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  #1  
Old 03-30-2009, 07:28 AM
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Bernard Bernard is offline
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Post Russia suggests partial Gold Standard for One World Currency at G20

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Russia has become the first major country to call for a partial restoration of the Gold Standard to uphold discipline in the world financial system.

Arkady Dvorkevich, the Kremlin's chief economic adviser, said Russia would favour the inclusion of gold bullion in the basket-weighting of a new world currency based on Special Drawing Rights issued by the International Monetary Fund.

Chinese and Russian leaders both plan to open debate on an SDR-based reserve currency as an alternative to the US dollar at the G20 summit in London this week, although the world may not yet be ready for such a radical proposal.
...
Russia backs return to Gold Standard to solve financial crisis

I'm not sure what a "partial gold standard" really means. It sounds like it would still be open to manipulation/inflation by central banks.

I've been following the drumbeats for a one world currency since last October.
 
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Old 03-30-2009, 07:57 AM
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That will never happen here in the USA. Having a gold standard would take the power to print money when they wanted away from the federal reserve bank. Simply put, that means that the fed could no longer print money when they wanted to.

The gold standard is a wonderful concept, but the big banks have too much to lose. After all, the gold standard is what made the US economy strong for over 150 years. It was after we moved off the gold standard did inflation and depressions start to become a problem.
 
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Old 03-30-2009, 09:25 AM
mr_jups mr_jups is offline
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I think it is a great idea to have a common world currency like common Euro
 
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Old 03-30-2009, 09:30 AM
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Quote:
Originally Posted by mr_jups View Post
I think it is a great idea to have a common world currency like common Euro
A common fiat currency (or basket of same) is a terrible idea. It wrests tremendous power away from any sovereign nation.

A common hard currency that is not open to manipulation or theft (in the form of inflation taxes) is a great idea.
 
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Old 03-30-2009, 12:26 PM
Franc Tireur Franc Tireur is offline
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Too much manipulations with printed money, banks, credits and stock market.

Where are the bills representing equivalent in gold and silver?
 
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  #6  
Old 03-30-2009, 07:43 PM
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Quote:
Originally Posted by ~kev~ View Post
That will never happen here in the USA. Having a gold standard would take the power to print money when they wanted away from the federal reserve bank. Simply put, that means that the fed could no longer print money when they wanted to.
So, what would the US do if the other 95% of us decided to go this way?
 
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Old 03-31-2009, 04:37 AM
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Quote:
Originally Posted by Zap View Post
So, what would the US do if the other 95% of us decided to go this way?
If the rest of the world abandons the dollar as the reserve currency, they will be dumping their dollar holdings. Depending upon how fast they do this, it will flood our economy with money - creating huge inflationary pressures. Conceivably, it could cause the dollar to crash.
 
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Old 03-31-2009, 11:36 PM
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Changes are coming forth to the world. I think Russia and China together can create a great power in counter to america. Bipolar world is to be restored. The more sop because the SCO(Shanghai Cooperation Organization) has already been created.
 
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Old 04-02-2009, 12:27 PM
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Quote:
Originally Posted by Zap View Post
So, what would the US do if the other 95% of us decided to go this way?
The USA is a leader, not a follower. There is no reason why we should even worry about such a thing.

The USA is the bread basket of the world. If you want food, use our currency. Either that or starve.

The USA is one of the largest supplies of military weapons in the world. If your army wants guns, use our currency. If not, dont cry when your country gets invaded.
 
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Old 04-03-2009, 02:09 PM
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Well, it's practically a done deal now.

Quote:
A single clause in Point 19 of the communiqué issued by the G20 leaders amounts to revolution in the global financial order.

"We have agreed to support a general SDR allocation which will inject $250bn (£170bn) into the world economy and increase global liquidity," it said. SDRs are Special Drawing Rights, a synthetic paper currency issued by the International Monetary Fund that has lain dormant for half a century.

In effect, the G20 leaders have activated the IMF's power to create money and begin global "quantitative easing". In doing so, they are putting a de facto world currency into play. It is outside the control of any sovereign body. Conspiracy theorists will love it.
...
There is now a world currency in waiting. In time, SDRs are likely evolve into a parking place for the foreign holdings of central banks, led by the People's Bank of China. Beijing's moves this week to offer $95bn in yuan currency swaps to developing economies show how fast China aims to break dollar dependence.

French President Nicolas Sarkozy said the summit had achieved more than he ever thought possible, and praised Gordon Brown for pursuing the collective interest as host rather than defending "Anglo-Saxon" interests. This has a double-edged ring, for it suggests that Mr Brown may have traded pockets of the British financial industry to satisfy Franco-German demands. The creation of a Financial Stability Board looks like the first step towards a global financial regulator. The devil is in the details.
...
The G20 moves the world a step closer to a global currency

Full text of G20 agreement: Global plan for recovery and reform (02/04/2009)

China's analysis on using SDRs for a global reserve currency: Zhou Xiaochuan: Reform the IMF (I linked to page 2 which explains the Fourth Amendment mentioned in the G20 document on point 19)

Gordon Brown announces New World Bank Program and New World Order in closing the G20 summit (YouTube)
 
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  #11  
Old 04-04-2009, 07:22 AM
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Quote:
Originally Posted by ~kev~ View Post
The USA is a leader, not a follower. There is no reason why we should even worry about such a thing.
The US produces very little of what it uses. If you want to buy the things you continue to buy (electronics, oil, food, for starters) then you'll have to play ball. Most of what you use today is manufactured and/or put together elsewhere. Do you really believe that the US is powerful enough to dictate terms to the rest of us? There are 6 billion of us and 350 million of you. That's one reason you "should worry about such a thing". If we're all using gold as a measurement for currency, we will measure all currencies against it, including yours, whether you agree or not and we'll do it because we can.

Quote:
Originally Posted by ~kev~ View Post
The USA is the bread basket of the world. If you want food, use our currency. Either that or starve.
There are plenty of other places to buy food from. Have a real good look at your local grocery store next time you're there. Pay special attention to your natural products (fruits, veggies). My poultry and beef is all local to me and most of my fruits and vegetables as well. Much of the rest of the fruits and veggies that aren't grown here, aren't grown in the US either. They come from South of you.

Quote:
Originally Posted by ~kev~ View Post
The USA is one of the largest supplies of military weapons in the world. If your army wants guns, use our currency. If not, dont cry when your country gets invaded.
It never ceases to amaze me, how quickly "the military" comes into play when I see someone from the US puffing up their chest. How many times in your recent history have you seen one of your military "solutions" work? And how many more failures will be needed in order for the guys with the really big chests to realize that there are better ways to solve problems? And, again, you're totally ignoring body counts. Even with all your hardware, it's going to be impossible for 350,000,000 to resist 6,000,000,000. If you want to go head to head, you'll lose, so you'll have to cooperate. See?

Case in point: China just bought into the new currency on day one, to the tune of $95 billion. Can you name a country that just bought up $95 billion US dollars?

Last edited by Zap; 04-04-2009 at 07:29 AM.
 
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  #12  
Old 04-04-2009, 08:16 AM
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Quote:
Originally Posted by ~kev~ View Post
TThe gold standard is a wonderful concept, but the big banks have too much to lose. After all, the gold standard is what made the US economy strong for over 150 years. It was after we moved off the gold standard did inflation and depressions start to become a problem.
Mmmmmhmmmm... maybe you should brush up on your history. There was plenty of inflation and lots of recessions when we were on the gold standard. The Great Depression took place when EVERYONE was on the gold standard.

1971: USA drops gold standard
1960: Recession of 1960-1
1957: Recession of 1957
1953: Recession of 1953
1929: Great Depression
1918: Post-World War I recession
1907: Panic of 1907
1893: Panic of 1893
1873: Long Depression 1873–1896
1873: Panic of 1873
1857: Panic of 1857
1837: Panic of 1837
1819: Panic of 1819
1807: Depression of 1807
1797: Panic of 1797
1792: USA adopts a bimetallic standard.
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  #13  
Old 04-04-2009, 11:31 AM
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Fractional reserve banking, gold standard, central bank - 3 separate concepts that can be mixed or matched. Here's an interesting discussion on the subject I had with a pretty sharp cookie:

http://tinyurl.com/db8rbr
 
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