US backing for world currency stuns markets

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Johnny Oxygen's picture
Johnny Oxygen
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US backing for world currency stuns markets

http://www.telegraph.co.uk/finance/economics/5050407/US-backing-for-world-currency-stuns-markets.html

US Treasury Secretary Tim Geithner shocked global markets by revealing that Washington is "quite open" to Chinese proposals for the gradual development of a global reserve currency run by the International Monetary Fund.

The dollar plunged instantly against the euro, yen, and sterling as the comments flashed across trading screens. David Bloom, currency chief at HSBC, said the apparent policy shift amounts to an earthquake in geo-finance.

"The mere fact that the US Treasury Secretary is even entertaining thoughts that the dollar may cease being the anchor of the global monetary system has caused consternation," he said.

Mr Geithner later qualified his remarks, insisting that the dollar would remain the "world's dominant reserve currency ... for a long period of time" but the seeds of doubt have been sown.

The markets appear baffled by the confused statements emanating from Washington. President Barack Obama told a new conference hours earlier that there was no threat to the reserve status of the dollar.

"I don't believe that there is a need for a global currency. The reason the dollar is strong right now is because investors consider the United States the strongest economy in the world with the most stable political system in the world," he said.

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Southerner
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Re: US backing for world currency stuns markets

Other than the intentional destruction of the US Dollar and one of the three E's, someone please give me a rational explanation that is incongruent with what Catherine Austin Fitts said in her recent interview here.

Economics is not my bag of tea, but I am just flabbergasted.

Keep prepping and creating Community.  I just gave two neighbors some beautiful fresh broccoli from the garden!

Southerner

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Travlin
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Re: US backing for world currency stuns markets

Johhny

The quote below is copied from your link.  Please note the date is almost two years old  If you click the link to comments below they are also dated March 2009.

Travlin 

 

By Ambrose Evans-Pritchard 6:05PM GMT 25 Mar 2009

24 Comments

The dollar plunged instantly against the euro, yen, and sterling as the comments flashed across trading screens. David Bloom, currency chief at HSBC, said the apparent policy shift amounts to an earthquake in geo-finance.

Johnny Oxygen's picture
Johnny Oxygen
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Re: US backing for world currency stuns markets

What the flip?!

It was just posted on 'The Telegraph' today.

Ding dang darn...sorry people.

Too much oxygen in my helmet.

Travlin's picture
Travlin
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Re: US backing for world currency stuns markets

Johhny Oxygen

Hey, a guy who's equiped for travel in space is gonna hit a time warp occasionally.  It's just a hazard of the trade.  Cool

Travlin 

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xraymike79
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Re: US backing for world currency stuns markets
Travlin wrote:

Johhny Oxygen

Hey, a guy who's equiped for travel in space is gonna hit a time warp occasionally.  It's just a hazard of the trade.  Cool

Travlin 

LOL. Thanks for the laugh... I needed that.

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Re: US backing for world currency stuns markets

I've been saying this for almost 2 years on this site and it's been pooh pooh'd by many.  This is the plan.  This is the purpose of the crisis.  If you don't understand this by now, I don't know what to say.  This is a PLANNED event! 

YellCryEmbarassedYellCryEmbarassed

Johnny Oxygen wrote:

http://www.telegraph.co.uk/finance/economics/5050407/US-backing-for-world-currency-stuns-markets.html

US Treasury Secretary Tim Geithner shocked global markets by revealing that Washington is "quite open" to Chinese proposals for the gradual development of a global reserve currency run by the International Monetary Fund.

The dollar plunged instantly against the euro, yen, and sterling as the comments flashed across trading screens. David Bloom, currency chief at HSBC, said the apparent policy shift amounts to an earthquake in geo-finance.

"The mere fact that the US Treasury Secretary is even entertaining thoughts that the dollar may cease being the anchor of the global monetary system has caused consternation," he said.

Mr Geithner later qualified his remarks, insisting that the dollar would remain the "world's dominant reserve currency ... for a long period of time" but the seeds of doubt have been sown.

The markets appear baffled by the confused statements emanating from Washington. President Barack Obama told a new conference hours earlier that there was no threat to the reserve status of the dollar.

"I don't believe that there is a need for a global currency. The reason the dollar is strong right now is because investors consider the United States the strongest economy in the world with the most stable political system in the world," he said.

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robie robinson
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Re: US backing for world currency stuns markets

LR,

you're back, great!

 

robie

 

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dshields
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Re: US backing for world currency stuns markets

I have thought about this a lot and LogansRun has brought this issue up several times.  We have discussed this at work and moving from USD to the BanCor would have very large negative impact on America and many others.  It is difficult to comprehend all the different aspects of this.  If the people of America elect responsible people to high office and as a result we get our financial house in order at the Federal and State levels then we will not have to face the consequences of moving to a world currency at some point in the future.  To me, the real question is can America elect responsible people to high offices.  When you look at the 2008 election and other previous elections it does not look so good. 

However, if one looks at the 2010 election it looks better.   I am putting my hopes on the 2012 election cycle and that America can once again elect a bunch of responsible people, enough people to get veto proof majorities in both houses of congress.  If that happens, then things will start to head the other way and the world will see this and start to regain confidence in America.  If not, and out of control spending continues, then it looks a lot like America will fail and with it the dollar as the world reserve currency.  We simply have to get our government back under control of the people.  It may already be too late and we will fail anyway.  The numbers are pretty scary.  But we have to try.  We have to elect politicians who believe in financial responsibility.  If we are able to use critical thinking skills to cut through the distorted media blitz associated with elections and actually vote in politicians who will get spending under control then I think we have a chance.  Getting our spending under control will cause a lot of trouble.  The class of dependency is not going to be very happy with having their entitlements cut (or eliminated).  But once it is over we will be in a much better position in the world and so will the dollar.

 

 

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SingleSpeak
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Re: US backing for world currency stuns markets

Shoot, I need something to spark my PMs. Guess I'll have to wait a bit longer.Money mouth

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goldrunner1
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Re: US backing for world currency stuns markets

Hey LogansRun. Just so you know I'm with you a 100% on this issue. Just a thought I had on the subject. I think China has seen the light and is envious of how the western Financiers and Oligarchs are controling our society under the guise of capitalism and free markets. They now realize their business model of "Communism" is out dated and want in on the game. Now they can have the best of both worlds. A police state under the guise of capitalism using a political model refered to as "Inverted Totalatarianism".

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SteveW
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Re: US backing for world currency stuns markets

Jim Rickards comments, from this week, on global reserve currency(ies) are worth listening to for those interested in this topic.

http://kingworldnews.com/kingworldnews/Broadcast/Entries/2011/1/31_Jim_Rickards.html

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LogansRun
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Re: US backing for world currency stuns markets

The problem I see with Jim is that he doesn't see the whole picture.  Or more importantly, he doesn't see the HEART of the issue!  Bottom line is:  This is a planned event.  Everything that's taking place is due to the Central Planners ( Bankers) using their game, to move the world to a "Central Currency" to further their power. 

It's so very simple (But so very evil in it's...?)

The world CANNOT take on any more Fiat Debt.  So, create a crisis to destroy the CURRENT system, and implement a NEW monetary system......OH, and by the way..........It's a FIAT system run by THE SAME F>>KING PEOPLE!!!!!! 

 

Wake up!

SteveW wrote:

Jim Rickards comments, from this week, on global reserve currency(ies) are worth listening to for those interested in this topic.

http://kingworldnews.com/kingworldnews/Broadcast/Entries/2011/1/31_Jim_Rickards.html

pinecarr's picture
pinecarr
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Re: US backing for world currency stuns markets

Hey LR-

   Interesting to hear your comments on Jim Rickards.  I have just caught onto following him recently, and have been impressed with his insight into what's going on.  But I will be interested to listen to his latest broadcast with your opinion in mind to "take his measure" with that in mind.

   It is good to have you back. (BTW, did you ever do that special by-request thread, on your views or experiences or such. you were going to do some time ago?  I think it was you, anyhow...)

   pinecarr

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MarkM
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Re: US backing for world currency stuns markets

William Black commenting on the "deliberate" nature of the financial crisis in the US and Europe.

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