NEW CURRENCIES

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NEW CURRENCIES

Post  Jimmy Bora on Tue Jun 15, 2010 9:10 pm

Maybe create here a topic about possible new currencies?


Like this for example:

http://www.thedailybell.com/1134/Gulfo-Regional-Currency-Fails.html

Jimmy Bora

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Russia Kicks Dollar Dominance

Post  Jimmy Bora on Sat Jun 19, 2010 10:30 am

http://www.thedailybell.com/1145/Russia-Kicks-Dollar-Dominance.html

Important sentences:

1) Only three, five years ago it seemed like a fantasy" to create a new reserve currency, Medvedev said yesterday in a speech in St. Petersburg, Russia. "Now we are seriously discussing it."

2)We don't think that the IMF is much of a central bank, by the way, nor an inevitable one. We don't even think SDRs are going to prove much of a substitute for the dollar except perhaps in special circumstances. The dollar became the world's reserve currency (a strange nomenclature) after World War II basically because the US was able to enforce its will worldwide. By linking the dollar to purchases of oil, the US was apparently able to ensure that the rest of the world would use the King of currencies.

3) SDRs have been around for 40 years, but they are not really money. Money, as economists understand it, is a means of exchange, a store of value, and a unit of account. SDRs are not a means of exchange. As a basket of already existing currencies, it might appear more stable and hence a better store of value, but what is the metric? The purchasing power of fiat currencies individually and collectively has generally been eroded by inflation. The SDR is not a fiat currency, but a basket of fiat currencies. For the most part SDRs are relegated to a unit of account for (no surprise) the IMF and a few other international organizations. Some observers suggest that SDRs are the IMF's money (sometimes they are referred oxymoronically as paper gold), but that reflects a misunderstanding. Issuing SDRs is not the same as the IMF printing money. The IMF doesn't do that. An increase in SDRs simply boosts each member's claims on the composite currencies. The IMF is not a central bank.

4) In the first quarter of 2010, Russia's central bank increased its gold reserves by 26.6 metric tonnes, or about $1.2 billion at today's price, according to World Gold Council data. That's in addition to the 117.63 tonnes that Russia added in 2009.

5) China is considered a stealth buyer of gold, said Boris Schlossberg, director of currency research at Global Forex Trading. As the world's largest producer of the metal, China often buys gold from its own mines and doesn't report those sales publicly.


Last edited by Jimmy Bora on Sat Jun 19, 2010 11:39 am; edited 1 time in total

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Re: NEW CURRENCIES

Post  WuQiMing on Sat Jun 19, 2010 11:30 am

Jimmy Bora wrote:http://www.thedailybell.com/1145/Russia-Kicks-Dollar-Dominance.html

5) China is considered a stealth buyer of gold, said Boris Schlossberg, director of currency research at Global Forex Trading. As the world's largest producer of the metal, China often buys gold from its own mines and doesn't report those sales publicly.

Finally, someone's hit the jackpot. All of China's gold companies are state owned. China may purchase some gold from the IMF from time to time but that's only a tiny amount that they appropriate every year. All of the Glitzy stuff sitting in Chinese shops today is but a tiny amount of what they hold. I love how many economists (if such people truly exist) extrapolate how much gold China has by figuring percentage of Gold purchased vs Currency reserves. So many reports about "X- tonnes" of gold purchased today is but a drop in the ocean of reserves, all are nonsense. These same writers say in other reports that China lacks transparency in financial reporting, yet figure this Gold trade in China is of a total clear cut and dry variety of reporting, hmmm.

I loved the BOC's chairman's direct statement that gold was in a bubble prior to the last hinted Gold offer by the IMF, he surely was fishing for a drop in the price. I'm sure with or without that price falling, they'd be quite happy to buy, "bubble" or not.

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My vision about new currency

Post  Jimmy Bora on Sat Jun 19, 2010 12:53 pm

In the reality, I’m very doubting between different monetary worlds, because I simply don’t know and am not an insider. After reading too many books (yet 312 books, now I’m taking pause for a month or so, because it is bad for my eyes…), it’s very difficult to conclude what would happen. But it’s possible to predict different ways of our possible futures.


One thing is certain: hyperinflation at the end of the game.

First, I believe in a new world currency, backed by gold, to resolve our mother of all financial crises. Why ‘gold-backed world currency’? When the dollar falls, the current world currency, it would wipe out all of international trades (oil, food,…) and then there is no trade, that’s not possible for many people and big multinationals. So they must replace the dollar with another currency, whose could create trust for the international trade between superpowers, like China, Russia, Europe,… Only gold is a reliable currency for the international trade. So we’re caught in these ‘golden monetary trap’, there is no another option. So physical gold could be very valuable for the international trade, I don't dare to paste a price on physical gold in the future.

But I don’t believe in a freegold-theory, because it wouldn’t be acceptable for, let me say: ‘the Elite’ (with good or bad intentions, I don't know, because I don't believe in conspiracies, to be clear), so they couldn’t manipulate the new currency in their advance for expansionism (look how far we are now evolued in technology and science, grace to the moneyprinting and financing big projects to ensure our evolution in knowledge. But one problem of our expansionism-politics is the finitude of commodities against infinity of money creation. So we are caught in the end of the game: Too many dollars printed…). In the short term, they would accept a ‘gold-backed’ currency, paid in digital or paper money. So they could decouple it again in the future, like Nixon did it, because the people are short-term minded and not really clever to understand the power of the currency manipulating and ‘the counterfeinter-effect’. Then the Elite, could manipulate the currency again in the advance of expansionism in the future. Who knows they could finance new technology who could change the world and the politics around it (I really hope for it, it's my greatest wish). With freegold is it difficult to finance expansionism, because it would evolute too slow (caused by hoarding gold and low consumption) and then the people are concentrated to make war or to do other bad shit.

So I think, the Elite would introduce a new currency with many propaganda (better world, stronger currency (like propaganda of our 'Euro'), new economy, work,...) and boobs of beautiful wifes to mislead "the sheeps", the unaware people. They, the unaware people, will accept easier the introduce of a new currency under pressure than accepting a new language or religion or immigrants under pressure. Unbelievable, but it's the mass psychology.

If you think, it’s impossible what I’m telling you what would happen: take a look in the history of Argentina, Mexico, Ukraine,… After their monstrous suffering hyperinflation, are their monetary regime now paid in physical gold or again in fiat currency?


And demographics are also important economic and social indicator.

Now, the population is declining in Europe (and it's creating deflation, by lowering the power of the 'ask-side', look to the demographics of Japan since 1980), they must flood the continent with new immigrants to stabilize the economy and the power of the 'ask-side' (=consumption).

So we opened our borders for our neighbors: muslim-nations, to enlarge the European population (and the 'ask-side' of our economy). So it could create a BIG culture clash between different ideologies (as I already said, it’s difficult to accept other religion or mentality under pressure). The future outlook could be very dark for Europe and his declining autochthony population. Eurabia is becoming REAL. I hope, it wouldn't turn into war and we could find a solution to live together peaceful, in the interest of our coming generations... Or take a look in Bosnia-Herzegnovia (most cruel war of our recent history, related with hyperinflation) or Kirgizia (now they're fighting, maybe it would become a new war) or our two world wars.

After regarding the history of the rise of Hitler and creating the triggers of wars: There is only 10% of the fool, racist and low IQ’s people needed to create one. It’s the perception to generate it to a population or race, like to say: “All Muslims are violent, because they rape women and children.” Related to the nazi’s, our perception was the same: only 10% of the Germans were real nazi’s, the rest of the people not, only too silence or cowardly to protest against the real nazi’s.

Now, we see the same evolution with the muslims, on internet, we find much negative information about criminality, rapings,… and no any muslim is protesting against it (or few, like Wafa Sultan, Ayaan Hirsi Ali,…).

But the statistical proportion of these infidel fools are marginal in equation with good, silent muslims, it’s only our perception of the amount negative information (it’s sensation to write about it for the newspapers, because “fear sells”…). Let’s say in the proportions: 10% of the 100.000 muslim-migrants are nuts and bad, so we become an amount of 10.000 bad and angry muslims. It looks much, but it’s marginal in equation with the 90.000 good muslims. So we could generate our negative perception to the other 90.000 good muslims and discriminate them, for example: the rise of PVV (Partij van de Vrijheid, Geert Wilders, now 10% of the Dutch population has voted for him, 1.5 million peoples). It could trigger a clash between ideologies and perceptions…


Thus, I’m afraid to repeat our cruel history. What would happen if hyperinflation becomes real and we seek a black sheep…



So I hope in a good and orderly default of the dollar-hegemony with the BIS and IMF-supervision, to avoid clashes. It’s not good for us all, also for the Elite and our next generations…

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Re: NEW CURRENCIES

Post  Jimmy Bora on Sat Jun 19, 2010 1:12 pm

WuQiMing wrote:

Finally, someone's hit the jackpot. All of China's gold companies are state owned. China may purchase some gold from the IMF from time to time but that's only a tiny amount that they appropriate every year. All of the Glitzy stuff sitting in Chinese shops today is but a tiny amount of what they hold. I love how many economists (if such people truly exist) extrapolate how much gold China has by figuring percentage of Gold purchased vs Currency reserves. So many reports about "X- tonnes" of gold purchased today is but a drop in the ocean of reserves, all are nonsense. These same writers say in other reports that China lacks transparency in financial reporting, yet figure this Gold trade in China is of a total clear cut and dry variety of reporting, hmmm.

I loved the BOC's chairman's direct statement that gold was in a bubble prior to the last hinted Gold offer by the IMF, he surely was fishing for a drop in the price. I'm sure with or without that price falling, they'd be quite happy to buy, "bubble" or not.


Yes, they do it and they've restricted exports of silver and rare earth metals. China owns 97% of the rare earth metals, which are very important for the green revolution technology.

And I don't believe: gold is a bubble. the goldcurve is not going parabolic on this moment, compared with the last six months of 1979, rise of 279% in goldprice, that's parabolic...

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Re: NEW CURRENCIES

Post  WuQiMing on Sat Jun 19, 2010 3:06 pm

I think you miss read me, but it's good to know you agree. One thing I have to work out before I need to is whether or Panda bullion falls into "Coin of the Realm" category for exiting the country or will I loose that Silver at customs if I try.

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