Comments on: Position fatigue prompting short-term dollar rethink Thu, 21 Jul 2016 07:57:19 +0000 hourly 1 By: ANON Wed, 30 Sep 2009 12:21:35 +0000 I second that Anubis ! Add the air that was destroyed in the process too. See also for gold holdings, mind the double counting: ld_reserves

The irony is that the largest producers own very little of their own gold.

By: Anubis Tue, 29 Sep 2009 14:37:12 +0000 Gil, when has any action by the G7, G8, G20…. ever benefitedthe economic health of the rest of the world?

Economic well being through out Africa, the Middle East and much of South America has declined in the past forty years. Multinational corporations with the assistance of the G20, it’s predecessors and western governments have negotiated favorable trade agreements concerning only the bottom line of said corporations. In the meantime water wells have been sucked dry, fisheries over fished to extinction and mineral wealth robbed from the poor countries of the world making them even poorer. All by foreign nations, not the natives.

Morrisson, we had a world currency. The Breton Woods agreement or gold standard, a fixed exchange rate.The poor countries of the world were lifting them selves up from world war II right through the late 1960s. Richard Nixon ended all of that when he canceled the Breton Woods agreement in 1970. Something to do with the cost of the Viet Nam war? We can talk about repealing Glass/ Steagall and other important Depression Era finance legislation another day.

By: GIL Tue, 29 Sep 2009 01:41:08 +0000 The G20 granted the framework of realignment of currencies to the IMF so 186 countries can realign.

There is an annual meeting of the IMF for two weeks now in Istanbul so we may expect some headlines on this going into October 7th.

By: Morrison Bonpasse Mon, 28 Sep 2009 19:06:53 +0000 The long term solution to global imbalances will be a Single Global Currency, managed by a Global Central Bank within a Global Monetary Union.
If the world is lucky and plans ahead, we will avoid a major currency crisis. When such a currency supports countries with 40-50% of the world’s GDP, that currency will become the defacto Single Global Currency, and the
“tipping point” momentum will favor its continued growth, until it supports all the countries of the world. Thus will come the Single Global Currency managed
by a Global Central Bank within a Global Monetary Union, and the benefits can be measured in the trillions, annually.
Such a Single Global Currency will provide what the people of the world want – stable money.
The primary problem for the euro and every regional monetary union today is that they must still exist in the multicurrency world where the value of its currency will fluctuate against other currencies.
If 16 countries can use the same currency, why not the 192 U.N. members? Those 192 countries now use 141 currencies and the number is dropping annually. The euro is definitely a harbinger of the future, and soon all 25 EU members will be part of the EMU, and by then, there will be more EU members to add. Several of the remaining non-euro EU members are now seeking admission as soon as possible. The IMF has even urged several EU members to “euroize” even before completing the standard
accession process.
In addition to eliminating currency fluctuations, the use of a Single Global Currency would eliminate the current foreign exchange trading expense of $400 billion annually, eliminate currency risk, eliminate current account imbalances, eliminate the need for foreign exchange reserves (now totaling more than $6 trillion); and bring other benefits worth trillions, such as reducing the impact of global financial turmoil such as we are now experiencing.
The Single Global Currency Assn. ( promotes the implementation of a Single Global Currency by 2024, the 80th anniversary of the 1944 conference.
The world is moving toward a Single Global Currency through the creation, expansion and merger of regional monetary unions. Other routes are through “ization” (as in “dollarization”and “euroization”) and international monetary conferences proposals and agreements, such
as were seen at Bretton Woods. The merger of the
eurozone with one or two other currencies is one possible route to a Single Global Currency.
The challenge now is to reach that goal deliberately, as soon as possible, with as little cost and as few crises as possible. If the eurozone were to merge with the U.S. dollar of the yen, or if the yen and the U.S. dollar were to form a monetary union, the road to a Single Global Currency would be clear.
The only remaining questions about implementation of a Single Global Currency are: when? and how much cost and turmoil will the world endure before that implementation.
See the book, “The Single Global Currency – Common Cents for the World.”
Morrison Bonpasse
Single Global Currency Assn.
Newcastle, Maine, United States

By: CLEMENT Mon, 28 Sep 2009 18:41:50 +0000 When put in perspective,two main factors appear to explain the gradual demise of the USD:1)-August 15,1971 when President Richard Nixon took the unilateral decision to abandon the convertibility of the USD to gold.The gold-exchange-standard, imperfect as it was, imposed nevertheless some discipline, as balance-of-payments deficits were to be settled in gold.2)- The second factor is an historical constant: the fall of empires is due above all to their overextension. Fighting to sustain them leads to disintegration as it becomes financially impossible to support the various military,economic acions needed to keep them. This was true of the roman empire,the nazi,the soviet,the british or the french. The difficulty to continue to support the cost of the vietnam war was the original reason why R.Nixon took that decision.

By: Orgizmo Mon, 28 Sep 2009 17:55:14 +0000 The best thing we can do for restoring stability in the dollar and the economy is the audit the federal reserve and move off a fiat currency.

End the Fed!