G20
Out of context: Reply #67
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- bliznutty0
some history:
Official international reserves, the means of official international payments, formerly consisted only of gold, and occasionally silver. But under the Bretton Woods system, the US dollar functioned as a reserve currency, so it too became part of a nation's official international reserve assets. From 1944-1968, the US dollar was convertible into gold through the Federal Reserve System, but after 1968 only central banks could convert dollars into gold from official gold reserves, and after 1973 no individual or institution could convert US dollars into gold from official gold reserves. Since 1973, all major currencies have not been convertible into gold from official gold reserves. Individuals and institutions must now buy gold in private markets, just like other commodities. Even though US dollars and other currencies are no longer convertible into gold from official gold reserves, they still can function as official international reserves.for TheBlueone (regarding what is RESERVE $$):
"Currently it's the US dollar backed by the relative strength\domination of the US economy and the trust in the Fed to manage the dollar supply and interest rates"Do you not see a problem with that? First of all we are gambling with economic growth in which we expect exponential returns to maintain stability. Second how can we trust the fed when they deliberately manipulate markets through inflation, interest rates, irresponsible lending, and unaudited power? Central banks cause economic bubbles with excessive monetary liquidity. Then they bailout themselves and take huge profits at the expense of the taxpayer, as if inflation wasn't bad enough. The fact the Fed can take OUR money supply (economy) and inflate it just to pay dividends to the stockholders of failing private corporations is insane. The Fed does direct lending transactions of OUR money in secret (to external borrowers in many cases) - a criminal assault on our money supply.
For thousands of years gold & silver has been used as money. Today, society fools around with fiat paper, wall street, speculation, ponzi schemes, and the so-called economy (for which does not deserve the prefix 'eco')
There are NO good reasons for global currency.
The bad reasons are obvious - central banks maintain total power over governments mainly through lending. they are essentially dictatorial (totalitarian) - they create the system, manipulate economies with fraud and inflation, and they fail repeatedly. the same you wouldn't want a dictator to rule the world, neither a world currency. a move to world currency would cause major depressions globally, wipe out people's capital/investments, jobs, cause alot of suffering and riots, etc.. Take into account that money is SUPPOSED to be gold or silver and the U.S. Federal Reserve note ($1) is worth about .0047 silver dollars - not a very good exchange rate. Global currency is the ultimate end of sovereignty, prosperity, and free markets.Here read and educate yourself:
http://www.amazon.com/Creature-J…The situation isn't that complex. And the new world order is all the G20 seems to be screaming about.