New Currency Proposed

http://www.foxnews.com/politics/first100days/2009/03/23/china-takes-aim-dollar-urges-new-global-currency/

What did I tell you!

Yeah, but whose going to listen to the Chinese anyway?

Besides this part of the article,Obama just said No to it.

Quote :

However, the technical and political hurdles to implementing China's recommendation are enormous, so even if backed by other nations, the proposal is unlikely to change the dollar's role in the short term. Central banks around the world hold more U.S. dollars and dollar securities than they do assets denominated in any other individual foreign currency. Such reserves can be used to stabilize the value of the central banks' domestic currencies.

Obama may not have a choice about it in the end. Still, we are coming to understand you really can't trust what Obama says anyway.

Take it for what it's worth (as I am certain some will) but tonight Dick Morris, former Clinton buddy turned Fox consultant, said Obama may be actually hoping these bailout efforts fail so he can nationalize the banks. Frankly if this turns out to be true and he squandered $trillions just to make it happen to give the appearance that "we tried everything possible before doing this" he ought to be tarred & feathered and run out of town on a pike like they maybe woulda done back in Lincoln's day!


I thought it funny that the Fox interviewer commented about the conspiracy like nature of such a comment and the first thing that came to my mind was Maxx's thread and the video clip about the monetary conspiracy.

Mirage wrote:

Obama may not have a choice about it in the end. Still, we are coming to understand you really can't trust what Obama says anyway.

"We"? Speak for yourself.

Quote :

Take it for what it's worth (as I am certain some will) but tonight Dick Morris, former Clinton buddy turned Fox consultant, said Obama may be actually hoping these bailout efforts fail so he can nationalize the banks. Frankly if this turns out to be true and he squandered $trillions just to make it happen to give the appearance that "we tried everything possible before doing this" he ought to be tarred & feathered and run out of town on a pike like they maybe woulda done back in Lincoln's day!

Dick Morris? ROTFLMAO!

Here's a few of his "predictions"......

Quote :

# Oct 28: Undecideds Should Break For McCain: "As Obama has oscillated, moving somewhat above or somewhat below 50 percent in all the October polls, his election likely hangs in the balance. If he falls short of 50 percent in these circumstances, a majority of the voters can be said to have rejected him. Likely a disproportionate number of the undecideds will vote for McCain."

# Oct 21: The Populism Divide: "Then came Obama’s conversation with Joe the Plumber, possibly the decisive moment in the election."

# Oct 14: The Nuts At ACORN Could Cause Obama’s Fall: "At the very least, the negative publicity ACORN will attract will paint Obama as a radical with questionable judgment. At the most, it might cause voters to wonder if he is not himself involved in electoral fraud."

# Sep 16: Candidate and Party: The Obama Deficit: "How odd that Obama, with a world-class personality and an incredibly charismatic speaking style, should be losing the mano-a-mano contest to McCain, who is 25 years older and a foot shorter. But McCain has opened up a decisive lead over Obama, actually using the Democrat’s articulateness against him."

http://www.huffingtonpost.com/mark-nickolas/worst-pundit-in-america-d_b_160212.html

Last but not least,and one of the all time favorites..........

Quote :

Katrina has the capacity to shape the second Bush term in the same way Sept. 11 shaped his first term — not only in rebuilding New Orleans but in taking preventative steps around the nation to bolster our defenses against natural and manmade disasters and terror strikes. Responding to disasters is a source of presidential strength and popularity, and Bush is about to show how it is done.

http://thehill.com/dick-morris/bush-will-rebound-from-katrina-missteps-2005-09-07.html

Quote :

Take it for what it's worth (as I am certain some will) but tonight Dick Morris, former Clinton buddy turned Fox consultant...

Ah yes, you watch Dick Morris the toe sucking clown on Fox Noise who predicted that Hillary was going to run against Condi.
Dick said:

Quote :

"Hillary Clinton does not want any other woman to take what she regards as her just place in history. Yet, ironically, it is Hillary's candidacy that makes Condi's necessary and, therefore, likely. The first woman nominated by the Democrats can only be defeated by the first woman nominated by the Republicans...."

There is nothing more amusing than Billo the Clown & Dick the Clown making bold predictions on Fox Noise.

"We"? Speak for yourself.

As they say the borrower is at the mercy of the lender. That "we."

In case you missed it today first our beloved Treasury secretary said this proposal bares looking into and how brilliant the guy is who proposed it. Then the dollar takes a plunge and the Obama administration then started backpedaling to talk up the dollar.

Meanwhile even the head of the EU is taking the proposal seriously, although some of our allies were quick to say he didn't speak for them.

So all said and done this story is getting curiouser and curiouser.

We can only speculate as to whether the Treasury Secretary was speaking independently, floating a trial balloon, or what was going on. The only thing we do know is it is time to take this possibility of the dollar being replaced as the reserve currency very seriously and consider what exactly that means.

Mirage wrote:

In case you missed it today first our beloved Treasury secretary said this proposal bares looking into and how brilliant the guy is who proposed it. Then the dollar takes a plunge and the Obama administration then started backpedaling to talk up the dollar.

Yeah, I guess I "missed it." Here's the last thing that I heard on the matter...

http://news.yahoo.com/s/afp/20090325/pl_afp/financeeconomyuschinaforexdollar_20090325152512

Quote :

US Treasury Secretary Timothy Geithner defended Wednesday the dollar as a key global reserve currency following China's call for a new global currency as an alternative to the greenback.

"I think the dollar remains the world's standard reserve currency, I think that's likely to continue for a long period of time," he said.

Do you have a link to your version of the day's events? If you do, then let's see it.

Thanks!

http://www.fxstreet.com/technical/market-view/forex-daily-overview/2009-03-25.html

http://www.cnbc.com/id/15840232?video=1073279119&play=1

Same video using a different linky

http://www.cnbc.com/id/15840232?play=1&video=1073279119

Mirage wrote:

http://www.fxstreet.com/technical/market-view/forex-daily-overview/2009-03-25.html

Quote :

USD downside was limited by additional comments from Treasury Secretary Geithner that the USD remains the world reserve currency and will likely remain so for a long time.

Quote :

http://www.cnbc.com/id/15840232?video=1073279119&play=1

Just a couple of talking heads speculating.

For the record, here is what actually happened yesterday...

http://www.cfr.org/publication/18936/geithner_signals_regulatory_shift.html?breadcrumb=%2Fregion%2F255%2Funited_states

Quote :

Asked about the future role of the U.S. dollar, following comments from China's central bank governor that the world needs a new international currency, Geithner said he interpreted the comments to be a call for expanded Special Drawing Rights--the currency substitute used by the IMF--adding that Washington "is actually quite open to that." Bloomberg reports that this comment roiled currency markets, sending the dollar tumbling for a short period. Later in the talk, however, Geithner reiterated his view that "the dollar remains the dominant reserve currency and is likely to remain that for a long period of time," prompting the dollar to surge, making up its earlier losses.

So what are "Special Drawing Rights" or SDRs?

Well, it's pretty technical. Here's a site that explains it pretty well, for those who are interested.

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

I'll just cite an excerpt, which clarifies that Geithner was not talking about a "new world currency."

Quote :

The SDR is neither a currency, nor a claim on the IMF. Rather, it is a potential claim on the freely usable currencies of IMF members. Holders of SDRs can obtain these currencies in exchange for their SDRs in two ways: first, through the arrangement of voluntary exchanges between members; and second, by the IMF designating members with strong external positions to purchase SDRs from members with weak external positions.

Now let's get to the claims from Mirage.

Mirage wrote:

In case you missed it today first our beloved Treasury secretary said this proposal bares looking into and how brilliant the guy is who proposed it. Then the dollar takes a plunge and the Obama administration then started backpedaling to talk up the dollar.

Geithner made all his comments during the same address. There was no after the fact "backpedaling" to "talk up the dollar."

Mirage wrote:

We can only speculate as to whether the Treasury Secretary was speaking independently, floating a trial balloon, or what was going on.

No, there is no need to speculate, because Geithner made it clear that he was talking about an expansion of "SDRs" by the IMF, not a new world currency, and then he followed up later in the same discussion with his comment that "I think the dollar remains the world's standard reserve currency, I think that's likely to continue for a long period of time."

Mirage wrote:

The only thing we do know is it is time to take this possibility of the dollar being replaced as the reserve currency very seriously and consider what exactly that means.

No, far from it. If you had watched President Obama's press conference the evening before, he stated that he saw no need for a new world currency. The Treasury Secretary confirmed that yesterday.

Well let's look at some other claims too http://www.msnbc.msn.com/id/29899529

Looks like y'all is wrong and this is a subtle move towards full scale socialism, not just socialism on social issues anymore but on the business community as well.

I don't know what's worse. The fact that the average citizen has had no say at all in the push towards replacing free markets for government control of business or that for the most part the people voting on our future and unilaterally making decisions on other issues seem to have less intelligence than the common moron based upon the results and goals of their efforts.