IMF calls for new Reserve Currency

[Harbringe]

IMF calls for alternative to US dollar as worlds reserve currency

 

IMF

 

There are no words to describe the impact this could have on America

[JimboUK]

Not good for Americans but perfectly understandable, the US Dollar is too volatile and has been for quite a time.

[Harbringe]

Ya know the timing of this announcement really makes me wonder .They made this call a little less or about an hour before Mubarak resigned and yes what happened in Egypt is big news ,but its effect is big on a regional scale ,but this call by the IMF to replace the US currency as the worlds reserve is huge and its global in effect .Gotta remember these are the people who other countries have had to approach trying to get the US dollar replaced and for the last 30+ years have given a flat no . So them making this call just before Mubarak steps down really makes me wonder did they know it was going to happen and are they using it as cover because with everyone's attention focused on Egypt , nobody is talking about them making this announcement.

[Nadimos]

That is what they had in the plans all along. Whatever it means. If it is not transparent and another closed loop, i am gonna issue my own money and i am gonna call it, actually i havent found a name yet. But i want to print a manual on it, so poeple remember what this shizzle means. Now that would be nice i think. Not like the federal reserve, dunno who that is anyway. Edited February 13, 2011 by Nadimos

[hightest]

In a few more years the U.S. dept to G.D.P. will be over 100 %. That worries a lot of other governments, because to service that dept the U.S. government has three choices one borrow more, two spend less, three print more money. Only one option increases the currency value while the others decrease it, which intern destabilizes the world economy. On the other hand a very weak U.S. dollar will bring a lot of over seas manufacturing jobs to the U.S. mainland. Countries with a low dollar have high manufacturing / exports and counties with a strong dollar have low manufacturing / exports. With U.S. dept to G.D.P growing over 3 % a year some say the writing is on the wall.

[Vagrant0]

On the other hand a very weak U.S. dollar will bring a lot of over seas manufacturing jobs to the U.S. mainland.

You're forgetting that US industry has been continually shooting itself in the feet for the last 30 years, and not simply with higher wages. You cannot build in the US without several miles of red tape. It's no wonder that we have to mine Iron ore in the US, ship it to China to be refined, then buy it back, nobody would allow any large foundries to be built just because of the pollution that usually goes with them. Not saying that building cheap, heavily polluting factories in places that are so poor or corrupt to care is a good idea either, but clean industry has been possible for well over the last 20 years, it's just easier to build dirty industry somewhere else.