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Un Calls For A New Reserve Currency

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They really don't get it, do they?

Oh I think they "get it" alright.

The dollar’s role in international trade should be reduced by establishing a new currency to protect emerging markets from the “confidence game†of financial speculation, the United Nations said.

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The Chinese realise that any agreement like this would mean floating the currency, instant bad news for them both in terms of exports/jobs and effectively devaluing their rather substantial dollar holdings...

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the experiment has failed.

a unit of currency must be able to buy something guaranteed...a unit should provide something in exchange for constant value.

I wonder what that might be.

At the moment the value is based on how much tax a nation can raise. And if it cant raise any more tax without flattening its economy, what value the currency units?

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Could this just be a purely logistical issue related to where the UN headquarters are?

Or rather, are not.

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Meanwhile the S. Africans are using IMF handouts to buy gold. .

Well only a little bit of it:

The Reserve Bank added $2.2 billion to foreign-exchange reserves last month, while gold reserves, which make up 10 percent of gross reserves, increased by $48 million, the central bank said.

Is the IMF buffering loads of countries against speculative attack?

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Well only a little bit of it:

Is the IMF buffering loads of countries against speculative attack?

It looks like the IMF is targeting funds at the countries most likely to suffer social unrest and so supporting the status quo. If it were on the basis of need we should be getting a handout rather than contributing.

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The Chinese realise that any agreement like this would mean floating the currency, instant bad news for them both in terms of exports/jobs and effectively devaluing their rather substantial dollar holdings...

I think this is sneaky little ploy.

while the dollar has some semblance of tangible value,the chinese are going to buy up tracts of resource-rich countries...obviously with an appetiser of military "protection".

then,once they have enough goodies to quench the thirst of thir rapidly expanding consumer class,they will pull the plug and leave the US in isolation with toilet paper for currency.

could equally well apply to us,that's why we have this tug of war between the US and EU for our allegiance.

it will be the EU that will act as counterweight to china,but if we go in with them,we are going to be their bitch.

The US is still going to be a world power,but with nowhere near the clout it has at present.They certainly won't be in a position to dictate terms to other countries as they are now.

I suppose you could say they will be relegated to mid-table mediocrity,much like we were after WW2 and uncle sam started calling the shots.

frankfurt and shanghai will be the new bullies on the block.

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Guest Parry aka GOD
The Chinese realise that any agreement like this would mean floating the currency, instant bad news for them both in terms of exports/jobs and effectively devaluing their rather substantial dollar holdings...

They'd have to open up the books.

Realisation would shortly dawn that ROC have been QE'ing for a couple of decades.

State Owned Enterprise over producing stuff no one wants on the orders of the state . . . goes bust . . . state owned banks ordered to bail out said state owned enterprise . . . state owned enterprise over produces more useless stuff . . . rinse and repeat.

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They'd have to open up the books.

Realisation would shortly dawn that ROC have been QE'ing for a couple of decades.

State Owned Enterprise over producing stuff no one wants on the orders of the state . . . goes bust . . . state owned banks ordered to bail out said state owned enterprise . . . state owned enterprise over produces more useless stuff . . . rinse and repeat.

Good point, I'd not thought of that.

Can't you fix all this oh wise and generous divine being?

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Guest Parry aka GOD
Good point, I'd not thought of that.

Can't you fix all this oh wise and generous divine being?

The time machine is on order, but a few of the parts suppliers have gone bust. Puts the delivery date back to 1st April 1996.

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