Obama: 'I don't support a global currency'

Obama: 'I don't support a global currency'

rawstory.com

During a live, prime-time press conference at which reporters focused almost exclusively on economic matters, President Barack Obama gave his first public opposition to Russia and China's proposal of a world currency to supplant the dollar.

"... The dollar is extraordinarily strong right now," said the president during his prime-time press conference. "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. So, you don't have to take my word for it.

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[edit on 25-3-2009 by baseball101]

Interesting statement here ... i think he shouldn't support the currency ... but come on? saying the dollar is strong right now? the u.s. keeps printing more and more for spending and then there are plenty of talks now a days of people wanting to switch to a gold standard ... what are your thoughts?

rawstory.com
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aside from the printing, which i agree with you! the dolalr is strong. Im an accounting major who has been following stock market and currencies are something I love to follow. being a member of ats and a RP supporter, this has shocked me, but the dollar is STILL kicking butt. I thought the GBP would skyrocket, but nope ( I called it from 1.25 to 1.50 USD to it, but thought itd go back to around 1.70 or 1.80, not yet for awhile.

So yes, the dollar is strong right now. is it due to manipulation? maybe. But it is really strong right now.

Ya, might be strong now, but with all the printing their doing, it's just a matter of time before the inflation catches up. I think obama is saying this now, so in 6 months from now or a year he can say, "You know i don't want to do this but we have no choice, 1 world currency is our only hope in escaping this depression.
Yes we can!"

They don't have to. So long as every country is pegging their currency on a few larger currencies it doesn't matter. The process is already started.

If you are on of the 3 currencies being used as a peg point, you just wait it out. Eventually merging the top three currencies will force the snowball effect anyways.

i agree with you. it really makes no sense and it wa s 3.6 trillion? printed. Thats a Fing joke! I heard thats more than doubleing our hard currency money supply. G D!

reply to post by Aeons



what sort of "snowball effect" are you talking about? a bad one? and for which currency? the "big" one or the one pegging? give a math example?

Originally posted by vonholland
reply to post by Aeons

 

what sort of "snowball effect" are you talking about? a bad one? and for which currency? the "big" one or the one pegging? give a math example?

Many countries peg their currency to the US dollar.

Essentially this means that a Canadian dollar is worth a ratio of the USD. Usually lower, occassionally equal too.

The standard the Canadian dollar is peg to is not gold. It is the USD.

Canada, and all countries doing the same ARE using the USD as their standard.

The main advantage to continuing to use a differing currency is to maintain the ability to create your own money, and track your own countries essential economic statistics. GND/GDP, balance of trade import/export, etc.

The fact still remains that when I use a loonie (Canadian dollar), I am using 85 cents (currently) USD.

There are a few top currencies used to peg the currencies in the rest of the World. The Yen. The USD.

We are already all using only a couple of global currencies. They merely have different artwork and faces on them.

To force the issue of creating a single global currency, all the top three currencies would need to do is merge their currencies.

You can already see a test case for this being run in Europe. And it is an EXCELLENT place to run it. You have all types of economic models, and economies (industrial, marine, agrarian....) but in fairly stable socieites.

[edit on 2009/3/25 by Aeons]

[edit on 2009/3/25 by Aeons]

well tim geithner just said he supports world currency.

reply to post by baseball101


I am inclined to feel a little bit impressed with Obama's position on this matter. I for one thought he would jump on the idea to move the agenda forward, but apparently they have other plans.

Interesting.

Eventually that is the goal, I don't understand what would keep him from doing it as soon as possibe. Maybe it's to lull us into a false sense of security, hmm seems about right.

More to come folks...

~Keeper

reply to post by baseball101

"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. So, you don't have to take my word for it.

LOL!!

When did Owebama become a comedian? He should of used this on Leno!

The dollar is strong right now..which won't last...the rest is ridiculous.

reply to post by David9176


Your very much correct friend. This is always what happens before the market becomes very much unstable and declines rapidly. Hyper inflation will be coming to us soon, this is just the calm before the storm.

~Keeper

reply to post by baseball101


im thinking the same thing, he has to say he doesnt support it, so later , when it happens he can say he had no choice

reply to post by sty



obama, is biggest lying flip-flopper to come along in awhile, just wait a week or two, he will be in favor of the world$.

He doesn't HAVE to agree to it.

His currency will be one of the major factors in the creation of it. His currency IS the global dollar.

Why agree to do something that has already been done?

Originally posted by Swatman
well tim geithner just said he supports world currency.

So....Tim Geithner is the POTUS now?


You have to treat Obama like every politician who ever existed before him.
Hold him to his word, if he fails you, call him on it.

Best we can do in a democracy.

and then he realized his teleprompter added and extra n't

HE'S a lier and a terrorist, he's,,,,,,he's a ARAB...


He is also a zionist muslim!

and a fascist socialist - fat skinny SOB...

Hey may not support a new global currency...he just supports destroying ours.

Thanks Owebama.

Originally posted by David9176
Hey may not support a new global currency...he just supports destroying ours.

Thanks Owebama.

OSAMA the terrists of money

extending unemployments to lazy peoples!