World Considering Ditching Dollar As Reserve Currency
On March 25, the United Nations will recommend that the world no longer use the dollar as the reserve currency in their central banks. As you may know, there is no currency in the world that is currently backed by gold, so the dollar has been used as de facto gold for most of the other currencies around the globe. Now, other nations basically use the dollar similarly to the way we used gold up until 1971 - that is, they use it as an asset to back their currency. This means that when a country finances our debt, they are receiving our currency to store in their central banks just as we formerly acquired gold to store in our treasury.
Unless you have been living under a rock for the past couple decades, you are aware that the United States almost consistently runs a budget deficit from year to year. One factor that made this possible was the fact that so many countries were willing to accept our treasury notes as an asset. Without this deficit spending the United States government cannot afford to do half of what it does now. This system has also allowed the gluttonous American consumer to live well beyond our means.
So what does it mean if the world stops treating the dollar as it’s reserve currency? Many so-called “financial experts” are claiming that it would be no big deal if this were to happen. But, they forget that countries such as China and Saudi Arabia hold massive amounts of our currency in their central banks. If the dollar no longer provides security for them they will rightly liquidate some of their dollar reserves. It’s hard to tell how much of this they would do, and would probably depend on the future of the dollar’s value. If the world gets flooded with all of this currency that had been held in reserve for so long, we could see massive inflation, especially coupled with all the new spending that is going on.
The inflationary problem is further complicated by the fact that if people are unwilling to store our debt for us, much of the new deficit spending will have to be monetized (created or printed). This new currency would hit the open market much quicker because it is not being stored in anyone’s central bank. If more of this money is hitting circulation that could significantly increase the money supply and therefore have drastic effects on the value of our currency. Historically the dollar has been able to avoid this type of inflation because so much of our currency was being kept out of circulation by the governments of other countries.
This move away from the dollar is no doubt due to our recent excessive abuse of this deficit luxury. It seems as if a lot of financial troubles have all been culminating in a relatively short period of time. This is just one more omen of our nation’s inevitable financial decline.
It is recommended that the dollar be abandoned for a “mixed bag” of currencies. I’ll leave you with a quote from U.N. currency specialist Avinash Persaud: “Today the Americans complain that when the world wants to save, it means a deficit. A shared (reserve) would reduce the possibility of global imbalances.” Well how nice. No more global imbalances. Except for the fact that global currency imbalances have allowed us to maintain our current lifestyle. So where will we go from here? An even better question is, “why are we entrusting our financial security to the choices of other nations?” A true Nationalist economy would have avoided this entire financial crisis.
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8 comments
Zionist jews own the federal reserve, have manipulated this catostrophy with malice aforethought, and the national debt should be nationalized, turning to a commodity based currency, while demolishing the federal reserve.
The government, ZOG, is the enemy of the people, state soverignty should happen, with a new constitutional congress/convention, and allow the U.S. government to keep both DC and the national debt. Maybe the welfare recipiants can cover the other states’ short-fall.
Typical Jew behavior… So very Typical. Trying to go for a “global” currency so the Jews will control everything that they don’t control now.
Who cares? Why would you be against lifting the lives of millions across the world? America has had its day. Its lived off the backs of minorities forever. Why shouldn’t those minorities now have their day? Just so you can stay in your nice house and drive your nice car that was built by minority children. Things are finally moving to equality and all you people can think about is me me me.
Lived off the backs of minorities where Scot. It’s the minorities living off the backs of whites. They use up every free thing they can get, foodstamps included. Until the 1970s everything made in American factories was made by white people.
Have their day? Minorities can have their day when they work hard. The only people who are still in poverty are people who are to lazy to work and rely on white working class to support their welfare. Japs, and people of U.A.E show that if you work hard it pays off. These nations have in many places a higher standerd of living then in many American cities.
It’s the other way around for to long nations like Israel, Eygpt, Kenya have been living off the backs of white people. With the trillions, and billions spent on these nations by white countries these nations still live in poverty. East-Europe was just as poor as Africa in the early 90s. Without any help each of these nations built them selves up to become first world nations in less then 20 years. Most African and other nations are subdised by western Taxs payers who help keep these nations afloat. Blacks turned a first world Zimbabwe into the poorest nation on earth.
Non-Whites had no concept of wealth. We brought wealth to them blacks today live better then 100 years ago. If not for whites these people would still be living in huts. To say they havn’t recieved any wealth is wrong, blacks are richer then they were when we first saw them. You don’t get out of poverty by waiting for UN trucks to give you food. You have to invent things, like whites or Asians to get out of poverty.
And it seems that here in America whites again will have to pay for Non-Whites this time to make sure the non-whites big car buying, and big house living can continue. Non-whites in America couldn’t pay their bills now we Whites again will have to pay for them this time their mortgages with a bailout.
By the way the only real minority in this world is whites. We are only 8%. And because all other races stick togeter and call themselves people of color it is more like 8%whites against 92%coloreds and growing.
Nice rant. I still dont see how it applys to what I said. I bring up valid issues and you go on about egypt and other random things. Why dont you deal with the question we’re talking about. Mainly the fact that youre such losers that you have to blame unfounded acusations at other religions. Keep blaming minorities for your failures while the rest of the world gets past bigotry. Even though your hero Bush put you in a bad tax sitation too.
Actually Scott, he just answered all of your questions…. The questions unanswered were not even worth answering at all in my opinion.
Scott I believe you are sorely mistaken. America was founded via Manifest Destiny and other than agriculture in the South and the railroads in the West minorities contributed very little. Maybe peanut butter? Wait peanuts aren’t even a native plant to America. The Aztecs had peanut butter 800 years ago. White rednecks built my house and driveway. It’s no secret that Jews own the media and the financial institutions. Christians view the Old Testament through the scope of the New Testament. Jews view the Old Testament though the scope of the Talmud. The Talmud requires that they enslave all non-Jews through usury. Don’t take my word for it look into it for your self.
Hero Bush lol. Lol you really haven’t a clue how white nationalist think. Bush is not my hero never was. I don’t blame minorities for our failures. I don’t have to blame them because it is a fact they are causing many problems in White nations. Serbia, UK, France, Denmark. I could go on with the nations they immigrate to were they cause growth in crime, riots, racial tension, rape, and murder. But even with those facts I still don’t blame minorities.
I blame the elite in power who have the power to stop Balkanization. I blame insecure whites who are to dam insecure about their own feelings, family, friends, and econoimic’s to stand up. Their to sacred that they will not be excepted and will be fired. They will feel maginalized that society won’t except them. In the mean time their becoming a minority, and their grand-kids risk wakeing up in a land were hey will be victimized.
I will say this again.
The only real minority in this world are Whites. We are only 8%. And because all other races stick together and call themselves people of color it is more like 8%whites against 92%coloreds and growing
The rest of the world got past bigotry wow. I am classified as a bigot because I stand up for my people. I thanks you for such the classification. If it means being called a bigot because I feel like seeing my race have a future in this world then so be it, really.
You say the rest of this world has gotten past bigotry. What you mean is that the rest of the “White world” has gotten past defending temselves. See because the word bigotry, racist is used only against Whites. Other races saying the same thing I am saying, but about their race would be called racial advocates defending their people. But for a White person to say the same thing to bring statistics it’s racism. But if I was old Al not so Sharpton and brought statistics about how many whites attacks black’s even if it’s few far and inbetween I then would be called a civil rights advocate.
And by the way what part of earth has gotten past bigotry. Over in Zimbabwe the genocide of whites continue. In “USA Affirmative racist action” and other racial stife persist against whites. In South Africa white farmers are being killed. In Israel Palestinians are being bombed. In Sudan Black Arabs are cleansing Black Africans. Whites can’t hold citizensip in Libya. Land redistribution against whites is going on in Bolivia. Over in China, Tibetans are denied their own culture. In Suadi Arabia Christians are not free to worship. In Georgia, Ossetians were recently almost exterminated because of their orgin. In Kosovo, Albanians attack enthic Serbs. Really what world are you living in? Real Bigotry is happening right now around the world from every race, culture, and religion.