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Old 03-14-2009, 10:02 AM   #16
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I'm more scared of the 7 headed monster...

What do you suggest i get her for Mothers Day ?
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Old 03-15-2009, 09:00 PM   #17
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I just cannot realistically fathom how a single, global world currency would come together, considering how not even the Eurozone is not looking all that cohesive these days.
Indeed.

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On top of all this, a fiscal crisis is building. Italian and Greek public debt is close to 100pc of GDP. The markets fear that these governments, along with those of Ireland and Austria, could be forced to default. After all, even before this crisis began, in several cases, government debt levels were at the very limits of acceptability. Now governments face not only the normal fiscal costs of recession but also expensive bank bailouts or nationalisations.

Given all this, it is hardly surprising that there has been talk of one or other member countries leaving the euro. The customary riposte is "how would a country like Italy manage outside the euro?" But I wish someone would tell me how a country like Italy will manage inside the euro.

http://www.telegraph.co.uk/finance/c...-disaster.html
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Old 03-15-2009, 09:11 PM   #18
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if they do end up defaulting, so what?

i just think of argentina from a few decades ago... defaulting on their payments did wonders for that country.
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Old 03-15-2009, 09:14 PM   #19
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if they do end up defaulting, so what?

i just think of argentina from a few decades ago... defaulting on their payments did wonders for that country.
Hmmm. Only after a lot of hardship.
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Old 03-27-2009, 09:17 PM   #20
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One World Currency?

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China’s central bank on Monday proposed replacing the US dollar as the international reserve currency with a new global system controlled by the International Monetary Fund.

In an essay posted on the People’s Bank of China’s website, Zhou Xiaochuan, the central bank’s governor, said the goal would be to create a reserve currency “that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies”.
FT.com / Asia-Pacific - China calls for new reserve currency

I've been hearing talks about a single world currency, so I googled it and came across this article.

The new U.S. administration is not too crazy about it, but China is pushing for it, so is Russia:

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Zhou's comments followed remarks by Russia last week which said it would put forward a proposal at a meeting of the Group of 20 in London on April 2 for the creation of a new global reserve currency.

Russia said its proposal had broad support among other key emerging market economies including Brazil, India, China, South Korea and South Africa.
http://www.reuters.com/article/usDol...34732920090325

What do you think? Is it best to have a single global currency to solve the world's economic problems?
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Old 03-27-2009, 09:30 PM   #21
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I don't know a whole lot about finance, but it sounds like somebody has us in their crosshairs.
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Old 04-06-2009, 12:13 AM   #22
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A one world currency will mean a world government. Some questions:

- What happens if one country has high interest rates and another doesn't? How do we match the money supply to worldwide production?

- If the world government screws up where is a competitive currency to hedge with?
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Old 04-06-2009, 12:40 AM   #23
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A one world currency will mean a world government.
Well, not exactly... but this is a good example of why this won't happen. at least anytime soon.
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Old 04-06-2009, 02:22 AM   #24
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Zhou's comments followed remarks by Russia last week which said it would put forward a proposal at a meeting of the Group of 20 in London on April 2 for the creation of a new global reserve currency.
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for the creation of a new global reserve currency.
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for the creation of a new global reserve currency
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reserve currency
"reserve" is a very important word. The dollar is currently the world's most used reserve currency, under this silly idea that means the dollar is currently the One World Currency.
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Old 04-06-2009, 03:28 AM   #25
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No you're wrong movok, it's one world currency and teh MARK OF THE BEAST! Black UN helicopters are coming to enslave your children to the Anti-christ (you'll know him because he will be a charming man who talks about peace).
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Old 04-06-2009, 01:57 PM   #26
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Originally Posted by mobvok View Post
"reserve" is a very important word. The dollar is currently the world's most used reserve currency, under this silly idea that means the dollar is currently the One World Currency.
you are right


we live in a one world currency right now

call it reserve, if you like

but why is it reasonable for the U S dollar to dictate or control exchange rates?


I don't know if it is possible to have a "bread basket" tied to a few currencies. would that be better?
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Old 04-06-2009, 04:48 PM   #27
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Bono has stigmata, guys. STIGMATA.
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Old 04-06-2009, 04:57 PM   #28
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you are right


we live in a one world currency right now

call it reserve, if you like

but why is it reasonable for the U S dollar to dictate or control exchange rates?

I don't know if it is possible to have a "bread basket" tied to a few currencies. would that be better?
My understanding (maybe wrong) is that in commodities for example if Minor Country A wants to buy oil, they can either use their native currency and incur a transaction fee from the supplier for the conversion, or they can use their stores of Big Currency like the US Dollar or Euro which the supplier is more likely to take direct payment for without the fee. So Minor Country A builds a stockpile of US Dollars for this sort of action. The choice of US money is the preference of the seller, which is related to their biggest buyer- which is usually the US or EU. Other countries prefer the dollar through our actions, America doesn't directly control use of the dollar as a reserve.

I think the bread basket does exist, those are the Special Drawing Rights. Special Drawing Rights - Wikipedia, the free encyclopedia
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Old 04-07-2009, 05:36 PM   #29
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- What happens if one country has high interest inflation rates and another doesn't? How do we match the money supply to worldwide production?
Also a competition of currencies allows for enough variety of results so economists can see which methods work better.
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Old 04-22-2009, 02:01 PM   #30
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*sigh*....And I thought the Euro sucked BIG time!

Now The Netherlands have to put MORE money into other countries than the ones in the EU!
I'll never retire!
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