The objective is to control our growth and economy.

UN backs new new global currency reserve

A UNITED Nations panel of economists has proposed a new global currency reserve that would take over the US dollar-based system used for decades by international banks.
The proposal follows the controversial call by China's central bank governor, Zhou Xiaochuan, to create a new world currency reserve to replace the greenback as part of an overhaul of global finance.

China and many developing countries blame the global crisis on US mishandling of over-extended mortgage loans and investments in them.

With the US also borrowing trillions of dollars, it risks hyperinflation, which would considerably weaken the dollar.

An independently administered reserve currency could operate without conflicts posed by the US dollar and keep commodity prices more stable.

http://www.news.com.au/business/story/0,...62,00.html

Several months ago, probably a year, I wrote that the two events that I thought would be the death blows to the US economy would be the collapse of the "Big 3" automakers and the movement by OPEC from the dollar to another currency (I had the Euro in mind). Albeit in different form than I had imagined, both could be on the verge of happening.

If and when they do, it truly will be time to stick a fork in us.

(03-31-2009 12:37 PM)Owl 69/70/75 Wrote:  Several months ago, probably a year, I wrote that the two events that I thought would be the death blows to the US economy would be the collapse of the "Big 3" automakers and the movement by OPEC from the dollar to another currency (I had the Euro in mind). Albeit in different form than I had imagined, both could be on the verge of happening.

If and when they do, it truly will be time to stick a fork in us.

I guess I'm more concerned w/ the meta-issues. The Fed Gov't owning business, determining wages, tighter restrictions on production.

The economic churn has happened before, but it's a whole other thing to destroy the tools you need to build an economy.

(03-31-2009 12:37 PM)Owl 69/70/75 Wrote:  Several months ago, probably a year, I wrote that the two events that I thought would be the death blows to the US economy would be the collapse of the "Big 3" automakers and the movement by OPEC from the dollar to another currency (I had the Euro in mind). Albeit in different form than I had imagined, both could be on the verge of happening.

If and when they do, it truly will be time to stick a fork in us.

What? You have to let the "Big 3" go. THey are just dinosaurs and don't make good cars. Besides, it won't help Alabama as much if the "Big 3" are still around. Alabama afterall is the most important state in the union.

(03-31-2009 12:53 PM)RobertN Wrote:  

(03-31-2009 12:37 PM)Owl 69/70/75 Wrote:  Several months ago, probably a year, I wrote that the two events that I thought would be the death blows to the US economy would be the collapse of the "Big 3" automakers and the movement by OPEC from the dollar to another currency (I had the Euro in mind). Albeit in different form than I had imagined, both could be on the verge of happening.

If and when they do, it truly will be time to stick a fork in us.

What? You have to let the "Big 3" go. THey are just dinosaurs and don't make good cars. Besides, it won't help Alabama as much if the "Big 3" are still around. Alabama afterall is the most important state in the union.

Damn right.

(03-31-2009 12:53 PM)RobertN Wrote:  

(03-31-2009 12:37 PM)Owl 69/70/75 Wrote:  Several months ago, probably a year, I wrote that the two events that I thought would be the death blows to the US economy would be the collapse of the "Big 3" automakers and the movement by OPEC from the dollar to another currency (I had the Euro in mind). Albeit in different form than I had imagined, both could be on the verge of happening.

If and when they do, it truly will be time to stick a fork in us.

What? You have to let the "Big 3" go. THey are just dinosaurs and don't make good cars. Besides, it won't help Alabama as much if the "Big 3" are still around. Alabama afterall is the most important state in the union.

Are you on Ritalin?

Oh I think the Big 3 have to go. And the UAW with them.

But it's going to be a big psychological blow when it happens. As will the shift away from the dollar.

They are things that need to happen. The fact that they need to happen is proof how far we've fallen. This is going to keep getting worse, and it may never ever get any better.

Enjoy what you have right now, because there's no reason to believe things will ever be better for you than they are right now.

(03-31-2009 03:14 PM)Owl 69/70/75 Wrote:  Oh I think the Big 3 have to go. And the UAW with them.

But it's going to be a big psychological blow when it happens. As will the shift away from the dollar.

They are things that need to happen. The fact that they need to happen is proof how far we've fallen.

I don't understand how those two are connected.

Peter Drucker identified this need for the auto industry 25 years ago. I'm not sure how it means we've fallen.

(03-31-2009 03:34 PM)DrTorch Wrote:  

(03-31-2009 03:14 PM)Owl 69/70/75 Wrote:  Oh I think the Big 3 have to go. And the UAW with them.
But it's going to be a big psychological blow when it happens. As will the shift away from the dollar.
They are things that need to happen. The fact that they need to happen is proof how far we've fallen.

I don't understand how those two are connected.
Peter Drucker identified this need for the auto industry 25 years ago. I'm not sure how it means we've fallen.

The connection is more psychological than real. But when it comes to the economy, psychology sometimes is reality.

(03-31-2009 03:14 PM)Owl 69/70/75 Wrote:  Oh I think the Big 3 have to go. And the UAW with them.

But it's going to be a big psychological blow when it happens. As will the shift away from the dollar.

They are things that need to happen. The fact that they need to happen is proof how far we've fallen. This is going to keep getting worse, and it may never ever get any better.

Enjoy what you have right now, because there's no reason to believe things will ever be better for you than they are right now.

If there is a tremendous loss of confidence, then your prediction of 'no safe Democrat seat in Congress in 2010' will come true.

If we can make it to January 1, 2011 we can recover.

So about 3 million job losses are alright if it brings the neocons back into office?

Make that currency backed by some "value" and I'll gladly stop using our fiat currency. We made our bed...now be ready to die in it!