China Calls For New Reserve Currency, And New World Order
Posted in the Chicago Forum
#1 Oct 14, 2013
Chinas Official Press Agency Calls For New Reserve Currency, And New World Order
Posted By yihan On October 14, 2013 @ 5:35 October 14, 2013
We assume it is a coincidence that on the day in which we demonstrate Chinas relentless appetite for gold, driven by what we and many others believe is the countrys desire to have a call option on a gold-backed reserve currency when the time comes, just posted in Chinas official press agency, Xinhua, is an op-ed by writer Liu Chang in which he decries the US fiscal failure which warrants a de-Americanized world and flatly states that the world should consider a new reserve currency that is to be created to replace the dominant U.S. dollar, so that the international community could permanently stay away from the spillover of the intensifying domestic political turmoil in the United States.
Of course, if China were serious, and if the world were to voluntarily engage in such a (r)evolutionary reserve currency transition, then all Magic Money Tree theories that the only thing better than near infinite debt is beyond infinite debt, would promptly be relegated to the historic dust heap of idiotic theories where they belong.
Some of Chinas (which as a reminder is the single largest offshore holder of US Treasury paper, and the second largest of all only second naturally to the Federal Reserve whose $85 billion in monthly monetizing flow is what is keeping rates from exploding higher) thoughts as captured in the Xinhua Op-ed:
- Reform of the worlds financial system should include the introduction of a new internatonal reserve currency to replace the U.S. dollar
- The international community could thus permanently stay away from the spillover of intensifying domestic political turmoil in the U.S.
- Fiscal impasse in the U.S. is a good time for befuddled world to start considering building a de-Americanized world
#2 Oct 14, 2013
A new reserve currency replacing the U.S. dollar is a possibility. It wasn't the dollar until World War II, you know. It was the British Pound Sterling from about 1815 until the 1940s.
As for the term "new world order" it does not have the same meaning in other languages/sytems of thinking that it does with the paranoid crowd in the U.S. To a Chinese, it simply means a new way/structure of doing business.
If the dollar is replaced with another currency there is only one currency that has any possibility of taking its place: the Euro. So in a way the world would not be adopting a "new order"; it would be going back to the "old order" a modified version of the one that existed before World War II. The structure of world economics might then resemble what it was in about 1900 with three new major players: China, India, and Japan. There would also likely be two rising stars: Brazil and Turkey.
Time has changed things in the past; time is still changing things.
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