Obama pushing hard for one world government

[redrumloa]

http://www.bloomberg.com/apps/news?pid= ... efer=japan

The dollar fell the most in almost a week against the euro on concern Treasury Secretary Timothy Geithner supported a Chinese plan to blunt demand among global central banks for the greenback.

The U.S. currency pared losses after Geithner clarified comments on the International Monetary Fund’s special drawing rights and said the dollar will remain the world’s primary reserve currency “for a long period of time.” The yen gained versus most its major counterparts as a drop in U.S. stocks increased demand for the currency’s safety.

“The dollar’s having a bad week,” said Jessica Hoversen, a foreign-exchange analyst in Chicago at MF Global Ltd., the world’s largest broker of exchange-traded futures and options contracts. “Government policy is only as effective as the government is credible. Having a government official speak out of both sides of his mouth in five minutes erodes credibility.”

The U.S. currency weakened as much as 1.2 percent to $1.3651 per euro, the biggest intraday decline since March 19, before trading at $1.3573 at 2:50 p.m. in New York. The dollar dropped 0.6 percent to 97.26 yen from 97.86. The euro increased 0.2 percent to 132.02 yen from 131.81.

The dollar dropped on Geithner’s comment in response to a question at a Council on Foreign Relations event in New York on People’s Bank of China Governor Zhou Xiaochuan’s proposal regarding the use of special drawing rights, units of accounting at the fund used for member countries’ reserves with the IMF.

The Treasury secretary said that “as I understand his proposal, it’s a proposal designed to increase the use of the IMF’s special drawing rights. And we’re actually quite open to that suggestion.”

Translation - One world currency controlled by the IMF. The default reserve currency will no longer be the USD.

Thanks a lot scumbag Geithner and Obama, you just keep driving us down the path to a socialist 3rd world country. :firedup:

 

[FluffyMcDeath]

Thanks a lot scumbag Geithner and Obama, you just keep driving us down the path to a socialist 3rd world country. :firedup:

not "socialist" we're heading toward fascist oligarchy.

The socialist way would be to nationalize the Federal Reserve and all the bad banks, fire all the fat cat incompetents and jail the ones that were actually crooks and then to try to feed all those retired people whose pensions got wiped out in the whole debacle.

 

[FluffyMcDeath]

Though I'm not disagreeing on where Obama's loyalties seem to lie. He's blocking investigation of Cheney for a start.

And his economic policy seems to be Reaganomics: give it to the rich, let it trickle down.

 

[cecilia]

just curious: what is Obama actually DOING to prevent an investigation??

did I miss something (a little busy right now)?

 

[the_leander]

Translation - One world currency controlled by the IMF. The default reserve currency will no longer be the USD.

Thanks a lot scumbag Geithner and Obama, you just keep driving us down the path to a socialist 3rd world country. :firedup:

What, you mean like how the US did to the British in the aftermath of the Second World War when the reserve was changed from Sterling to USD?

It decimated our economy because, just like you are now, our currency was being propped up due to it being the reserve.

It's when oil starts getting traded in Euros that you'll really be in trouble.

 

[adz]

It's when oil starts getting traded in Euros that you'll really be in trouble.

Isn't that why Bush invaded Iraq?

 

[the_leander]

It's when oil starts getting traded in Euros that you'll really be in trouble.

Isn't that why Bush invaded Iraq?

And why the CIA tried to organise a coup to take out Chavez who was threatening the same...

 

[JoBBo]

Translation - One world currency controlled by the IMF. The default reserve currency will no longer be the USD.

Have you ever considered that the US might actually benefit if the US currency was not overvalued because it is the default reserve currency due to historic reasons? (Being the default reserve currency means that there is a large demand for US dollars. Since demand drives the price high when the supply is limited, the value of the USD is higher than it would be if it were not the default reserve currency.)

There are actually plenty of disadvantages associated with this. The US is the only large industrialized country that consistently imports more than it exports. The strong value of the USD has a lot to do with this. If the USD value was a bit lower, this would have two effects. First, American goods and services would become more affordable to foreign countries which could ultimately lead to and increase in US exports. Second, foreign goods and services would become more expensive which could reduce US imports, thus strengthen domestic demand for domestic goods and services.

I see only three big advantages to providing the world's reserve currency:
1. You can borrow money from foreign countries at modest rates at all times.
2. Since your currency's value is inflated, buying foreign energy resources, such as oil, is unusually cheap.
3. You have certain political leverage that may or may not be used to do good/evil.

As we now know, the first advantage can actually turn into a rather big disadvantage if you cannot resist the temptation of cheap credit and have your debt levels go through the roof. Likewise, the second advantage can also turn into a disadvantage if you cannot resist the temptation of cheap oil and develop an extreme dependency on foreign resources. (This is especially problematic if your foreign suppliers are owned by people who happen to support anti-American terrorists.)

Thanks a lot scumbag Geithner and Obama, you just keep driving us down the path to a socialist 3rd world country. :firedup:

I really do not see a relation between this comment and the topic at hand.

 

[redrumloa]

Finding these old threads are funny in a dark, humorless kind of way...

 

[the_leander]

So much for my prediction of Oil being traded in Euros.

At the moment it's more likely to be Yuan.

 

[cybereye]

So much for my prediction of Oil being traded in Euros.

At the moment it's more likely to be Yuan.

Since the beginning of 2003, Iran has required euro in payment of exports toward Asia and Europe, though prices are still expressed in US dollars.Iran is planning to open an International Oil Bourse (IOB, exchange) for the express purpose of trading oil priced in other currencies, including Euros. I am sure it a matter of time if oil is still around will be trading with gold, silver, or other commodity. Hopefully by then, US make it own oil.

 

[FluffyMcDeath]

Iran is planning to open an International Oil Bourse (IOB, exchange) for the express purpose of trading oil priced in other currencies, including Euros

They've been planning to open that for years now but they keep moving the date out. I think they are using the threat as some sort of bargaining chip.

I am sure it a matter of time if oil is still around will be trading with gold, silver, or other commodity. Hopefully by then, US make it own oil.

Making oil is a terrible waste of resources. The world needs other energy sources and unless some amazing technology happens soon then the only easy source of energy will be lower usage - i.e. diverting it from trivial and wasteful uses to necessary functions. I expect the definition of necessary will involve an ugly fight.

 

[cybereye]

They've been planning to open that for years now but they keep moving the date out. I think they are using the threat as some sort of bargaining chip.

That may be true, but I still can't rule that out. I just keep that in the back of my mind and nothing will suprise me unless there is info I am not ware.

Making oil is a terrible waste of resources. The world needs other energy sources and unless some amazing technology happens soon then the only easy source of energy will be lower usage - i.e. diverting it from trivial and wasteful uses to necessary functions. I expect the definition of necessary will involve an ugly fight.

That depend on what part of resources is waste on oil. There is best way and worst way to make oil. I don't mean corn oil, shale oil or kerogen oil these are waste of resources. It Algae oil and mass.