formal
26-03-2009, 03:44 PM
US Treasury Secretary Tim Geithner shocked global markets by revealing that Washington is "quite open" to Chinese proposals for the gradual development of a global reserve currency run by the International Monetary Fund.
US backing for world currency stuns markets (http://www.telegraph.co.uk/finance/economics/5050407/US-backing-for-world-currency-stuns-markets.html)
lhaull
26-03-2009, 04:16 PM
Start gathering nuts my lovlies,
its gonna be a long hard winter.
bobhodge
26-03-2009, 04:21 PM
Start gathering nuts my lovlies,
its gonna be a long hard winter.
but its summer
gorana
27-03-2009, 09:53 AM
but its summer
What follows summer and fall?...
G.
killmicrosoft
27-03-2009, 10:46 AM
http://privatebankingandtrust.rothschild.com/#
rydeon
27-03-2009, 11:43 AM
The worm has turned folks. The signs are a-showin'
jesuitsdidit
27-03-2009, 04:27 PM
i think youll find they r suggesting using a basket of currencies as an alternative to using the dollar as the reserve currency
i think youll find the intention is to create greater stability
whether or not this is a step towards a world currency im not sure..
see
http://www.presstv.ir/Detail.aspx?id=89715§ionid=3510213
UN pushes for new global reserve system
Thu, 26 Mar 2009 22:38:50 GMT
A UN panel of expert economists has pressed for a new global currency reserve system to replace the unstable, dollar-based scheme.
"A new Global Reserve System -- what may be viewed as a greatly expanded SDR (Special Drawing Rights), with regular or cyclically adjusted emissions calibrated to the size of reserve accumulations, could contribute to global stability, economic strength and global equity," the panel said on Thursday.
As part of several recommendations to tackle the global financial crisis, the panel also noted that a recovery would require all developed countries, in the short term, to take 'strong, coordinated and effective actions to stimulate their economies'.
The commission, led by prominent US economist Joseph Stiglitz -- a frequent critic of globalization and uncontrolled free markets, is primarily aimed at finding solutions for developing countries.
Stiglitz, the 2001 Nobel economics laureate, told a press conference on Thursday that there is 'a growing consensus that there are problems with the dollar reserve system'.
He noted that such a system was 'relatively volatile, deflationary, unstable and (had) inequity associated with it'.
This week, China's central bank chief Zhou Xiaochuan suggested the dollar could be replaced as a reserve currency by an International Monetary Fund (IMF) basket comprising dollars, euros, sterling and yen, saying that such a system would not be easily influenced by individual countries.