Nothing surprising coming from the people who want to cede American Sovereignty and create a North American Union, and who also think we are too stupid to govern ourselves.
A former assistant secretary of the Treasury for international affairs is warning dollar deficits might no longer be funded by foreign nations, including China.
But C. Fred Bergsten, the former Treasury executive who is issuing the warning, goes even further, recommending the White House join with the international community in creating an alternative to the dollar for international trade, he writes in the current November/December 2009 issue of the Council on Foreign Relations’ Foreign Affairs magazine.
WND has also reported the G20 summit meeting in London in April, with the full concurrence of President Obama, took an important step to create a new world currency through the IMF that is designed to replace the dollar as the world’s foreign exchange reserve currency of choice.
Point 19 of the final communiqué from the G20 summit in London April 2, specified, “We have agreed to support a general SDR which will inject $250 billion into the world economy and increase global liquidity,” taking the first steps forward to implement China’s proposal that Special Drawing Rights at the IMF should be created as a foreign exchange currency to replace the dollar.
U.S. policymakers, therefore, must recognize that large external deficits, the dominance of the dollar, and the large capital inflows that necessarily accompany deficits and currency dominance are no longer in the United States’ national interest. Washington should welcome initiatives put forward over the past year by China and others to begin a serious discussion of reforming the international monetary system.
If you get a moment, take a look at the rosters for the Institute for International Economics, the International Institute for Strategic Studies, and the Center for Global Development.
This isn’t just about Brookings and Trilateral anymore…
