“On Friday, June 5, the Bureau of Labor Statistics (BLS) reported the latest US unemployment statistics for May 2009. The U-3 definition of unemployment, the one most commonly cited, rose to 9.4% while the U-6 unemployment rate rose to 15.9%. Had unemployment rates been computed by the same methodology that the BLS previously used up into the early Clinton administration, the reported unemployment rate would have been more than 20 percent! For the 46th time of the past 48 monthly unemployment reporting dates, the price of gold was clobbered, and in no uncertain terms. The Comex closed with gold at $961.75 and silver at $15.38 that day.
On Saturday, June 6, the three-day St. Petersburg International Economic Forum concluded in Russia. Sponsored by Russia, the conference was attended by officials from China, India, Brazil, and a number of other nations, though the US was specifically excluded. During a panel discussing reserve currencies, John Lipsky, the IMF First Deputy Managing Director, dropped a bombshell when he said that it would be possible to take the “revolutionary” step of creating a new global reserve currency to replace the dollar over time.
The IMF’s Special Drawing Rights could be adapted for use as the new currency. Lipsky said, “There are many, many attractions in the long run to such an outcome … But this is not a quick, short or easy decision.”
Such a currency would be issued by an international organization that would be equivalent to a global central bank.
According to the IMF, nearly 70 percent of the world’s currency reserves are now held in U.S. dollars. This leaves foreign central banks exposed to weakness in the U.S. economy and likely high inflation. Another speaker at this panel, Ousmene Mandeng, the head of Ashmore Investment Management, Ltd., stated, “The largest debtor is very unlikely to dominate any currency arrangement today.”
4 Comments: Trackback URL | Comments RSS
November 7th, 2009 at 8:07 pm
You are a little late in hearing this.
There are plans in place to make 4 separate currencies.
The Euro, The Amero, An African nations ( official name Unknown), and an Asian NAtions ( Also Unknown)
Then Shortly afterward, Combine them all into one currency.
This has been the goal of the people with power for a while. It will help ease there ability to control the masses.
Just in case you didn’t know… The FEDERAL Reserve is not a FEDERAL operation at all, but Private bankers, that govern our very lives without the check and balances of Government.
Don’t be misled
Read ( or YOUTUBE )
CFR, NWO, Amero, Federal Reserve, ZEITGEIST the MOVIE…
Do some research on these topics..
You may want to start with the ZEITGEIST Movie first… there are two versions you need to watch both. And really only part 3 of the first one. That is about the Federal Reserve.
GOOD LUCK
……………………
November 8th, 2009 at 12:05 am
Druglords don’t even want to get paid in dollars anymore. They want to be paid in euros. Brasil and China agreed to take each other’s currency as a method of payment. latin American countries are doing the same.
November 8th, 2009 at 12:58 am
Danger, Danger, rough waters ahead!!!
November 8th, 2009 at 7:55 am
Yes, no one feels secure with the current idiocy thats occurring. CHina has repeatedl warn us about printing more money.