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brettbuchanan
Joined: 12 Jun 2001 Posts: 77
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Posted: Tue Mar 31, 2009 12:23 pm Post subject: Boggsman1 & jpbassking - New Global Currency |
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Hey guys check this out. Since this crisis began I've maintained that it was rooted in an unsustainable currency model - fiat to be precise. In our recent New World Order banter Boggs wrote the following (God bless him):
Quote: | JP- The idea of the dollar not being the reserve currency of the World is not realistic. I know its cool to bash the dollar right now, and China is chirping, but people in my biz dont pay attention to what China says, but rather what they DO.
There is a ZERO chance of the world adopting a global currency. (Continued...) Im sure Mr. Brett Buchanan is a very talented author and his book is coming out at the perfect time and is a work of FICTION. |
I responded by saying watch for headlines in the wake of the G20 meeting regarding a new global currency regime unfolding. It looks like we don't even have to wait for the G20 summit to wrap.
Quote: | US backing for world currency stuns markets
US Treasury Secretary Tim Geithner shocked global markets by revealing that Washington is "quite open" to Chinese proposals for the gradual development of a global reserve currency run by the International Monetary Fund. |
Telegraph.co.uk Orig. Article
Quote: | Russia backs return to Gold Standard to solve financial crisis
Russia has become the first major country to call for a partial restoration of the Gold Standard to uphold discipline in the world financial system. |
Telegraph.co.uk Orig. Article
Stay tuned for more later... Hey Boggs, I'll bet you a round within a year the IMF has restructured Special Drawing Rights under a new 'basket of currencies'. After that the only logical progression is for the dollar to fall off as the world's reserve currency. It's the only way the central banks can maintain control. I'll be doing a post on my site later today with some other interesting info.
http://itsnotrealmoney.com
Last edited by brettbuchanan on Tue Mar 31, 2009 3:19 pm; edited 1 time in total |
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boggsman1
Joined: 24 Jun 2002 Posts: 9120 Location: at a computer
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Posted: Tue Mar 31, 2009 1:21 pm Post subject: |
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I'm in. I saw the interview when Timmy spouted. I would not bank on it. I agree, if the USA slips further into the abyss, the possibility exists. I dont bank on any verbage from Russia and China, Russia has been devaluing for a year now , and China has its currency pegged to the dollar, with a tight band. If the IMF moved to the "basket" approach, the dollar would crash, taking China, and all emerging ecomonies with it as our import abilities went to ZERO. Hello WWIII.
Boggsy |
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MalibuGuru
Joined: 11 Nov 1993 Posts: 9300
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Posted: Tue Mar 31, 2009 2:20 pm Post subject: |
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How can any of us rely on the money in our bank accounts if our government is printing money and then loaning it back to itself?
Do we expect the IMF to act differently? |
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brettbuchanan
Joined: 12 Jun 2001 Posts: 77
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Posted: Tue Mar 31, 2009 2:51 pm Post subject: Exactly |
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stevenbard - Precisely.
Boggs - I noticed you didn't take me up on my wager. Come on, let's see you put those soon to extinct dollars where your mouth is... |
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beallmd
Joined: 10 May 1998 Posts: 1154
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Posted: Tue Mar 31, 2009 3:00 pm Post subject: |
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I can't see how any other "currency" or basket of such would be better or more reliable than the dollar. The market itself has long determined that for all it's weaknesses it is the worlds base currency. This was not decided by a politician but by world markets. So a deciscion by the EU, China or Russia will not ultimately determine the outcome. Now on the other hand America is way overspending and priniting money in a way it has never done except during WW2. The EU is essentially DEAD! It has been voted down each time it has come up including in France and is a shell at this point. Britain never really joined and still uses the pound and a majority of Brits and even europeans do not want to continue the EU. Expect the Euro to slowly fade away. We shall all see how all this turns out but the market will decide not the EU'crats. |
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harris52
Joined: 11 May 1998 Posts: 125
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Posted: Tue Mar 31, 2009 3:12 pm Post subject: |
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Would it surprise anyone here that SDR's are already based on a "basket" of currencies and that the IMF reviews the basket every five years, the last one in 2005. Thus, a modified basket is virtually guaranteed every five years, thus giving a guaranteed change by the end of 2010 based on a basket of currencies, which it already is. |
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boggsman1
Joined: 24 Jun 2002 Posts: 9120 Location: at a computer
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Posted: Tue Mar 31, 2009 3:19 pm Post subject: |
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Brett, c'mon brah! What part of "I'm In" , dont you get? Waddel or Jalama.
Boggsy |
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boggsman1
Joined: 24 Jun 2002 Posts: 9120 Location: at a computer
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Posted: Tue Mar 31, 2009 3:21 pm Post subject: |
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Beall is DEAD on. After the EURO is de-membered, whats left ? The Loonie? |
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jp5
Joined: 19 May 1998 Posts: 3394 Location: OnUr6
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Posted: Tue Mar 31, 2009 3:21 pm Post subject: Re: Exactly |
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brettbuchanan wrote: |
Boggs - I noticed you didn't take me up on my wager. Come on, let's see you put those soon to extinct dollars where your mouth is... |
The last guy who bet against Boggs lost, and didn't pay up! |
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boggsman1
Joined: 24 Jun 2002 Posts: 9120 Location: at a computer
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Posted: Tue Mar 31, 2009 3:24 pm Post subject: |
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Hey JP, have you seen Mulholland at Zuma? or Leo? or any other SoCal spots? If you read his posts, maybe you can get an idea of how to identify the supreme Welcher. |
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