Great post, Hat Tip to New Conservative Generation
While the Left was busy making fun of Michelle Bachman
Monday, July 13, 2009
I’m amazed at how far out of touch the left is with regards to the possibility of a one-world currency. It’s a concern Michelle Bachman has become known for voicing. Yet, the left has littered the internet with commentary about how crazy Bachman is for believing that there is a movement for a one-world currency. I find myself both amused and frightened by their myopic and baseless need to denigrate someone over an issue that is absolutely true. Regardless of whether you think Michelle Bachman is a crackpot, there are very real, very serious, and very plausible movements in the world to bring about a one-world currency.
If you are out there on the left, you may want to stop reading right now and turn on MSNBC. What I’m about to tell you is very disturbing and likely to damage your mantra of hope and change. Honestly, the opinion of the world is that the US monetary/fiscal/banking system caused the recent economic downturn. Everyone on the left says, “That’s common knowledge. America is to blame for all problems in the world.” Here is where the lefties jump off the train; Obama’s Spend Big, Spend Often, and Spend Irresponsible fiscal policies solidified this perception and now there are governments in the world seeking to diminish the role of the dollar in the world and implement a diversified one-world currency.
This is very true. Bloomberg reports:
“Russian President Dmitry Medvedev has repeatedly called for creating a mix of regional reserve currencies as part of the drive to address the global financial crisis, while questioning the dollar’s future as a global reserve currency. Russia’s proposals for the Group of 20 major developed and developing nations summit in London in April included the creation of a supranational currency.”
The key here is to connect the terms “one-world currency” and “currency diversification. The popular thought for a one-world currency is to create a currency that is based and "pegged" to a large basket of world currencies.
A little economic history lesson for you:
The world does not do business with a hodgepodge of currencies, but with the dollar. Either by literally trading in US dollars or by foreign currencies “pegged” (when a government has a store of dollars to give their currency value) to the dollar. With recent out of control spending by Obama, governments of the world are beginning to question the US’ solvency and ability to pay its debts.
The Bloomberg article I linked to above shows that India is getting on board with the idea. Russia, China and Brazil are already on board. Today, Geithner is in Saudi Arabia trying to stem the one-world currency train. Laughably, Geithner is arguing the stability of the dollar even as the administration he represents is talking about more stimulus.
So, while you on the left were busy making fun of Michelle Bachman for bringing the “one-world currency” development to the forefront of debate, the rest of the world was busy laughing at you and trying to find a better way to protect their nations from your destructive and narcissistic economic policies.
New Conservative Generation: While the Left was busy making fun of Michelle Bachman
Logging you in...
blackandgoldfan · 820 weeks ago
Andrew33 103p · 820 weeks ago
eric Graff · 820 weeks ago
KOOK 91p · 820 weeks ago
Andrew33 103p · 820 weeks ago
clay · 820 weeks ago
C Gen · 820 weeks ago
KOOK 91p · 820 weeks ago
Nameless Cynic · 820 weeks ago
The only way to arrive at this conclusion is to combine a complete misunderstanding of the global economy (and, incidentally, there is no one, single global economy, it's a mix of each country's individual systems interacting with each other to various extents), a Bachmann-like affinity to the New-World-Order school of conspiracy theory, and a complete misrepresentation of why we on the left began laughing so hard at this particular wide-eyed lunatic.
We go back to the source material, and we find that what Ms Bachmann said was "The President may not enter into a treaty or other international agreement that would provide for the United States to adopt as legal tender in the United States a currency issued by an entity other than the United States."
This is a bill intended to prevent a "global currency" being forced upon Americans; a Constitutional amendment which would have required subsequent passage by the legislatures of all 50 states.
It's about preying on people's gross misunderstanding of international finance and how reserve currency works. Bachmann seems to think America can somehow control what the world uses as its medium of international trade, and seems to now be fearful that international trade will no longer be pegged to the dollar.
But that particular horse has been long gone from that particular barn. The Bretton Woods system, which in fact pegged international trade to the dollar, expired in 1971 thanks to policy changes made by the Republican administration of Richard Nixon. Since then, the dollar has remained the de facto "reserve currency" of choice -- mainly because the United States has remained the world's preeminent economy.
Now, thanks to conservative mismanagement of the past decade and more, that position is in serious jeopardy -- which is why the international community is looking to create a more stable form of reserve currency in which they can invest. It doesn't mean dollars will cease being bought by other nations -- if our economy rebounds to its former strength, the dollar will remain a favorite form of reserve currency.
Bachmann's continuing suggestion that Tim Geithner lied to her is manifest evidence of her utter incomprehension of the entire situation:
“Yesterday, during a Financial Services Committee hearing, I asked Secretary Geithner if he would denounce efforts to move towards a global currency and he answered unequivocally that he would," said Bachmann. "And President Obama gave the nation the same assurances. But just a day later, Secretary Geithner has left the option on the table. I want to know which it is. The American people deserve to know."
Asked today about a currency proposal from China at a Council on Foreign Relations event, Secretary Geithner stated he was open to supporting it. Despite attempts to clarify his remarks later in the day, the unguarded initial response calls into question his true intentions.
Although Title 31, Sec. 5103 USC prohibits foreign currency from being recognized in the U.S., the President has the power to engage foreign governments in treaties, and the President is principally responsible for the interpretations and implementation of those treaties according to the Constitution. As a result, legislation prohibiting the President and Treasury from issuing or agreeing that the U.S. will adopt an international currency would need to come in the form of a Constitutional Amendment differentiating a treaty used to implement an international currency in the U.S. from other types of treaty agreements.
But here's what Geithner actually said::
"I haven’t read the governor’s proposal. He’s a very thoughtful, very careful distinguished central banker. I generally find him sensible on every issue," Geithner said, saying that however his interpretation of the proposal was to increase the use of International Monetary Fund's special drawing rights -- shares in the body held by its members -- not creating a new currency in the literal sense.
"We’re actually quite open to that suggestion – you should see it as rather evolutionary rather building on the current architecture rather than moving us to global monetary union," he said.
"The only thing concrete I saw was expanding the use of the [special drawing rights]," Geithner said. "Anything he’s thinking about deserves some consideration."
The continued use of the dollar as a reserve currency, he added, "depends..on how effective we are in the United States...at getting our fiscal system back to the point where people judge it as sustainable over time."
Memo to Michelle Bachmann: Special drawing rights are not a new currency. We won't be buying our groceries with them.
Andrew33 103p · 820 weeks ago
Actually given new information that has recently come to light, we are likely going to have to switch to another currency as the dollar has been systematically destroyed by the Federal Reserve. The only reason we are still using it is because people still believe in the "system". They haven't figured out that our money is totally worthless. When they do, hard times shall arrive my friend, on a level most of us can't even imagine. And by the way, this did in no way shape or form come from Beck or Hannity or Limbaugh. This info came from elected officials unhappy with what they discovered after taking office after the 1992 elections.
KOOK 91p · 820 weeks ago
KOOK 91p · 820 weeks ago
But you also need to look at who was in congress for most of all of those presidencies to get the real feel for what was done to us. We have not had a truly conservative congress full of part time states-people in well over 100 years. Anytime you want to compare the looniness of congress people, I will take my girl Bachmann against any number of the left's best players. Frank? Schumer? Reid? Pelosi (pelosi lied, people gurgled), FRANKEN? puhlease....
Andrew33 103p · 820 weeks ago
KOOK 91p · 820 weeks ago
KOOK 91p · 820 weeks ago
Now you are a victim? But of course you are.
I think your have a well formed argument, I will give you that much. It isn't a slobbering mantra of "Bush lied People Died!". But you can comment here all you want until you start that nonsense. You also have your own blog where you can say what you want, just like we can say what we want on this one. Let the readership numbers decide which worldview is the way things are and which is the way people wish they are. Then you can comment to leave a link to your post...and see if anyone agrees with you.
Andrew33 103p · 820 weeks ago
Study your constitutional law, NC. Treaty ratification like constitutional amendments have to be ratified by a supermajority (2/3rds) of the states. That's what happens when you listen to Air America all day and do not double check your info.
Matt Cardinal · 782 weeks ago
http://secretlovechild.com/economics-a-business/4...
It shows just how screwed up our banking system has become
Andrew33 103p · 782 weeks ago