world currency

The G20 moves the world a step closer to a global currency
The world is a step closer to a global currency, backed by a global central bank, running monetary policy for all humanity
By Ambrose Evans-Pritchard
Last Updated: 3:45PM BST 07 Apr 2009

A single clause in Point 19 of the communiqué issued by the G20 leaders amounts to revolution in the global financial order.

"We have agreed to support a general SDR allocation which will inject $250bn (£170bn) into the world economy and increase global liquidity," it said. SDRs are Special Drawing Rights, a synthetic paper currency 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 outside the 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" and risked 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 in global 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 out Pakistan, Iceland, Latvia, Hungary, Ukraine, Belarus, Serbia, Bosnia and Romania. This week Mexico became the first G20 state to ask for help. It has secured a precautionary credit line of $47bn.

Gordon Brown said it took 15 years for the world to grasp the nettle after Great Crash in 1929. "This time I think people 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 simpler affair. "Just Roosevelt and Churchill sitting in a room with a brandy, that's an easy negotiation, but that's not the world we live in."

There will be $250bn in trade finance to kick-start shipping after lenders cut back on Letters of Credit after September's heart attack in the banking system. Global trade volumes fell at annual rate of 41pc from November to January, 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 know that countries like Mexico can arrange a credit facility able to cope with major shocks – and do so on supportive terms, 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 its way 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 foreign holdings of central banks, led by the People's Bank of China. Beijing's moves this week to offer $95bn in yuan currency 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 praised Gordon Brown for pursuing the collective interest as host rather than defending "Anglo-Saxon" interests. This has a double-edged ring, for it suggests that Mr Brown may have traded pockets of the British financial industry to satisfy Franco-German demands. The creation of a Financial Stability Board looks like the first step towards a global financial regulator. The devil is in the details.

Hedge funds deemed "systemically important" will come under draconian restraints. How this is enforced will determine 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 cameo role in the genesis of this crisis. It was not they who took on extreme debt leverage: it was the banks – up to 30 times in the US and nearer 60 times for some in Europe that used off-books "conduits" to increase their bets. The market process itself is sorting this out in any case – brutally – forcing banks to wind down their leverage. The problem 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 next inevitable 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 aside during good times." This is more or less what the authorities agreed after the Depression. Complacency chipped away 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.html

For those that are behind schedule (raises hand a bit) this stimulus will buy us a few more months. Then I think the gloves are really going to come off for the end-game.

Try to keep out of debt. Do everything you can to reduce your debt levels.

A..

why try to reduce your debt ????

i think it´s a much better idea if everyone maxes out their credit cards......buy seeds and survival items.........

fuck the credit card companies......if everyone maxes out all at once there is noting they can do about it......imagine trying to bust everyone in the world cause they maxed their cards.....impossible.........

but everyone must do it .......calling all world wide card holders........we need everyone to really put a nail in the couffin of the financial system..........

what have they ever done for you ????

they stole every intrest penny they could squeez out of you...........

now it´s time to squeeze them...........

i would like to start a movement to get every card holder in the world to max that sucker to the limit..........buy survival items and stash them in a secret place...........and remember they owe it to you.........so feel good about the survival purcheses.............buy those items with a smile on your face knowing you´re doing all you can to help the crash progress even faster..........

encourge everyone you know to do the same..........oh but do remember to pull all your cash out of the bank before you go survival shopping..........don´t let them get one more penny out of ya.......

lets show the bank we get the last laugh..........lets show them our

p.s. it´s also a good idea to refuse to pay income taxes considering there is no law against it........be sides they´ll just give it to the bank............

once this system crashes there will be more equality in the world............the rich must fall down........bye bye bye bye......

after we will go back to living a more natural way of life......more in tune with nature...........

zuni, you little revolutionary!

when i left california, went more or less "off grid"
i left a $10,000 hospital bill (for one-half day and
no treatment)

my closing phone bill
(i had been fighting with them for a year over
mis-applied charges)

my closing electric bill
(wasn't much but i figured why not because i really
needed the money for dog food and gas)

and almost $25,000 in credit card debt...
(the original debt was much smaller but they kept adding
interest and penalties and finally sent to collections
and sent a pile of papers from lawyers to "scare" me...
funny thing is, they kept sending me new ccard offers!!!)

i did not file taxes for 2007, nor did i file for 2008

i have to laugh at the bail outs, gimme a break!
corporate mucky mucks squeezin' every last penny out
of the system, but they get no more of mine

this pile of debt is one of the factors that influenced
me to escape, no way out of it when i could barely pay rent

so now...
i say...
come and get me, if you can find me
but i still don't have any money
neener, neener

:stick out tong

great that you screwed the system......i did the same.....he he he........and i don´t have a single regret !!!! they´ll never get a dime from me..........

and i never pay taxes.........and never will...........

i have had some luck perswading others to screw their banks.............we can only hope that others will follow our example...........

im all for gouging the governments financial eyeballs out, but there are some things to consider (in the US, at least):

1. if you have a job, almost all employers are taking money out of your paycheck for DI, state, and federal taxes (unless you are being paid cash). youd have to ask them to have them or the payroll company to not take this out. if you dont, filing for your taxes allows you to get your overpayment funds back from them.

2. even if you dont make much of anything, you still may get money back via the EIC (earned income credit). so not filing again-- although a rallying cry against the fed-- would prevent you from getting free money.

3. not paying for services can be considered theft of service. theft is theft. just something in which to be aware.

4. expect to never get credit for anything again-- all purchases from then on must be cash, which im sure both of you already knew. : )


unfortunately, we are still living in the old paradigm with old paradigm rules. no one knows what will happen in the future. it could be those who deadbeated a bank or a credit card that are the first to be placed in FEMA camps. who knows.
im with my right honourable friend from australia on this. its my view that we need to wisely go with the flow of things and be prudent.

that said, ill gladly support anyone who does screw over the financial system. : ) just be cognizant of the ramifications of your actions.

hi ya matt.....

no worries no one is going to femma camps........ever......i do not believe they have enough man power to take us..........they only want you to think they do so you´ll live in fear.........

thats why it is important for humanity as a whole to pull together and scam the system........it has come to this..........we can crush there little fragile system if everyone sticks together......ha there is no way in hell they can take all of us...........

i don´t want to flow with it and just let it happen.........i want the people to pull the power away from them by destroying it..........they aren´t expecting it..........they think the people are good little sheep............

but i garentee you that everyone is going to be better of getting survival suplies curtisy of the bank via credit.......as oposed to siting like good little sheep untill it´s to late..........by to late i mean the credit won´t work and most survival iteams will be gone.........

now is the time for action.........things will not get better......we are on a down hill slope......and we are about to free fall.........people save the cash you have and max that card to get what you need..........but remember to hide all your survival stuff in a hidden area away from your home......prefrerably in walking distance...........burry it in the nearset forrest.........make sure you cover it up good so no one can find it..........also it needs to be sealed air tight so that it will not be damaged............

we have the power to destroy this financial circus........this is our window.........
don´t sit around in fear waiting.........take action...........together we are strong...........and they can´t touch us...........

spread the word.........

zuni:

i respect your opinion, and it does have merit (we win in the end, regardless), but keep in mind that the powers that be have an arsenal of control mechanisms and armaments (biological as well as military) at their disposal for use upon us.

the darker the situation gets, the more people wake up, and the sooner this ends. and i cant wait for this paradigm to end.

me either, sir cheese

i feel like i am in holding pattern

waiting

i do not like waiting

yes, i have lots more work to do on my self

and i would like more people to wake up

but if my circle is any indication....

my friends and family, who KNOW me, know that
i am fairly intelligent and optimistic and not prone
to whacky ideas.... out of ALL of them, only my son
takes me seriously and does not laugh in my face

oh, well, i tried with words...
and am setting some kind of example with my actions

is all i can do

for now anyway

matt.....yes we will win !!!!!

but i refuse to live my life in fear of the ptb......i do not care what wepons they have........i prefer to die standing up for my truth.......i refuse to give my power away to fear.......

i will never bow down to anyone out of fear.......never was my style........




winehippie .....i feel ya sister........

i also wish more would awake from the slumber........but honestly people just don´t give a flying fuck as long as they are in there comfort zone.........most humans will say that they care about the planet and other living beings........but thats just cheep words cause their actions scream i only care about myself and my comfort zone........

.......i also try to set an example but seem that no one is looking....lol......

i get very discusted because i know if we pull together we are untouchable..........i´m loosing hope in humanity........i´m at the point where i feel that they deserve what´s comming because they are so fucking selfish/stupid (by their own choice)........at this point the ptb are so obvious a two ear old could figure it out........but people don´t want to make changes.......they are choosing not to take back their power............... why are humans so afraid of change ??? it must get very boring always staying in the comfort zone




don´t usully throw music into the mix but
this song feels good here.........

zuni: it would be completely against your character not to fight to the bitter end against the system and stand up for what you believe. :) go for it. :)

WH: if indeed these are the last days of the old age, take this time to enjoy some of things you do like to do. you might not get this chance again, as things can be radically different. this is why i am on my little baking/making homemade ice cream spree. ill probably never have this opportunity again.

i urge you both to continue to talk to people and set examples. there are always people watching and looking, and you are making an impact. at the very least, just the sight of you doing something is enough to plant a seed in someones head so that the next time they see it, the person will be more inclined to consider the action you took. how many times have you seen something once and then again and thought a bit longer about what you had seen?

ty for encouragement, sir....

i recall from my waitress days....
to be careful how i performed at ALL tables
because i never knew which customer was watching
or overhearing

Nice thread indeed,

I love the screw the system stories. I too screwed the system big time. I have an outstanding student loan from the early 70's they have been trying to get since then, but since I do not work in this system because I have no paper trail they are screwed in the money hole.

I also maxed out a credit card from the early 70's and went on a great shopping spree and a travel program that was nice as well.

The blood suckers never got a penny, one of my proudest moments for sure.

Gabriel wrote:

Nice thread indeed,

I love the screw the system stories. I too screwed the system big time. I have an outstanding student loan from the early 70's they have been trying to get since then, but since I do not work in this system because I have no paper trail they are screwed in the money hole.

I also maxed out a credit card from the early 70's and went on a great shopping spree and a travel program that was nice as well.

The blood suckers never got a penny, one of my proudest moments for sure.

this is a great story gabe !!!!! especily loved the fact that you got a free trip !!!!!

ever sins i read your claim to fame thread at av i knew we had shared similar life styles..........and the day we are sitting face to face boy i´ve got some great stories for you !!!!!!!

my screwing the system started in the 80´s ........ and like you i never left a paper trail.........

see luckily i was born knowing the system was full of curupt blood suckers........looks like you were too!!!!

thanks for sharing i was laughing out loud and almost feel off my chair............

Yes zuni I financed a couple of trips through the credit cards, and I dislike the system so much that this was some of my best moments.

Also I look forward to our first face to face encounter and your stories that I am sure will inspire me to more rebellion against the BEAST.

I love you too zuni and thanks for being you.

Gabriel wrote:

I too would love to live out in nature away from the concrete and zombies

hi gabe.....

i am searching for a place to live in nature away from the concrete and zombies (without being hasteled by the beast)........and as soon find it i´m going to send you an open invitation to come visit me for as long as you like !!!!!!!

wooooohoooooo ...........



i love you.........always.......

I look forward to the invitation zuni, thank you.

can i come, too?
(sniffle, sniffle....)

of course sweet pie......i would be if you didn´t ..........lol......

okay so i was thinkin we can use this as a manifestation project..........what do ya think.........???

That sounds good to me about a project, lead the way zuni...LOL

:love-061:

So many parties to attend to now. I will be crashing this one.

Anyway here is a response from the April 7 article in The London Telegraph:

The Tower of Basel: Secretive Plans for the Issuing of a Global Currency
http://www.globalresearch.ca/index.php?context=va&aid=13239