Michael Fitzsimmons

One World, One Currency?

morrison: btw, excellent post.

One World, One Currency?

morrison bonpasse: your argument for a single currency is logical, well presented, and highly evolved. i believe it is going to happen as i believe the US is no longer economically powerfull enough to prevent it from happening. certainly, most other countries in the world have been negatively affected by the lack of US financial responsibility while at the same time forced to use the US dollar as the world's reserve currency. however, where i differ with you is your apparent agreement with Justin Fox of Time that a single global currency would be "good for the US". i don't agree because once a world currency is in place, one can make the logical assumption that international trade will be conducted in this currency (much as it is in the US dollar today). once global trade is conducted in the global currency, the US addiction and economic dependence on oil (65% of which is imported) is going to drive the US dollar peg to this new global currency on a downward spiral. since the US dollar will no longer being the world reserve currency, the US will not be able to deal with this reality (as it has been) by printing more money and having countries like china, japan, and those in the middle east buy the debt thusly created. therefore, the US's economic weakness (foreign oil dependence) will be greatly exposed by a one world currency. this is why i am such a proponent of natural gas transportation fueled by US produced natural gas. i simply cannot find another realistic solution to the "US oil problem." of course, my other apprehension with a one world currency is the obvious: who then makes the one world currency policy and is a one world orwellian government far behind? it sounds like the "new world order" that bush#1 and other skull and bones folks have been talking about for years. in that scenario, you know who is going to be in charge, and, would the rights and freedoms guaranteed in the US constitution and bill of rights (already much damaged over the last decade) become extinct?

One World, One Currency?

optionsgirl: thanks for the info.

ALL: here is an interesting weblink on this subject sent to me by email. i found it very informative, and i hope you do to:

bankling.com/2009/what.../

One World, One Currency?

options: unfortunately, i am not subscribed...of course, i do have an email addy (hint, hint). you know, i don't really understand the "IMF", do you? how did they obtain 403 metric tons of gold? countries like the US just give the "IMF" money, or gold, or what have you and they sell the gold and disburse it as they deem required? i don't get it. did the US give them our gold with congressional approval? weird stuff.

One World, One Currency?

smilingpilgram: i should have clarified a bit: if memory serves (i looked again, but couldn't find the comments), the analysis we had done for the price of gold was based just on how many US dollars were printed relative to US gov. gold reserves. so, this was not an international figure. also, the amount of gold the US owns is not a certainty, nor are the amount of US dollars issued really known as there are so many electronic instruments the fed and treasury uses. so, the figure was really a shot in the dark. however, as cursory as the analysis was, it gave some insight into the devaluation of the US currency relative to the gold standard and shows how, if we were to go back to a gold standard (we obviously never will again...), the price of gold would have to go drastically higher.

One World, One Currency?

AllanFrain: i'm afraid you're right...kissinger is a known fan of the "new world order" bush1 and the other skull and bones folks support.

nmelendez: yeah, i didn't agree with that post either. his first sentence says the chinese haven't figured out the world's financial system, yet the chinese hold more foreign reserves than any other country. they are in the catbird seat

chux08: the article was written to promote discussion. i wasn't advocating one way or another, just that i thought the "powers that be" are working to make it happen.

Tetrapod: point well taken, but gold doesn't necessarily help the chinese when they are sitting on a mountain of US dollar based reserves. thus, their position.

One World, One Currency?

paintismotion: why do you conclude the central banks will be selling gold? i mean they all do, and it is "coordinated" between them, but i am not so sure a move to one world currency automatically means central banks will sell gold.

MadHedgeFundTrader: you say "what other currency are they going to use?" - i think that is the point isn't it? they want a *new* world currency that isn't as dependent on the US dollar (or as dependent on the financial and monetary policies of the idiots in washington). i think their proposal (remember, the russians, brazilians, indians, french, and germans have given strong to mild support) is very logical considering their investment in US treasuries. as far as moves to get off the US dollar in the past, don't you think times (and the US's financial standing) have changed considerably since then? the big reason the British pound was ditched in favor of the US dollar was US economic strength based on the US being the largest producer of oil. now, we import 65% and are bankrupt. times have changed my friend, would you not agree?

lucas: uranium huh? not so sure i want that in my pocket ;)

One World, One Currency?

fireball: yes, awhile back a commenter and i worked through what the price of gold would have to be to back the US dollar. it was early last year, and if memory serves it was either $16,000 or $26,000 an ounce (sorry, too lazy to go back and find out). regardless, it's obviously more than the current ~$900 and certainly a much larger figure now since the "bailout" and juiced printing presses started churning out US dollars by the boatload. farmland? you bet, get some chickens, some cows, plant a big garden, and put a big catfish farm on it. even better if you have some deer and turkey running around and can seed for ducks and geese :)

yellowhoard: yup, it's naomi klein's "shock doctrine" theory all over again. american soverignty is at stake, and foreign oil is at the root of the problem (imho).

One World, One Currency?

good sunday morning all and thanks for the comments. i'll take a shot at discussing this issue (currencies) but i admit no expertise. i am trying to learn. i usually stick to energy, but since oil is priced in US dollars and the US imports 65% of its oil, this currency issue could become huge in the not to distant future.

Vrozos: do i detect some sarcasm there?

Kovacs: yes, i believe most US investors should hold 5-10% of their wealth in gold and silver.

longoil: you say you "don't see the US accepting a highly reduced role in setting banking policy in this new global currency. I dont think the USA will accept the influence of other substantial stake holders with diverse cultural and banking standards like China, Saudi Arabia, Japan, Russia, etc." hmmmm...well, you may be right, but i guess the question is can an already bankrupt USA which will continue in economic decline due to its 65% dependence on foreign oil have much to say about it and would anyone even listen? wrt keeping their own currency ala Britain, it's interesting to note that the British pound hit a record low against the Euro just this past december. besides, if bernanke weren't working in concert with those supporting a global currency, why did he lie about it to ron paul? that bothers me..where's their smoke, there's fire.

vuke: well, i think we just got a *big* lesson at what deregulated financial markets can accomplish, wouldn't you agree? we cannot depend on the regulators like the SEC, especially after obama continued the trend by his disastrous appointment of ms shapiro to lead it. the fox guarding the chicken coop. repealing glass/steagall was a license to steal, and the SEC sat by and watched it happen. but boy, make a $10 mistake on your 1040 and the IRS is all over you. so, it can be done...

old trader: i think you're exactly right, just as britain had no choice when the US dollar took over as the world's reserve currency.

asbytec: well, i supported obama's election, but i have seen little actaul policy change (but i must admit the tone is better). the deficits continue, the "bailouts" to the uber wealthy go on unabated, the appt. of ms shapiro to lead the SEC was a free ticket to all the fraudsters to continue (not to mention a get out of jail free pass), and on energy, obama's lack of support for nat gas transportation while he continues speaking the oxymoronic "clean coal" mantra are deeply disturbing. you're right in that the financial oligarchy apparently has had, and will continue to have, a blank check backed up by US taxpayers.