Many have predicted that the dollar will eventually fall and this short documentary continues that philosophy. The guys who put this together also claim to have the know how on how to combat this oncoming crisis. I don’t know about that claim but this video should provoke some thought on where our financial system is heading.
Tag Archives: currency
Beijing to Pitch New “GLOBAL” Currency and DUMP the DOLLAR
Lets see how Wall Street responds to this tidal wave in the next few days
via Financial Times
China’s central bank on Monday proposed replacing the US dollar as the international reserve currency with a new global system controlled by the International Monetary Fund.
In an essay posted on the People’s Bank of China’s website, Zhou Xiaochuan, the central bank’s governor, said the goal would be to create a reserve currency “that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies”.
Analysts said the proposal was an indication of Beijing’s fears that actions being taken to save the domestic US economy would have a negative impact on China.
“This is a clear sign that China, as the largest holder of US dollar financial assets, is concerned about the potential inflationary risk of the US Federal Reserve printing money,” said Qu Hongbin, chief China economist for HSBC.
Although Mr Zhou did not mention the US dollar, the essay gave a pointed critique of the current dollar-dominated monetary system.
“The outbreak of the [current] crisis and its spillover to the entire world reflected the inherent vulnerabilities and systemic risks in the existing international monetary system,” Mr Zhou wrote.
China has little choice but to hold the bulk of its $2,000bn of foreign exchange reserves in US dollars, and this is unlikely to change in the near future. Continue reading
Jazz man is first African-American to solo on U.S. circulating coin
WASHINGTON (CNN) — The United States Mint launched a new coin Tuesday featuring jazz legend Duke Ellington, making him the first African-American to appear by himself on a circulating U.S. coin.
Ellington, the composer of classics including “It Don’t Mean a Thing If It Ain’t Got That Swing” appears on the “tails” side of the new D.C. quarter. George Washington is on the “heads” side, as is usual with U.S. quarters.
The coin was issued to celebrate Ellington’s birthplace, the District of Columbia.
U.S. Mint Director Ed Moy introduced the new coin at a news conference Tuesday at the Smithsonian Institution’s National Museum of American History.
Members of Ellington’s family were present at the ceremony, and the jazz band of Duke Ellington High School performed.
Ellington won the honor by a vote of D.C. residents, beating out abolitionist Frederick Douglass and astronomer Benjamin Banneker.
Also on the coin is the phrase “Justice for all.” The Mint rejected the first inscription choice of D.C. voters, which was “taxation without representation,” in protest of the district’s lack of voting representation in Congress.
Edward Kennedy “Duke” Ellington received 13 Grammy Awards and a Pulitzer Prize, among numerous other honors. His orchestra’s theme song, “Take the A Train,” is one of the best-known compositions in jazz. Continue reading
Berlusconi Says Leaders May Close World Markets
Damn, where’s William Cooper when you need him. These folks are openly discussing the dissolving of world financial markets. Don’t be suprised if they pop up on Monday and say the only solution is a “one-world” currency.
Oct. 10 (Bloomberg) — Italian Prime Minister Silvio Berlusconi said political leaders are discussing the idea of closing the world’s financial markets while they “rewrite the rules of international finance.”
“The idea of suspending the markets for the time it takes to rewrite the rules is being discussed,” Berlusconi said today after a Cabinet meeting in Naples, Italy. A solution to the financial crisis “can’t just be for one country, or even just for Europe, but global.”
The Dow Jones Industrial Average fell as much 8.1 percent in early trading and pared most of those losses after Berlusconi’s remarks. The Dow was down 0.5 percent to 8540.52 at 10:10 in New York.
Group of Seven finance ministers and central bankers are meeting in Washington today, and will stay in town for the International Monetary Fund and World Bank meetings this weekend. European Union leaders may gather in Paris on Oct. 12, three days before a scheduled summit in Brussels, Berlusconi said today, while Group of Eight leaders may hold a meeting on the crisis “in coming days,” he said. Continue reading