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Exploring Dystopia - View Topic - World Central Bank_ Dystopian Capitalism or Socialism_3

Exploring Dystopia - View Topic - World Central Bank_ Dystopian Capitalism or Socialism_3

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Board index»Related»Thoughtcrime Corner — Political Debate
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View unanswered posts|View active topicsIt is currently Sun Apr 17, 2011 12:17 pm
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Who is asking for a Global Central Bank?Not a rhetorical question and an answer by George Soros; in fact the G20 and the IMF have stepped up the efforts to drivethe World Economy that road.
The G20 moves the world a step closer to a global currencyThe world is a step closer to a global currency, backed by a global central bank, running monetary policy for allhumanity.By Ambrose Evans-PritchardPublished: 7:18AM BST 03 Apr 2009
A single clause in Point 19 of the communiqué issued by the G20 leaders amounts to revolution in theglobal financial order."We have agreed to support a general SDR allocation which will inject $250bn (£170bn) into the worldeconomy and increase global liquidity," it said. SDRs are Special Drawing Rights, a synthetic papercurrency issued by the International Monetary Fund that has lain dormant for half a century.In effect, the G20 leaders have activated the IMF's power to create money and begin global"quantitative easing". In doing so, they are putting a de facto world currency into play. It is outsidethe control of any sovereign body. Conspiracy theorists will love it.It has been a good summit for the IMF. Its fighting fund for crises is to be tripled overnight to $750bn.This is real money.
Dominique Strauss-Kahn, the managing director, said in February that the world was "already in Depression" andrisked a slide into social disorder and military conflict unless political leaders resorted to massive stimulus.He has not won everything he wanted. The spending plan was fudged. While Gordon Brown talked of $5 trillion inglobal stimulus by 2010, this is mostly made up of packages already under way.But Mr Strauss-Kahn at least has resources fit for his own task. He will need them. The IMF is already bailing outPakistan, Iceland, Latvia, Hungary, Ukraine, Belarus, Serbia, Bosnia and Romania. This week Mexico became thefirst G20 state to ask for help. It has secured a precautionarycreditline of $47bn.Gordon Brown said it took 15 years for the world to grasp the nettle after Great Crash in 1929. "This time I thinkpeople will agree that it has been different," he said.President Barack Obama was less dramatic. "I think we did OK," he said. Bretton Woods in 1944 was a simpleraffair. "Just Roosevelt and Churchill sitting in a room with a brandy, that's an easy negotiation, but that's not theworld we live in."There will be $250bn in trade finance to kick-start shipping after lenders cut back on Letters of Credit afterSeptember's heart attack in the banking system. Global trade volumes fell at annual rate of 41pc from November toJanuary, according to Holland's CPB institute – the steepest peacetime fall on record.Euphoria swept emerging markets yesterday as the first reports of the IMF boost circulated. Investors now knowthat countries like Mexico can arrange a credit facility able to cope with major shocks – and do so on supportiveterms, rather than the hair-shirt deflation policies of the old IMF. Fear is receding again.The Russians had hoped their idea to develop SDRs as a full reserve currency to challenge the dollar would make itsway on to the agenda, but at least they got a foot in the door.There is now a world currency in waiting. In time, SDRs are likely evolve into a parking place for the foreignholdings of central banks, led by the People's Bank of China. Beijing's moves this week to offer $95bn in yuancurrency swaps to developing economies show how fast China aims to break dollar dependence.French President Nicolas Sarkozy said the summit had achieved more than he ever thought possible, and praisedGordon Brown for pursuing the collective interest as host rather than defending "Anglo-Saxon" interests. This has adouble-edged ring, for it suggests that Mr Brown may have traded pockets of the Britishfinancial industryto satisfy
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Franco-German demands. The creation of a Financial Stability Board looks like the first step towards a globalfinancial regulator. The devil is in the details.Hedge funds deemed "systemically important" will come under draconian restraints. How this is enforced willdetermine whether Mayfair's hedge-fund industry – 80pc of all European funds are there – will continue to flourish.It seems that hedge funds have been designated for ritual sacrifice, even though they played no more than a cameorole in the genesis of this crisis. It was not they who took on extreme debt leverage: it was the banks – up to 30times in the US and nearer 60 times for some in Europe that used off-books "conduits" to increase theirbets. Themarket process itself is sorting this out in any case – brutally – forcing banks to wind down their leverage. Theproblem right now is that this is happening too fast.But to the extent that this G20 accord makes it impossible for the "shadow banking" to resurrect itself in the nextinevitable cycle of risk appetite, it may prevent another disaster of this kind.The key phrase is "new rules aimed at avoiding excessive leverage and forcing banks to put more money asideduring good times." This is more or less what the authorities agreed after the Depression. Complacency chippedaway at the rules as the decades passed. It is the human condition, and we can't change that.http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/5096524/The-G20-moves-the-world-a-step-closer-to-a-global-currency.htmlAnd now for Tim Geithner, Mr Goldman Sachs himself.
US Treasury Secretary Tim Geithner confessed on Wednesday that he had not read the plans by China'scentral bank governor for a "super-sovereign reserve currency" run by the International MonetaryFund
, but nevertheless let slip that Washington was "open" to the idea. Whoops.By Ambrose Evans-PritchardPublished: 5:15AM GMT 26 Mar 2009This is how matters quickly escalate in geo-finance. China's suggestion – backed by Russia, Brazil, and India, andclearly aimed at breaking US dollar hegemony – is making its way onto the agenda of the G20 Summit next week.'Dollar-dämmerung' no longer looks so far-fetched.China's paper, by Governor Zhou Xiaochuan, is couched in understated language – more a 'thought experiment' thana declaration of monetary war. His ideas could be mistaken for the musings of an academic theorist. Nobody shouldbe fooled by decorum.It comes days after premier Wen Jiabow demanded US action to safeguard the value of China's holdings of US bonds- $740bn of US Treasuries and a further $600bn or so of other debt. "We have lent huge amounts of money to theUS. Of course we are concerned about the safety of our assets," he said.China's Communist Party seems to fear that the Federal Reserve is orchestrating a beggar-thy-neighbourdevaluation - and a disguised default on America's foreign debt - by resorting to the nuclear option of printingmoneyto buy US Treasury bonds.China's proposal is to activate the IMF's power to issue Special Drawing Rights (SDRs). The IMF would be groomedas de facto central bank for the planet. The SDRs would gradually become an "accepted means of payment". Call itthe 'globo'.It would be an error dismiss this idea as a pipe-dream. Cynics once ridiculed Maastricht plans to launch the euro.John Major famously said chatter about a European currency had "all the quaintness of a rain-dance and about thesame potency". Yet once officialdom began assembling the machinery for monetary union, EMU acquired a life of itsown.The pitfalls of a world central bank are obvious. It is hard enough for the European Central Bank to run policy for 16states in a region with a shared history, and shared EU institutions (Commission, Court of Justice, competitionpolice, etc). The politics of global monetary management would be poisonous.The heads of the Fed, the ECB, andthe Bank of England, must all testify before parliaments and answer todemocracy. There is no world parliament, no world government. Who would control a super-IMF?In theory, this world reserve bank would be above politics. China's plan suggests a resource currency along the linesof the "Bancor" floated by Keynes at Bretton Woods. This was anchored on 30 commodities, giving it a broader basethan the Gold Standard. Such a currency would prevent the "credit-based" debauchery of today's fiat system, saysMr Zhou.True, but this would be jumping from frying pan to fire. If the world is running out of oil, metals, freshwater, andarable land – as many believe – then the price of commodities must rise over time. The 'globo' would become adeflation machine, like the late 19th Century gold as it asphyxiated endebted US farmers.The China-Russia plans may never come to much. As President Barack Obama put it, the US is going through a"rough patch" but still commands the world's biggest economy, under a stable democracy and the rule of law. Hemight have added that it will largely avoid the aging crisis already dulling Japan's dynamism, and soon to ensnareGermany, Italy, above all China.For all its bluster, Beijing must move with care. After years of export-driven mercantilism China is even moredependent on US markets than America is dependent on Chinese capital. The risks of currency and trade conflict arenot symmetric. The hegemon must prevail.But 10 years hence the picture may look different. If the G20 opens the door wide enough next week, a worldcurrency may yet come into being.
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Mon Feb 15, 2010 1:12 pm
Inner Party Leader
Thu May 22, 2008 11:12 pm
Airstrip North
Quality muckraking, Neuromancer. This is an intriquate topic indeed. A few points:I think we should be careful not to compare apples and organes. The G20 discusses the possibility of creating asupercurrency, and this is not the same thing as a monocurrency. As supercurrency can be used for advancedmanipulations of the economy, whereas a monocurrency probably can't be. A supercurrency could in fact be theultimate wealth generator for the international capitalist class.As far as I can tell, Soros is the only one really speaking of creating a global world bank. As a Swedish saying goes:"When the Devil gets old, he becomes religious." It's really a quite common behaviour among capitalists: When theyget older, they realize what they have spent their lives on, and try to find some meaning in life. Usually, they want toplay philantropists or politicians and seek media attention and praise. Considering how destructive Soros' capitalisticendeavours have been, it makes sense that he wants to create a global world bank; it would be his monument, proof that he wasn't just a mongler.Notice that Soros' criminal behaviour - well, criminal if you're not a capitalist, at least - would be impossible with asingle global currency.I'm a little confused. As a democratic socialist, I have reservations against introducing one global currency,considering the questionable results of economic globalisation, or "economic freedom" as some people put it. As aliberal capitalist, shouldn't you welcome the introduction of one global currency? After all, the result would be even"freer" trade.
 _________________"Life is a succession of here and now, here and now, unceasing concentration in the here and now. People who worry about thefuture or the past don't understand that they are worrying about an illusion." -Taisen Deshimaru
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Tue Feb 16, 2010 6:45 pm 
Actually from my investigations; the role in the Greek Debt's concealment by Goldman Sachs (includes JP Morgan andmore) is far more extensive than I thought nor is it limited to just a single country currency either.There are multiple country-wide level destabilisations ticking away to make the 'solution' either a
Global Single Currencyor the Synthetic Currency
(basket of currencies, commodities or carbon credits ) followed by
(into aworld central bank) a solution "THEY "want us to accept first, so the Public has to be scared first in their methodology.Then, made to accept those awful conditions (structural adjustment packages) by the IMF.There seems to be more than mere good intentions behind promoting the idea of large government debt, other thansimply carry on with 'mere' welfare state and fattening bankers' profits business as usual. Of course none of this could becarried out without a Central Bank to debase the currency.There following links provide the background to the perspective to the 'scheme' at large by the said Bankers.Bankers and their tools have declared WAR on the Nation-states.http://www.spiegel.de/international/europe/0,1518,676634,00.htmlhttp://online.wsj.com/article/SB10001424052748704431404575066973097686194.htmlhttp://www.nytimes.com/2010/02/14/business/global/14debt.html?pagewanted=2http://www.spiegel.de/international/europe/0,1518,678205,00.htmlCorrupted Keynesianism?http://fistfulofeuros.net/afoe/economics-and-demography/just-what-is-the-real-level-of-government-debt-in-europe/If it is any indication; the accuracy of the following document will be proven when the triggering events lead to theDominoes falling one after another.Is your political or financial leader in this Power Elite Grouping?http://www.prisonplanet.com/the_bilderberg_papers.html
Wed Feb 17, 2010 4:24 am
Inner Party Leader
My apologies for the late reply, Stevemata. I simply forgot.
Stevemata wrote:
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