The former chief economist at the World Bank, Justin Yifu Lin, is advising the Chinese government that the time has come for a single global currency. Lin, who is also a professor at Peking University, says that the U.S. dollar “is the root cause of global financial and economic crises” and that moving to a “global super-currency” will bring much needed stability to the global financial system. And considering how recklessly the Federal Reserve has been pumping money into the global financial system and how recklessly the U.S. government has been going into debt, it is hard to argue with his logic. Why would anyone want to trust the United States to continue to run things after how badly we have abused our position? The United States has greatly benefited from having the de facto reserve currency of the planet for the past several decades, but now that era is coming to an end. In fact, the central bank of China has already announced that it will no longer be stockpiling more U.S. dollars. The rest of the world is getting tired of playing our game. Our debt is wildly out of control and we are creating money as if there was no tomorrow. As the rest of the world starts moving away from the U.S. dollar, global power is going to shift even more to the East, and that is going to have very serious consequences for ordinary Americans. (Read More...)
Global Currency
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. (Read More...)
The United Nations Declares War On The U.S. Dollar And Publicly Calls For The Establishment Of A New World Currency
Are you ready for a world currency? If the United Nations has anything to say about it, that is exactly what we are all going to have shoved down our throats. A new United Nations report released on Tuesday essentially declares war on the U.S. dollar and publicly calls on the nations of the world to abandon it as the global reserve currency. This new report entitled “The U.N. World Economic and Social Survey 2010” is one of the most blatant attempts yet that we have seen from a major international organization to move us in the direction of a world currency. For years it was denial after denial after denial that a global currency was being considered. Of course we knew all along by reading their policy papers that the eventual goal of the globalists was indeed to move us over to a global currency. Finally, in just the past year, the International Monetary Fund’s special drawing rights (SDRs) were promoted by the G20 as “an international reserve asset” that could be used as a unit of payment for IMF loans. SDRs are currently made up of a basket of various currencies from around the world, but now there are much bigger plans for the SDRs. (Read More...)
10 Reasons Why The Rand Paul Victory In Kentucky Is So Important
Declaring that “we’ve come to take our government back”, Tea Party favorite Rand Paul, the son of U.S. Representative Ron Paul, soundly defeated Kentucky Secretary of State Trey Grayson in a Republican primary fight for the U.S. Senate seat held by retiring Republican Senator Jim Bunning. He will now face Kentucky Attorney General Jack Conway, the winner of the Democratic primary, in the November election. It is hard to understate just how important this victory is for the Tea Party movement. The entire Republican establishment was behind Grayson and they tried desperately to get him enough support to win the primary. But it did not work this time. Usually when the Republican machine gets behind somebody, they have no problem winning a primary. Could this be a signal that politics in America is changing? Could this be a sign that the American people are so sick and tired of what is going on in Washington that they simply refuse to listen to the two big political machines (the Republicans and the Democrats) any longer? (Read More...)