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PrintNew Global Reserve Currency - Connecting the dots
News Type: Event — Thu Oct 23, 2008 12:26 PM EDT
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ECB's Nowotny Sees Global `Tri-Polar' Currency System Evolving Bloomberg.com: Worldwide
European Central Bank council member Ewald Nowotny said a ``tri-polar'' global currency system is developing between Asia, Europe and the U.S ... leaders of the U.S., France and the European Commission will ask other world leaders to join in a series of summits on the global financial crisis beginning in the U.S. soon after the Nov. 4 presidential election, President George W. Bush, French President Nicolas Sarkozy and European Commission President Jose Barroso said in a joint statement yesterday.
European leaders have pressed to convene an emergency meeting of the world's richest nations, known as the Group of Eight, joined by others such as India and China, to overhaul the world's financial regulatory systems. ... Sarkozy wants the G8 to consider re-anchoring their currencies, the hallmark of the 1944 Bretton Woods agreement that also gave birth to the International Monetary Fund and World Bank.
Europe's Been Onto Something ... While the US gently weeps
The EU region calling for a 'G8 + India & China' conference to thrash out this global monetary issue - and has been twisting the knife in the reluctant US side. The US has been dragging its feet. While the EU has been going gung-ho on this, the US has been floating many trial balloons. Warren Buffet, Paul Volcker and Lawrence Summers have been co-opted by the likely President of the US - Barack Obama. There has been talk of a manipulation in bullion prices - which may be required for re-anchoring currencies. Interesting deals - considered impossible till a few years, are being done in a tearing hurry.
The US Gameplan
US analysts, led by Paul Krugman, have been calling for Barack Obama (or maybe McCain) to emulate Roosevelt - who waded into WW2, with 25,000 tons of nationalized gold. If gold is nationalized, it may depress demand in the short term - giving rise to huge volatility in gold prices. But Warren Buffett has been on the silver bandwagon for a while - and that is making the gold-silver equation hazy. What if Warren Buffet becomes the new US Treasury Chief? There is the real risk of
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- Public Discussion (17)
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{"commentId":3657116,"authorDomain":"alongthispath"}
Great post!
{"commentId":3657116,"threadId":"397532","contentId":"2032123","authorDomain":"alongthispath"}
- 1 vote
#1 - Thu Oct 23, 2008 4:08 PM EDT{"commentId":3667123,"authorDomain":"2ndlook"}
Read this post with The Nixon Chop & Bush Whack to get a clearer picture of The Shape Of Things To Come.
{"commentId":3667123,"threadId":"397532","contentId":"2032123","authorDomain":"2ndlook"}
- 2 votes
#2 - Fri Oct 24, 2008 3:24 AM EDT{"commentId":3667981,"authorDomain":"SthPacific"}
India wishes to shake off the Ghandi days and return to the position they were in before that time, Being the worlds no.1 consumer. Again I take issue with Brazil being left out of this picture. If there is going to be this system you talk o, then America will be a continental power at best. And if this is the case, then Brazil will likely be that power not the USA.
{"commentId":3667981,"threadId":"397532","contentId":"2032123","authorDomain":"SthPacific"}
- 3 votes
#3 - Fri Oct 24, 2008 7:22 AM EDT{"commentId":3668132,"authorDomain":"2ndlook"}
I dont think Indians will ever be heavy on consumption! Look at Coke and Pepsi - 20 years after they returned to India. They have made more than US$2 billion in losses - and Indian consumption is about the lowest in the world. Local fruit drink brand, Frooti is slowly catching up - and that may be the way India will go!
The IBSA Summit is actually Brazil, South Africa and India - and New Delhi hosted a conference on this recently. So, Brazil, (I hope) is a part of the new currency system.
I think, the US will survive and do well - and are a long way away from extinction! The US has large reservoir of technology - which will take decades to wind down. Unlike the EU, which will (if ever) take another 50 years to really intergrate, USA is fully integrated. US is also open to immigration. So, unlike the EU, the USA may not become a nation of geriatrics. Plus the large landmass enables the USA to 'live off the land'.
{"commentId":3668132,"threadId":"397532","contentId":"2032123","authorDomain":"2ndlook"}
- 2 votes
#4 - Fri Oct 24, 2008 7:43 AM EDT{"commentId":3675205,"authorDomain":"SthPacific"}
India has a specific phobia about Coca Cola and Pepsi that explains this. They dont like western companies at all. The days of the Rajh and East India trading Co. are still within living memory and so is union carbide. If they do return to being a big consumer it will not be western goods that they will be consuming this time. It will be local and Chinese goods.
I think you should be aware of what a continental power actually means. It was Napoleon's undoing dont forget.
If the Us does still have a pool of technology it is dwindling rapidly, because of the poor education system, and many of the imported brains have long since gone home. This is what that term the brain drain referred too. Not US citizens leaving, but the imported labour leaving. The US has big big problems here. the EU does not. The US will wind down just as fast as the energy supply winds down. This is a problem with all that land mass. It is energy intensive, and so is the US life style. This kind of consumption is coming to an end as it is no longer sustainable. So it is more likely that much of the US will become deserted.
I am not sure what you mean by integrated, the whole world is more integrated than the insular USA. Germany is far more technologically dynamic that the USA. and that is just one country in the EU. Are you forgetting Luxembourg, or rather the Benelux. Technology has a nasty habit af becoming obsolete and the workers redundant in a very short time.
You are also forgetting the 2017 deadline for the USA. How will this effect your analysis?
{"commentId":3675205,"threadId":"397532","contentId":"2032123","authorDomain":"SthPacific"}
- 5 votes
{"commentId":3676646,"authorDomain":"nearing"}
I say we change the way our economy works first, then talk about changing currencies.
Continuing to do the same globally what we have done here at home isn't going to change the outcome!
{"commentId":3676646,"threadId":"397532","contentId":"2032123","authorDomain":"nearing"}
- 6 votes
#5 - Fri Oct 24, 2008 3:03 PM EDT{"commentId":3682267,"authorDomain":"kakael"}
"the US has been resisting calls for action"...
"why"...because like everything else in this world, there's no such thing as a free lunch...real help needed for change and reform is freely offered and benefits both the givers and the receivers...and real help never strips a Nation of it's autonomy in the exercise of it's own buisness and affairs...the present problem affecting all of the global economies and financial systems cannot be solved in a atmosphere of coercion and demands...the solution can only be found in a agreed consensus that leaves all nations free without the sacrifice of their national autonomy...
{"commentId":3682267,"threadId":"397532","contentId":"2032123","authorDomain":"kakael"}
- 2 votes
#6 - Fri Oct 24, 2008 8:07 PM EDT{"commentId":3687423,"authorDomain":"2ndlook"}
SthPacific says ...
the brain drain referred too. Not US citizens leaving, but the imported labour leaving.
Interesting observation. Never saw it that way.
The US will wind down just as fast as the energy supply winds down.
The energy sources winding down is an alarmist view. Anyway, the Arctic is opening up ... so the US can still have access to a lot of oil.
Benelux
Belgium is in mortal combat with itself - over language. 1.2 million people having difficulty with 2 languages. Imagine India with 15-50 languages.
You are also forgetting the 2017 deadline for the USA ...
I am not sure what this is ... tell us more about this ....
kakael says ...
consensus that leaves all nations free without the sacrifice of their national autonomy...
Well said. I will go with that.
{"commentId":3687423,"threadId":"397532","contentId":"2032123","authorDomain":"2ndlook"}
- 2 votes
#7 - Sat Oct 25, 2008 4:19 AM EDT{"commentId":3700253,"authorDomain":"SthPacific"}
Belgium is not in mortal combat with itself, it is the corner stone of Europe. Texas and California are more cobative than any European state,
But the US does not have much access to the Arctic. The US also lacks the technology to exploit these cold water resources. As any economy grows, so does their energy consumption. No economy has ever expanded whilst keeping its energy usage flat. US oil consumption fell another 6%. World wide output has been flat for 3 years. This is why they now incorporate the figures for condensates and such. Anyway, the US cant afford to pay for Oil and the OPEC countries are just about dry.
june 24 2017 is pay up day for the USA. What did you think, that the US would never have to pay for that stupid war on terrorism? 4.5 Trillion I think it is up to. Perhaps if the US is very good up until, then the IMF might give them a bailout package.
.and real help never strips a Nation of it's autonomy in the exercise of it's own buisness and affairs
kakael The way the world has been doing business is now over. The US wants to keep the free market US style going around the world. This is not an option. The US will be told how international business will be conducted in the future, and they will play by those rules, or the US will not play at all. No one is interested in the opinions of Bush and the US corpratists. If you want to keep playing those games, you can but you will do it over there.
{"commentId":3700253,"threadId":"397532","contentId":"2032123","authorDomain":"SthPacific"}
- 3 votes
#8 - Sun Oct 26, 2008 4:29 AM EDT{"commentId":3706136,"authorDomain":"kakael"}
.and real help never strips a Nation of it's autonomy in the exercise of it's own buisness and affairs...
pacific...i agree the system at the international level (IMF and WB) needs reform/change for the benefit of all...what i see in the present meetings right now is bush and us corpratists resisting...the current attitude of "no other options" is caused from the anger, and rightfully so, from the other members...at present they are negociating in a hostile atmosphere with coercion and demands...this is only furthering bush's resistance to the change needed...and this change has to also be incorporated in our financial system and economic affairs from the top to the bottom...they resent king george sitting there and rightfully so...the atmosphere has to change thru a willing give and take before a consensus can be reached by compromising...this insures the autonomy of each nation...bush is not the right kind of person for the job needed...he is not capable of that kind of leadership and statesmanship...hopefully we find that in our next president...and if not, well i don't want to think about it...
{"commentId":3706136,"threadId":"397532","contentId":"2032123","authorDomain":"kakael"}
- 3 votes
{"commentId":3700957,"authorDomain":"2ndlook"}
What happens on November 15th.
I have made some observations .. what do you think ...
{"commentId":3700957,"threadId":"397532","contentId":"2032123","authorDomain":"2ndlook"}
- 3 votes
#9 - Sun Oct 26, 2008 8:09 AM EDT{"commentId":3701069,"authorDomain":"SthPacific"}
Its simple, America will be told how it will conduct business in an international forum in the future, Simple as that, If America refuses, then they will not be allowed to do business, Their credit rating will fall, and they will be de-listed from most international exchanges.
Any more of this nonsense about Democratic Capitalism will not be tolerated. Its an oxymoron, How can you have democratic capitalism, What are we going to have workers elect their bosses on the shop floor, break out your Lenin Caps and Jackets. The world has had a gut full of American BS, and is not even prepared to listen anymore.
{"commentId":3701069,"threadId":"397532","contentId":"2032123","authorDomain":"SthPacific"}
- 2 votes
{"commentId":3701101,"authorDomain":"2ndlook"}
How can you have democratic capitalism, What are we going to have workers elect their bosses on the shop floor, break out your Lenin Caps and Jackets
What would you have ...
{"commentId":3701101,"threadId":"397532","contentId":"2032123","authorDomain":"2ndlook"}
- 2 votes
#10 - Sun Oct 26, 2008 8:40 AM EDT{"commentId":3701254,"authorDomain":"SthPacific"}
There is no such thing 2ndlook Capitalism is despotic by nature, There is nothing democratic about it. Anyway its a mute point, its over, and America does not get a say in this. We have heard all the lies, seen all the scams, know all the stupid Orwelian phrases, and no one is listening. America evolves, or dies. Its up to Americans, but remember, you dont get a second chance, the decisions you make in November you will have to live with for a very long time. And if we have to live in a world without American influence, then so be it, because over the last decade, America has been more trouble than what its worth.
{"commentId":3701254,"threadId":"397532","contentId":"2032123","authorDomain":"SthPacific"}
- 2 votes
{"commentId":3701368,"authorDomain":"2ndlook"}
Whcich part of the world are you from ..
{"commentId":3701368,"threadId":"397532","contentId":"2032123","authorDomain":"2ndlook"}
- 2 votes
#11 - Sun Oct 26, 2008 9:22 AM EDT{"commentId":3705212,"authorDomain":"PamelaDrew"}
Whcich part of the world are you from ..
Is the name SthPacific a clue?
{"commentId":3705212,"threadId":"397532","contentId":"2032123","authorDomain":"PamelaDrew"}
- 2 votes
#12 - Sun Oct 26, 2008 3:27 PM EDT{"commentId":3713741,"authorDomain":"2ndlook"}
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