http://online.wsj.com/article/SB123780272456212885.html
BEIJING — China called for the creation of a new currency to eventually replace the dollar as the world's standard, proposing a sweeping overhaul of global finance that reflects developing nations' growing unhappiness with the U.S. role in the world economy.
Chinese officials are frustrated at their financial dependence on the U.S., with Premier Wen Jiabao this month publicly expressing "worries" over China's significant holdings of U.S. government bonds. The size of those holdings means the value of the national rainy-day fund is mainly driven by factors China has little control over, such as fluctuations in the value of the dollar and changes in U.S. economic policies. While Chinese banks have weathered the global downturn and continue to lend, the collapse in demand for the nation's exports has shuttered factories and left millions jobless.
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April 23rd, 2009 at 10:11 am
You're joking right?
Sounds A LOT like the plan of the new world order. You guys should oppose.
April 23rd, 2009 at 10:11 am
LMAO…and back it with what? Crack cocaine?
April 23rd, 2009 at 10:11 am
wont happen
April 23rd, 2009 at 10:11 am
I think we should use clams.
April 23rd, 2009 at 10:11 am
How big of them.
The Redback??
April 23rd, 2009 at 10:11 am
no…i dont they'd do it either
April 23rd, 2009 at 10:11 am
A global currency is just one step toward a world government. It seems like a good idea to have everyone operate with one standard, but who's going to regulate it? The U.N.? One of the other nations? A new global government/financial agency?
Absolute power corrupts absolutely. That's just human nature.
April 23rd, 2009 at 10:11 am
China is a dictatorship who finds anything that's outside of their control frustrating. If China does not want to do business in US govt bonds they are free to change their minds.
It's what they (and all totalitarian types) never get - you have the freedom to take your money and your business elsewhere.
Short answer to your question is no.
April 23rd, 2009 at 10:11 am
NO!!!
April 23rd, 2009 at 10:11 am
Hahaha, maybe we should use their artificially deflated Wan, eh? That'd be awesome! We're in a lot better shape than those backwoods Commies still, they need to get their own ducks in order before they want to criticize the world's #1 economy.
April 23rd, 2009 at 10:11 am
God help us all if this happens. The bible warns of this in Revelations. It also forwarns of the US losing its world power. We see this happening now.
April 23rd, 2009 at 10:11 am
NOBODY is twisting their arm to buy OUR debt.
WTF?
Wait until they "call the note" due.
Get LOTS of ammo for they will be coming for their claim.
April 23rd, 2009 at 10:11 am
that would mean that the "Obamanator" would have to start printing money all over again, we'll be running out of paper if he don't slow down some, don't ya think..
April 23rd, 2009 at 10:11 am
How does that make sense?
By creating a new standard currency, that would devalue the American dollar. By devaluing the American dollar, that would hurt the American economy and bring us further into a recession. By bringing us further into a recession, the demand for cheap Chinese products drops even further.
If China wants to devalue the dollar, wouldn't their economy suffer just as much since Americans wont be able to buy their cheap crap which is the only reason their economy has been growing?
April 23rd, 2009 at 10:11 am
Obama's working hard at replacing the dollar, he's doing it by replacing the dollar with the penny.
With all of his trillions in expenditures to special interests, cronies, failed fatcat incompetent executives and money pits like AIG, that's all a dollar will be worth, very soon.
Some people's economies are being stimulated, but it's going to cost the average American huge amounts in taxes, sooner or later, and they won't benefit from it, as usual.
April 23rd, 2009 at 10:11 am
It would be nice to have something like the euro that could be spent everywhere and have a value based on the world economy as a whole.
April 23rd, 2009 at 10:11 am
Let's all use BEANS.
April 23rd, 2009 at 10:11 am
NO! We go back to the old standard that we never should have left……anyone know this one???? That's right, the GOLD standard. It keeps everything in check. It won't let the FED print trillions of dollars and keep the value anywhere close to what it was. No new currency, lets go back to one that we know has value.
April 23rd, 2009 at 10:11 am
Depends on to whom you refer by "we". A lot of people have expressed concern about the way the U.S. financial crisis has infected the rest of the world, what China has done is essentially to call for a Vote of Confidence on the U.S. Economy. As things currently stand if we should fall we would drag them down with us to the tune of over a $1 trillion and it is hardly surprising that they would want to avoid that. It would therefore make sense to have an international currency standard not subject to the whims of any single head of state or to the vagaries of any single nation's economy. Bush made it clear for eight straight years that he cared not at all about any impact his actions might have on the rest of the world, we are seeing the results, and it is hardly surprising that another country would want to prevent a recurrence of that as well.
April 23rd, 2009 at 10:11 am
A new currency, which everyone in the world will use, has already been created, and will be put into use very, very soon.
http://www.singleglobalcurrency.org
April 23rd, 2009 at 10:11 am
I support some sort of a global "Omni-Currency".
In addition to all the stuff on T.V., Bernanke just printed $3 TRILLION over the last 2-4 months and apparently "helicoptered" this money in to his buddies at Wall Street which, of course, nobody has any idea who got any of this money. This amount of cash is roughly equivalent to a DOUBLING of the total money supply … i.e., an effective real rate of inflation of 100% over the last 2-4 months … it'll "trickle down" soon enough and with rising oil/energy prices, a total U.S. debt of $55T (four times the size of our total economy) it's going to be even uglier.
I support a world reserve currency that is better and more stable than the U.S. dollar … because the problem right now is the megabanks and their goon-like buddies in Washington are using the taxpayers and money supply mechanics as their personal money printing press … and I don't want to get burned by them, or by this conversion of the country into a broken/corrupt third world financial system like what is in Brazil.
So, yes, I support it. It's either that or I'm going to be buying some Chinese RMB.
April 23rd, 2009 at 10:11 am
This is called the NWO, or New World Order. This is what they all want, fight against it.