UN panel touts new global currency reserve system

by Roy C | March 26, 2009 at 02:16 pm

467 views | 38 Recommendations | 7 comments

Mayer Amschel Rothschild, (1743-1812) said, " Give me control over a nation's currency, and I care not who makes its laws."

The elites want control. I highly recommend The Revolt of the Elites. They ain't your friends. You like your Canadian stuff, your American stuff and so on? The Irish rejected being sucked into the European community whole. The Brits don't want to be part of the Euro. Why not?

They have come to understand Brussels, what it is and they have learned: don't expect extra-national elites to let you run your country your way. Will the UN be any better? Ha!

The control of our currency, or even its being highly influenced as a value by an extra-national currency, would be a Trojan Horse toward our subjection to international institutions that we have never agreed to be subject to.

Pay attention, fellow denizens of (barely) functional democratic republics. This is going to get a lot worse before it gets better.

There are any number of videos at YouTube that can teach you about a nation's money supply and how banks "invent" money out of thin air.

Yes, that all began when bankers realized that they could actually issue more notes of gold and silver reserve than they actually had on hand, as long as everybody didn't show up at the same time to cash in the paper money and bankrupt the bank.

You want the UN to be creating money "out of thin air"? The UN in charge of a banking system that can be manipulated? Begin to make you feel a tinge of paranoia?

You think that all those right-wing "kooks" who worry about black helicopters are a bit much? I did. Now I wonder why it is that the oddballs pick up on evil tendencies getting played out in the world before the rest of us so-called "rational" folk get it.

We have a government of the people, by the people, for the people in the US, and we just barely have that as layer upon layer of bureaucracy and powerful lobbies play goalie on "We, the People" while we try to get our elected officials to put forward programs to help our nation.

If the UN takes over our currency or subjects our currency to rules and regulations that we have never agreed to by virtue of a major position of influence over it, we won't have a government of the people, by the people, for the people the same way we have had.

Either that is true or Rothschild didn't know what he was talking about.

You can have such a government as we have only as long as there is accountability. And, you can only have accountability as long as there is transparency (even reform-minded commies such as Gorbaciov got it- "glasnost"), so you know what is going on.

How would a UN empowered to regulate a global currency be accountable? The UN isn't even transparent, as we found out when dozens of UN personnel were getting kickbacks and other bribes from Saddam for help contravening the UN's own embargo.

When and how would we elect the officials of the UN and what constitution would it be based on? Who has written such a constitution? When was it ratified? How do we remove and punish the officials who break the law? How do we find out that the law has been broken? What investigative powers do we have?

Who will determine all this?

The elites.

UN panel of expert economists pressed Thursday for a new global currency reserve scheme to replace the volatile, dollar-based system and for coordinated steps by rich countries to stimulate their economies.

"A new Global Reserve System -- what may be viewed as a greatly expanded SDR (Special Drawing Rights), with regular or cyclically adjusted emissions calibrated to the size of reserve accumulations, could contribute to global stability, economic strength and global equity," the panel said.

As part of several recommendations to tackle the global financial crisis, the panel also noted recovery would require all developed countries, in the short term, to take "strong, coordinated and effective actions to stimulate their economies."

And it stressed the need to "lay the basis for the long-run reforms that will be necessary if we are to have a more stable and more prosperous global economy and avoid future global crises."

The commission, led by US economist Joseph Stiglitz, a frequent critic of globalization and unbridled free markets, is primarily aimed at finding solutions for developing countries.

On the monetary front, Stiglitz, the 2001 Nobel economics laureate, told a press conference here there was "a growing consensus that there are problems with the dollar reserve system.

He noted that such a system was "relatively volatile, deflationary, unstable and (had) inequity associated with it."

"Developing countries are lending the United States trillions dollars at almost zero interest rates when they have huge needs themselves," Stiglitz noted. "It's indicative of the nature of the problem. It's a net transfer, in a sense, to the United States, a form of foreign aid."

This week, China's central bank chief Zhou Xiaochuan suggested the dollar could be replaced as a reserve currency by an International Monetary Fund (IMF) basket comprising dollars, euros, sterling and yen, saying it would not be easily influenced by individual countries.

But the UN panel warned that a two (or three) country reserve system "may be equally unstable."

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Roy C

at 14:42 on March 26th, 2009

Are you familiar with micro-credit?

The Bengladesh banker who started the program got it that people needed to be helped in small steps.

So, he began by loaning money to women who had crafts to let them escape from usurers. He has a whole program of education, self-sufficiency and so on.

If instead, we try to help the whole world, we invite chaos. We have no equilibrium on the ground.

Esta, what they are trying to do is have control so as to "do good". They have what Jung called an absence of the imagination of evil. In other words, they cannot admit to themselves what their possibly bad and downright evil might motivate them. They cannot admit to a "will to power". No, theirs in only a "will to serve", and sorry if the head servants have to take over the estate to see that done.

It is why Animal Farm and 1984 were written by the English socialist, George Orwell.

Roy C

at 14:47 on March 26th, 2009

The international credit problems were caused by speculation.

Banks lent money on very little or no money down and doing this all over the world with central banks "creating" money and letting the banks multiply the money they lent out by forty and fifty times, literally pumped up the whole first world's real estate market until it overshot and then crashed, leaving worthless pieces of paper for the loans and money created.

So, now, "they", the international elites, rather than impose discipline on themselves, want a way to use us the way that we are being used to prop up a lot of merde here in the US.

Paschen

at 19:55 on March 26th, 2009

A global common currency is not the same thing then a dept though, it all depends on how it is regulated.

The US deregulated what caused the melt down where as the EU regulated the EURO rather severely why it is stable.

A global common currency well regulated would avoid such crisis as created by the US since a single country such as the US could no longer mess up the system by deregulating its own currency and loan rules.

The advantage of a global common currency is stability and equal buying power as well as fair exchange on value.

The EURO is a great success even for countries that have claimed it was not, their wealth and economies have grown and stabilized since the introduction of the EURO rather then the opposite.

Strict regulations and management of an international currency would avoid any such global crisis as we have today due to the US deregulation.

eastvanray

at 20:05 on March 26th, 2009

I must stronly disagree with your assertion that a single currency would result in equal buying power. Floating currency exchange rates serve an important function in the economy. They compensate for differing efficiencies between countries. If countries with similar economies combine currencies that MAY work but you cannot put poor countries on the same monetary level as say, Canada or the US. It would destroy the economies of the poor countries. Without lower currencies poor countries would lose one of the only effective way to compete globally.

The list of all the other reasons floating exchange rates are necessary would take me hours to list but a little search under "floating currencies" and "macroeconomics would give you a good background.

Roy C

at 20:50 on March 26th, 2009

I am in favor of "free floating currencies", EVR.

Trade without free-floating currencies is a way for the poorer nation to exploit the richer and to destroy the manufacturing base of the richer one and its middle-class as well.

Equilibrium is reached as the poorer nation's economy grows and becomes an importer as well.

Only fair way to do trade and the only way that enormous destabilizing crises can be avoided.

aurealeus

at 13:33 on April 8th, 2009

I agree with Roy and eastvanray in regards to (national) free-floating-currency. In regards to barter, this is the purest form of economic exchange. I barter on occasion and usually make out quite well, at the same time saving my "cash" for other expenses.

The President, Congress and the Public need not look far in order to find solutions for the roots of many of the problems that exist within the United States, as well as worldwide. Until we start addressing the true roots of our financial as well as other problems, the problems will not be resolved in a manner that truly benefits all and The American Republic along with it's experiment in true democracy, will untimately fail

I feel a short list of the main root/problems/solutions consists of these three:

The Federal Reserve Corporation ( The Federal Reserve Act of 1913 should be repealed, restoring the original Constitutional intent.)

The Internal Revenue Service ( The 16th Amendment should be repealed and The IRS should be abolished allowing only for Constitutional Taxation.)

The Fourteenth Amendment to the US Constitution (please read my article on the 14th Amendment here:) http://my.nowpublic.com/world/corporations-and-twilight-zone