Tuesday, March 24, 2009

A global single currency?

The United States has announced a plan to buy up to $1 trillion worth of toxic assets to help repair banks' balance sheets. And Gordon Brown is busy persuading his EU partners that he really is saving the world by burdening the United Kingdom with the worst public sector deficit in British peacetime history: the Chancellor's forecasts show debt peaking at more than £1 trillion (57.4 per cent of GDP) by 2012-13, and personal debt presently stands at £1.5 trillion.

It is all unsustainable.

But The Spectator has an intriguing story of a possible solution, with further details in The Financial Times, of a proposal from China:

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.

A global currency would, of course, require a global government...

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’, Zhou Xiaochuan, governor of the People’s Bank of China, said in an essay posted in Chinese and English on the central bank’s website.

The Spectator says ‘this is just the Chinese causing some mischief’.

But Cranmer is not so sure.

They are Communist, after all.

In 1802 Thomas Jefferson observed: "I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."

And he said more:

“The art and mystery of banks… is established on the principle that ‘private debts are a public blessing.’ That the evidences of those private debts, called bank notes, become active capital, and aliment the whole commerce, manufactures, and agriculture of the United States. Here are a set of people, for instance, who have bestowed on us the great blessing of running in our debt about two hundred millions of dollars, without our knowing who they are, where they are, or what property they have to pay this debt when called on; nay, who have made us so sensible of the blessings of letting them run in our debt, that we have exempted them by law from the repayment of these debts beyond a give proportion (generally estimated at one-third). And to fill up the measure of blessing, instead of paying, they receive an interest on what they owe from those to whom they owe; for all the notes, or evidences of what they owe, which we see in circulation, have been lent to somebody on an interest which is levied again on us through the medium of commerce. And they are so ready still to deal out their liberalities to us, that they are now willing to let themselves run in our debt ninety millions more, on our paying them the same premium of six or eight per cent interest, and on the same legal exemption from the repayment of more than thirty millions of the debt, when it shall be called for.”

Cranmer exhorts his readers and communicants to mediate upon the wisdom of this greatest of presidents, for he is talking of those people who bestow upon us the great blessing of trillions of dollars worth of debt, without our knowing who these people are, where they are, precisely what is owed, or what property they have the right to seize in order to pay off this debt when it is called in.

If the love of money is the root of all evil, the orgy upon these trillions is devil worship.


Anonymous Henry Rogers said...

Maybe Gold wasn't such a bad idea after all!

24 March 2009 at 07:49  
Anonymous len said...

Satan is setting up his kingdom!It will be total control!
Biblical prophesy is happening before your very eyes!

24 March 2009 at 08:20  
Blogger Gnostic said...

If things get any worse we'll be taking a step back to the stone age and using beads, shells and shiny pebbles for currency. Naturally, we ain't going to let the banks anywhere near these commodoties...

24 March 2009 at 08:55  
Blogger Gnostic said...

I mean commodities. Damn these typos!

24 March 2009 at 08:56  
Anonymous Maturecheese said...

Would it be a good idea to turn modest savings (@ £3000,), currently in a bank, into gold sovereigns? I ask because surely the pound is going to be worth diddly soon and, so they say, inflation is on the way.

24 March 2009 at 09:12  
Anonymous Preacher said...

Len, you've got it dead right, in the last week we've had the Bilderbergers, then the EU flag with its dodgy connotations, now the suggestion from of all places China, Kings of the East? for a Global currency. It's all moving so fast it's hard to keep up. Forget about shells & Gold gents, the next step is the global currency chip or the mark of the Beast as the book of Revelations puts it, Total World Government control of the World economy, no cash in hand jobs or mega payouts to greedy Bankers and Total control of the World's population. suggested reading for the day: Rev, chapter 13, with particular attention to verses 16-18. It makes one wonder if the whole economic crash was orchestrated by the Bilderbergers in the first place.

24 March 2009 at 09:57  
Anonymous Voyager said...

This is such old hat. Keynes proposed this in 1946 at Bretton Woods. as for gold the Us has the largest gold reserves so that is a joke - it also cannot expand in line with world trade as supply must be finite unless it is to lose value through over-supply.

The Chinese should be grateful to the US Dollar. But for the Vietnam War flooding asia with Dollars after the Korean war had flooded Asia with Dollars - first japan and later the rest of Asia had the global funds to buy Western machines and access Western markets.

The USa could not have run trade deficits with SDRs or Bancor and global growth for the past 2 decades has come from US trade deficits allowing China, Japan and Germany to grow by exporting.

The German economy has been deflating for years and the euro has made it worse.

Britain is a mini-USA blowing its balance of payments to pieces by over-consuming. The Chinese should reflect on USA and EU imposing import controls on their exports to make their stability programmes function. China has had a free ride since Clinton gave them MFN status in 1990 letting Chinese Mercantilists destroy our economies

24 March 2009 at 10:13  
Anonymous oiznop said...

"This is such old hat."

Yes, but so is His Grace!

24 March 2009 at 10:43  
Anonymous Anonymous said...

Certainly, the Chinese and Russian proposals for a new IMF-backed global currency are part of a plan to reduce the relative power of the US in the international economy. But, Washington has been its own worst enemy with its excessive and unrestrained spending -- nowhere more evident than in that idiot Obama's stimulus packages and his grotesque budget proposal.

I think that we are rapidly heading into some very choppy waters. The assault on the dollar is only the latest evidence that trouble is brewing. The US will need to decide if it wants to remain primus inter pares or will concede that role to others. The dangers of the latter are horrifying. However, I have no faith whatsoever that Obama is bright enough to understand the consequences.

24 March 2009 at 10:56  
Blogger Jonny Mac said...

"They are Communist, after all."

With respect, no, they're not. The Chinese government is nasty, authoritarian and state-capitalist. Not that I'm a defender of Communists; but if China in 2009 is communist, then the term has lost all meaning.

24 March 2009 at 11:06  
Anonymous Voyager said...

The US will need to decide if it wants to remain primus inter pares or will concede that role to others.

Just as Britain made a conscious decision to become a basket case back in 1925 you mean ?

China is simply saying it does not want to use its forex reserves to bail out Eastern Europe or Africa or Europe....and given China's historic record on Altruism it might be time for those who wanted to live in a "multipolar world" to experience some of China's TLC

24 March 2009 at 12:26  
Blogger ProudGeordie said...

Search YouTube for a video sequence entitled 'Money as debt'. Explains it all in very simple terms (I understood it!!)

Zeitgeist is worth watching too, particularly the second one

24 March 2009 at 12:50  
Blogger tammyswofford said...

Commodoties? Ties worn while on the commode? What an idea! smile

We will burden our future generations with a lovely load of debt, increased governmental encroachment and decreased liberty.

Tammy Swofford

24 March 2009 at 21:15  
Anonymous Anonymous said...

It makes one wonder if the whole economic crash was orchestrated by the Bilderbergers in the first place.

If this utter evil was only being organized by The Bilderbergers, this New World Order of there's, would have never got off of the ground. There are far more powerful entities at play then just a bunch of greedy bankers, and other members of the worlds criminal MAFIA, namely The Bilderbergers.

Bilderberger members are no less manipulated puppets of the real ruling class then characters such as Obama, Brown, Cameron, Blair, Pol-Pot, Stalin, Hitler, or indeed Hussain clearly were or are.

This NWO involves all of the worlds despots old and new, and leaves out no one but the common people. This world of THERE'S has no place for Gods creations anymore. For creators so called representative on earth has 'other plans.'

Which I am very afraid to say, do not include many of the likes of you and me breathing for too much longer.

Government is as EVIL now as it has self evidently been, at any other time in our incredibly violent and destructive history.

Government lost its right to rule over us, well before it had ever gained any such thing. Government has always been run exclusively for the material benefit and spiritual whims of the ruling class. Which totals no more then 3-4 hundred individuals. Most of which, extremely few members of the public have ever heard of, never mind voted for.

Some may still believe otherwise, such is the power of long term brainwashing and education system sponsored mind control. However in my personal opinion our worlds ruling elites have over thousands of years, proved themselves to be by far and away the most EVIL bunch of forever lying, sadistically murderous, pathologically insane psychopaths, when not also simply being a collection of criminally minded thieving, slave creating and owning scumbags.

Our ONLY hope ( apart from prompt divine intervention ) is that they have suddenly all collectively decided NOT to be devoutly EVIL beyond belief anymore. Therefore for once in over 10 thousand years, they may resist the temptation to murder hundreds/thousands of millions of us, this time around.

I for one do not expect pigs to grow wings and fly any time soon. Therefore I have already made my peace with the 'big fellow.' My advice would be for the rest of you all to do the same, ASAP.


For example; stop paying
the TV tax or any attention to the establishments BBC or the rest of our tightly controlled MSM. Then throw the establishments favorite mind control device, ( the TV ) into the nearest available skip. Then go out and tell anyone who will listen, THE REAL TRUTH.

For only the TRUTH can set you free. Which is why we are ALL SLAVES, whether we are being whipped or in chains, or not.

Atlas shrugged

24 March 2009 at 22:43  
Blogger ZZMike said...

" Then throw the establishments favorite mind control device, (the TV) into the nearest available skip."

Fat chance of that happening. They have been washing us - on both sides of the pond - for at least a decade now. We're caught up in the latest Oprah fad; waiting breathlessly to see who the next American Idol (funny word, that) will be; hoping the nightly news will bring us yet another car chase, or another disaster - all while the lives of good men and women go unsung.

Obama was in fact the winner of a Reality Show, in which contestants (Hillary Clinton, among others) were "voted off the island" week by week, until only he remained, in all his telepromptic magnificence.

Perhaps democracy has evolved to its logical conclusion (one our Founders saw and warned against): a dictatorship of the lowest common denominator. [For the pedantic, that probably should be "least common multiple".] A mediocracy (government by the media) which is in fact a mediocre-ocracy.

I don't hold much hope for Formerly Great Britain, but there's a slim chance over here. We have elections every 2 years: halfway between Presidential elections there are Congressional elections. The worrisome part is that so few of us actually bother to vote. Some of my Libertarian friends say "it only encourages them", and I tell them "OK, that just means that the rest of us get to decide your life". Neither of us are amused.

As to a common currency, it does seem like a bad idea. I think this is one issue on which we will put our feet down and say "no more!" - but that will not stop them from trying, again and again until we're sick of it and just want them to go away. (We see ghostly reflections of that in some other areas.)

I can only ask you (the collective you) how that's working out in the EU. Has the Euro brought financial stability, a chicken in every garage?

25 March 2009 at 01:58  
Anonymous Anonymous said...

Is Cranmer a Bob Dole fan? The third person thing is entertaining.

I buiderburger at Fuddruckers at least once a month.

The "economic crisis" was orchestrated, no doubt. Benjamin Franklin had it right: those who would sacrifice freedom and liberty for security deserve neither.


25 March 2009 at 05:45  
Blogger Gnostic said...

Sorry, this is slightly off topic but too good not to share. Scroll down a little way and check out Daniel Hannan roasting Brown's nuts.


With blunt plain speaking like this why isn't Hannan leader of the Opposition? This chap I would certainly consider voting for.

25 March 2009 at 06:31  
Blogger Man in a Shed said...

The problem is that the Dollar is the worlds currency.

Create another and everyone will want to spend their stocks of dollars buy things in the US.

The US would be ruined.

Perhaps that why the Chinese suggest it ?

25 March 2009 at 15:32  
Anonymous Anonymous said...

Here is from the Wall Street Journal-

26 March 2009 at 04:00  
Anonymous Adrian P said...

The US does NOT have the Largest gold reserves, just like in the UK, their gold has been pilfered, this is why repeated attempts to audit fort KNox have been resisted.

Ron Paul's Campaign for Liberty

26 March 2009 at 22:18  
Anonymous Adrian P said...

sometimes a crime is so simple, so massive that it is difficult to comprehend.

Our money is no longer backed by Gold and has not been so for a long time.

A £50 note costs 1p for International Banksters to print, which they do simply by conjuring them up out of thin air.

Yet Westminster Borrows this money AT FULL FACE VALUE, forcing you to pay back this 'Debt' ( full face value plus interest ) as income Tax.

Put simply it is a MASSIVE FRAUD.

Westminster borrows this money by Printing gilts, remember both Gilts and our money are both worthless bits of paper.

Gordon and Blair and Cameron are frontmen for the Banksters.

they are quite simply STEALING our wealth, gutting the country and have been for decades.

Why Borrow bits of worthless paper AT FULL FACE valeu when we could print them ourselves.

Most people think we need to pay taxes in order to pay for the police, this is NOT true, we could coin / print our own money ( let's say £100 Billion ) FREE OF CHARGE and use it to pay our police, nurses, armed forces.
They would spend this money in restaurants, in our super markets, local greengrocers etc.

See, no borrowing, no debt to pay back, and no need to tax you to pay off this debt.
Now of course this needs oversight, you can't just print money forever, but what gives a fiat currency like this its worth, ho wmuch is in circulation.

there are three ways of money, the absolute worst way of obtaining money is for us to borrow these worthless bits of paper AT FULL FACE Value from Offshore Bankers.

The next best system would be as just pointed out, we can print it our selves.

The absolute best method should be based on some precious commodity, like gold or silver.
Since it means neither Banks nor govts can conjure the stuff our of thin air, as credit to enslave us.

Unfortunately we may not be in a position to go straight to option three.

Give Govt or Bankers the POwer to Create money at will and they will enslave you.

That power should be reyruned to the people.

Ron Paul's Campaign for Liberty

26 March 2009 at 22:44  

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