The G20 moves the world a step closer to a global currency

[bigfootedfred]

The world is a step closer to a global currency, backed by a global central bank, running monetary policy for all humanity.

http://www.telegraph.co.uk/finance/c...-currency.html

A single clause in Point 19 of the communiqué issued by the G20 leaders amounts to revolution in the global financial order.
"We have agreed to support a general SDR allocation which will inject $250bn (£170bn) into the world economy and increase global liquidity," it said. SDRs are Special Drawing Rights, a synthetic paper currency issued by the International Monetary Fund that has lain dormant for half a century.



In effect, the G20 leaders have activated the IMF's power to create money and begin global "quantitative easing". In doing so, they are putting a de facto world currency into play. It is outside the control of any sovereign body. Conspiracy theorists will love it.
It has been a good summit for the IMF. Its fighting fund for crises is to be tripled overnight to $750bn. This is real money.

ominique Strauss-Kahn, the managing director, said in February that the world was "already in Depression" and risked a slide into social disorder and military conflict unless political leaders resorted to massive stimulus. He has not won everything he wanted. The spending plan was fudged. While Gordon Brown talked of $5 trillion in global stimulus by 2010, this is mostly made up of packages already under way.
But Mr Strauss-Kahn at least has resources fit for his own task. He will need them. The IMF is already bailing out Pakistan, Iceland, Latvia, Hungary, Ukraine, Belarus, Serbia, Bosnia and Romania. This week Mexico became the first G20 state to ask for help. It has secured a precautionary credit line of $47bn.
Gordon Brown said it took 15 years for the world to grasp the nettle after Great Crash in 1929. "This time I think people will agree that it has been different," he said.
President Barack Obama was less dramatic. "I think we did OK," he said. Bretton Woods in 1944 was a simpler affair. "Just Roosevelt and Churchill sitting in a room with a brandy, that's an easy negotiation, but that's not the world we live in."
There will be $250bn in trade finance to kick-start shipping after lenders cut back on Letters of Credit after September's heart attack in the banking system. Global trade volumes fell at annual rate of 41pc from November to January, according to Holland's CPB institute – the steepest peacetime fall on record.

i made a thread about this plan a while ago, wasnt sure if to post it there or start afresh, il leave it to the mods to decide if a merger is in order.


http://www.twcenter.net/forums/showthread.php?t=239393

[Atatürk]

Let's hope this isn't true.

[IrishHitman]

Let's hope this isn't true.

Even if it is, it won't last.

The US in particular wouldn't just hand its power away.

[Homeros]

Even if it is, it won't last.

The US in particular wouldn't just hand its power away.

If China dumbs their US $ reserves - the dollar would become worthless instantly

What US power are talking about? Everything is interconnected and eventually there will be a single currency, its just a matter of time.

[Erik]

Let's hope this isn't true.

It's from the telegraph, so don't worry.

What I'm wondering is: how on earth did they ever manage to get from "quantitative easing" to "world currency"?

[Homeros]

What I'm wondering is: how on earth did they ever manage to get from "quantitative easing" to "world currency"?

Its basically the same thing, the new 'world currency' will be used to bail out states instead of banks.

[bigfootedfred]

It's from the telegraph, so don't worry.

What I'm wondering is: how on earth did they ever manage to get from "quantitative easing" to "world currency"?

well George Soros and others who have been pushing it for a while see it as international creation of money using the Special drawing rights function of the IMF.
To be fair, they say it is a 'step closer' rather than 'we are here'

this was soros on the bbc recently
http://news.bbc.co.uk/1/hi/programme...ht/7981506.stm
He goes on about it from about 4.00 on the video. but is quite intersting as a whole interview.

As a general rule, anything thats good for soros, is bad for us.

[Erik]

well George Soros and others who have been pushing it for a while see it as international creation of money using the Special drawing rights function of the IMF.

Yes, international creation of dollars, euro's pounds, etc. etc.
Not some new "world currency".

To be fair, they say it is a 'step closer' rather than 'we are here'

In the same way that the Olympic Games are "a step closer" to a single world language.

[bigfootedfred]

Yes, international creation of dollars, euro's pounds, etc. etc.
Not some new "world currency".

Well no, but a step closer to what they have been pushing for.
They didnt get it, but its a 'step closer' in effect, which is what the article is talking about.

World currency
China also flexed its muscles at the London summit.

Before the summit, the world's biggest emerging economy had pushed for a radical idea of a global reserve currency to replace the dollar.



While that did not happen, what did was that the G20 nations agreed on essentially creating more money to help countries that need more aid.
That money comes from an additional $250bn of special drawing rights, the IMF's own currency, consisting of a basket of currencies including the US dollar, the yen and the euro.



IMF managing director Dominique Strauss Kahn noted that this was the first step to the IMF becoming a lender of last resort or, in effect, the world's central bank.

http://news.bbc.co.uk/1/hi/business/7981347.stm

[Homeros]

Yes, international creation of dollars, euro's pounds, etc. etc.
Not some new "world currency".



In the same way that the Olympic Games are "a step closer" to a single world language.

The IMF has been using a 'world currency' for a while, its called SDR http://www.imf.org/external/np/exr/facts/sdr.HTM the only thing that has been decided at the G20 is that they'll get a lot more of it.

[JP226]

If China dumbs their US $ reserves - the dollar would become worthless instantly

ummm, and what do you think would happen to china in the process?

[Homeros]

ummm, and what do you think would happen to china in the process?

They would lose all of their savings, but that's not the point I'm making.

[IrishHitman]

They would lose all of their savings, but that's not the point I'm making.

The point that you're making is that the US is powerless before China.
That is incorrect, as the Chinese have a distinct interest in keeping the US dollar afloat.

Interdependence is reality, but the US still holds the reserve key, and they can take it back anytime they wish.

[Scar Face]

The point that you're making is that the US is powerless before China.
That is incorrect, as the Chinese have a distinct interest in keeping the US dollar afloat.

The point he is making is that China will inevitably HAVE to get out of the U.S dollar, and hyper inflation will result.

[Martin N]

Not really surprising to be honest, we all knew a global currency would come out of this from the thread you posted other week, its a but since when does whatever the people want get listened to ?

Also i have a question for you all, a sincere question of course.

Do you all still believe the new world order to be just a conspiracy theory, or out and out fact ?

With a 1000 news results in google news all detailing the new world order, politicians all over the world hailing it, media and television talking about it, and still is it just a conspiracy theory ?

[Lunar4]

With a 1000 news results in google news all detailing the new world order, politicians all over the world hailing it, media and television talking about it, and still is it just a conspiracy theory ?

No. It's been true the whole time. The way these people work is that they slowly change the system until eventually they get what they want - a new world order

[Scar Face]

Keynesian economics is voodoo economics, and after these moron politicians blow the wealth of seven generations, they will finally admit their failure.

[shadyrome]

nothing wrong with global currency .... right?

[Martin N]

Course not, its just more power in the hands of bankers, and if you wanna know how bad that is, look at the federal reserve, there a shining example of democracy

[Homeros]

Course not, its just more power in the hands of bankers, and if you wanna know how bad that is, look at the federal reserve, there a shining example of democracy

It means less power for the national banks - in fact they'll cease to exist. Nowadays you'll have to pay a fee to change one currency to another.