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One world currency

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coaster
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One world currency  Reply with quote  

This past week on Monday, March 17, Russia unveiled a proposal they were planning to bring before the G-20 summit. It's a proposal for a new world reserve currency called "Special Drawing Rights" or SDR's. No wonder it was the very next day was the day that the dollar cratered. One of the interesting angles to this development is that China supports their oldest enemy, Russia, in this proposal.

Here are a few of the news stories:

http://www.themoscowtimes.com/article/600/42/375364.htm

http://www.reuters.com/article/usDollarRpt/idUSLJ93633020090319

http://blog.heritage.org/2009/03/20/a-russian-chinese-axis-at-the-g-20/

http://www.hawaiireporter.com/story.aspx?2214af38-858b-4640-9fa1-c1206f60988e

There's been a lot of talk about the coming inflation as a result of the injections of huge amounts of fiat money into the world's monetary systems in order to stimulate their economies. The interesting thing about inflation is that its primary harm is when measured against other currencies. A weak national currency affects that nation's ability to trade, and the prices of imported products. BUT -- if all world currencies are inflating at the same rate, then there is no net effect on trade and import prices. Thus I see this new world currency as a way for all nations to inflate their money supplies and avoid the most serious effects. No doubt this is China's motive -- to maintain their trade with the US and to be able to continue converting their economy to a consumer economy. It will be interesting to see what the official US response is, since the US is the country most in need of an antidote to inflation of imported goods.

The question: is this a good idea? What are your thoughts?

~Tim~
Post Sun Mar 22, 2009 5:43 pm
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sirmikey1
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Hi, and thanks for the heads-up on this one. A bit surprising that this is initiated from the hard left, but maybe this is just the primer that the world powers set into place in order to stack the deck. Yea, sucker Russia in (the resistance) first, by making him think it's his brain child. Well, just that the mandatory tracking cards/implants would likely start in the leftist countries.

Thks,
SM


Last edited by sirmikey1 on Wed Mar 25, 2009 5:28 pm; edited 1 time in total
Post Wed Mar 25, 2009 2:04 pm
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Zector
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A global currency could be a good idea. It is working well with the Euro, but im not sure the the world is quite ready for it. Maybe in another 20 years. Then I wont have to worry exchanging to USD, Baht, Yuan, EGP, Shekel, etc at the exact right moment.
Post Wed Mar 25, 2009 4:18 pm
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jtownes
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Is the era of American dollar supremacy coming to an end? “It comes as no surprise that China, given its massive U.S. debt holding of approximately US$2 trillion, is taking the position that it is ‘ready to discuss’ an alternative reserve currency.” Conclusion: this discussion is “an expression of reduced confidence or lack of confidence in the U.S. as a continuing world economic anchor.
Post Wed Mar 25, 2009 5:07 pm
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sirmikey1
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Currency has nothing to do with it...

Hey, lets buy insurance with AIG and head to the c*sino. Nobody loses here, except for the taxpayer. It's sound monetary policy. Hey, let's buy double insurance, two insurance policies (exactly what they did).

CBS Credit Default Swaps:
http://www.youtube.com/watch?v=bHXuUx0vT0Q&NR=1

EDIT

Video: LINDSEY WILLIAMS 2009 Predictions
http://tinyurl.com/cfapf9

SM
Post Wed Mar 25, 2009 8:12 pm
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saihemanta
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Global currency  Reply with quote  

A currency in which the vast majority of international transactions take place and which serves as the world's primary reserve currency. This means supremacy of particular currency will come to end.And whole world can deal with single currency with one another and all finance related matter will go under the hand of world bank.
Post Thu Mar 26, 2009 9:19 am
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jtownes
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What would the replacement of the U.S. dollar with the IMF’s Special Drawing Right as reserve currency mean for gold? Too soon to call, says the Stock Research Portal, “if for no other reason that ‘the world at large’ is highly unlikely to be considering SDRs as a new reserve currency.”
Post Thu Apr 02, 2009 3:37 pm
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coaster
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"Too soon to call?" I'd say it's a no-brainer.

~Tim~
Post Fri Apr 03, 2009 2:33 am
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kim-mm
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The idea of a world currency is nice, would be easier for everyone. But then I remember having this discussion in one of my Political Science classes. According to my professor, shifting to another currency will really cost a lot. Everything will have to be changed - ATM machines, registers, etc. It's a lot of work. If they're planning to do this, they better be ready.
Post Sun Jun 21, 2009 12:09 am
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Sime
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I'm against a world currency, and I'm also against the Euro.

My reasons being that when you eliminate an individual currency, with it, you also eliminate a huge chunk of individuality, and that destroys the beauty, sovereignty and romance of what makes a country unique.

Not all countries can afford... a lavish monarchy.
Post Sun Jun 21, 2009 2:18 pm
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coaster
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quote:
Originally posted by Mr Jepps Se
beauty, sovereignty and romance of what makes a country unique.

AMEN to that!! This MacDonaldsization of the world is disgusting. Sad

~Tim~
Post Sun Jun 21, 2009 3:35 pm
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kim-mm
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quote:
Originally posted by Mr Jepps Se
I'm against a world currency, and I'm also against the Euro.

My reasons being that when you eliminate an individual currency, with it, you also eliminate a huge chunk of individuality, and that destroys the beauty, sovereignty and romance of what makes a country unique.


I agree. It's like entering into the realm of a state's sovereignty.
Post Tue Jun 23, 2009 11:57 am
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gnutrade.satya
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hi there !!

World currency......I think its too early to introduce one world currency. There are many under-developed and developing countries to develop themselves. and at this point of time and that too when its recession...thought of one world currency is definitely not recommended

http://www.gnutrade.com
Post Mon Jul 06, 2009 8:02 am
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manuelgarcia
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No world currency. Not possible for third world countries. Usa and Europe is not the world.
Post Tue Jul 21, 2009 2:18 pm
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