G20
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- lowimpakt0
"The G20 moves the world a step closer to a global currency"
but it doesn't explain how many step it'll actually take... e.g the UK still haven't signed up to the Euro
- raf0
You're saying it as if a global currency would be a good thing.
- lowimpakt0
hey raf - i'm not qualified to say whether a global cuurency is a good thing or a bad thing but I can't see it happening - at the moment it seems pie in the sky to me.
if you can explain why it's good or bad I'd like to hear.
- TheBIueOne0
It's not a global currency, it's a global RESERVE currency. It's like you somehow think that all the worlds money will disappear and every one will have to carry Amero's or whatever weird conspiracy koolaid drinking shit you think they'd be called. We have had a reserve currency for centuries, perhaps millenia depending on how you interpret it. 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. The Euro is the second most held currency after the dollar.
The talk at the G20,spurred by China (which has lots to lose if the dollar goes south) was the idea of setting up an independent reserve currency backed by seom sort of central bank somewhere. Sounds interesting, but there's no way it's going to happen. A) the US will fight tooth and nail to keep the dollar the reserve currency instrument, B) You think you can get all the nations of the world to suddenly trust in some sort of invented reserve currency? Yeah, good luck with that.
Furthermore, while currently the US dollar dominates as the reserve currency, in the past it's usually a constellation of currencies that handle that function...ex. It was the Pound Sterling & the francs and marcs were also considered reserve currencies prior to WW1.
Here read and educate yourself...
http://network.nationalpost.com/…The situation is complex enough, with intrigue aplenty, without adding all this comic book "New World Order" nonsense into it...
- http://vozme.com/tex…maxcohen
- all currencies are an invention, a figment of the imagination. Money itself was invented to fix the limitations of the barter systemAmicus
- maxcohen0
- Here troll, go play in your little thread..
http://www.qbn.com/t…TheBIueOne
- Here troll, go play in your little thread..
- 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.
- ETM0
My cat's breath smells like cat food.
- bliznutty0
Solution:
Repeal legal tender laws and end taxes on all gold and silver transactions. This would break the government monopoly in money. People would have a choice. The money of the Constitution, "No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts" Article 1 Section 10 or government money.
- TheBlueOne0
A) There isn't enough gold or silver in the world to today to back current economic valuations. The trip to fiat currencies is a one way trip in a global economy, and we passed that line quite a while ago.
B) "There are NO good reasons for global currency."
Again...it's a RESERVE CURRENCY...you know when Rome was in power, roman coins were the reserve currency in the Western World. DO you not get it? Whatever country is dominant, that countries currency tends to be hoarded. EG. In roman times, even though ALL coins were in gold, you could only pay roman debts with coins stamped with the roman seal when you dealt with rome. ditto for europe during the middle ages...wwhere do you think "coin of the realm" came from?There will ALWAYS be currency manipulation, always has been, even when there was a gold standard.
As for thinking that somehow a gold backed currency couldn't produce asset bubbles? Your kidding right? And beside, sure gold backed currencies had a fixed valuation, but they were a finite source of wealth. economic growth and all the wonders of a capitalist society don't work without fiat currency.
You people watch too much Zeitgeist shit on the internet I swear.
- TheBlueOne0
Look, I'm not trying to defend the current system or saying that all is peachy fucking rainbows with the currents system of having currencies pegged to the US dollar in a fiat system. It sucks and needs reform..but all this Libertarian fantasy crap about gold backed money is just comic book stuff.
- bliznutty0
TheBlueOne, where are you getting your facts? You made me laugh there. You're misunderstanding point A) ha-fuckin-ha!
A.) Don't be silly.. you're doing it wrong. Of course there is enough gold, the value of gold is a measurement. if for any reason the supply of gold isn't in relation to the supply of goods and services then you just change how much you use in a transaction? what an ounce of gold gets you, now a 3/4 ounce will. get it?
B.) Ironic you mention the Roman Empire. It lasted nearly 800 years and became as powerful as it did because of its strict laws against debasing the currency. The 'bezant' became universal currency and was accepted by neighboring nations because of its true weight in gold. Eventually, due to war and political corruption the Empire started debasing its currency (clipping coins, plating, reducing, diluting). This caused heavy inflation, higer prices, speculation, dishonesty. They then started controlling prices on all goods and services and the economy never recovered. There went the empire.
Fiat money was historically created by governments for funding wars (not economic growth and all the wonders of capitalism) When the war is over the domestic currency is always fucked due to inflation - this is historical fact. Fiat paper money was first heavily experimented in modern civilization in the NE colonies before the constitution and revolution. It failed because it was fraudulent, legal tender laws were put in place to force the colonists to accept the worthless paper. and instead lead to massive inflation, high prices, dishonesty, and disparity.. This didn't happen once - America suffered from inflation/depression several times before the constition was drafted and specifically stated gold and silver was the backing of money. George Mason said "Paper money is founded upon fraud and knavery.". The same banking and corporate political influence existed then as it does today. Respect our constitution.
..
Your anti-Internet(Zeitgeist) rhetoric is shallow (and funny). Central banks have been exposed for hundreds of years. What exactly is Libertarian fantasy crap anyway?!?- You're a fruitcake.TheBIueOne
- ..I say that with the utmost respectTheBlueOne
- lowimpakt0
we don't need a history lesson on currency reserves.
people have concerns on the governance of special drawing rights and that's understandable.
some people agree, some people disagree but that's life.
- TheBIueOne0
"America suffered from inflation/depression several times before the constition was drafted and specifically stated gold and silver was the backing of money."
America suffered inflation depression several times after the constitution was drafted and before the 20th century. Stop cherry picking your facts to back your weirdo notion of financial history.
"The 'bezant' became universal currency and was accepted by neighboring nations because of its true weight in gold."
You have it backwards, Rome didn't fall because it debased it's currency and it became corrupt because of it. It became corrupt than debased it's currency. And others accepted Roman currency because they were the biggest market at the time, not because it was gold.
Money is a concept and there is no reason why Gold should be the measure of value than anything else. But go on and believe this fairy tale of yours all you like, cause as for a return to a gold standard... it'll never ever happen.And here - Zeitgeist is fruitcake history for moonbats and wingnuts,just enough facts and then whammo weirdass conspiracy theory.
- you are debased, full of shit and corrupt.
http://www.telegraph…bliznutty - all American inflation/depression was caused by the same shit - central banks/fiat $$bliznutty
- you are debased, full of shit and corrupt.
- ********0
Charming...
http://news.bbc.co.uk/1/hi/engla…
- Khurram0
that dude was an accident waiting to happen
- walking slowly is clearly illegalribit
- i mean the heart attack. Getting pushed, and having a heart attack. Let that be a warning to all of youKhurram
- Look after your hearts. Reduce your dietary salt intake. Eat less saturated fats, quit smokingKhurram
- reduce your alcholic intake. And engage in 30 minutes of vigorous exercise 3-5 times a weekKhurram
- Unless of course your problem is congenital, in which case, i would avoid crowds and noisey places altogether.Khurram
- And check your bloodwork every couple pf years after turning thirty...hdl, ldl, triglycerides, etc.TheBlueOne
- hdl, ldl, triglycerides.. Do I want lots of them, or not much?ribit
- byname0
Khurram you are mad or what? That normal police behavior for you? They fuc***g police should make us feel safe, don't kill us! That is the main reason why we pay his salary from us taxes!
- I'm not really worried about the money. Its safety I'm worried about. Told my MP that too.ribit
- here: http://www.theyworkf…ribit
- ********0
i like alcholic stuff though.
- ********0
I hope some protestor smashes me in the head as I walk to work about 1000 feet from that perimiter, so I can sue the City of Pittsburgh and never work again. Like "HIT ME, HIT ME, HIT ME!"
- bliznutty0
I hope it blows up in their face like the Battle in Seattle '99