Project Censored: Global Plans to Replace the Dollar

[lutherj]

Empire Endgame? This could get ugly . . .

"Nations have reached their limit in subsidizing the United States’ military adventures. During meetings in June 2009 in Yekaterinburg, Russia, world leaders such as China’s President Hu Jintao, Russia’s President Dmitry Medvedev, and other top officials of the six-nation Shanghai Cooperation Organisation took the first formal step to replace the dollar as the world’s reserve currency. The United States was denied admission to the meetings. If the world leaders succeed, the dollar will dramatically plummet in value; the cost of imports, including oil, will skyrocket; and interest rates will climb."
........

"In July 2009, President Medvedev illustrated his call for a supranational currency to replace the dollar by pulling from his pocket a sample coin of a “united future world currency.” The coin, which bears the words “Unity in Diversity,” was minted in Belgium and presented to the heads of G8 delegations."

http://www.projectcensored.org/top-stories/articles/1-global-plans-to-replace-the-d

[SidDithers]

1. OK. That was 2 years ago. What's happened since then?...nt

Sid

[PDJane]

2. Since then, the GOP has continued to destroy the economy,

meaning that the opportunity to replace the US currency has gained steam.

However, the US still consumes about 25% of the global output. If steps aren't taken to improve the economy, believe me, it will happen.

[lutherj]

4. It's in the article. (I know, you have to click on the link . . . )

Update by Michael Hudson

Foreign countries are presently seeking to create an international monetary system in which central bank savings do not fund the United States’ military deficit. At present, foreign “dollar holdings” take the form of US treasury bonds, used to finance the (largely military) US domestic budget deficit, a deficit that is largely due to military spending.

..................

Meanwhile, US money managers are leading the flight from the dollar to Brazil, China, and other “emerging market” countries. As matters stand, these countries are selling their resources and companies for free—as the dollars being spent to buy them end up in their central banks, to be recycled into US treasury bonds, or to be used to purchase euro debt that is plunging in international value.

[SidDithers]

5. nevermind...nt

Sid

[applegrove]

3. And this whole Republican debt ceiling fiasco is just the ticket to allow

these governments to dump the dollar.

[SpiralHawk]

10. Bingo !

[Skink]

6. meanwhile the euro is falling apart and china manipulates its currency.

[bluestate10]

7. The only thing that can kill the dollar is dumbassed republicans.

And republicans are working around the clock to do just that. They too will fail. BTW. When Russia can manage it's own economy and close the gapping abyss between the haves and havenots within it's own borders, then I will believe that it can bring about a world currency, I should have a long wait.

[muriel_volestrangler]

8. They should have titled it "Global Plans to Ignore the Dollar"

if Project Censored were being honest. But, sadly, they are just as enamoured of inaccurate, sensationalist headlines as anyone else in the media.

The claims that this will mean the dollar 'dramatically plummets in value' are speculation, without decent evidence. Try reading Paul Krugman on Reserve Currency Mysticism. Since Krugman got his Nobel prize for his work on trade patterns, he knows his stuff in this area.

[newfie11]

9. Isn't oil or gas traded in the dollar

If that is true would this be another reason other countries want a world currency?

I am asking because I have no idea how this works.