Uh Oh

[gregpet]

China is getting nervous about holding US dollars.

FYI--China wants to dump dollars, create new currency
Posted March 24th, 2009 by celticavenger

This just in: China thinks an IMF-based global currency is a better bet than our continually-inflated fun tickets.

China’s central bank on Monday proposed replacing the US dollar as the international reserve currency with a new global system controlled by the International Monetary Fund.

In an essay posted on the People’s Bank of China’s website, Zhou Xiaochuan, the central bank’s governor, said the goal would be to create a reserve currency “that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies”.

Taken from:

http://www.dailypaul.com/node/87278

[parsley]

Russia had a proposed loans-for oil deal back in October/08., where Russian companies would boorow 20 to 30 billion fro Beiju=ing and in retuen would export 2billion narrels of oil ove r the next 20 years.


Lot of dealing going on between these two. Don't know what's really been signed, either. But I won't be surprised when a barrel of oil is priced in yen. Pars

[wilagro]

At least we/they are not using money from Zimbabwe...the paper that it is printed on is more valuable than the currency value printed upon it.

[mbratrud]

What ever happened to the Amero?

[Hopperbin]

At least in Canada we can think this post funny hehe. Never even heard of Amero 30 minutes ago yet there is 1.5 hits on Utube

http://forums.canadiancontent.net/news/82512-amero-currency-video-gets-one.html

My guess is even the Mexicanos don't want anything to do with the Amero today much less us Canadians.

[tower]

I wonder if we are going to currencies based on resources. Oil, gold, labour pool, food, minerals...

[classicalliberal]

China likes to manage it's fixed exchange rate and it has helped keep interest rates in the US/Western world artificially lower because they want to artificially weaken their currency to continue their positive trade balance. It is interesting that they would want a world currency where they couldn't manipulate someone else's money markets and securities to keep their currency artificially lower.

[TOM4CWB]

IT IS OBVIOUSLY A BLUFF.

cHINA WINS... AS THE US GOES... SO GOES CHINA.

EVERY GOVERNMENT ON THE PLANET... INCREASES TAX REVENUES... WHEN INFLATION DEPRECIATES THEIR CURRENCY... ESPECIALLY ON CAPITAL GAINS.