'Don't take US dollar's place for granted'

'Don't take US dollar's place for granted'

www.news.com.au

WORLD Bank President Robert Zoellick has warned that the United States should not "take for granted" the US dollar's role as pre-eminent global reserve currency.

"The United States would be mistaken to take for granted the dollar's place as the world's predominant reserve currency, Mr Zoellick said, in excerpts of a speech to be delivered later today.

"Looking forward, there will increasingly be other options to the dollar," Mr Zoellick said in the address to be given at Washington's John's Hopkins University.

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well i think especially in recent times it is becoming more evident that the US dollar will be replaced with a possible global currency. a year ago when i first learned of the new world order and plans for global currency it seemed a bit far fetched, but times are moving very fast!! what are your thoughts?

www.news.com.au
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I'm betting on the Chinese Yuan.

It's going to be interesting to see what happens.

reply to post by dallas18


ongoing discussion:
www.abovetopsecret.com...

reply to post by warrenb


sorry mate my bad, every one go there

Originally posted by WyrdeOne
I'm betting on the Chinese Yuan.

It's going to be interesting to see what happens.

It won't be the yuan. It will be a "basket of currencies," or an abstract unit made up of the average weighted values of various world currencies like the dollar, the yuan, the euro, the pound, the Swiss franc, the Japanese Yen, and maybe a few others. In other words, a combination. To be managed and disbursed by the IMF and/ir World Bank.

The World Bank and IMF = the NWO, so we can hope that it does not occur.

What we can hope is that members of the UN will simply vote with their feet and refuse any new global currency issued by the IMF, World Bank or under the control of the UN (meaning the western powers).

I wish all currencies would self destruct, and gold and silver would once again be the only acceptable currencies. Precious metals cannot be centrally issued, controlled, nor easily counterfeited, they can't be deflated, inflated and tracking transactions becomes increasingly difficult for the scum.

When will people stop accepting things - go on strike - attack the governments - hang the scum?

China moves into reserve position

t will be four years before the IMF can undergo the "structural adjustment" it has preached to developing countries. But China knows better than everyone else that there is always a way around bureaucratic rules. If you cannot become a shareholder, then be a creditor. So when the IMF decided on July 1 to issue $150 billion in SDR bonds, the BRIC nations bought in, with Russia and Brazil purchasing $10 billion each, and China taking the lion's share, an additional $50 billion.

This is the first IMF-issued bond that is sensitive to the dollar. Beijing's purchase of IMF bonds represents a shift by openly reducing dollar assets. The BRICs' underwriting of this SDR bond issue is a clear step toward creating a global reserve currency. By buying one-third of the issue, China becomes a creditor of the IMF, and gets more say in the institution.

China has reasons for wanting leverage. The IMF is often charged with being the tool of US policy; China may be about to change the global financial architecture by financing the IMF into compliance on issues that irk Beijing. The IMF has continuously called on China to adjust its currency upward. The IMF's recent Article No 4 Consultation Report accuses China of undervaluing its currency and calls for the revaluation of the yuan. China refuses.

Chinese economists feel this crisis gives China room for further financial reform. Within this context, China's yuan will rise and become the international currency. At least that is what many in Beijing think; others are skeptical and feel the dollar can't be replaced in the short-term as the global reserve currency. They warn that promoting such an idea is detrimental to China's relations with the US. Nonetheless, China's economic leaders agree that the SDR should one day replace the dollar as global reserve currency, even though the debate over when this occurs continues.

China has given the developing world a new response profile. Rather than argue with the IMF policy, make the IMF your debtor. The IMF has little choice but to listen. At any rate, the United States and Europe cannot afford to purchase the IMF's new SDR-issued bonds. China can. Bretton Woods established the IMF as the world's bank of reserve. It looks like China is positioning to become the bank of reserve to the IMF.

www.atimes.com...