottles, rocks and molotov cocktails at them.  The demonstrators retreated into side streets but regrouped and more of the Red Shirts were on their way. The protesters were angry and showed a shirt covered with blood which they said belonged to a injured colleague. Protest leaders reacted angrily to the use of force.
    Emergency services said at least 70 people were injured, two of them critically, but no one was killed during the crackdown. Two people suffered gunshot wounds but neither was in danger, a doctor said. It is the first time that the army has responded to the government’s orders since Abhisit declared the emergency at lunchtime on Sunday and ordered tanks and soldiers onto the streets of Bangkok.
    The army has generally shied away from confronting protesters since action against riots in 1992 left dozens dead, and police moves against anti-Thaksin demonstrators last October left two dead.
    Abhisit is under intense pressure to curb the unrest after the humiliating cancellation Saturday of a regional Asian summit in the resort of Pattaya, when authorities were forced to evacuate some foreign leaders by helicopter. The trouble moved to Bangkok Sunday, where demonstrators attacked a convoy carrying Abhisit out of the interior ministry, and fired shots in the air.
    Police said they had also captured at least one armoured personnel carrier.  The unrest came after police arrested the leader of the summit protests, former pop singer Arisman Pongreungrong, on charges of inciting protesters to kidnap the prime minister and cause unrest.
    Thaksin, who lives in exile to avoid a two-year jail term for corruption, stoked up the protesters in two separate phone-in speeches on Sunday night, saying: “You don’t have to be frightened of this state of emergency.”


April 13, 2009 Posted by | GeoPolitics | , | 1 Comment

Confessions of an Economic Hit Man – John Perkins

  • This is a highly interesting interview of John Perkins – an economic hit man for the American empire and banksters. How does American ruling elite go about conquering the world?  According to John Perkins :

    • Firstly, send in the economic hit man to cripple the economy of  countries by making them go into large debts based on falsified economic forecasts for large unnecessary infra-structure projects.
    • Secondly, if the local politicians refuse to go along and refuse to be corrupted, the goon squads, assassination teams are sent in. Such politicians are ‘suicided’.
    • Lastly, if the first 2 methods fail, send in the military. Start a war!
  • Why is America continually fighting wars? It is because large oil interest, large corporations, the military industrial complex, banksters …. have taken over the ruling class. This is corporatism and America is heading towards fascism. Pakistan war is next and… Mexico….? Americans need to wake up and realize who the traitors are. Why are good American young man dying in unnecessary wars? So that these vampire corporations can make their profits? Suck up resources and kill alot of citizens of other countries?
  • John Perkins authored the book: Confessions of an Economic Hitman:
    In this shocking memoir, Confessions of an Economic Hit Man, John Perkins tells of his own inner journey from willing servant of empire to impassioned advocate for the rights of oppressed people. Covertly recruited by the United States National Security Agency and on the payroll of an international consulting firm, he traveled the world—to Indonesia, Panama, Ecuador, Colombia, Saudi Arabia, Iran and other strategically important countries.
    His job was to implement policies that promoted the interests of the U.S. corporatocracy (a coalition of government, banks, and corporations) while professing to alleviate poverty—policies that alienated many nations and ultimately led to September 11 and growing anti-Americanism. Within a few weeks of its release , Confessions of an Economic Hit Man landed onThe New York Times Bestseller List, then 19 other bestseller lists including the Los Angeles Times, San Francisco Chronicle, USA Today, Wall Street Journal, and Washington Post.
    The author has been interviewed repeatedly on national radio and television shows, including Amy Goodman’s Democracy Now, CSPAN’s Book TV, and PBS’ Now with David Brancaccio. And now the book is being published in 9 languages around the world. According to John Perkins, “It is accomplishing an important objective in inspiring people to think and talk and to know that we can change the world.”  


April 13, 2009 Posted by | Economics, GeoPolitics, History | | 24 Comments