Look who is calling for a new global currency! Washington Post...
Joseph E. Stiglitz, the 2001 Nobel Prize winner in economics, is a professor of economics at Columbia University and former chairman of the Council of Economic Advisers during the Clinton administration.
The United States has resisted these changes, but they will come regardless, and it's better for us to participate in the construction of a new system than have it happen without us. The United States has seen great advantages with the dollar as the world's reserve currency of choice, particularly the ability to borrow at low interest rates seemingly without limit. But we haven't seen the costs as clearly: the inevitable trade deficits, the instability, the weaker global economy. The benefits to us are likely to shrink, and rapidly so, as countries shift their holdings away from the dollar.
It is happening already, and the process is likely to accelerate. Chinese authorities, for example, have openly expressed concerns about the value of the country's vast dollar reserves. Not surprisingly, China and other nations holding lots of U.S. debt support efforts to build a new system.
In its interim report in June, the commission described a number of alternatives. Some involve building on the International Monetary Fund's "special drawing rights," or SDRs -- a kind of "IMF money" -- but making the issuance of this global reserve money annual and more predictable. (Currently, issuances of SDRs are small and episodic.) Other proposed reforms are more complex and ambitious, such as issuing new global reserves in ways and amounts that could be used to stabilize the world's economy or to invest in "global public goods," such as helping developing nations reduce greenhouse gas emissions.
America should show leadership in helping shape this new structure and managing the transition, rather than burying its head in the sand. We may have preferred to keep the old system, in which the dollar reigned supreme, but that's no longer an option.
And who does he think he is to tell us it is no longer an option? Is it because they have helped Crash the United States Economy? Setting us up?
The Chinese are noticing even more dangerous developments, such as ineffective official stimulus, unproductive rescue of dead banks, endless credit derivative covered costs (AIG and Fannie Mae), entirely new programs with staggering price tags (health care), refused disclosure of disbursed Congressional funds, and tremendous waste, all of which not only result in gargantuan government deficits, but add risk to the USDollar from a failure standpoint.
If this surprises you obviously you do not understand who have been the major players in trying to take us down the road to a New World Order where the Elites control every thing you do!