Monday, March 23, 2009

YES! I agree with this, the US has for too long rules the world of paper money!!

China backs talks on dollar as reserve -Russian source

I like this idea - as the likes of the US & UK need to be told STOP PRINTING money and pay your debts!!

Posted by waitingfor hpc @ 09:30 AM (734 views)
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4 thoughts on “YES! I agree with this, the US has for too long rules the world of paper money!!

  • It’s an interesting concept.

    Any global currency has to have a clear reference point for value, and Gold on its own is too distant from everyday life (and too volatile in price) to work effectively.

    Such currency could be founded on a composite of core commodities, representing energy, food and construction.

    These might be: Oil, Gas and Ethanol; Corn, Rice and Pork; Steel, Concrete and Pine

    All of which could be precisely defined, and whose open market value would determine the value of the currency.

    One for the IMF I think – not a small group of disaffected nations.

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  • Look like a recipie for disaster; can and should we trust an unelected technocrats.

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  • stillthinking says:

    A bit clever of the Russian finance minister to suggest the new reserve currency would take 30 years to create. I would think that as soon as an alternative source was in place the move would be fairly rapid !
    There shouldn’t be any illusions that dumping the US dollar as a reserve currency will do anything other than collapse that currency. Perhaps the combined nations can slow down their offloading, but who will maintain the purchase price?

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  • @waitingfor hpc

    “the likes of the US & UK need to be told STOP PRINTING money and pay your debts!!”

    Too late!!

    Listen to the first minute and a half of:

    http://www.youtube.com/watch?v=2bLe9Sy4q8g

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