IMF Boss: We need a New Currency

macedoniaonline.eu...

He said having other alternatives to the dollar "would limit the extent to which the international monetary system as a whole depends on the policies and conditions of a single, albeit dominant, country."

Strauss-Kahn, a former finance minister of France, said that during the recent global financial crisis, the dollar "played its role as a safe haven" asset, and the current international monetary system demonstrated resilience.

"The challenge ahead is to find ways to limit the tension arising from the high demand for precautionary reserves on the one hand and the narrow supply of reserves on the other," he said.

Several countries, including China and Russia, have called for an alternative to the dollar as a reserve currency and have suggested using the IMF's internal accounting unit.

So now the IMF wants a global currency. I personally support globalization, not of corporations or free trade, but instead of governments and people. I am divided on this subject. I encourage everyone to voice their opinion because I would like to get arguments from both sides(supporters and anti-world currency).

I personally am very much so against Globalization, but support a Gold-Backed internationally accepted currency.

I do however absolutely HATE the IMF .. it's an evil institution, perhaps the most evil in all the World.

scam, redux or what? if it doesn't work, just make everyone do it so noone will notice? it's obvious that these people still believe they can not only tempt but actually cheat fate. not quite, all they can possibly 'achieve' is taking a lot of people with them.

Originally posted by Rockpuck
I personally am very much so against Globalization, but support a Gold-Backed internationally accepted currency.

that's whole point of 'hard' currencies, you don't need any international supervision, anyone with a primitive scale, a reference piece and a bucket of water can easily verify. at least in the case of gold bullion. backed paper, you said? maybe after a century or so, but when the whole ship sinks the hangover will be terrific and i believe most of us sorry paper owners won't have the nerve to go down that route twice in our lives.

[edit on 2010.3.2 by Long Lance]

So looking out beyond 2010, I see a new global reserve currency emerging
and a global central bank which will effectively also be a global governing authority where the heads of state effectively report to the group of central bankers and their anonymous shareholders who effectively control the money, power and politicians on a global scale.
When the globalcurrency is introduced,
only then do I expect a sort of collapse of the US dollar versus this global currency.
In this way, the world can carry on while the former global reserve currency called the US dollar will be free to depreciate to a level where solvency is regained and the now unpayable US debt is inflated away to the point where it can be repaid in depreciated dollars.

earthblognews.wordpress.com...




Additionally:

At this time the only way out without a complete collapse is to inflate away the debt,
thus turning a deflationary collapse into a long period of inflationary decay and declining
standard of living. ~ as stated on EarthBlog News©

~
The plan/scheme before us, can be conceptualized as a 3 pronged attack...
with the front men the likes of Bernanke nd Geithner one one prong of the trident,
President øbama as the center prong,
and MSM cabal as the 3rd tine.




Observation:
~ what happened to the public fear of the AMERO currency which was
thought to be replacing the 'greenback',
the Ameros were to be coined in silver & copper, perhaps platinum...
real asset backed metals, and not paper Fiat Notes from the FED...

strange how tunes change, eh

reply to post by Misoir


I find this deeply suspect if only because as laisez fair capitalists all that will happen is that there will be an additional currency that will be available for market forces to manipulate and trade. So what is the big point to support it?

Unless of course they are going to manipulate the supply of the new currency???

Can an economist please correct me if I am wrong.

T

The "Fascist" and "Far Right" parties were basically conservative nationalists. These same groups, although not democratic, told us since WWI that Europe would be controlled by internationalist neo-Stalinists unless we fought for national and cultural independence. And look, despite the evil plots made by Mussolini, Hitler and Franco, these men seem to have predicted our future much better than democratic homeboys like Churchill could ever wish for. They said Eastern Europe, particularly Russia, would become a problem. Check. They said Europe would exchange its traditional culture for capitalist supermarkets. Check. They said internationalists would control our economies for the benefit of a top ruling class. Check. They said we'd lose consensus among our people and dissolve social cohesion. Check.

I could go on all day, but without necessarily stating we'd be better off if the Axis powers had won WWII, we need to realize that we've been duped since the end of that war. We thought the West would free the world from poverty, inequality and fascism. Look what happened: we strenghtened radicalism and extremism across the globe, we created social and economical gaps no one could ever dream of back then, and while our technology and values raised the standards of the third world, we did so either by in turn controlling it economically and politically, or ignore the consequences of industrial growth (who's going to "help" these countries protect their environment? Answer: no one, except if there's money to be earned in the process).

Our civilization can either be dominated by governments with radically different values, or we can relapse into the same proxyrule under the oligarchy controlling our democracies. If we're lucky, local regions will be able to self-organize and reject any centralized platforms that inevitably lead us back to the same globalist order we live under today.

The NWO is basically the new socio-economic system i.e order that will be designed..... as capitalism without regulation...(which we have endured) soon equals the demise of capitalism.

this new system has been planned by those who understand economics and monetary systems....as well as those who understand the psychological scars of citizens who undergo these type of transitions...transitions which are often the last choice available after a virtual collapse in many vital sections of society.

the ruler's of the universe abandoning the dollar ( which is the foundation of capitalism today)...which they used as (i.e mechanism to increase their power and wealth) will be a very very bad thing for the standard of living of american's and will be part of the transition into a new world with less freedom and more have's and have not's.....one way to minimize the amount of dissent and ANGER with this transitions is to try to MOLD attitude's and opinions regarding ......having less/ lower standards of living....so they will convince people that there sacrifices are a noble and necessary thing to help the health of the planet....i.e basic propoganda

reply to post by Long Lance

that's whole point of 'hard' currencies, you don't need any international supervision, anyone with a primitive scale, a reference piece and a bucket of water can easily verify.

Essh .. no .. no not at all .. Actually, for the most part I am vocally against Gold because to many people don't understand it.

Yes with an internationally accepted Gold Standard, there must be a regulatory body to actually dictate the value of Gold.. however, it will be harder to place definite value to something that is not attached to anything. Like a Dollar, or a Euro, to match spending by Governments a levying ability to re-value the worth of Gold will be established. Not to mention countries around the World value Gold very differently.

South Africa produces the most, so they theoretically would be the richest?

But the most Gold per capital exist in India..

And you get the cheapest Gold in the Middle East.

The most expensive is in the US and UK.

Some countries wouldn't have any at all.

Then, there is the matter of practicality.. you don't carry bullion on you, that's proven disastrous.. we carry certificates, original Dollars.. but each Dollar can be levied by a tenth to the weight of Gold..

No, Gold is far more complex than people typically think.. it's by far not the easiest form of currency.

The US by some accounts is 50% of the world economy. 73% of the US economy is based on consumer spending. The implications of this alone is staggering. The IMF is doing nothing but saber-rattling. If they think that this is possible without driving the global economy to the end of all current fiat currencies, then they are out of their mind.

Originally posted by Rockpuck

South Africa produces the most, so they theoretically would be the richest?

Saudi Arabia and Russia are the biggest oil producers, what can we do about it? not a whole lot, right? tough luck i guess. i fail to see how the metal situation is any different.

Then, there is the matter of practicality.. you don't carry bullion on you, that's proven disastrous.. we carry certificates,

OK as long as these certificates aren't issued by the power structure, but rather on a more transparent level, where coverage can be verified... btw, when was Ft. Knox audited last time? if it's not important why not take a look? something's got to give, right?

No, Gold is far more complex than people typically think.. it's by far not the easiest form of currency.

use any metal you wish, silver, gold, Pt, doesn't matter - of course you have to be more aware using it, compared to paper or electronic trade. the problem with these fool-proof systems is the potential for manipulation. when you have redundancy, f-ex. one certificate for every state, a collapse won't affect the entire country, likea collapse of fractional reserve banking does (and will). when that finally happens i wish you luck selling any certificate to anyone.