World money heading towards consolidation?

[Zay]

http://www.ft.com/cms/s/7851925a-17a2-11de-8c9d-0000779fd2ac,Authorised=false.html?_i_location=htt p://www.ft.com/cms/s/0/7851925a-17a2-11de-8c9d-0000779fd2ac.html%3Fnclick_check%3D1&_i_referer=http://www.chrismartenson.com/blog/daily-digest-march-24/15474&nclick_check=1

China’s central bank on Monday proposed replacing the US dollar as the international reserve currency with a new global system controlled by the International Monetary Fund.

Read that. Read it and weep. Just a few months ago this would have been considered a conspiracy theory.

Anyways, tin foil hat off, it's just a proposal. I don't know how they would implement this at all without wrecking both the US's and China's economy. Maybe they don't care.
__________________________________________________ _________________________

Update: I'm no expert on these worldly matters, but it doesn't sound like this is heading towards a happy ending.

As you all know, the g20 has decided that big, bigger, and biggest government is going to save the world. (http://news.bbc.co.uk/2/hi/business/7979918.stm)
This reminds me of Naomi Klein's Shock Doctrine, where government, beneficiaries, and the media work together take advantage of crises for massive profit and power-grabbing.


the Group of 20 approved a one-time issuance of $250 billion in Special Drawing Rights, the synthetic currency of the fund, which will be parceled out to all its 185 members.

SDR: http://www.imf.org/external/np/exr/facts/sdr.htm


the g20 nations will create 250billion in sdr out of thin air:
http://www.chrismartenson.com/blog/g20-authorizes-global-printing-money-out-thin-air/16079

[driveby]

The end is here.

[lord]

You have to register to read more?!? fuck you

[postdiluvium]

Political posturing, maybe?

I don't know, China seems to have control of the oil fields in Africa. The one place receiving international attention would be Sudan. China being the main thing blocking the UN from doing anything about Sudan. Having a new US President of Kenyan ancestry might push China into showing they've got the balls to do what it takes to keep everything the way it has been. Just guessing.

[patton]

I HIGHLY doubt it'll actually happen.
I don't think the IMF would go for it.

And I'm not quite sure why China would want that anyways.

[Vargus]

That's hot.

[puzld]

Yes, the shit has hit the fan.

Another extremely disturbing event:

The (privately owned) Federal Reserve Bank has now started buying U.S. Treasury Bonds (http://www.google.com/hostednews/ap/article/ALeqM5h8KpyRBjeJw2gfbZZF3Kt4NfKeDAD970JNBO0).

This I believe is an unprecedented event. Our debt has historically been bought by foreign countries like Saudi Arabia (whose economy must be total shit now with oil prices so low) and China (whose economy will be shit since the U.S. economy is).

So they can't buy our debt. Now the Federal Reserve, which basically creates our money, is going to print more money and loan it to us at interest to pay the debt...

Fuck it, I can't even wrap my head around how all of this works.

Thank God we have our Saviour Obama.

:facepalm:

[Vargus]

http://hosted.ap.org/dynamic/stories/A/AS_CHINA_GLOBAL_CURRENCY?SITE=MTBIL&SECTION=TOP_STORIES&TEMPLATE=DEFAULT

Likewise, I'm not sure how the Fed would do this. The Fed is buying a real asset for a real amount of money (we don't know if it is going to print money or not). This is academically reasonable, since the Fed is a private entity and it pays with cash.

However, it gets a little insane when it comes time to cash out. Does the federal government pay the Fed back with the Fed's own money, or does some set amount of money plus interest just cease to exist at that point? But there is nothing in it for the Fed to print X money now and burn X+Y in the future, so that idea doesn't make sense.

As for China, how is that going to work? The only reason their economy is worth the ink that is printed on its reports is because it ties it currency directly to the US. If the IMF takes control (which it won't, mark my words) it pretty much kills China's economy because it is overrated now.

However, this is fearmongering anyway since Xioachaun is not the Prime Minister. That's like Benny Bernanke making some statement and the media prints "America says X." Some guy you have most likely never heard of said something insane today, and you shouldn't pay crazy people any attention.

[Star Wars Fan]

The US and other Western nations still have a majority of influence in the IMF so it can't be too much of a drastic change.

Can't the money basically be turned into something else, like whatever that global system is? Remember the dollar is a fiat currency.

[Dichromate]

http://www.ft.com/cms/s/7851925a-17a2-11de-8c9d-0000779fd2ac,Authorised=false.html?_i_location=htt p://www.ft.com/cms/s/0/7851925a-17a2-11de-8c9d-0000779fd2ac.html%3Fnclick_check%3D1&_i_referer=http://www.chrismartenson.com/blog/daily-digest-march-24/15474&nclick_check=1



Read that. Read it and weep. Just a few months ago this would have been considered a conspiracy theory.

Anyways, tin foil hat off, it's just a proposal. I don't know how they would implement this at all without wrecking both the US's and China's economy. Maybe they don't care.

I think it's more likely they're making it clear who has who by the balls.
Expect some sort of “new bretton woods” in the near future. The dominance over the IMF and the entire international currency system that the US has enjoyed since the end of World War 2 is certainly about to come to an end.

In the end China can deal with the consequences of an international financial catastrophe far better then most western nations anyway. As long as they have access to oil they can always revert to a certain level of central planning during a crisis period and impose martial law across the entire country.
Even if the US attempted to do similar things, the country is de-industrialized and the strategic petroleum reserve wouldn’t last long if it was used for anything other then supplying agriculture, some transportation, and the army.

[Dichromate]

I HIGHLY doubt it'll actually happen.
I don't think the IMF would go for it.


Since the east asian financial crisis China has been building one fucker of a treasure trove so that they won’t ever be in a position where they have to go to the IMF for help. China, Russia, and other such nations don’t want to go through ‘the system’ to do this. As far as they're concerned the IMF, World bank, ect are run by and for the benefit of the west. They want to get rid of the entire system and put in an entirely new one.

[Struwwelpeter]

Do you guys know of Jim Rogers? Just youtube his name and watch every video they have of him, and report back to this thread.

[Space Monkey]

Good posts Dichromate, I completely agree with everything you said.

I think the economic hegemony Western nations have been enjoying since the Bretton Woods conference is about to fade, the foreign corrency reserve the Chinese now hold is unparalleled in history.

However right now is still in China's interest to keep the dollar stable, as they hold huge reserves of it, switching to another currency as the article suggests would inevitably bring the value of the dollar down.

[Knight of Blackness]

It's not too bad. America has the tendency to fall flat on her face every decade or so. Not having to rely on the Dollar is a good thing for other countries banks.

[skyclaw441]

This is when I fucking leave the country. *packs bags and hitches on the flight to Japan*

[Vargus]

This is when I fucking leave the country. *packs bags and hitches on the flight to Japan*

If shit really did fuck up, I wouldn't leave this country for anything. Really though, we have lots of open space and plenty of game to eat, with a moderate climate. It's one of the best places to be as long as you are well-armed.

[Dichromate]

It's not too bad. America has the tendency to fall flat on her face every decade or so.

You really don't get it.

[ComradeAsh]

*switches to euro*

[Cir]

If shit really did fuck up, I wouldn't leave this country for anything. Really though, we have lots of open space and plenty of game to eat, with a moderate climate. It's one of the best places to be as long as you are well-armed.

Along with 250 million others?

Need my personal space, man.

[Space Monkey]

Along with 250 million others?

Need my personal space, man.

Actually ArgonPlasma is perfectly right, in case of a major catastrophe Americans would better off than Europeans and certainly in an extremely better situation than the Japanese.

You do have a lot of empty land and huge ammount of natural resources, fresh water and wild game, even if the entire urban population of the US were to relocate into the wild, there would still be enough space.

[Cir]

Actually ArgonPlasma is perfectly right, in case of a major catastrophe Americans would better off than Europeans and certainly in an extremely better situation than the Japanese.

You do have a lot of empty land and huge ammount of natural resources, fresh water and wild game, even if the entire urban population of the US were to relocate into the wild, there would still be enough space.

The continent of Australia is a lot like the US, we have big game (wild buffallo, boars, kangaroos, crocodiles and camels) and an assload of space to go around for only 21 million people. 2.8 people per square kilometer, to the US's 31/km square.

[Dichromate]

The continent of Australia is a lot like the US, we have big game (wild buffallo, boars, kangaroos, crocodiles and camels) and an assload of space to go around for only 21 million people. 2.8 people per square kilometer, to the US's 31/km square.

Yes we obviously have Kangaroos just about everywhere and up north crocs.
Yes there are boars and camels (yay for introduced species) in some areas.

But buffalo? where?

[Cir]

Yes we obviously have Kangaroos just about everywhere and up north crocs.
Yes there are boars and camels (yay for introduced species) in some areas.

But buffalo? where?

Queensland and northern territory, they were introduced for farming, but went feral (just like every animal introduced to Australia). There are a lot in Arnhem land where most white people aren't allowed to go, so they don't get hunted very much up there.

[Space Monkey]

Is there enough fresh water though? I know some parts of Australia suffer a lot from periods of drought.

[Cir]

Is there enough fresh water though? I know some parts of Australia suffer a lot from periods of drought.

They move to the desert and then complain about the drought. It's their own damn fault. Fresh water isn't hard to find in the tropics or in the lower regions. Even in the desert you can find enough to suit your needs. The people moaning about the drought only do so because they don't have enough water for their thousands of acres of water-guzzling crops.

[Knight of Blackness]

If shit meets Fan, I'll hide out on Zoklet.

[Vargus]

Along with 250 million others?

Need my personal space, man.

Are you kidding me? People today can barely tie their shoes, let alone survive more than a couple days without power.

You can keep Australia. Alot of good big game will do you without guns.

[Star Wars Fan]

If shit really did fuck up, I wouldn't leave this country for anything. Really though, we have lots of open space and plenty of game to eat, with a moderate climate. It's one of the best places to be as long as you are well-armed.

You live in mississippi (regarding the 'moderate climate' thing ;)). Try a chicago winter :p

OTOH the prevaling culture in Chicago (or the northern half of the Midwest in general) would probably be friendlier to me than in Mississippi;) :p

Actually ArgonPlasma is perfectly right, in case of a major catastrophe Americans would better off than Europeans and certainly in an extremely better situation than the Japanese.

Europeans have a better infrastructure regarding dependence on oil. They can use bus and trains and keep most of their stuff working. Compare that to America and its' suburban sprawl which would all be abandoned and the subsequent herds of refugees and the chaos that entails. Such a waste of resources in hindsight, right? People were warning about sprawl since the 1970s lol. Japan has limited sprawl, and a LOT of its' power is from nuclear energy, more than many European countries (excepting France). Japan might be able to stay intact and probably end up repeating history by taking over parts of China and Korea and all :p

even if the entire urban population of the US were to relocate into the wild, there would still be enough space.

I think the carrying capacity of the earth is already stressed. Then again those people may move into smaller towns and consume less, etc. eh.

[Vargus]

OTOH the prevaling culture in Chicago (or the northern half of the Midwest in general) would probably be friendlier to me than in Mississippi

Naa, just stay in the northern half and out of the really small, seedy towns and you'll do just fine. Course, if martial law gets declared I'm sure there are going to be plenty of white people that'll get spooked if they see a black fellow snooping around. :D

[Star Wars Fan]

Naa, just stay in the northern half and out of the really small, seedy towns and you'll do just fine. Course, if martial law gets declared I'm sure there are going to be plenty of white people that'll get spooked if they see a black fellow snooping around. :D

IIRC southern mississippis is where the "Black Belt" goes through, aka I'd be safe(er) than in the majority-european areas :D. Also I have family there, though that gets complicated ehh...,

Jackson is a pretty large city, so that's a fun place to go to as well :p. But there's also the factor/fact that there are more *weird* people in Chicago than in northern Mississippi (and arguably the culture is more accepting of all sorts of weird people). How many other channers do you know there, for example? Granted you're in a college town but it's easier to make friends in larger cities. Remember someone saying Memphis apparently sucks and someone saying they didn't make any new friends since they moved to the memphis area.

Also I didn't notice how close I was to you during my spring break in Tunica. After taking a good drive around the Memphis area, it's larger than I thought (The other times there wasn't much time spent in the area, but wow 0_o)

This is based off the information I received and my experiences so add moar.

Go to New Orleans....then again Global Warming means that may be flooded....

[Dichromate]

Are you kidding me? People today can barely tie their shoes, let alone survive more than a couple days without power.

You can keep Australia. Alot of good big game will do you without guns.

There are plenty of bolt action rifles and whatnot floating around, particularly in country areas. Not to mention shotguns.
Obviously world war one era technology isn't going to be so great for self defense, but there's no problem as far as animals are concerned.

[023]

We should create an international army and navy too.

Fucking chink.

[Chron John Silver]

Yeah, GO FED, lets just print off a bunch of money to save our problems, that worked for the Soviet Union in the nineties right??
:facepalm:

[freeRadical]

Yes, the shit has hit the fan.

Another extremely disturbing event:

The (privately owned) Federal Reserve Bank has now started buying U.S. Treasury Bonds (http://www.google.com/hostednews/ap/article/ALeqM5h8KpyRBjeJw2gfbZZF3Kt4NfKeDAD970JNBO0).

This I believe is an unprecedented event. Our debt has historically been bought by foreign countries like Saudi Arabia (whose economy must be total shit now with oil prices so low) and China (whose economy will be shit since the U.S. economy is).

No, the Fed has always bought and sold government securities on the open market. It's part of monetary policy. Furthermore, most of the natinoal debt is owned internally that is, by citizens, businesses, and even other government agencies. Only about 20% of the national debt is owned externally that is, by other countries. Also, Japan is our biggest by of debt just so you know.

So they can't buy our debt. Now the Federal Reserve, which basically creates our money, is going to print more money and loan it to us at interest to pay the debt...

I don't think you quite understand what you're talking about.

[freeRadical]

Yeah, GO FED, lets just print off a bunch of money to save our problems, that worked for the Soviet Union in the nineties right??
:facepalm:

Yeah, GO OBAMA, just throw a bunch of money at problems, that worked in the seventies right?

:facepalm:

[Code Of Silence]

All of you shut up. The U.S. dollar is still strong.

[Star Wars Fan]

We should create an international army and navy too.


good idea

[Dichromate]

Yeah, GO FED, lets just print off a bunch of money to save our problems, that worked for the Soviet Union in the nineties right??
:facepalm:

Don't you think the collapse of the Soviet Union might be a LITTLE more complex then that?
Generally fucked system (central planning), 1980s oil glut, the effects 'perestroika' on the economy, the nationalist movements in the SSR's that bubbled to the surface thanks to glasnost, the three way political tug-o-war between reformists, nationalists, and 'conservatives'...
I mean hell, the Soviet Union only existed for two years during the 90s.

[Zay]

All of you shut up. The U.S. dollar is still strong.

Prosperity is a shared illusion. If the world thinks the dollar is down, the dollar is down. After all, it's not based on supply and demand or anything rational and tangible.

[postdiluvium]

Prosperity is a shared illusion. If the world thinks the dollar is down, the dollar is down. After all, it's not based on supply and demand or anything rational and tangible.

Ever since the bubble busted, hasn't the dollar doubled its worth in comparison to the British pound?

[supperrfreek]

Ever since the bubble busted, hasn't the dollar doubled its worth in comparison to the British pound?

the government hasn't stopped printing dollars though. Inflation is on the rise. This would be a good reason for making a new world reserve currency - because the unofficial reserve currency (the dollar) might crash if they keep printing up dollars.

[postdiluvium]

the government hasn't stopped printing dollars though. Inflation is on the rise. This would be a good reason for making a new world reserve currency - because the unofficial reserve currency (the dollar) might crash if they keep printing up dollars.

Thats what I would have thought also. But can anyone really explain why the power of the US dollar has risen so much within the last year? Probably someone can, I'd just like to read or hear it.

[Dichromate]

Thats what I would have thought also. But can anyone really explain why the power of the US dollar has risen so much within the last year? Probably someone can, I'd just like to read or hear it.

Against the pound in particular it's probably because the UK is almost as broke as you guys are.
As for others currencies, goodness knows.
A few I've heard off the top of my head:

-US firms selling foreign assets and thus buying dollars with the proceeds of the sales. Supposedly that was what caused the big jump last year.

-US dollar being the ‘worlds reserve currency’ and thus a safer bet in troubled times. I think that’s kinda bullshit but it isn’t like bankers and whatnot have shown themselves to be competent lately.

-Foreign central banks propping it up.

-The Jews

[Knight of Blackness]

I know of china buying massive amounts of US Dollars and storing it away. It's supposed to be causing massive deflation if the US ever got into economical trouble. If a economic crisis comes along, a country stops printing money to combat deflation and keep inflation at a 0 to 1% a year. That's the best thing to do combined with playing with the interest rates. If China could bring in a couple of trillion US Dollars into circulation now, it would be like if the Federal Reserve never stopped printing. Economic Crisis + massive deflation = Germany late 20's anyone?

[WAN]

How do you replace a currency with a system?

[Knight of Blackness]

How do you replace a currency with a system?

You don't. But you can change what the currency you are holding stands for. Like in the old days this was gold. Today it's people's believes in a stable economy. The more people buy your currency, the more it's worth. Concequence is that your products become more expensive for people who have to exchange from a different currency.

If 1 currency is the global currency for paying eachother off and that currency suddenly drops massively in value, everyone's money is worth a lot less. This does two things:

1. If you have dollars, you're money can buy less abroad.
2. If you have a different currency, you can buy more in the USA.

However, paying out in dollars isn't helping the global economy one bit since a poor man can't make another man any richer. That's why people believe that we should change over to the Euro. That said, there is also the option to forget about one countries currency of dominating the whole global economy and replacing it with a standardized unit of currency. Much like the Euro is to european countries but then on a global scale. Also, this world coin wouldn't land in anyones pockets, it would just be banks, wiring over money in that format and then changing it to the national currency. That way inflation/deflation and descrepancy in two nations currencies has no effect on business for anyone nation. To put it simpler words, if one nations economy goes down, it doesn't drag otherones with it so easily.

[Valkoinen Kuolema]

Are you kidding me? People today can barely tie their shoes, let alone survive more than a couple days without power.

You can keep Australia. Alot of good big game will do you without guns.

*compares the amount of time Self Bows have been used for hunting VS the amount of time Firearms have been used for hunting*

We'll be fine, also, we have less niggers/spics!

[Vargus]

*compares the amount of time Self Bows have been used for hunting VS the amount of time Firearms have been used for hunting*


You have the skills to make bows and arrows? Do you have the skill to kill your prey before it mauls you to death?

We'll be fine, also, we have less niggers/spics!

lol. You do realize that you traded nigs and spics for abbos, right? You can have them.

[Star Wars Fan]

We'll be fine, also, we have less niggers/spics!

You're also more blatantly racist than the USA....which could be BAD for holding a nation together. ESPECIALLY with the Lebanese and South Asian immigrants, the Chinese, etc...

[Valkoinen Kuolema]

lol. You do realize that you traded nigs and spics for abbos, right? You can have them.

Yeah, but Abbos only make up about 2% of the population and one won't be controlling the country anytime soon.

You have the skills to make bows and arrows? Do you have the skill to kill your prey before it mauls you to death?

Thankfully, I do, I also hunt quite often with a Bow. Also, boars can't climb trees - humans can.

You're also more blatantly racist than the USA....which could be BAD for holding a nation together. ESPECIALLY with the Lebanese and South Asian immigrants, the Chinese, etc...

People naturally divide themselves by Race, whether they do it consciously or subconsciously, the fact is they do it. Multiculturalism doesn't work, people tend to relate and co-operate with those inside their own migrant groups as opposed to assimilating into society.

If I'm holding a nation together, that nation doesn't include non-western immigrants in the first place. The current government can go to hell for all I care, it needs to be replaced anyway.

[Some Old Drunk Guy]

I think the reason it doesn't work is because of the few people like you who say things that make minorities feel unwelcome.

[Valkoinen Kuolema]

I think the reason it doesn't work is because of the few people like you who say things that make minorities feel unwelcome.

Valk says they are not welcome.

[Zay]

Update:
the Group of 20 approved a one-time issuance of $250 billion in Special Drawing Rights, the synthetic currency of the fund, which will be parceled out to all its 185 members.

SDR: http://www.imf.org/external/np/exr/facts/sdr.htm


the g20 nations will create 250billion in sdr out of thin air:
http://www.chrismartenson.com/blog/g20-authorizes-global-printing-money-out-thin-air/16079

[Dichromate]

Update:

SDR: http://www.imf.org/external/np/exr/facts/sdr.htm


the g20 nations will create 250billion in sdr out of thin air:
http://www.chrismartenson.com/blog/g20-authorizes-global-printing-money-out-thin-air/16079

Oh sweet, maybe they aren't as stupid as we thought.

[Mel "fuck kikes" Gibson]

The end is upon us.

[abusername]

The end is here.

It sure is bro.

Seriously I've known about this shit for about 6 months, the world is ending in so many fucking ways you wouldn't even know it..

This is just one of the things that will bring the fall of the world..