china calls for more stable reserve currency

[sentinelrepublic]

I just read the following from yahoo finance....

"China, the largest foreign holder of U.S. debt, took the world's economic superpower to task for allowing its fiscal house to get into such disarray. It also revived its calls for a new stable global reserve currency to replace the U.S. dollar, gaining a sympathetic ear in the United Kingdom."

 

[jeremy]

And exactly whose currency should we use?!
China's?!
They are rated as a AA- by the S&P...

 

[Leadeye]

The one backed 100% by gold.

 

[NYFelon]

Don't believe any major currency on the planet is backed by gold any longer.

 

[jeremy]

The one backed 100% by gold.

Don't believe any major currency on the planet is backed by gold any longer.

The only one that comes to my mind right now is the Currency of Iran...

 

[jwkidd3]

And exactly whose currency should we use?!
China's?!
They are rated as a AA- by the S&P...

Plus who in the world trusts China? THey manipulate their currency more than any other country on the planet.

 

[jeremy]

Plus who in the world trusts China? THey manipulate their currency more than any other country on the planet.

I would not go as far as to say the do more Manipulation than anyone else....

 

[Jake46184]

The media reports this stuff for sensationalism. Those ignorant of this realm repeat it out of ignorance.

The United States is the economic backbone of this world. Our economy DWARFS all others. Our stabliity is rock solid compared to any other major economic power on Earth.

There is no legitimate movement to replace the U.S. as the peg currently. Why? There's nothing to replace it with! We will be the world's economic anchor long after you and I are gone.

Ignore the media nonsense.

 

[RockofStrength]

The media reports this stuff for sensationalism. Those ignorant of this realm repeat it out of ignorance.

The United States is the economic backbone of this world. Our economy DWARFS all others. Our stabliity is rock solid compared to any other major economic power on Earth.

There is no legitimate movement to replace the U.S. as the peg currently. Why? There's nothing to replace it with! We will be the world's economic anchor long after you and I are gone.

Ignore the media nonsense.

I disagree, if only because we will collapse our economy by inflating our money to the point of worthlessness. The other economies supported by us will fall before we do, I agree, but that merely makes us the last to drown in our own pile of inflated cash.

 

[rambone]

There is no legitimate movement to replace the U.S. as the peg currently. Why? There's nothing to replace it with!

Yet.

 

[OZZY.40]

I think if the US goes belly up the rest of the world will quickly adjust. Many great civilizations have fallen and the rest of the world was just fine. We consume more than we produce, the world will just cut back their production because they won't have to satisfy our appetite. Think about what gas prices in Europe will do if the US is no longer a huge consumer of oil. They might have to adjust with less corn, wheat and soybeans but they well survive even of we don't . How many countries out there are ok without the help of the US.

 

[ZombieApocolypse]

There is no legitimate movement to replace the U.S. as the peg currently.

I remember reading a year or 2 ago that OPEC was looking into replacing the dollar as the standard that oil is traded on. Not sure what they were trying to replace it with though, and havent heard anythign since maybe because they couldnt think of what to replace it with lol

 

[OZZY.40]

I remember reading a year or 2 ago that OPEC was looking into replacing the dollar as the standard that oil is traded on. Not sure what they were trying to replace it with though, and havent heard anythign since maybe because they couldnt think of what to replace it with lol

Gold would make sense. Then they could convert to their own currency or an oil prince could make another toilet or AK47 out of it!

 

[NYFelon]

The only one that comes to my mind right now is the Currency of Iran...

The Rial is backed by gold? Why the heck is it so worthless then?

as of 20:15 UTC $1 = IRR 10,567.46

 

[IncendiaryGunner]

The Rial is backed by gold? Why the heck is it so worthless then?

as of 20:15 UTC $1 = IRR 10,567.46

Because the stability of an economy, interest rates, balance of trade, and psychological factors have more to do with the value of a currency than if you back it in gold.