Breaking news from China's ZGC Focus economics - Dollar is dead?

Breaking news from China's ZGC Focus economics correspondent Chen Hui

World leaders plan a bombshell declaration - to replace the US dollar with a new global currency, the IMF-backed SDR.

Within days, instead of dollar bills and pound coins, US and British shoppers may be paying for their purchases with SDR notes.

Here are what the experts like Bob Chapman are saying:

1) Look for the US stock market to hit about 10,000 points and then start a drop toward 6,600 points.

2) Look for gold to increase to between 2000 and 3,000 dollars an ounce.

3) There are 350 Billion Dollars of Loans ready to default as of January 2010.

So store food, store water, keep cash on hand and have gold and silver.




**EDIT TO ADD

an SDR is...

The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves. Its value is based on a basket of four key international currencies, and SDRs can be exchanged for freely usable currencies. With a general SDR allocation taking effect on August 28 and a special allocation on September 9, 2009, the amount of SDRs will increase from SDR 21.4 billion to SDR 204.1 billion (currently equivalent to about $317 billion).

www.imf.org...

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The new world order is full of eastern promise

vastly indebted and tripping along beside a vastly indebted US while the dollar’s days as a reserve currency begin to be numbered. Tripping along, meanwhile, as trappings are stripped away – UN, IMF, “special relationship” – and a new global architecture emerges.

www.heraldscotland.com...

IMF voting power to be altered

The head of the IMF has always been a European, while the president of the World Bank has always been an American. That is now bound to change. The G20 also agreed that the heads of the two institutions should be selected based on qualifications and not nationality.

www.nation.co.ke...

[edit on 26-9-2009 by warrenb]

I flagged this in the hopes of getting it on the front page where, hopefully, some ATS member who speaks Chinese can see it and verify whether the translation provided in the video is correct. I'm neither accepting it nor refusing to accept it at this time. I will say that every actual news article I've seen coming out of the G20 has said that China supports the SDR along with Russia and Brazil (?), but the rest of the G20 has stated that the dollar is the reserve currency now and for the foreseeable future and even China acknowledged that everything possible must be done to stabilize the dollar's value.

I thik its gunna get ugly come november, but im placing my bets on january* NWO in effect: (

reply to post by warrenb


Hey Warren, thanks for the post.

I know there are going to be a lot of debunkers on here soon saying that the video is fake.

Do we have any members who speak fluent Mandarin (I've taken some Chinese lesson's and I'm pretty sure it's Mandarin) that could confirm what the reporter is saying?

reply to post by warrenb


Would you like to explain what SDR (Special Drawing Rights) are?
And the use of them?

I think it would go far to help your thread if you include this in your main post.

Sorry, I'm not buying this.

A poxy little news show like this tried to contact the IMF chief for comment? Please, get a grip.

Also, you should note that Easter is months away, so I won't be finding a replacement currency being issued by my UK bank "within days"

It wouldn't shock me to find that this is the plan, but I'm highly suspicious of how a little group of people like this would be privy to such information before any major broadcaster.

I'm just not buying it at all.

Therefore, I'm calling HOAX!

reply to post by detachedindividual


Did you forget that Chinese media is state run?

2nd line...

We need to have this translated, I can tell you what is being depicted in the subtitles has been talked about in the political community though, and there are some agencies reporting on it. But there is also the possibility the subtitles have been done just to serve the author's agenda.

Here

Here

and Here

This is definitely being pressured by the Chinese whether they admit it or not, but mind you, this isn't a new global currency that is set to make the rest obsolete. It's a global reserve currency, which the US has been for quite awhile now. It is possible the SDR is implemented and all the currencies we have now will still remain in existence.


[edit on 26-9-2009 by threekings]

This may or may not be true (obviously). We should also keep in mind that this is Chinese National Television. Why do you think they'd be more honest than our MSM? Just something to keep in mind.

Then again, I may be buying my next pack of cigarettes in SDRs.... who knows?
Good luck.

Looks fake to me . Some joker putting english titles over some arbitrary news clip from china.

Originally posted by warrenb
Within days, instead of dollar bills and pound coins, US and British shoppers may be paying for their purchases with SDR notes.

1) It takes years to develop and coin a new common currency, especially one that can be used for several countries. Changeovers in the markets, fluctuating exchange rates and inflation are all big factors.

2) The British would definitely not give up the £. If they did, would it not be easier for them to start using Euro's? You know.. the massive steady currency in their common market?

3) This is "Pro China" rubbish from a Chinese News channel. How many times are things like this said all over the world? Especially in developing powers that are competing with the US.

4) The Dollar is fading out along with the US empire but its not going to happen overnight. Its also a pretty insane assumption to make that people in the US will be using IMF SDR notes instead of Dollar bills. Since when would the US mint print SDR notes? You do still have a federal treasury yes? If the dollar failed, you could print new dollars based on SDR currency.. isn't that what the IMF SDR is there for anyway??

The funniest thing is that people are jumping to conclusions when noone actually know exactly what is being said in the VID.

Finally.. If it was such an armageddon scenario for the US.. don't you think you would have heard it from somewhere other than Chinese propaganda.

I know a lot of people are going to jump down my neck for pointing this stuff out but all I have to say is.. If this happens over the next year, ill find the nearest hat to me and eat it.

The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves. Its value is based on a basket of four key international currencies, and SDRs can be exchanged for freely usable currencies. With a general SDR allocation taking effect on August 28 and a special allocation on September 9, 2009, the amount of SDRs will increase from SDR 21.4 billion to SDR 204.1 billion (currently equivalent to about $317 billion).

SDR - Factsheet from the IMF

Interesting fact that on September 9th the amount of SDRs increased by almost 1000%.





[edit on 26-9-2009 by lucentenigma]

Wouldn't they just use the Euro as the new international trading currnecy? It is already in place, it actually does have value, ulike the dollar, and all the mechanisms are already in place as an international currency to adjust for inflation and what not during the switchover. It would certianly make far more sense than introducing a whole new currency with no solid foothold in international markets.

I don't buy it either.

One interesting commenter on the video's page stated " this is fake. The chinese is talking about a local politicain visiting a town in China. It was released on March 31 and is an April Fools joke. I was freaking out when I first saw it though."

I think it is fake as well as there would be more news coverage of it and more people freaking out about it.

reply to post by DevilJin


I guess that sums it up right there then...

I would also like to add that the OP has it wrong in that this is being repeatedly mentioned as a replacement for the "Reserve Currency" just as the $ is now. This would not mean all nations converting their currency to the SDR.

Seriously, ten minutes after the thread is started and we have people jumping on to support the theory without any additional evidence or a basic understanding of what is being suggested by China?

Personally, I think it would be a smart move to replace the $ as the Reserve currency. The $ is a failed currency, built on a failed system (that doesn't mean that any other currency is any safer of course).

However, none of this means that any of us will be using another currency in our day-to-day living.

ATS

Would it be wise to max out my credit cards and just start buying everything I need?

with the coming collapse of the dollar, would any debt would be completely erased and lost ?

Sounds legitimate to me, I remember hearing claims like this that the dollar would have a false sense of rise and the stock markets would rise for a little while before a massive drop. And I remember those claims suggesting it happening around the end of October (around the 22nd).

Remember guys, China buys the greatest majority of our debt. And as lucentenigma said, Chinese media is state run. They have experts reporting the numbers, not some yahoo who spends $100 every two weeks for a nice haircut and wears snazzy designer suits who speaks out of his rear end.

At the same time, I don't see China becoming top dog in the world's economy. As we saw last year when everything began going to hell, the US being dragged down by hard times brings down other nations as well. There is a lot of rhetoric floating around suggesting China's influx on gold and silver poses a major threat. The issue they face is how easily they can accidentally flood the market for these precious metals and exacerbate the situation even more.

This is yet another important issue for us to follow.

S&F Warren, as always you have brought a very important issue to our attention.


-Sliadon

Fake, the first guy was talking about some home baked deserts and making some at home. Second guy talked about nothing about what video subtitle said.

Yes I speak fluent mandarin chinese.

[edit on 26-9-2009 by johnwayne]

Originally posted by SenorChili
ATS

Would it be wise to max out my credit cards and just start buying everything I need?

with the coming collapse of the dollar, would any debt would be completely erased and lost ?

NOOOO!!!!

I do not recommend this at all. It is very important to remember that although ATS does a great job at exposing stories before the MSM usually does, there is a lot of speculation that we are guilty of and if this story does not pan out you would be left with some serious debt that you should not have to carry the burden of.

Your debt more than likely would be assumed by some other nation and a system similar to collections would go into effect.

For example, starting last fall when the US economy went to hell, my student loans were being sold to banks what felt like every week. Just because I originally owed one bank my loan and they went under, just because the bank went under didn't mean my loan was forgiven. It just became owed to another bank.

An important thing to remember, just because your card says VISA or Mastercard, it is not issued by these companies. It is issued by whatever bank you get it through. The card is backed with permission from the credit card agencies. These agencies have contracts with banks world wide and I would speculate your card be taken somewhere else.

I do not know exactly what would happen but I can tell you that your idea should not be pursued. Use whatever money you can to buy essentials, but there is no need to risk getting yourself into a deep bind over speculation.


-Sliadon