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Is this for real? A globally controlled currency? I first saw this mentioned on a hyper right wing TV show and googled it. I will be the first to admit that I don't understand a lot of what is in the article.
I started a few threads and wrote several posts about this, especially in the October-January period, explaining briefly the reasons why it will happen.
However, the press has barely covered it, and I'm not surprised that you have to dig out an article in the UK Telegraph for an update.
In short, the aging and indebted populations of the countries of early industrialization (US, Europe, Japan, etc.) cannot expect the workers of China and other newly industrializing countries to subsidize their overblown lifestyles.
Now, how that relates to a single global currency, and the politics behind it, is difficult to explain in such a forum as this, but, in short, we are talking a global debt-for-equity swap (not to mention global migration of workers and retirees) and the international banksters are the brokers.
Among other things, there will one day be again basic manufacturing on US soil, but not after significant changes in demographics and lifestyle expectations.
How can our dollar remain the reserve currency if we keep printing more of it and devaluing it ?
"Our dollar"......"we keep printing".......
We, we, we. Me, me me. The US is somehow specially endowed to be the reserve culture and the primary currency of the world? Why?
Times change, everything changes, and the US is about to slapped aside the arbiter of international economy, political righteousness, and moral living.
WW2 is gone and its era is over. The 21st century is here and it does not belong to America. We had our time and now it has passed. Americans are going to have to learn the very hard lesson that our might and our dollar and our military forces do not--cannot--own the world forever.
We need to learn some humility. And we need to address our own problems now, rather than try to bend other cultures to our will. The US has ignored many festering domestic issues for far too long. The world will go its own way and we need to focus on ourselves. It's long overdue.
'The World' does not = doing what America thinks is right and good. Global currency might not be the evil you imagine.....except that it displaces *our* dollar as the basis of economics and something else takes its place.
Not being on top any more is a scary place to be? Relax, it's ok.
Not being on top any more is a scary place to be? Relax, it's ok.
That's right. In anticipation, I've already staked out a place in a so-called third world country, but by the time I retire it may not be necessary to claim it because I may be in one already in my own back yard.
We'll see how conditions and relative prices develop over the next 20-25 years or so. In a way, a single currency would contribute to price transparency, making the task that much less difficult.
We, we, we. Me, me me. The US is somehow specially endowed to be the reserve culture and the primary currency of the world? Why?
Times change, everything changes, and the US is about to slapped aside the arbiter of international economy, political righteousness, and moral living.
WW2 is gone and its era is over. The 21st century is here and it does not belong to America. We had our time and now it has passed. Americans are going to have to learn the very hard lesson that our might and our dollar and our military forces do not--cannot--own the world forever.
We need to learn some humility. And we need to address our own problems now, rather than try to bend other cultures to our will. The US has ignored many festering domestic issues for far too long. The world will go its own way and we need to focus on ourselves. It's long overdue.
'The World' does not = doing what America thinks is right and good. Global currency might not be the evil you imagine.....except that it displaces *our* dollar as the basis of economics and something else takes its place.
Not being on top any more is a scary place to be? Relax, it's ok.
more than humility, we need to be APPRECIATIVE of all that has been SACRIFICED in the past by americans to allow america to be considered a world leader. with all the world unrest right now (just look at north korea's nuclear bomb test, pakistan, and the taliban gains in afghanistan) and the united states military capability, maybe the united states is not as scary a place to be as some other countries.
i certainly don't think the time for america has passed, as the united states has huge agricultural abilities, huge natural gas reserves, and huge manufacturing capability. this may be a country temporarily on the wrong road, but the united states is certainly not out. some people want to blame the united states for the economic crisis of the world, but understand that it was japan who started the ZIRP economy and understand that england started the derivatives before the united states ever got involved in them. we have made mistakes but clearly so has every other country in the world. i will only agree that it is time for america to stop focusing on other countries and start focusing on its own manufacturing and agricultural capabilities.
I certainly don't think the time for America has passed ....
I think the issue is that the period of US exceptionalism is drawing to a close and that it is joining the mainstream of human history, which is certainly checkered.
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Originally Posted by floridasandy
start focusing on its own manufacturing and agricultural capabilities.
This should happen sooner or later. We could have avoided a lot of waste, and other bad consequences, if it had happened sooner, or, to put it another way, if the country had not thrown out the healthy baby with the dirty bath water of globalization.
On current policies, however, it will happen later and the demographics of the country will be changed such as to make the second half of the Twentieth Century, even the whole late 18th-20th Centuries period, a closed chapter in history.
A change in policy, or perhaps a new epoch-making breakthrough in energy technology, for example, is possible in the next ten years or so, but I would not, as they say, "bank" on it.
We may have our financial and military empire curtailed but it has been costing us more to maintain than it has yielded for the last 40 years (like the French Empire in Indochina and Algeria) so it is time to pay attention to our domestic problems and let it go.
I really don't think any currency or any world currency is about to come about.Its really a matter of trust in that currency which is why the dollars is so trusted especailly politically. As Obama turns to socialist progrmas it does lose some of its truast ans especailly with leagl matters in chryslers case. It all about confidence really and truat.
i am not so sure that our president does not want to establish a new world order. if you look at his request for funding for the IMF and then at the IMF's home page, where the agenda is clearly displayed, you might be surprised. i think it is interesting that americans are being insulted around the world and then asked to help fund this new world order.
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