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Now That U.S. Government Debt Has Been Downgraded, The Rest Of The World Is Calling Even Louder For A New Global Currency

For decades, the U.S. economy was so dominant compared to the rest of the world that nobody really even challenged the status of the U.S. dollar as the reserve currency of the world.  But now that U.S. government debt has been downgraded, the U.S. dollar is showing significant weakness and the U.S. economy continues to crumble, the rest of the world is questioning whether the U.S. dollar should be allowed to continue to have such a privileged position in the global marketplace.  Politicians all over the world are now openly calling for a new global currency to replace the U.S. dollar in international trade.  In fact, we are already seeing a shift away from the dollar in many areas of the globe.  A decade ago, the U.S. dollar made up approximately 70% of all foreign exchange reserves around the world.  Today, that figure is down to about 60%, and it continues to fall.  As the debt problems of the U.S. government get even deeper, and as the U.S. dollar loses even more strength, the calls for a truly global currency are going to grow even louder.

Right now, the global financial system is still based on the U.S. dollar to a very large degree.  But dissatisfaction with the status quo is growing around the world.  Many are blaming the United States for the massive financial problems that we have had in recent years.

Many global politicians these days seem quite eager to jump on any chance to criticize the U.S. financial system.  In particular, the recent downgrade of long-term U.S. government debt by S&P has provided plenty of ammunition for international proponents of a new global currency.

The largest bank in Saudi Arabia, National Commercial Bank, recently had the following to say about the U.S. dollar….

“The size of the US economy and its treasury market and the dollar’s status as a reserve currency make it impossible to find a historical parallel for the current situation. However, being the world’s reserve currency, the US dollar now appears inconsistent with an AA+ rating.”

China’s official Xinhua news agency has been brutally attacking the U.S. financial system in recent days.  The following is one example….

“The only way the Americans have come up with to improve economic growth has been to take on new loans to repay the old ones.”

In fact, Xinhua has even gone so far to suggest that U.S. monetary policy should be under “international supervision” and that a new global reserve currency should be created….

“International supervision over the issue of U.S. dollars should be introduced and a new, stable and secured global reserve currency may also be an option to avert a catastrophe caused by any single country.”

The Russian government has also been a vocal proponent of a shift away from the U.S. dollar.  At a G8 summit back in 2009, Russian President Dmitry Medvedev openly spoke of the need for a new global currency and he even showed reporters a coin that represented what a “united future world currency” could potentially look like.

But it is not just individual nations that have been calling for a change.  Over the last couple of years, the United Nations has repeatedly called for the U.S. dollar to be replaced as the global reserve currency.

For instance, a UN report entitled “The U.N. World Economic and Social Survey 2010″ openly talked about how the transition from the U.S. dollar to a new global currency could be accomplished.  The report made very few headlines around the world, but Americans need to understand that the UN itself is openly plotting to dethrone the U.S. dollar.  The following is a brief excerpt from the report….

“A new global reserve system could be created, one that no longer relies on the United States dollar as the single major reserve currency”

The IMF has also been instrumental in promoting the idea of a new global currency.  In a recent report entitled “Enhancing International Monetary Stability—A Role for the SDR“, the IMF discussed the “problems” with having the U.S. dollar as the reserve currency of the world and it postulated that a larger role for SDRs (Special Drawing Rights) could potentially be an important step toward a true global currency.

In fact, the report described SDRs as “an embryo” from which a new global currency could ultimately develop.

So what would a global currency look like?

While he was still head of the IMF, Dominique Strauss-Kahn openly called for the introduction of a global currency backed by a global central bank which would act as the “lender of last resort” in the event of a severe economic crisis….

Finally, in principle, a new global currency issued by a global central bank, with robust governance and institutional features, could provide a nominal anchor and risk-free asset for the system independent of national currencies. This global central bank could also serve as a lender of last resort.

But is that what we really need?

A global currency issued by a global central bank?

Such a system would not be accountable to American voters whatsoever.

Not that the Federal Reserve is accountable to us right now, but at least there is some hope of abolishing the Fed under the U.S. Constitution.

Under a global central banking system, the American people would have essentially no power over the monetary system and the international bankers would have almost all the power.

Of course that is what the international bankers have always wanted – complete control over the financial system of the entire world.

Sadly, it seems as though whenever financial problems arise these days, the solutions we are given always involves more centralization of financial power.

There seems to be a growing consensus among the ultra-wealthy and the global elite that a one world financial system is what we need.  But getting there will not be easy.  The U.S. dollar is not dead yet, and much of the rest of the world has grown accustomed to using it.

However, if the U.S. dollar were to “collapse”, that could create a crisis which would give the global elite the excuse they need to push us in the direction of a truly global currency.

Let’s hope that nothing like this happens any time soon.

Could you imagine living in a world in which you were unable to buy or sell unless you participated in the global currency system?

That is a frightening thing to think about.

Our world is changing, and not for the better.

A global currency would be a really, really bad idea.  Hopefully we still have some more time before one gets rammed down our throats.

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  • Dave

    Good to see you posting again. We missed the updated news. Keep it going.

    • Government Contractor

      I am fortunate enough to have a good job to support my family since we are in a timeperiod when crime is high due to the economy going downhill and deteriorating general morale among the public. I had to be a good parent and father since that I have to teach my wife, sons, daughters along with our grandsons and granddaughters on how to deal with things instead of getting angry and reacting to the conditions and circumstances. I have to keep a roof over us and put food on the table for our family. We want to relax in a safe neighborhood. Our democracy and civil liberty are only as good as our linguistic paradigms, e.g., how we analyze our current status in terms of how we deal with a situation whether it may be financial or personal. As a grandparent, I have to set good examples on how to remain calm during these turbulent times.

  • Gary2

    These are the same criminal rating agencies that rated AAA the wall street crap and Enron. They should be in jail.

    • http://sovereignthink.wordpress.com sovereignthink

      Independent State Projects Act of 2011

      We must interpose against the criminal currency systems

      http://wp.me/pPkXP-vW

  • http://www.planorperish.com Gutter Economist

    Message to China’s official Xinhua news agency:

    Keep foul mouthing the USA and we will take away all of the manufacturing jobs that we have given you.

  • nick

    the world currency was the american dollar. the specualtion that a new currency will replace it is a no-brainer, who wants a dollar that has zero purchasing power? until a currency, backed by a tangible asset, like gold is introduced, no currency will be valid. a currency based on consumerism, on debt will never have purchasing power. gold will alleviate americas problem in a huge hurry.

  • Paul

    Problem-reaction-solution. The plan becomes clearer. You can see it as soon as the idiots start calling for it.

  • A.S.

    The U.S. already has lost its sovereignty by being a member of the U.N. The only way to prevent the U.S. from becoming a member of the new international banking system, using an international currency is simple:

    1. Rescind our membership in the U.N. (and then kick the U.N. out of the country).
    2. Abolish the Federal Reserve (as well as the Income Tax Amendment).
    3. Make a new currency backed by gold and silver.

    Once that is done, we can be an isolationist economy that is accountable only to ourselves. International Bankers, you will be defeated!

  • LC

    I’m just waiting for the 40% of people who still support Obama and these other idiots in power to wake the hell up and realize that it’s the banks that control everyone & everything. Then maybe we can fix this problem.

  • http://schmidtreport.blogspot.com Russ

    Brothers and Sisters,

    Everyone should be reading this site, as well as theeconomiccollapseblog.com. Everything written in both is true. For instance here is the quote that opened my eyes wide when I read it from the article above…”Could you imagine living in a world in which you were unable to buy or sell unless you participated in the global currency system?”

    Now, let’s compare that quote to Revelation 13:16-17…”He (the False Prophet of the Antichrist) also forced everyone, small and great, rich and poor, free and slave, to receive a mark on his right hand or forehead, so that NO ONE COULD BUY OR SELL UNLESS HE HAD THE MARK OF HIS NAME.” (Parenthesis & emphasis mine).

    Those who accept the mark will suffer in hell for all eternity, because in accepting the mark you are rejecting the Christ.

    We are entering the end times just as the Bible’s prophecies proclaim. He who has an ear, let him hear. Turn away from this world’s way and turn toward the way of Jesus Christ and you WILL BE SAVED! When you turn to Christ you will not need to worry about the mark of the beast, we will be taken out of the world by Christ to protect those who have given their life over to Him.

    YOU’VE BEEN WARNED!!

    • Michael

      Thank you for the kind words about my sites Russ. :)

      Michael

  • b

    Communists believe simultaneously that capitalism will inevitably fall and that they as communists must help that fall happen.

    • Gary2

      conservative republicans are destroying capitalism better than the left ever could.

      We now have socialism for the rich and capitalism for the poor.

      I say socialism for all.

  • ed

    There already is a world currency,silver and gold coins.

  • http://www.placeofrefuge2012.com Sheila

    The new global currency will be the death bell to the USA economy.
    If you don’t have storage food, water and a safe place to before the crash I would get going if I was you.

    Things are going to get real crazy real soon

    http://www.placeofrefuge2012.com

  • Guido

    Welcome back!

    I suppose the world can do whatever it wants, but wouldn’t a new currency not minted by Congress be illegal under the US Constitution? (I know they don’t coin it now, but we all pretend the fed is part of the USG.) I doubt Europe will be able to do much about it-Zerohedge has been covering the possible collapse of 2 of their big central banks for the last week and a half. It’s supposed to be mere rumors, but even rumors these days can be destructive. Oh, and did anyone see the article about the slow-motion bank run on Greek banks? Folks are cashing out and running for the hills there. You can’t get a safety deposit box there, either, no matter how much you got.

    Did anyone see that DHS is now putting out pamphlets at surplus stores and elsewhere telling people to be on the lookout for folks who pay cash for MREs, “night flashlights” (is there any other kind?), and may be missing fingers or hands (Sounds like The Fugitive). It’s an ominous warning, since it seems to target preppers, not terrorists. And it’s ironic that the same people who have been advising civilians to buy 3+ days of food, water, a first aid kit, flashlight, and radio are now targeting the folks who shop for same.

  • Otown Right Guy

    “a new global currency issued by a global central bank, with robust governance and institutional features, could provide a nominal anchor and risk-free asset”

    Nice. A global currency controlled by the same central bankers and globalists that have wrecked the US and European economies. What are “robust governance and institutional features”? Does that mean using the US Congress to steal money from the US middle class and giving it to overseas banks?

  • Stolengoat

    I have opened my eyes to the oncoming disaster and no matter how hard I try to ignore the things im hearing and seeing I can’t seem to return to the blissful ignorance I felt mere months ago. I used to work all week so I could get hammered and play cards with my buddies on the weekend. I wish a felt like all of this economic collpase talk was just conspiracy theory. I wish I could convince myself you were all knuckleheads or religous zealots, but I can smell the legitamacy dripping off of every word I read here regarding the current economic situation. I’m a young tough country boy surronded by family and friend much like me. I can’t help but think I’ve got a fighters chance at survival but what about all the people in the cities. What gna happen when the food runs out?????? Hers a possible scenario. Lets say all this goes down next fall. 24 hours in and the ailes down at the walmart are as bare as a babys butt. The idiots start looting rioting and normal city folk get scared. The mass exodus begins. People pour out of the cities heading for the small towns and farms in the surronding country. I got a 1 acre garden and a 1 year old lil girl, elder grandparents, and extended family to feed and care for. Sry folks but there ain’t no room at the INN so move off our ground or us god fearing country boys shall put you in it.

    Southern Indiana

    • Guido

      Read One Second After for an idea of how it works. The city thinks the country is a cornucopia of food. Once it gets bad, we’ll all be headed your way. When the Bolsheviks took power, they squeezed the rural peasantry of every grain they had. Suspicion of hoarding food was sufficient to justify execution and/or deportation.

      • Ouida Gabriel

        One Second After is a great book. I don’t read fiction much but I couldn’t put this book down – read it in two days! What opened my eyes was the issue with diabetics. I have a close friend who is diabetic and it made me think how it would affect her and what could I do to help her in that situation. I still have not found a good solution. People need to read more books like One Second After. They will see how we teeter tooter on the edge of things every day.

        Ouida Gabriel

    • http://www.azlyrics.com/lyrics/otep/smashthecontrolmachine.html SMASH THE CONTROL MACHINE

      For in much wisdom is much grief: and he that increaseth knowledge increaseth sorrow.

  • Tim

    I have a home in Mazatlan Mexico. When I when there last year I took several hundred dollars to the Mexican bank I deal with for a deposit. (BANCOMER) I was told they no longer except U.S. dollares and that I needed to go and find a street vender to exchange my dollares and then bring the peso’s in for deposit. I then went to several other Mexican banks, BANAMEX, HSBC BANNORTE, And was told the same thing.

  • A Dodgy Bloke

    First welcome back second there is a couple of things wrong with the concept of a Global Currency. First any monetary union with out fiscal union is doomed. That’s the problem you have with Europe Nations in the EU can spend what ever they want, Greece, Italy Ireland and others went on spending sprees or backed their troubled banks (Ireland). It will be the same with any Global Currency only you will have dozens of nations blowing money, and who will bail out Russia, or Zimbabwe? The only reasion the EU has gotten this far is Germany has deep pockets and is willing to pony up for now. Who will act as Germany in any Global Currency? As guest on Financial Sense once said replace the Dollar, with what?

  • Gary2

    I never hear anyone talking about or giving 2 shits about the debt. Family supporting jobs and taxing the rich hard to even up the wealth and income distribution is what needs to be done and what a lot of folks are talking about.

    81% say tax the rich!!!

    • Guido

      And then what?

      Let’s say you loot all the rich people. Then what happens? Since the gov’t has done so well with the trillions of dollars they’ve already wasted, what will happen with the billions-trillions they get from this? In this new Bolshevik America you’re imagining, wealth will flee this country, jobs will dry up fast, and business will fail. Then what are you left with?

      So what’s to stop the feds, with all that money, from doing something other than helping you? Condoms for Africa or giant laser space frisbees or bridges to nowhere. What makes you think they could allocate the money in a sane manner, anyway?

      Never mind the fundamental point that no matter how many people support something, we’re not a democracy, but a constitutional republic, which places checks and balances on the whims of the ignorant mob.

  • SMASH THE CONTROL MACHINE

    Hopium — The term denotes a euphoric sense of “everything is just fine because they told me it is” despite reality.

  • SMASH THE CONTROL MACHINE

    FUNNY ECONOMIC COLLAPSE E TRADE BABY!!!!

    http://www.youtube.com/watch?v=N6oNJHvExBI&feature=grec_index

  • Bob marshall

    I hope so since i bought gold and silver.I can use the currency for tissue paper after the collapse.

  • kat campbell

    No one wants a global currency. No one here wants a New World Order. I live in Wisconsin and done my own polls- not one person. These news outlets are lying.