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In the Bill of Human Rights of Cyrus the Great, we read:Freedom and tolerance of thought, speech, religion; choice of place of residence, coming and going, jobs and professions, will be on equal terms and conditions for everyone.No inquiry, injustice or harassment is allowed to be done to anyone.In this way Cyrus says that I have sown the seed of amity, friendship and affection among nations and have granted the people peace of mind, security, tranquility and comfort. From Cyrus the Great, King of Iran, sixth century B.C. http://www.youtube.com/watch?v=bGRwzAlQbXE&feature=related toxic skies 10 PARTS EVERY ONE MUST SEE PASS IT ON. http://www.blogtalkradio.com/EAGELS-OF-USA1- The alternative 'Patriot' news world is thoroughly penetrated and controlled by agents and operatives... from talk shows and net sites, to documentary producers and columnists. Beware
Date / Time: 5/18/2009 4:56 PM UTC
By Ambrose Evans-Pritchard Last Updated: 8:14AM GMT 27 Mar 2009
Comments 24 | Comment on this article
The dollar plunged instantly against the euro, yen, and sterling as the comments flashed across trading screens. David Bloom, currency chief at HSBC, said the apparent policy shift amounts to an earthquake in geo-finance.
"The mere fact that the US Treasury Secretary is even entertaining thoughts that the dollar may cease being the anchor of the global monetary system has caused consternation," he said.
Mr Geithner later qualified his remarks, insisting that the dollar would remain the "world's dominant reserve currency ... for a long period of time" but the seeds of doubt have been sown.
The markets appear baffled by the confused statements emanating from Washington. President Barack Obama told a new conference hours earlier that there was no threat to the reserve status of the dollar.
"I don't believe that there is a need for a global currency. The reason the dollar is strong right now is because investors consider the United States the strongest economy in the world with the most stable political system in the world," he said.
The Chinese proposal, outlined this week by central bank governor Zhou Xiaochuan, calls for a "super-sovereign reserve currency" under IMF management, turning the Fund into a sort of world central bank.
The idea is that the IMF should activate its dormant powers to issue Special Drawing Rights. These SDRs would expand their role over time, becoming a "widely-accepted means of payments".
Mr Bloom said that any switch towards use of SDRs has direct implications for the currency markets. At the moment, 65pc of the world's $6.8 trillion stash of foreign reserves is held in dollars. But the dollar makes up just 42pc of the basket weighting of SDRs. So any SDR purchase under current rules must favour the euro, yen and sterling.
Beijing has the backing of Russia and a clutch of emerging powers in Asia and Latin America. Economists have toyed with such schemes before but the issue has vaulted to the top of the political agenda as creditor states around the world takes fright at the extreme measures now being adopted by the Federal Reserve, especially the decision to buy US government debt directly with printed money.
Mr Bloom said the US is discovering that the sensitivities of creditors cannot be ignored. "China holds almost 30pc of the world's entire reserves. What they say matters," he said.
Mr Geithner's friendly comments about the SDR plan seem intended to soothe Chinese feelings after a spat in January over alleged currency manipulation by Beijing, but he will now have to explain his own categorical assurance to Congress on Tuesday that he would not countenance any moves towards a world currency.
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Comments: 24
Storm in a Teatcup ! Does anybody really believe that there exists any real chance of two countries - never mind 40 or 50 - actually setting forth in agreement on anything more than a single issue at any one time ? Just for one small, silly moment, consider the European Union as it has now developed into something larger than a single 'state'. Politicians from all the 'Member States' are never even remotely likely to come to consensus on any of the 'Directives' on their own, so the actual "Ruling Bureaucrats" ( called the European Commission ) make it impossible for them to ever fully understand the continuous avalanche of 'laws', thereby discouraging them from even trying. Consequently everything is 'Passed' 'On the nod' and at a speed which prevents identification of the actual item being 'voted' on. Only by reviewing the 'voting' statistics later, can an MEP discover how he voted on any specific subject ! Now that is how a 'New World Order Government' would have to work. Democracy is almost an historical concept - certainly not practical for use by the 'ruling' bureaucrat classes. All the headlines these days are designed to distract the publics' attention away from the increasingly rapid demolition of our cherished and democratic ways of life. Can anyone remember the days when we talked of mere 'Millions' of pounds or dollars - hardly pocket money nowadays for the Stock Exchange and Banking fraudsters. It is all part of the great scheme of things, and all we have to do is remain silent until the day we are informed that our 'rights' and even 'priviliges' have been cancelled by people we did not elect or authorise and against whom we have no 'Right' of Appeal ! Orwell didn't realise the half of it !! And you are worrying about the price of the "Reserve Dollar" ? !! "Quando praesto fiet ?"
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