New global reserve currency on the way?

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Tempest

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http://money.cnn.com/2011/02/10/markets/dollar/index.htm

Quote:
The International Monetary Fund issued a report Thursday on a possible replacement for the dollar as the world's reserve currency.

The IMF said Special Drawing Rights, or SDRs, could help stabilize the global financial system.

And:
Quote:
Dominique Strauss-Kahn, managing director of the IMF, acknowledged there are some "technical hurdles" involved with SDRs, but he believes they could help correct global imbalances and shore up the global financial system.

"Over time, there may also be a role for the SDR to contribute to a more stable international monetary system," he said.

The goal is to have a reserve asset for central banks that better reflects the global economy since the dollar is vulnerable to swings in the domestic economy and changes in U.S. policy.

Not good for the USA.
 
That doesn't really make sense. SDRs are a derivative of several different currencies' value.

It's not going to happen this way. If it happened it would be with another currency whose value is more stable than ours that everybody can agree upon.

Until the world economy gets straightened out again or we fall into a really bad depression it won't happen. And even then it probably won't.
 
I hope it won't happen, but the FED is printing money like crazy, driving up global food prices (not supposed to happen according buster's Mosler guy), and Europe is in a financial mess.

There is a big push by the globalists to have a currency "above it all" that can be run by the "experts" to "stabilize" the incompetent nation states. Where these self appointed experts are going to come from is a very interesting question.
 
Originally Posted By: Tempest
I hope it won't happen, but the FED is printing money like crazy, driving up global food prices (not supposed to happen according buster's Mosler guy), and Europe is in a financial mess.


Can you elaborate on how a simple "printing money" can drive up food price when fuel/labor/insurance cost based on "printed money" are mixed in with weather/disaster/biofuel/war/market manipulation?

Sure there's some adjustment but how do you determined that it is printing money -> drive up food cost and not just being a noise in the background?

Quote:
There is a big push by the globalists to have a currency "above it all" that can be run by the "experts" to "stabilize" the incompetent nation states. Where these self appointed experts are going to come from is a very interesting question.


It is not really going to happen, just look at Euro, nations try to force each other not to print money and how it back fire on individual nations when they are in a deficit.

It is more of a way to tell the US: we've had enough, stop printing $ or else.
 
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I think a lot of people have been watching this doom and gloom video about the end of times that's been going around on youtube for the past couple of years.

Quote:
It is more of a way to tell the US: we've had enough, stop printing $ or else.


Right. That's what I'm saying. It is an empty threat in itself, but it is meant to be a warning.
 
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Can you elaborate on how a simple "printing money" can drive up food price

http://www.ibtimes.com/articles/108687/20110203/food-inflation-qe2.htm
UN food price index is at record high by the way:
http://online.wsj.com/article/SB10001424052748703652104576121852134742690.html
The dollar is the world currency so if it becomes devalued, everything becomes more expensive.

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It is more of a way to tell the US: we've had enough, stop printing $ or else.

That I agree with, but if it doesn't affect their currency/purchasing power (as you argue in your first paragraph), why should they care?
 
Originally Posted By: Tempest
The dollar is the world currency so if it becomes devalued, everything becomes more expensive.


Mmm.... weather is more expensive too?

Quote:
That I agree with, but if it doesn't affect their currency/purchasing power (as you argue in your first paragraph), why should they care?


They got greedy and invest in our bond, or they try to peg their currency to us and hold a business advantage, or they start losing export to us if they didn't deflate their own currency (Australia, New Zealand, Canada, Japan all loses export when this happen).
 
I'm not too keen on "reserve" curencies, whether they are part of some NWO (although ultimately they will have the populaces screaming for them), or if it's the US $.

We've seen how protective a country can be of its "reserve" status, when countries have tried to open trade in certain commodities to all currencies.
 
we control the IMF. I wonder why suddenly we are suggesting this idea. It's maybe a red herring to see what the others will say.
 
We are a monetary sovereign nation.

Everyone is buying into deficit phobia and because of that, yes, we will suffer.

http://www.newdeal20.org/2011/02/11/defi...eir-hype-35655/

1. Government $deficit = non government $surplus (net financial assets)
2. Operationally, government spending is not inherently revenue constrained. Any such constraints are necessarily self-imposed.
3. In the banking system, the causation runs from loans to deposits, that is, ‘loans create deposits.’
4. The Fed is the monopoly supplier of net reserves to its banking system, and, therefore has no option but to set at least one interest rate.

‎"Money is created by government spending (or by bank loans, which create deposits). A government borrowing in its own currency need never default on its debts; paying them is simply a matter of adding the interest to the bank accounts of the bond holders. Public deficits increase financial private savings - as a
matter ...of accounting, dollar for dollar." ~ James K. Galbraith, The University of Texas at Austin
 
People are so quick to throw in the towel on the U.S. I understand that, but you can't say there are not solutions out there. It's a matter of educating our population. Being Greg Mankiw sells the #1 Economic textbook, there is little hope at this point we can convince people that the post-keynesians have some of the answers.

My views on where we are and what we should do:
 
Originally Posted By: greenaccord02
We're really drifting toward tinfoil hat-ism here and the thread started out grounded in reality...


Please. Pick up some books and actually read. Both academic and ahem, the book who's name I can not type here! I'd be happy to point you in the right direction. Or, you can stay ignorant and happy.

You're darn right international banks and corporations want one world currency and a one world bank. What's the next logical step?
 
Do a little reading on the Rothschilds and you may learn. Understand who controls the fed, bank of England, etc. Start putting pieces together. It is scary.

Now in terms of food getting more expensive - in terms of what? In terms of dollars? Trying to measure food or any other real item's value interns of a currency is not realistic. It's like measuring voltage, it's all about the reference state, beyond that anything is right or wrong. It needs to be baselined against something real, like how many kg of wheat can one buy for an ounce of gold?

Doesn't mean that food isn't getting more expensive, but that is a function of population and natural resources availability, not currency, which can always be baselined in real terms... Even if the currency isn't held to a standard.
 
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