Tag Archives | Global Currency

France Wants New System Of Global Currencies

1-christine-lagarde_384 Are the days of each nation having its own currency numbered? France is calling for a global financial system based around “international currencies,” RTE News reports:

France, as current head of the Group of 20 countries, will help the transition to a global financial system based on ‘several international currencies’, French Economy Minister Christine Lagarde said today.

Lagarde, speaking ahead of a G20 finance ministers meeting in Paris on Friday and Saturday, said the world had to move on from the ‘non-monetary system’ it now has to one ‘based on several international currencies’.

Accordingly, France wants to see less need for countries, especially the emerging economies, to accumulate huge foreign reserves, she said.

At the same time, international capital flows should be better regulated and the role of the Special Drawing Rights issued by the International Monetary Fund should be reinforced by the inclusion of China’s yuan in the system.

China, whose booming economy now ranks second only to the US in size after overtaking Japan, has accumulated massive forex reserves of more than $2.5 trillion on the back of its sustained trade surpluses and foreign fund inflows.

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George Soros On The New World Order

George Soros, the Hungarian-American financier, is known as "the Man Who Broke the Bank of England" after he made a reported $1 billion betting against the British pound sterling in 1992. He's also a famously generous underwriter of liberal activist causes. In this FT video interview he discusses the imbalances of international currencies, in particular the fading utility of the American dollar as the world's default reserve currency. Whether or not he intentionally uses the loaded term "New World Order," or if it just slips out I'll let you decide...
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Sign O’ The Times: Gold Is Now An ATM Choice

goldThe price of gold has been setting new highs in recent days as pretty much every major currency around the world looks shaky. Gold dispensing ATMs may be a gimmick today, but one has to wonder if gold may not be making a comeback as the world’s favorite and most desired currency. Story via AFP/Yahoo News:

There’s no mistaking what’s in this vending machine. The well-heeled in the Gulf can now grab “gold to go” from a hotel lobby in the United Arab Emirates, when the need for a quick ingot strikes.

On Thursday, a day after its inauguration, the shiny machine attracted spectators of many different nationalities who gathered to watch whenever an enthusiast was struck with the urge to splurge on a bar of the precious metal.

Abu Dhabi’s Emirates Palace Hotel became the first place outside Germany to install “gold to go, the world’s first gold vending machine,” said a statement from Ex Oriente Lux AG, the German company behind the vending machine.

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IMF Chief Wants Global Currency

IMFThose on the lookout for signs of a one world government/new world order will be all over this, as reported by ABC News/AP:

Dominique Strauss-Kahn, the head of the International Monetary Fund, suggested Friday the organization might one day be called on to provide countries with a global reserve currency that would serve as an alternative to the U.S. dollar.

“That day has not yet come, but I think it is intellectually healthy to explore these kinds of ideas now,” he said in a speech on the future mandate of the 186-nation Washington-based lending organization.

Strauss-Kahn said such an asset could be similar to but distinctly different from the IMF’s special drawing rights, or SDRs, the accounting unit that countries use to hold funds within the IMF. It is based on a basket of major currencies.

He said having other alternatives to the dollar “would limit the extent to which the international monetary system as a whole depends on the policies and conditions of a single, albeit dominant, country.”

Strauss-Kahn, a former finance minister of France, said that during the recent global financial crisis, the dollar “played its role as a safe haven” asset, and the current international monetary system demonstrated resilience…

[continues at ABC News/AP]

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UN to Produce Bullion Coins as World Currency

Via Current:

The announcement by the United Nations this week that it will license the minting of silver and gold bullion coins bearing the UN logo may be the button that launches metal prices into orbit.

UNCoin

In its wide-ranging report this fall, the UN Conference on Trade and Development (UNCTAD) stated that the system of currencies and international banking practices within today’s economies were inadequate, and responsible for the present economic crisis. The report advocates that the present monetary system, wherein the dollar acts as the global reserve currency be re-examined “with urgency”.

The UNCTAD Report was the first time a major multinational institution had forwarded such a suggestion or measure, although a number of countries, including Russia and Brazil have supported replacing the dollar as the world’s reserve currency. China’s central bank chief Zhou Xiaochuan has mentioned that the dollar could become a basket of currencies instead.

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On CNBC, Strategist Says Dollar Will be ‘Utterly Destroyed’; We Are Moving Toward ‘New World Order’

Wow, this was on CNBC:
The dollar will get "utterly destroyed" and become "virtually worthless", said Damon Vickers, chief investment officer of Nine Points Capital Partners. "We don't have resources. Neither does a lot of Asia to be quite frank," Vickers said on CNBC's Asia Squawk Box. "Countries that have resources — the Brazils, the Canadas, Australia — their currencies are doing well." Vickers noted that their stock markets have done the best year-to-date. "They have stuff. They've got resources. They export real things. The United States exports 'promises' and 'pretty paper'," he added. Due to the huge wage disparities between the United States and emerging markets like China, Vickers said that may resolve itself in some type of a global currency crisis. "If the global currency crisis unfolds, then inevitably you get an alignment of a global world government. A new global currency and a new world order, so we may be moving towards that," he said. Vickers added that this is the time where investors should be making money when the trend is developing. "Oil looks higher, gold looks higher, currencies look weaker."
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