The Third Currency Option - Junk the Dollar and the Euro

News Type: Event — Sat Nov 8, 2008 11:21 AM EST

world-news, tri-polar-currency, global-reserve-currency, the-third-currency-option

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 President-elect 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.

Europe would obviously like to break the dollar hegemony - and muscle into the racket. They know the Third World-Russia-China are not prepared.

And what do Europeans want - some seats at the global regulatory table, to force US moneybags (for now) and others to seek approvals, which will come at a cost … or is it that the approvals will come at a price …

Which will solve no one's problems … back to square one …

The US Gameplan

US analysts, led by Paul Krugman, have been calling for Barack Obama 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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2ndlook

The EC and the US bloc has been trying ensure that there is safe landing for the Euro and the dollar - so that they can continue with the duopoly. There has to be an option

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1 vote

#1 - Sat Nov 8, 2008 11:27 AM EST

{"commentId":3995808,"authorDomain":"mwestenfelder"}

Martin Westenfelder

You are not an econmist, so much is certain.

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#2 - Sun Nov 9, 2008 9:40 PM EST

{"commentId":3997973,"authorDomain":"2ndlook"}

2ndlook

THe topic of this post, Martin, is not me ... it happens to be a Third Reserve Currency.

If you have something to say on that, it is a goood idea to contribute. If however, you are trying to bring down the level of debate, dont waste time - especially some one else's.

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2 votes

#3 - Mon Nov 10, 2008 2:07 AM EST

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2NDLOOK

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The Third Currency Option - Junk the Dollar and the Euro

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