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06-29-2009, 01:15 PM #1
What China's Push for Alternative Currency Means
What China's Push for An Alternative World Reserve Currency Means
by Washington's Blog
Global Research, June 28, 2009
washingtonsblog.com
Yesterday, after China called for a super-sovereign currency, the dollar slid as investors started seeing the writing on the wall. Specifically, the People’s Bank of China said the International Monetary Fund should manage part of members’ foreign-exchange reserves. See this.
“To prevent the deficiencies in the main reserve currency, there’s a need to create a new currency that’s delinked from the economies of the issuers,â€
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06-29-2009, 01:45 PM #2A global currency is another proposal - one that creates more problems than it solves. The world "is not one nation or one region," and who's to be boss and in charge. Further, if all governments issued the same currency, "the global money supply (would be) vulnerable to irresponsible governments (issuing) too much." Strong ones would end up dominating the weak, and national sovereignty would be weakened, perhaps ended. A "fully dollarized" world is a prescription for trouble enough to make scarcity "the order of the day.""We have met the enemy, and they is us." - POGO
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