May 19, 2009 / Americas - Brazil and China eye plan to axe dollar

Brazil and China eye plan to axe dollar

By Jonathan Wheatley in São Paulo

Published: May 18 2009 18:24 Last updated: May 18 2009 23:31

Brazil and China will work towards using their own currencies in trade transactions rather than the US dollar, according to Brazil’s central bank and aides to Luiz Inácio Lula da Silva, Brazil’s president.

The move follows recent Chinese challenges to the status of the dollar as the world’s leading international currency.

Mr Lula da Silva, who is visiting Beijing this week, and Hu Jintao, China’s president, first discussed the idea of replacing the dollar with the renminbi and the real as trade currencies when they met at the G20 summit in London last month.

Henrique Meirelles and Zhou Xiaochuan, governors of the two countries’ central banks, were expected to meet soon to discuss the matter, the official said.

Mr Zhou recently proposed replacing the US dollar as the world’s leading currency with a new international reserve currency, possibly in the form of special drawing rights (SDRs), a unit of account used by the International Monetary Fund.

In an essay posted on the People’s Bank of China’s website, Mr Zhou said the goal would be to create a reserve currency “that is disconnected from individual nations”.

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What more proof do we really need at this point that this is where we are rushing headlong into. The (p)Resident and his administration are pushing us here all the while saying they are not. They tell us to quit believing our lying eyes.

I can see it so clearly, Obama stepping up to the microphone and in that halting slow speech of his that everyone seems to love but me and the left right left right left right head turning along with some “uh” ing and “ah” ing will say something like this:

“we have done everything my administration could do to avert this disaster but we just could not spend enough money fast enough, and we are now bankrupt as a nation. We are too big to fail, and to those who say we should do nothing I say we must take bold action. I have met with the leaders of our allies in China, Venezuela, Cuba, France, and the Oil producing countries of the world and they are prepared to forgive all of our debts if we agree to go join a new union of all nations to be headquartered in the UN in NY. We will begin phasing out our Dollar and will begin exchanging them for the Unitas (or Bancor) and the value will be based on real assets not inflated currencies of failed capitalism. This may not be popular with everyone over at Fox news, but it is a hard decision and that is my job to make hard choices. I didn’t want this to happen, but it did, mostly due to failed policies of the past, but now we must move boldly into the future. This is change we can believe in!”

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