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Medvedev calls for world currency at G-8

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http://www.bloomberg.com/apps/news?pid=20601087&sid=aeFVNYQpByU4

 

July 10 (Bloomberg) -- Russian President Dmitry Medvedev illustrated his call for a supranational currency to replace the dollar by pulling from his pocket a sample coin of a “united future world currency.”

 

“Here it is,” Medvedev told reporters today in L’Aquila, Italy, after a summit of the Group of Eight nations. “You can see it and touch it.”

 

The coin, which bears the words “unity in diversity,” was minted in Belgium and presented to the heads of G-8 delegations, Medvedev said.

 

The question of a supranational currency “concerns everyone now, even the mints,” Medvedev said. The test coin “means they’re getting ready. I think it’s a good sign that we understand how interdependent we are.”

 

Medvedev has repeatedly called for creating a mix of regional reserve currencies as part of the drive to address the global financial crisis, while questioning the U.S. dollar’s future as a global reserve currency. Russia’s proposals for the G-20 meeting in London in April included the creation of a supranational currency.

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Medvedev can stick that coin up his arse and vomit gold poo poo for all the good that it will do.

 

 

The US has such depth in it's dollar that any quantity of a run can hit it and the economy will stand it and survive. Show me one other national economy that has that depth of strength. They also talk of WB SDRs as the new basket standard currency..., yeah, great. Who controls the WB...? Ask yourself why buying WB bonds didn't increase WB voting rights. Because the country that controls the World Bank also owns the standard reserve currency, they aren't about to give that up to two economies that are either about to shit themself based one demographics alone or are built on artificial money supply and employment. They also are not about to give up their control of the bedrock of the global economy. And why the fuck should they? The US has proved itself to be the most rational and powerful economy in the world and even with the latest economic hiccup it is still the most reliable investment in the world.

 

Medvedev is playing theatrics to his own electorate in an effort to differentiate himself from Putin and eclipse his power in Russia. The coin he showed is a collector's item. Who will honor it, who will mint it, who will control it, who will bank it...? Fucking no one because the Russian society is a fucking basket case that has one generation left in it. The latest generation are alcoholics and herione addicts plagued with HIV and Hep. Russia is resurging but you can count on it when I say they are only going down shooting...., from the hip, might I add. They have no futer, neither does this silly new coin and China has got little more to offer.

 

Forget this shit, it's a non-stater and if you want evidence, go look how much China is still putting in to US T-Bills while making the same calls for an SDR based global standard.

 

Won't happen, goodnight.

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I pretty much agree...Russia is full of shit and always has been

Their economy is based on slave trade and crime connections, that drunk ass really cant talk about anything to do with money until they fix their own situation.

 

US is a pretty solid market, but I believe that sometimes the US really doesnt give itself credit. We are always dumping money into forgein copperations and markets instead of recycling into ourselves.

 

US should support more US

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But I will say on thing as a pro towards "one world currency"

 

It will make it easy to fucking travel, no more calculating exchange rates and thinking about how much money your are losing or gaining.

 

Make my life of an international super tramp easy!

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Medvedev can stick that coin up his arse and vomit gold poo poo for all the good that it will do.

 

 

The US has such depth in it's dollar that any quantity of a run can hit it and the economy will stand it and survive. Show me one other national economy that has that depth of strength. They also talk of WB SDRs as the new basket standard currency..., yeah, great. Who controls the WB...? Ask yourself why buying WB bonds didn't increase WB voting rights. Because the country that controls the World Bank also owns the standard reserve currency, they aren't about to give that up to two economies that are either about to shit themself based one demographics alone or are built on artificial money supply and employment. They also are not about to give up their control of the bedrock of the global economy. And why the fuck should they? The US has proved itself to be the most rational and powerful economy in the world and even with the latest economic hiccup it is still the most reliable investment in the world.

 

Medvedev is playing theatrics to his own electorate in an effort to differentiate himself from Putin and eclipse his power in Russia. The coin he showed is a collector's item. Who will honor it, who will mint it, who will control it, who will bank it...? Fucking no one because the Russian society is a fucking basket case that has one generation left in it. The latest generation are alcoholics and herione addicts plagued with HIV and Hep. Russia is resurging but you can count on it when I say they are only going down shooting...., from the hip, might I add. They have no futer, neither does this silly new coin and China has got little more to offer.

 

Forget this shit, it's a non-stater and if you want evidence, go look how much China is still putting in to US T-Bills while making the same calls for an SDR based global standard.

 

Won't happen, goodnight.

 

 

Not so, Christo. The dollar is weak and getting more so by the day.

Global depression is upon us.

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You mean its already here...

 

 

Not to the extreme that it will be. Right now, we're at 20% unemployment

in the U.S., another 5% and we'll be at great depression levels. That's when

the fireworks start.

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Casek, you are kidding.

 

The dollar could shit itself for a year and it wold still be head and shoulders above the next three economies put together.

 

The most simple and reliable test is to look where the major economies with large trade surpluses/forex are putting that money. By far and above it is US T-bills/dollar.

 

I don't need to sell this to you, it is black and white. Check for yourself.

 

Show me one fucking country that is going to switch from the USD to a stupid fucking coin minted in a country that is notorious for nationalising the proceeds from FDI. Serously, your fucking kidding me, right?

 

In this game Russia has about as much credibility as Venezuela. Who the fuck is going to to bank their national future on that?

 

I don't even need to sell this argument, the national banks of every developed and emerging economy does that for me with deafening effect.

 

I'm 2-3 months away from pulling up all those depression, gloom and doom threads to ask all you chicken littles where the depression is that you all were so sure was about to destroy the world.

 

 

 

And, besides all that, what the fuck does global depression have to do with the US dollar not being the standard currency anymore? A global depression is GLOBAL and the implication of that is that everything sinks in scale. The US; massive energy producer, largest industrial base, most disposable capital BY A FUCKING MILE, most easily defendable geographics, richest domestic market, smallest population to arable land/square mile ratio (of developed nations) , one of the top 5 agricultural suppliers in the world. Seriously, the world could turn upside down and the US would still be so far ahead of everyone else that it could stick a slide whistle up it's arse and still play Bohemian Rhapsody in 21 dcafinated super-sized flavors.

 

You don't understand how powerful you are and that is a popular view point/perspective that you can identify all through US history. You are a bunch of paranoid Chicken Littles that think every fucking acorn is the apocolypse. This makes you strong because you over-react to every threat and question to your dominance with overwhelming power that no other nation can match. And with each and every reaction you build the barriers for competition higher. Go back and read the papers from pre WW1 through to Vietnam and you will find a million other voices the same as your own spelling doom and gloom and the end of the US. Yet you have always gone from strength to strength. Your fear and paranoia matched with a willingness to use brutal force both physical and economic and an unmatched capability has led you to be the most dominant power in human history.

 

As an arrogant cunt I look forward to revisitng this and the depression threads in a few months to ask you if you can show me where you went wrong.

 

 

[i won a bottle of johnny walker and a bowling pin in a raffle tonight. Life is awesome.]

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I pretty much agree...Russia is full of shit and always has been

Their economy is based on slave trade and crime connections, that drunk ass really cant talk about anything to do with money until they fix their own situation.

 

US is a pretty solid market, but I believe that sometimes the US really doesnt give itself credit A-fucking-men to that . We are always dumping money into forgein copperations and markets instead of recycling into ourselves. Sure, but you already have the largest industrial output and domestic market, why do you need to invest more in that? Better to put that money overseas so you have a strategic stake in other nation's development, control the rate of technology transfer, create a dependence on US economic interest that inevitably gives the US the power to determine which currency trade is settled in and keep the US economy as the driving force of the world. US foreign investment flows is one of the kingpins for the US to control the global economy. The US economy is the most rational and efficient economic entity/structure in the world. It's like the bog from Star Trek but it actually offers benefits to those incorporated within its structure. Outside of US investment you struggle. within the US investment structure you prosper and you also strengthen and support the economic structure that keeps the US as the global leader.

 

You guys are so far ahead of the game that it is almost unfathomable and the most beautiful and amazing thing about it is that it was never planned (aside from your manifest destiny folk like Chenney and other hard noses) and that is what makes it so near perfection. the competition of the US brand economic model is so closely related to natural selection and evolution that it is nature epitomised in rationality. I am not American/US but my awe of what the US has done is immense.

US should support more US

 

The US supports the US by incorporating economies and creating interconnectedness and interdependence on US terms.

 

Right now China is your biggest rival not because of military might or geogrpahy but simply because they have clued on to this form of power. They are the biggest (not the richest) market in the world and they are working to create an Asian market and Asian identity. They are wanting to do the same as the US, make themselves central to the economic structure and foster dependencies. Fascinating game but I feel they will inevitably lose to the US because the US economy os sound and the Chinese economy is intrinsically false.

 

Ok, that's enough ranting for now.

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I pretty much agree...Russia is full of shit and always has been

Their economy is based on slave trade and crime connections...

 

US is a pretty solid market

 

 

you must be watching cnbc market watch and listening to that kramer idiot orrrrrrr some shit.

 

US IS A SOLID MARKET???

where have you been with all these bailouts after bailout after bailouts?

and our gov handing corporations, jobs, and almost entire markets OVERSEAS??

 

and your saying that our economy isnt based on crime connections?

 

wtf do consider wall st to be? or even further than that, the federal reserve?

 

and im pretty sure our whole prison system on a very broad perspective and oversimpley put could be called a 'domestic slavetrade'

 

or am i trippin..

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Don't sweat it.

 

The coins come with limited addition syringes suspended and sterilized in Kalishinkov vodka.

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you must be watching cnbc market watch and listening to that kramer idiot orrrrrrr some shit.

 

US IS A SOLID MARKET???

where have you been with all these bailouts after bailout after bailouts?

and our gov handing corporations, jobs, and almost entire markets OVERSEAS??

 

and your saying that our economy isnt based on crime connections?

 

wtf do consider wall st to be? or even further than that, the federal reserve?

 

and im pretty sure our whole prison system on a very broad perspective and oversimpley put could be called a 'domestic slavetrade'

 

or am i trippin..

 

Yes, you are tripping

 

US has a 14 trillion dollar economy. How big is the second largest economy compared to the US? What kind of financial position is that economy in right now? Does that economy back the calls being made for a new standard reserve?

 

How many countries are calling for a new global standard? I'll give you a quick hint, it's basically China and Russia, two of the US's strategic competitors. That will give you an idea as to what the agenda is with this idea. Second, if these guys are serious, why are they still buying massive amounts of US debt? Lastly, how much of international business is based on the Renminbi or the Ruble? two fifths of fuck all!!

 

Sure, the US has had bail outs and bank closures etc., you think they're Robinson Carusoe there? Most developed and third world shitholes in the world have been doing the same thing, dude. It doesn't mean you guys are fucked, by any means.

 

As for the whole crime connections thing, I'm not sure you actually understand how the whole world works.

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Yes, you are tripping

 

US has a 14 trillion dollar economy. How big is the second largest economy compared to the US? What kind of financial position is that economy in right now? Does that economy back the calls being made for a new standard reserve?

 

How many countries are calling for a new global standard? I'll give you a quick hint, it's basically China and Russia, two of the US's strategic competitors. That will give you an idea as to what the agenda is with this idea. Second, if these guys are serious, why are they still buying massive amounts of US debt? Lastly, how much of international business is based on the Renminbi or the Ruble? two fifths of fuck all!!

 

Sure, the US has had bail outs and bank closures etc., you think they're Robinson Carusoe there? Most developed and third world shitholes in the world have been doing the same thing, dude. It doesn't mean you guys are fucked, by any means.

 

As for the whole crime connections thing, I'm not sure you actually understand how the whole world works.

 

 

Actually, China, Russia, The U.S., Mexico, Canada, France, and the UK are calling for global currency.

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Here's a pic of the coin in question

China criticises dollar

Dai Bingguo, who is standing in for the Chinese president Hu Jintao at the G8 meetings, raised questions over the dominant role of the dollar as the world's reserve currency.

 

http://www.telegraph.co.uk/news/worldnews/asia/china/5793308/China-criticises-dollar.html

 

Yeah, CHina and Russia are the two only real protagonists with this deal. China got a bit of a shock when the US stumbled recently because the vast majority of their investments are in the USD. Yet that still hasn't stopped them from continuing to invest in USD so that indicates teh confidence there still is in the US economy.

 

The US has always lectured China on its economic model (basically an artificial economy propped up by govt spending, SOEs, NPLs taken over by government asset management companies, etc.) and now the US econ has had a hiccup. So CHina is doing two things, first they are trying to give the US image/prestige a black eye by promoting the idea that the US econ is a risky investment (whilst they continue to invest in it) and that the US economy is being mismanaged. That is their counter-punch for all the lecturing that the US has dished out over the years. Added to that now the US is bailing out industry to retain employment which is exactly what the US has criticised China for.

 

So there is also a significant amount of politics in this, much more so than economic rationality.

 

No other economy has the strength that the US does so there is no suitable replacement for the USD anywhere in sight. These people can mint silly coins, support the idea of World Bank Special Drawing Rights or a basket of currencies as a global standard but right now none of these suggestions have the economic depth and strength that USD has.

 

Even if the USD is as fucked as you want to make out, it's still fucking light years ahead of anything else. And that has to be the most convincing argument itself of how massively big and strong the US econ is.

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Actually, China, Russia, The U.S., Mexico, Canada, France, and the UK are calling for global currency.

 

The US is calling for a global currency. Can you show me where the US admin has done that?

 

Would also like to see where Canada, France and the UK has said that they would support changing the standard.

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The US is calling for a global currency. Can you show me where the US admin has done that?

 

Would also like to see where Canada, France and the UK has said that they would support changing the standard.

 

EU calls for global currency

Sarkozy Calls for Revamping of Capitalist System

 

 

http://www.washingtonpost.com/wp-dyn/content/article/2008/10/16/AR2008101604020.html?hpid=sec-world

 

 

Geithner "open to global currency"

Geithner Remarks on IMF Currency Roil Foreign-Exchange Market

http://www.bloomberg.com/apps/news?pid=20601068&sid=aVevdIrBPtUE&refer=home

 

 

The G20 moves the world a step closer to a global currency

 

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/5096524/The-G20-moves-the-world-a-step-closer-to-a-global-currency.html

 

 

ECB's Nowotny Sees Global `Tri-Polar' Currency System Evolving

http://www.bloomberg.com/apps/news?pid=20601087&sid=apjqJKKQvfDc&refer=home

 

 

South American Union Will Also Have Common Currency

 

http://www.naturalnews.com/023480.html

 

 

Financial Crisis: Gordon Brown calls for 'new Bretton Woods'

 

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3189517/Financial-Crisis-Gordon-Brown-calls-for-new-Bretton-Woods.html

 

 

The End of National Currency

 

http://www.foreignaffairs.com/articles/62614/benn-steil/the-end-of-national-currency

 

 

TIMELINE-Gulf single currency deadline delayed beyond 2010

 

http://www.forbes.com/feeds/afx/2009/03/24/afx6204462.html

 

 

 

 

If you need more, I'll dig it up.

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From the Bloomberg - Geithner article:

 

Treasury Secretary Timothy Geithner sent the dollar tumbling with comments about China’s ideas for overhauling the global monetary system, only to drive it back up by affirming that it [uSD] should remain the world’s reserve currency.

 

...

 

He said while he had not read Zhou’s proposal, he understood it as a plan “designed to increase the use of the IMF’s special drawing rights. And we’re actually quite open to that.”

 

...

 

15 minutes later, when Geithner then predicted no change in the U.S. currency’s role.

...

 

Geithner responded: “I think the dollar remains the world’s dominant reserve currency.” In an interview with CNBC broadcast after the event, the Treasury chief said that a “strong dollar” is in “America’s interest.”

 

In his earlier answer, Geithner said increased use of SDRs should be “rather evolutionary, building on the current architecture, rather than moving us to global monetary union.” SDRs are a unit of account at the IMF used for member countries’ reserves with the fund.

 

..

 

Geithner and Fed Chairman Ben S. Bernanke both told lawmakers on March 24 that they expected the dollar to remain the most important global currency. Obama said at a news conference the same day that “the dollar is extraordinarily strong” because investors are confident in the ability of the U.S. to lead a worldwide recovery, and also rejected calls for a new global currency.

 

 

 

 

Casek, did you even read that article? Show me the bit that accounts to the US calling for a new global currency. IT says the exact opposite, mate. Seriously I'm not sure I even need to read the other articles if you think what was written in Bloomberg accounts to the US calling for a new global currency.

 

Can't believe you just tried to argue that.

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From the Bloomberg - Geithner article:

 

Treasury Secretary Timothy Geithner sent the dollar tumbling with comments about China’s ideas for overhauling the global monetary system, only to drive it back up by affirming that it [uSD] should remain the world’s reserve currency.

 

...

 

He said while he had not read Zhou’s proposal, he understood it as a plan “designed to increase the use of the IMF’s special drawing rights. And we’re actually quite open to that.”

 

...

 

15 minutes later, when Geithner then predicted no change in the U.S. currency’s role.

...

 

Geithner responded: “I think the dollar remains the world’s dominant reserve currency.” In an interview with CNBC broadcast after the event, the Treasury chief said that a “strong dollar” is in “America’s interest.”

 

In his earlier answer, Geithner said increased use of SDRs should be “rather evolutionary, building on the current architecture, rather than moving us to global monetary union.” SDRs are a unit of account at the IMF used for member countries’ reserves with the fund.

 

..

 

Geithner and Fed Chairman Ben S. Bernanke both told lawmakers on March 24 that they expected the dollar to remain the most important global currency. Obama said at a news conference the same day that “the dollar is extraordinarily strong” because investors are confident in the ability of the U.S. to lead a worldwide recovery, and also rejected calls for a new global currency.

 

 

 

 

Casek, did you even read that article? Show me the bit that accounts to the US calling for a new global currency. IT says the exact opposite, mate. Seriously I'm not sure I even need to read the other articles if you think what was written in Bloomberg accounts to the US calling for a new global currency.

 

Can't believe you just tried to argue that.

 

 

Geithner likes to flip flop, I was hoping you'd be more up on politics and know that.

here's a youtube vid i converted and upped for you

 

 

http://www.megaupload.com/?d=D7CNK3B8

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