Global currency system comes closer

The Telegraph’s Ambrose Evans-Pritchard published a pretty hard-hitting article today, filled with lurid references to nations in deep financial crisis. Those I have heard so much of since September 2008, I am rapidly developing an incapacity to be alarmed. No, the interesting thing about this article was the following stunning admission of where things will go:-

The sums needed are beyond the limits of the IMF, which has already bailed out Hungary, Ukraine, Latvia, Belarus, Iceland, and Pakistan – and Turkey next – and is fast exhausting its own $200bn (€155bn) reserve. We are nearing the point where the IMF may have to print money for the world, using arcane powers to issue Special Drawing Rights.

Forget monetary reform of fractional reserve banking (which allows banks to create a nation’s money-supply as debt out of thin air). You, Ron Paul and everyone who didn’t lose billions out of the crisis may think that restoring the right of democratic nations to coin their currency directly, as required in the US Constitution, is the answer. But we are, Evans-Pritchard says, going to get a global fiat currency. The EU agrees, and at the end of last month formally presented a case for a global currency system to the new American administration.

Now, at a time like this there should always be a gentleman born to Jewish parents who can be found leading the intellectual charge. And, as it happens, there is. The economist Joseph Stiglitz, a former Senior Vice President and Chief Economist of the World Bank and author of Making Globalization Work, has been the point man for the global currency. Here he is being interviewed by some outfit named Share the World’s Resources:-

Q: Are you saying that we would need a “currency basket” in order to secure stability?

A: (What is needed is) Bringing all the currencies, like the SDRs (special drawing rights), but SDRs have only been periodic. Make this more permanent.

Q: At the famous international economic conference at Bretton Woods, New Hampshire, in 1944, which established a postwar global monetary and financial order, John Maynard Keynes, who represented Britain, proposed the creation of a world currency unit called the Bancor. Are you talking about a similar type of currency basket? Would that be the kind of “basket” you had in mind?

A: Exactly, in my book I argue that that’s what we need. It’s a multilateral system. We need to have a new institutional framework and that’s why I’m hopeful that there’s the beginning of a discussion to have an international meeting, and that’s one of the things I hope will come out of that.

Q: Do you think we need a second version of the Bretton Woods conference?

A: This is a “Bretton Woods moment.”

Of course, he means “This is a Stiglitz moment.” It is also a moment when the nation state, upon whose political existence the defence of human bio-diversity depends, takes another long step towards dissolution.

Posted by Guessedworker on Tuesday, February 17, 2009 at 04:28 AM in Globalisation
Comments (9) | Tell a friend

Comments:

Posted by expf on February 17, 2009, 02:17 PM | #

it seems my comments disappeared. thats fine but the video I posted a link to is really
a cool example of human biodiversity and the conflicts it creates.

I can understand if you object to me using the comments section as a stream of consciousness.

One last comment: Jonathan Bowden is amazing. What great videos of his speeches are
on YouTube. Hes wonderful. Anybody who wants to see great new right stuff should
go on YouTube and type in Jonathan Bowden Frankfurt School. Hes the first guy Ive seen
whose really inspiring (as far as listening to speeches goes).

Posted by Guessedworker on February 17, 2009, 06:11 PM | #

PF,

We had a bug in the system overnight which I sorted out this morning. While I was messing around trying to figure out what was wrong I took down the original of this post and also James’ article which preceded it. There was a small clutch of comments which were unavoidably lost. My apologies. Please re-post, if you can.

Same goes for James and his missing article.

Posted by Guessedworker on February 17, 2009, 06:13 PM | #

We carried Bowden’s Frankfurt School speech here a few months ago:-

http://majorityrights.com/index.php/weblog/comments/jonathan_bowden_on_marxism_and_the_frankfurt_school/

Posted by Bill on February 20, 2009, 05:36 AM | #

The elephant is back - perhaps it never went away

The global (that word again) financial turmoil which nobody saw coming (except the Internet) is defying all explanations by the talking Heads. It’s a joke to see the media wheeling out the tired same old, same old faces, to pontificate on what needs to be done to put things right. It’s even more of a joke as it’s the same people who got us into this mess in the first place.

Of course the conspiracy gang is saying it’s all a fix, it is a plan by the Illuminati to usher in the NWO.

In all of the gazillions of words bandied throughout the media mauling the economic crisis, there is one topic amazingly absent, nary word in fact, zilcheroo, nothing. That topic is mass immigration.

When discussing the economic meltdown the elephant is back in the room, amazing really, I thought we’d outed the elephant way back. But no, the elephant has made a comeback.

By any stretch of imagination I’m no economist, but I cannot help asking the question what economic affect does importing tens of millions of uneducated, unskilled aliens and their families into our midst, most of whom cannot even speak the language have on the host nation’s economy? The burden this must have on each host nation’s welfare state infrastructure must be crushing.

The main reason given for the breakdown is the American sub-prime loan crisis, where millions of people were loaned mortgages with little or no security. I’ve even read where newly arrived enrichers, straight of the boat, were handed loans worth hundreds of thousands of dollars. (Is this true?)

Was the US-UK sub-prime fiasco liberalism writ large? (Oh no! Not another unintended consequence)

Immigrants must have somewhere to live, they must be able to eat, their children must be educated, they need medication, transport, consume much energy and natural resources such as water. In fact they need the whole panoply of things to sustain life in a modern society, above all, they reproduce at a faster rate than the host population, so the problems grow exponentially.

None of this is rocket science, it is obvious to anyone who gives the matter a seconds thought, but do you hear any of the talking heads even allude to it, do you read in the miles of column inches in the press about it? No of course you don’t.

If this global economic meltdown is not a scam, then I think mass immigration in all its guises, is playing a huge part in creating the economic mayhem we see before us.

The elephant is back or perhaps when discussing economics the elephant never rally went away. Very clever these people.

Posted by Fred Scrooby on February 20, 2009, 10:02 AM | #

I agree with Bill completely.

Posted by Armor on February 20, 2009, 10:57 AM | #

but I cannot help asking the question what economic affect does importing tens of millions of uneducated, unskilled aliens and their families into our midst, most of whom cannot even speak the language have on the host nation’s economy (—Bill)

The problem is worse than a lack of education, it is a racial thing. Most of them can not be educated as we can. The children go to school and are even less employable than their parents.

If this global economic meltdown is not a scam, then I think mass immigration in all its guises, is playing a huge part in creating the economic mayhem we see before us.

I can see too other financial burdens besides immigration that help explain why today, a family with children needs to have too working parents:
• The development of government and useless jobs (I’m not totally against the idea of subsidized jobs)
• The increased cost of retirement and medical care.

In the USA, the cost of the huge army could be added to the list.

I think the worst financial burden is immigration, and it is more than a financial burden: it destroys the working part of society.

I suppose some economists, somewhere, are having debates about the cost of immigration, but their conclusions never make it to the main stream media. I guess we do not read the right newspapers. Or maybe economists who want to discuss the issue have to meet at night in a dark cellar, and their opinions are never divulged.

Posted by Fred Scrooby on February 20, 2009, 01:08 PM | #

For economists in today’s world, immigration and race should be the number-one issue, all others coming after that.

Posted by Bill on November 17, 2010, 07:34 PM | #

The Irish situation, there will be no sovereign nation states.

http://www.larouchepac.com/

War Room at a Glance.

Posted by Jeremy on May 14, 2012, 01:39 PM | #

The solution to the problem is innovation, If we focus on more innovation, then more jobs will be created for the immigrants, either way we still have to make more jobs locally and globally, with the advent of telecommuting, jobs are exported outside the US through outsourcing, and illegal immigration continue. The solution is to be at the forefront of technology which is not easily outsourced, we need to move forward and focus on successful innovations to improve our global lifestyle. These are the newest trends and it will not stop we have to innovate to work around it.

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