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lquadland10 (< 20)

Hey Powers,whoever you might be!!!! Who pulls out of the World Bank First?

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October 28, 2008 – Comments (2) | RELATED TICKERS: AUY , GLD

Who will decide the One world currency and the now monetary system is a very bad idea? Who gave them this Idea? The thieving World Wide Government's IMF's and central banks, that's who. The G20 through the World Bank did. They did such a good job of outing themselves it was fantastic to watch. Not in a million years could we have exposed them all and because of their greed and arrogance they did it to themselves.As a United States citizen am deeply ashamed of the way our banking system and government has acted from the time it was set up. I am also sorry for the way the rest of the world's banking system's has acted from the time it was set up. At the same time I am placing a bet on the other country's to pull out first and see that Ron Paul and many other people world wide were right. I will even bet that the Pope will come out and say the banking system we have now is not fair to the poor and that the Pope calls for a whole new monetary system. I bet that he will call for each country to open up the press to talk freely and openly about the way we want to reform our banking system. I bet he will call upon each country to form their own currency backed by gold or silver.After all he has a world wide responsibly to the people of his church to denounce all people who steal,bear false witness,covet his neighbors property, and any of the 10 commandants that they have broken.I just wonder if it will be Russia or China or some other country. The reason I am having these thoughts are because.        
U.S. has plundered world wealth with dollar: China paper

BEIJING (Reuters) - The United States has plundered global wealth by exploiting the dollar's dominance, and the world urgently needs other currencies to take its place, a leading Chinese state newspaper said on Friday.

The front-page commentary in the overseas edition of the People's Daily said that Asian and European countries should banish the U.S. dollar from their direct trade relations for a start, relying only on their own currencies.

A meeting between Asian and European leaders, starting on Friday in Beijing, presented the perfect opportunity to begin building a new international financial order, the newspaper said.

The People's Daily is the official newspaper of China's ruling Communist Party. The Chinese-language overseas edition is a small circulation offshoot of the main paper.

Its pronouncements do not necessarily directly voice leadership views. But the commentary, as well as recent comments, amount to a growing chorus of Chinese disdain for Washington's economic policies and global financial dominance in the wake of the credit crisis.

"The grim reality has led people, amidst the panic, to realize that the United States has used the U.S. dollar's hegemony to plunder the world's wealth," said the commentator, Shi Jianxun, a professor at Shanghai's Tongji University.

Shi, who has before been strident in his criticism of the U.S., said other countries had lost vast amounts of wealth because of the financial crisis, while Washington's sole concern had been protecting its own interests.

"The U.S. dollar is losing people's confidence. The world, acting democratically and lawfully through a global financial organization, urgently needs to change the international monetary system based on U.S. global economic leadership and U.S. dollar dominance," he wrote.

Shi suggested that all trade between Europe and Asia should be settled in euros, pounds, yen and yuan, though he did not explain how the Chinese currency could play such a role since it is not convertible on the capital account.

A two-day Asia-Europe Meeting (ASEM) of 27 EU member states and 16 Asian countries was set to open on Friday. Though few analysts expect much in the way of concrete agreements, Shi said it could prove momentous.

"How can Europe and Asia grasp each other's hands and together confront the once-in-a-century global financial crisis sparked by the U.S.; how can they construct a new equitable and safe international financial order?" he said.

"The world is waiting for this Asian-European meeting to achieve big results in financial cooperation."

(Reporting by Simon Rabinovitch; Editing by Ken Wills)     Yep I do believe in the good in people to do the right thing world wide.I believe that good will come out of this mess.May god (who has 76 names ) bless the world during this trying time.

2 Comments – Post Your Own

#1) On October 28, 2008 at 3:30 AM, StockSpreadsheet (74.76) wrote:

I think the first step, if the world is going to do what you said, is for China to float the Yuan/Renminbi as a freely-traded world currency.  (Maybe they could back it with the U.S. dollars in their foreign reserves. )  Once they do that, then they would have a large economy and a tradeable currency and then they can talk to Europe about forming a common currency against the dollar.  Until their currency is freely traded, however, I think that Shi Jianxun is blowing a lot of hot air when talking about "all trade between Europe and Asia should be settled in euros, pounds, yen and yuan" as the yuan is not currently a tradeable currency.  Let him put his money where his mouth is. 

Of course, if he did that, the yuan would probably appreciate by 50% or more and that would put a severe crimp in China's economy since they would not have such a huge advantage in low-cost labor and that advantage would move towards other nations, (India, Vietnam, the Philippeans, Indonesia, etc.).   Might be nice if they did it though.  Maybe three world currencies are better than one or two.

Craig 

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#2) On October 28, 2008 at 5:17 PM, lquadland10 (< 20) wrote:

I love you logic on all of this.

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