I am still working on a post that gives a timeline of what the G20 has been up to, but had to put this up ASAP because this will mean the end of the dollar if it happens. Also note, this is what the G20 has been talking about since last November, and the forthcoming post will be about the “super-reserve” currency now being chatted up.
China calls for new reserve currency
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.
In an essay posted on the People’s Bank of China’s website, Zhou Xiaochuan, the central bank’s governor, said 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”.
Analysts said the proposal was an indication of Beijing’s fears that actions being taken to save the domestic US economy would have a negative impact on China.
“This is a clear sign that China, as the largest holder of US dollar financial assets, is concerned about the potential inflationary risk of the US Federal Reserve printing money,” said Qu Hongbin, chief China economist for HSBC.
Although Mr Zhou did not mention the US dollar, the essay gave a pointed critique of the current dollar-dominated monetary system.
“The outbreak of the [current] crisis and its spillover to the entire world reflected the inherent vulnerabilities and systemic risks in the existing international monetary system,” Mr Zhou wrote.
China has little choice but to hold the bulk of its $2,000bn of foreign exchange reserves in US dollars, and this is unlikely to change in the near future.
To replace the current system, Mr Zhou suggested expanding the role of special drawing rights, which were introduced by the IMF in 1969 to support the Bretton Woods fixed exchange rate regime but became less relevant once that collapsed in the 1970s.
Today, the value of SDRs is based on a basket of four currencies – the US dollar, yen, euro and sterling – and they are used largely as a unit of account by the IMF and some other international organisations.
Check my response to your comment over at IA re: cartels…well, that makes two…China and Russia. Which I was going to wite about for tomorrow..I’ll add this into to my post with a h/t!!
IA – there are more than two nations calling for this. I believe Britain and India are also involved.
And the United Nations is too! See a pattern!
And we’re off…!
Welcome to the New World Order!
reminds me of a saying, “You can have my gun when you take it from my cold dead hands”. Anybody feeling that way about becoming part of the NWO?
The Scanner–International Edition, March 24, 2009: Say Goodbye to the Dollar? China, Russia Proposing a New World Currency for “Non-Credit” Based Economies, Echo G-20 Agenda of Expanding IMF; China Will “Consider” Buying IMF Bonds; 10th China Develpment Forum Underway
DT–You missed my call last night….Hope you got the message….Anyway, the message was really about visiting IA today for the above post!!!
Hey, I see Timmy G. wants more oversight of Wall Street…GUFFAW!
hopefully card check wont come back thatd be a soft tyranny
IA – they are going to choke on this.
Too much, too fast. This is an indication of how blogs are getting to them. That is why they keep visiting your blog, Diamond. It is evident that you keep your finger on the pulse of what is happening and you make sure the rest of us know about it. You and insight analytical have touched a nerve today and people are getting nervous about the goons that are running our country.
I think they just might overstep with this one. They have been getting by with so much that they have become too cocksure about their power. Sure, TPTB have a lot of money and power but I think they have underestimated the common man and woman. There is already a lot of complaining being done about the Euro. I think it will be more than just the American people who will rise up against this one. The Cabal is trying to do it all at once before too many more people wake up and see what is really going on.
I think these unusual visitors to your blog not only want to see what you have figured out but also what your readers think about what is going on. It took JP Morgan 57 minutes the other night to read about HR1388. They were also concentrating on all the comments. Know your enemy works both ways.
Maybe they were searching for the mindset of your readers. If your readers are angry, patriotic, sick and tired of the whole situation, etc. These are wiley b——- behind this whole New World Order push and they will time their actions to the temper of the people. IMO.
Just remember what Grail Guardian is advising. Don’t panic.
And as you and Charlton Heston have said, they’ll get my gun when they take it out of my cold dead hands. I was a member of the NRA for over twenty years, and foolishly let my membership lapse while I was ill, but I intend to renew it right away. Thanks Diamond for working so hard for all the rest of us.
We are indeed striking a nerve. TPTB can’t grasp the fact that there is so much resistance and that we are paying attention to all the crap they are trying to slip through.
Stay strong, stay informed! BTW – Don’t Panic is definitely Diamond Tiger’s; I just shamelessly appropriated it for “the cause”!
This is off topic but I thought it was worth sharing. This compares the deficit under bush and what we can expect from Obama.
Sorry I meant Bush.Did not mean not to capitalize.