China Has Announced Plans For A ‘World Currency’

Michael Snyder

The Chinese do not plan to live in a world dominated by the U.S. dollar for much longer.  Chinese leaders have been calling for the U.S. dollar to be replaced as the primary global reserve currency for a long time, but up until now they have never been very specific about what they would put in place of it.  Many have assumed that the Chinese simply wanted some new international currency to be created.  But what if that is not what the Chinese had in mind?  What if they have always wanted their own currency to become the single most dominant currency on the entire planet?

What you are about to see is rather startling, but it shouldn’t be a surprise.  When it comes to economics and finance, the Chinese have always been playing chess while the Western world has been playing checkers.  Sadly, we have gotten to the point where checkmate is on the horizon.

On Wednesday, I came across an excellent article by Simon Black.  What he had to say in that article just about floored me…

Edward Steves and his Million Dollar Gold Arbitrage: A Lesson in Wealth Preservation

Dees Illustration

Jason Kaspar
Activist Post

During the Civil War, an independent thinker from San Antonio named Edward Steves made a savvy business move that would forever change his fortune and that of his family for generations. He made a bet against a dying currency in favor of the only currency that has never failed.

In Texas, truth and myth are often blurred, as stories of what the human spirit accomplishes are stretched into tall tales for open camp fires and star filled nights. Perhaps the story of Mr. Steves borders on exaggeration. Perhaps not. In either case, the moral offers a profound lesson in wealth preservation and accumulation.

China economist blasts dollar dominance on eve of G20

Dollar/yuan AFP image

Reuters

BEIJING - Dollar dominance is sowing the seeds of financial turmoil, and the solution is to promote new reserve currencies, a Chinese government economist said in a paper published on the eve of a G20 meeting about how to reform the global monetary system.

Although not an official policy statement, the paper by Xu Hongcai, a department deputy director at the China Center for International Economic Exchanges, offered a window onto the domestic pressures bearing on Beijing to move away from a dollar-centric global economy.

The China Center, a top government think tank, has represented the Chinese government in organizing a forum on Thursday in Nanjing that will bring together finance ministers, central bankers and academics from the Group of 20 wealthy and developing economies.

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Secretive Plan For a Global Currency

Excerpt from "The Global Economic Crisis: The Great Depression of the XXI Century"

Ellen H. Brown
Global Research

By acting together to fulfill these pledges we will bring the world economy out of recession and prevent a crisis like this from recurring in the future. We are committed to take all necessary actions to restore the normal flow of credit through the financial system and ensure the soundness of systemically important institutions, implementing our policies in line with the agreed G20 framework for restoring lending and repairing the financial sector. We have agreed to support a general SDR allocation which will inject $250bn into the world economy and increase global liquidity.– G20 Communiqué, London, April 2, 2009

Towards a New Global Currency?

Is the Group of Twenty Countries (G20) envisaging the creation of a Global Central bank? Who or what would serve as this global central bank, cloaked with the power to issue the global currency and police monetary policy for all humanity? When the world’s central bankers met in Washington in September 2008 at the height of the financial meltdown, they discussed what body might be in a position to serve in that awesome and fearful role. A former governor of the Bank of England stated:

The answer might already be staring us in the face, in the form of the Bank for International Settlements (BIS)... The IMF tends to couch its warnings about economic problems in very diplomatic language, but the BIS is more independent and much better placed to deal with this if it is given the power to do so.[1]