Obama and a global currency

[99'busa]

I have heard nothing about this till. One of the press guys had to ask him TWICE if he was wanting to do this. Then finally answering will an abrupt NO!!!

The mere fact that it is coming up sent chills down my spine.

[SAMBUSA]

"It's the end of the world as we know it"

[99'busa]

He meant it when he said it's a time for change. He is in a hurry too

[mike1180]

Going to the Euro was very good for the European union.
What would be your objection if it was to happen?

[99'busa]

Originally Posted by mike1180

Going to the Euro was very good for the European union.
What would be your objection if it was to happen?

stay tuned for that answer

[Bosshound]

Originally Posted by mike1180

Going to the Euro was very good for the European union.
What would be your objection if it was to happen?

Sure.......Let's get UNIVERSAL Healthcare why your at it......We all know How the US Government Manages things Well..........

Do You Want to Take a Number and Stand In Line Behind a Guy who Never Worked or Contributed a Thing to this Country

Yeah WE ARE ALL EQUAL

[SAMBUSA]

Originally Posted by mike1180

Going to the Euro was very good for the European union.
What would be your objection if it was to happen?

SRSLY?

[Revvv]

Originally Posted by 99'busa

stay tuned for that answer

That answer will revolve around religion and some very nasty politics.

I'm just gonna watch and see what happens with this thread.

I will say that we are an independant Nation though. Moving to an International currency would be suicide as far as I can see.

[ozz]

Originally Posted by mike1180

Going to the Euro was very good for the European union.
What would be your objection if it was to happen?

My objection to this global currency is that i will not surrender my liberty...if this system were to happen it would mean that a foreign body of individuals would then decied much of the direction we proceed as a nation in that politics and the economy go hand in hand, and with these decisions, we would be directly effected

[99'busa]

“USA Technologies (NASDAQ:USAT) announced 3 days ago it had been issued its 69th patent, relating to the ePort® product line which accepts both magnetic swipe cards and emerging RFID payment solutions.





USA Technologies has another 26 patents pending, bringing the total number of pending and issued patents to nearly 100, supporting the company’s leadership in designing cashless payment, telematics, and energy management technologies…





USA Technologies is a leader in the networking of wireless non-cash transactions, associated financial/network services and energy management. USA Technologies provides networked credit card and other non-cash systems in the vending, commercial laundry, hospitality and digital imaging industries. The Company has agreements with AT&T, Honeywell, Blackboard, MasterCard and others” (“USA Technologies Extends Leadership in Unattended Cashless Transactions and Networking Technology with Issuing of 69th Patent,” Business Wire).

[ozz]

Tim Guitner said today he is open to the idea of a global currency

[99'busa]

Of course once you have a global currency in place, you need a global authority to issue that currency and control inflation and taxation. And then for all likes and purposes you may as well have a global government. Whoever controls the currency controls the country. Mayor Amsched Rothchild, a prominent European banker who lived during the 1700s once said, "Permit me to issue and control the money of the nation and I care not who makes its laws".

[Dino]

A world currency - Pros and cons and can it become a reality

Posted 07:41 27 June 2008 by Forex Gump

A world currency - Pros and cons and can it become a reality | Forex Blog: Piponomics

In one of my previous articles on an economic and monetary union, we had discussed the possibility of the Eurodollar becoming a future world currency. Let’s explore this fanciful idea further and reason out the pros and cons of such a currency and what experts have really proposed.

To begin with a world currency and a local currency may be viewed as two opposite ends of the currency spectrum. The Euro may be seen as a currency that is somewhere in the middle as it was formed by uniting a number of local currencies.

The concept of pegging local currencies to the US dollar, the Euro, Pound Sterling or any other currency also indicates that these local currencies are in reality a shadow of their parent currencies. These currencies can virtually be replaced by the currency they are pegged to. Going by this line of argument, the world of currencies may actually be a much smaller place than it appears, making the leap towards a world currency a bit shorter.

In fact the US dollar and to some extent the Euro are representative of world currencies as nearly 65% of global central bank reserves are held in US dollars, while around 25% are in euros. Nearly 60% of international financial transactions are denominated in US dollars, making it a global medium of exchange. The emergence of the Euro since 1999 has given the US dollar tough competition. It has been estimated that since early 2007 the value of Euro notes in circulation has risen to over € 600 billion, making it the currency with highest value of cash in circulation in the world!

Economists have proposed several variants of a world currency like the Terra, digital gold currency backed by gold, the Eurodollar formed by the union of the Euro and the dollar, extension of SDRs or the IMF backed currency called Special Drawing Rights. The formation of any such currency would have to be backed by a supreme Central Bank.
The Terra is one such world currency that was proposed by the Belgian economist Bernard A. Lietaer. The Terra was to be based on a basket of 12 key commodities that could be considered essential for today’s world. These include, 30% gold, 2 kg grain, 200 g meat, 1 L wine, 3 kg steel, 200 g cotton wool, 200 g copper, 10 kWh of electricity and half an hour of labour. The Terra was expected to be a currency that would be free from inflation.


Benefits of a single world currency
A single world currency could bring with it substantial benefits such as:

Elimination of transaction costs related to trading currencies
Do away with the need of maintaining forex reserves
Do away with currency risk, benefiting foreign investors
Eliminate the chance of currency failure, which would make foreign investment decisions much easier in emerging economies
Such a currency would in one go eliminate the problem of current account deficits as there would be no need for foreign exchange
While, the benefits seem immense, such a currency could virtually do away with the need for forex trading!! But, forex traders can relax for now as the adoption of such a currency is not a likelihood in the near future due to the vast variations in global political and economic structures. Some of the key reasons that go against a single currency include:

Loss of national monetary policy – A single currency would imply a single interest rate. Thus, a region or nation experiencing economic depression will be unable to use the interest rate lever to boost the economy. Similarly a country with high inflation will be unable to independently raise interest rates to contain inflation. Moreover, Islamic countries, which form a large part of the geography, do not believe in interest rates!!
Political barriers – Political differences between nations make it extremely difficult for them to adopt a common currency. It can lead to a loss in political sovereignty as monetary interests would need to surpass political interests. This is unlikely to be acceptable to most of the nations and the idea of a single currency may be difficult to implement.

[Dino]

Originally Posted by ozz

My objection to this global currency is that i will not surrender my liberty...if this system were to happen it would mean that a foreign body of individuals would then decied much of the direction we proceed as a nation in that politics and the economy go hand in hand, and with these decisions, we would be directly effected

I am pretty much with you one this one. I also would not want to enter into a global currenct as a nation carrying as much debt as we currently do.

[Mr Bogus]

Originally Posted by 99'busa

I have heard nothing about this till. One of the press guys had to ask him TWICE if he was wanting to do this. Then finally answering will an abrupt NO!!!

The mere fact that it is coming up sent chills down my spine.

This was the agenda of the "stimulus" package.. Devalue the dollar to the point no one wants them.. (and it is going to work).. The demise of the USD is coming and faster than I thought it was actually... Obama is all for the unified currency idea... He is swinging the country towards a socialist agenda (even noted by the European union)..

The clowns that wanted change will soon be screaming as they realize just what they voted in... "We are all Socialist now" was a great cover that "Time" magazine put out...

[thepushercg]

i would guess the drug dealers will kinda get mad over this.they will have to go to the barter system. one world money means the gov will know how much is out there and who has it.
really this has been in the works for awhile, i would guess its coming very soon at the rate china/russia are hollering about it.

[Mr Bogus]

Originally Posted by thepushercg

i would guess the drug dealers will kinda get mad over this.they will have to go to the barter system. one world money means the gov will know how much is out there and who has it.
really this has been in the works for awhile, i would guess its coming very soon at the rate china/russia are hollering about it.

Obama still needs to get the guns out of the hands of the law abiding citizen first.. He also needs to finish silencing his critics on the air waves... (fairness doctrine)..

but the liberals will all say it is what is best for us all...

[coop65sr]

For all who are christians we already know what this means...but we also have faith in knowing the end of the story, and that we are on the winning side... all I can say is stay ready to go...

[Punisher]

Originally Posted by coop65sr

For all who are christians we already know what this means...but we also have faith in knowing the end of the story, and that we are on the winning side... all I can say is stay ready to go...

You are correct. If you read the Gospel, you can see everything that is going on in todays times....was already documented in the Bible.

[mike1180]

I sense a somewhat protectionist view toward this subject.
It is a HUGE and complex subject and baffles even the brightest of economists.

What if the universal currency was the US dollar? What if it the Chinese yuan?

Just a couple of points (my opinion only):

1. The people in charge of your (the US) currency today may not be able to do the best job. May be it would be an improvement?
When I add up ALL of the bailout money (so far, and what they are telling us) it is 12.9 trillion dollars, not the 700 billion everyone is talking about: check it out for yourself:

Who is getting the bank bailout money - CNNMoney.com

2. The US has sold off it's debt (what has been spent so far) and China is the largest buyer of that debt.
China has 1.89 trillion dollars of foreign reserves, mostly US dollars.
China is taking the first steps to have their currency become an "international currency"
Check it out for yourself:

domain-b.com : China moves to make yuan global currency

How far is it to the next step where that becomes the new global currency because that is the desired currency to hold, to trade and the one that there is the most of?

3. Do you think the US has control over it's currency now? If China sold those 2 trillion dollars, what would that do to the price of the dollar? And what about the other countries who own the US debt and the speculators that run the dollar up and down at whim to make their points on the movement.

4. The world has changed in the last 6 months. As Warren Buffett pointed out (Feb 28, 2007) in his widely-read annual letter to shareholders (pdf file, page 16),
"a big reason we can fund our budget and trade deficits is that the U.S. is still an incredibly wealthy country with lots of stock, bonds, real estate and companies to sell. And we got that way because of the hard work of generations that come before us."

Well the "lots of stock, bonds, real estate and companies to sell" are not Lots any more and that creates huge problems.



I don't relish any of the above being true but they are the some of the facts to me.
I for one deal in reality and not what I would like, or what should happen.
We have all been riding in this boat and there has not been a captain, and we find ourselves on some distant shore that we don't like and don't want to be there, so there are going to be some tough choices to get back to somewhere we do want to be.

Thanks for listening and as always JMO