China calls for a global currency

[Etoille]

Originally Posted by Heavens_Myst

No you stupid bitch, what he is saying is that modern contractions are the result of malinvestment which is promulgated through central banks making ad hoc adjustments to interest rates instead of them being market driven. This is not the only cause of contractions, but it is the current one and removing this factor is one less that needs to be hurdled farther down the road.

Oh dont even get me started on you. Youre like the poster child for ALL soundbites rightwing insanity. Theres enough posts I've skimmed in the week or so I've been 'back' of people lighting you up that I don't have to do it here. And you even get your ass handed to you by other soundbite spammers.

At least Ancalagon demonstrates independent thinking capability at times. You're not even worth trolling.

[Soriak]

Originally Posted by Etoille

Pst. Read the thread title?

HI you Thread title is incorrect. China is not calling for a global currency, they're calling for using special drawing rights for commodity pricing. SDRs already exist (and are not a currency), but are currently made up from a small selection of currencies (China wants to expand it to currencies of all 185 IMF members) and, obviously, not used for commodity pricing. (they have a very limited role, not quite sure what it is. I think it may be limited to the IMF itself...)

Speaking of a global currency makes it sound like the Euro, but for all countries. That's something entirely different. Ok for the purpose of the thread, but the president probably should be more specific.

No you stupid bitch, what he is saying is that modern contractions are the result of malinvestment which is promulgated through central banks making ad hoc adjustments to interest rates instead of them being market driven. This is not the only cause of contractions, but it is the current one and removing this factor is one less that needs to be hurdled farther down the road.

1837–1862: Free Banking Era - Wikipedia, the free encyclopedia

In this period, only state-chartered banks existed in a free banking system. They could issue bank notes against specie (gold and silver coins) and the states regulated their reserve requirements, interest rates for loans and deposits, the necessary capital ratio etc. The Michigan Act (1837) allowed the automatic chartering of banks that would fulfill its requirements without special consent of the state legislature. This legislation eased creating unstable banks even further, lowering the supervision by the states that adopted it. The real value of a bank bill was often lower than its face value, and the issuing bank's financial strength generally determined the size of the discount. By 1797, there were 24 chartered banks in the U.S., while with the beginning of the Free Banking Era (1837), there were 712.


The banks were unstable in terms of longevity compared to today's commercial banks. The average lifespan of a bank was five years; about half of the banks failed, a third of which because they couldn't redeem their notes (how they went out of business).

Worked so well...

[Etoille]

Originally Posted by Soriak

HI you Thread title is incorrect. China is not calling for a global currency, they're calling for using special drawing rights for commodity pricing. SDRs already exist (and are not a currency), but are currently made up from a small selection of currencies (China wants to expand it to currencies of all 185 IMF members) and, obviously, not used for commodity pricing. (they have a very limited role, not quite sure what it is. I think it may be limited to the IMF itself...)

Speaking of a global currency makes it sound like the Euro, but for all countries. That's something entirely different. Ok for the purpose of the thread, but the president probably should be more specific.

1837–1862: Free Banking Era - Wikipedia, the free encyclopedia

Worked so well...

Wait...youre in new york now????????

[Kugbok_Fennin]

Originally Posted by Etoille

Not at all.

Its not my personal choice in close elections as a strategy but I openly support a multi-party movement.

Someone voting for a third party because they bought a marketing package that sounded cool without a lot of serious research or because it was 'different' and therefore trendy is what I have an issue with.

The "I want to be unique like everyone else" mentality really baffles me.

So you're referring to everyone that voted for Obama? I'm glad we are on the same page here.

[Etoille]

Originally Posted by Kugbok_Fennin

So you're referring to everyone that voted for Obama? I'm glad we are on the same page here.

Not everyone. Some people *cough* liked Obama for the job WELL before it was popular to do so. Like before he decided to run.

But if you sift through a lot of the election threads yes I ripped on the Obama lemmings too .

[Kugbok_Fennin]

For those that said the US would laugh in the face of China and Russia's call for a global currency.

FT.com / MARKETS / Currencies - US willing to look at China currency proposal

[Eomer]

Again, it's not a global currency in the vein of the Euro. It's basically agreeing to price things that have traditionally only been priced in US dollars like commodities instead using a basket of currencies. Soriak already went over that. The article you posted only repeats what he already said.

Second fucking paragraph:

But Mr Geithner said any change would be evolutionary and that the synthetic currency, called the International Monetary Fund Special Drawing Rights (SDRs), would not replace the dollar.

And later on:

Marc Chandler, at Brown Brothers Harriman, advised against reading too much into Mr Geithner’s comments.

He said remarks from Barack Obama, US president, who on Tuesday said there was no need for another reserve currency and that the dollar was fundamentally strong, were the underlying signal coming from the US administration.

“Given the deflation threat and the liquidity crisis a new SDR issuance may make sense, but it does not take away from the dollar’s role [as a reserve currency],” said Mr Chandler.

“The SDR is not money in the commonly used sense of a means of exchange or a store of value. It is primarily a unit of account.”

It's hilarious you post the article as some sort of evidence for your kooky theories, when it is pretty much a carbon copy of what's already been said here.

[Kugbok_Fennin]

Nothing more then fancy accounting and bookkeeping techniques that pave the way for a Global Currency.

[Etoille]

Originally Posted by Kugbok_Fennin

Nothing more then fancy accounting and bookkeeping techniques that pave the way for a Global Currency.

Deathwing, Sunder, if youre out there, I think its about time for 'the facepalm'.

[Mario Speedwagon]

It's not a global currency but I'm opposed to anything that gives a supranational body more control over pretty much anything, especially the monetary system.

[Surlok TP]

When we all have the same money can we call it a Ducat. I really want to pay for things in Ducats, I don't even care if it isn't some ancient form of currency or something.

Either that are a Doubloon , that would also be acceptable, or both like Doubloon's could be change. 4 Ducats and 99 Doubloons for this cheeseburger.

Come to think of it, this would really stimulate the economy since everyone will want to go buy things just so they can pay for it with Ducats.

[Tolanin]

Originally Posted by Surlok TP

When we all have the same money can we call it a Ducat. I really want to pay for things in Ducats, I don't even care if it isn't some ancient form of currency or something.

Either that are a Doubloon , that would also be acceptable, or both like Doubloon's could be change. 4 Ducats and 99 Doubloons for this cheeseburger.

Come to think of it, this would really stimulate the economy since everyone will want to go buy things just so they can pay for it with Ducats.

According to wikipedia The Royal Dutch Mint still issues silver ducats with a weight of 28.25 grams.

You need to move there and just go wild.

[Vim]

Where can I rate this thread? We need more like these!

--------------------------------------------------------

Lets use the IMF's SDR system, the US has a majority vote in it anyways.

Fuck China and their bullshit. I am really starting to hate them. I hope we stop buying from those nig nogs soon enough so their exports go in the shitter and all they would have is their internal consumption.

The sooner we become more or totally independent from Chinese "goods (goods that are poisonous and badly made!) the better we will be. The sooner we become energy independent, the sooner we can start selling clean energy/excess energy to other countries that don't adopt a energy independence strategy. Especially carbon burning China.

As a final note. I think the dollar will reign supreme just because of the inconvenience it would cause to powershift leading reserve currencies.

"fu'get about it"

[Requiem]

this thread sucks

[Dumar]

Originally Posted by Vim

The sooner we become more or totally independent from Chinese "goods (goods that are poisonous and badly made!) the better we will be.

cool, so you're gonna stop buying everything?