A number of countries, including China and Russia,have suggested replacing the dollar as the world's reserve currency
UN Wants New Global Currency To Replace Dollar -- The Telegraph
The dollar should be replaced with a global currency, the United Nations has said, proposing the biggest overhaul of the world's monetary system since the Second World War.
In a radical report, the UN Conference on Trade and Development (UNCTAD) has said the system of currencies and capital rules which binds the world economy is not working properly, and was largely responsible for the financial and economic crises.
Read more ....
More News On The U.S. Economy
(Courtesy Drudge Report)
China alarmed by US money printing -- The Telegraph
US comes in 2nd in competitiveness poll -- APNews
Swiss topple U.S. as most competitive economy: WEF -- Reuters
Senate must raise debt ceiling above $12T -- The Hill
Dollar hits low for year as gold tops $1,000 -- Yahoo News/AP
Gold Jumps to 18-Month High on Weaker Dollar, Inflation Outlook -- Bloomberg
Barack Obama accused of making 'Depression' mistakes -- The Telegraph
My Comment: For all the new readers who may not know, I am a Canadian who lives in the Province of Quebec. I sometimes wish I had the time to start a blog that compares all the stupid and destructive economic and financial policies that Quebec and Canada followed in the 1980s and 1990s, and relate/compare them to what the U.S. is going through right now.
In the 1970s - 1980s - 1990s the Quebec and the Canadian Government decided to embark on a policy of high taxes, high deficits, stifling regulation, and a multiple list of new government programs and handouts.
Result .... a collapse of the Canadian dollar, 'real' double digit unemployment, rotten government services (i.e. health care), and a long period of little if any economic growth.
This is the path that the U.S. is now taking .... and all that I can say to my friends in the U.S. is that the American political/economic/academic/media class has failed you .... and that your country will now be going down the same path that we (in Canada) did 20-30 years ago.
My contacts in the Far East, Russia, Europe .... they all see the same thing .... and are now taking steps to insulate themselves from what is going to happen. The above Telegraph news story about the UN looking for a new global reserve currency is just one of the many ideas that are now being bandied about .... expect more in the coming months.
But what is even more troubling to me is that I am also now reading and hearing about discussions from old time U.S. allies on the need for a realignment of military and secu
China alarmed by US money printing -- The Telegraph
US comes in 2nd in competitiveness poll -- APNews
Swiss topple U.S. as most competitive economy: WEF -- Reuters
Senate must raise debt ceiling above $12T -- The Hill
Dollar hits low for year as gold tops $1,000 -- Yahoo News/AP
Gold Jumps to 18-Month High on Weaker Dollar, Inflation Outlook -- Bloomberg
Barack Obama accused of making 'Depression' mistakes -- The Telegraph
My Comment: For all the new readers who may not know, I am a Canadian who lives in the Province of Quebec. I sometimes wish I had the time to start a blog that compares all the stupid and destructive economic and financial policies that Quebec and Canada followed in the 1980s and 1990s, and relate/compare them to what the U.S. is going through right now.
In the 1970s - 1980s - 1990s the Quebec and the Canadian Government decided to embark on a policy of high taxes, high deficits, stifling regulation, and a multiple list of new government programs and handouts.
Result .... a collapse of the Canadian dollar, 'real' double digit unemployment, rotten government services (i.e. health care), and a long period of little if any economic growth.
This is the path that the U.S. is now taking .... and all that I can say to my friends in the U.S. is that the American political/economic/academic/media class has failed you .... and that your country will now be going down the same path that we (in Canada) did 20-30 years ago.
My contacts in the Far East, Russia, Europe .... they all see the same thing .... and are now taking steps to insulate themselves from what is going to happen. The above Telegraph news story about the UN looking for a new global reserve currency is just one of the many ideas that are now being bandied about .... expect more in the coming months.
But what is even more troubling to me is that I am also now reading and hearing about discussions from old time U.S. allies on the need for a realignment of military and secu
Barack Obama accused of making 'Depression' mistakes -- The Telegraph
My Comment: For all the new readers who may not know, I am a Canadian who lives in the Province of Quebec. I sometimes wish I had the time to start a blog that compares all the stupid and destructive economic and financial policies that Quebec and Canada followed in the 1980s and 1990s, and relate/compare them to what the U.S. is going through right now.
In the 1970s - 1980s - 1990s the Quebec and the Canadian Government decided to embark on a policy of high taxes, high deficits, stifling regulation, and a multiple list of new government programs and handouts.
Result .... a collapse of the Canadian dollar, 'real' double digit unemployment, rotten government services (i.e. health care), and a long period of little if any economic growth.
This is the path that the U.S. is now taking .... and all that I can say to my friends in the U.S. is that the American political/economic/academic/media class has failed you .... and that your country will now be going down the same path that we (in Canada) did 20-30 years ago.
My contacts in the Far East, Russia, Europe .... they all see the same thing .... and are now taking steps to insulate themselves from what is going to happen. The above Telegraph news story about the UN looking for a new global reserve currency is just one of the many ideas that are now being bandied about .... expect more in the coming months.
But what is even more troubling to me is that I am also now reading and hearing about discussions from old time U.S. allies on the need for a realignment of military and security alliances. A financially weaken America will also mean a weaken military .... and everyone knows that.
All of our allies are boosting their military budgets, and/or looking at regional alliances. Instead of talking about it, Europeans are laying the groundwork for a rapid reaction force. The military budgets of Japan and South Korea are being increased substantially. Middle Eastern countries are purchasing weapon systems at a rate that is unprecedented .... and our Latin American neighbors are now embarking on the purchase of weapon systems and developing new security arrangements.
If the financial crisis hits the U.S. as many expect that it will .... expect military and security alliances to also be impacted .... an outcome that will make all of us less safe and definitely more insecure.
My Comment: For all the new readers who may not know, I am a Canadian who lives in the Province of Quebec. I sometimes wish I had the time to start a blog that compares all the stupid and destructive economic and financial policies that Quebec and Canada followed in the 1980s and 1990s, and relate/compare them to what the U.S. is going through right now.
In the 1970s - 1980s - 1990s the Quebec and the Canadian Government decided to embark on a policy of high taxes, high deficits, stifling regulation, and a multiple list of new government programs and handouts.
Result .... a collapse of the Canadian dollar, 'real' double digit unemployment, rotten government services (i.e. health care), and a long period of little if any economic growth.
This is the path that the U.S. is now taking .... and all that I can say to my friends in the U.S. is that the American political/economic/academic/media class has failed you .... and that your country will now be going down the same path that we (in Canada) did 20-30 years ago.
My contacts in the Far East, Russia, Europe .... they all see the same thing .... and are now taking steps to insulate themselves from what is going to happen. The above Telegraph news story about the UN looking for a new global reserve currency is just one of the many ideas that are now being bandied about .... expect more in the coming months.
But what is even more troubling to me is that I am also now reading and hearing about discussions from old time U.S. allies on the need for a realignment of military and security alliances. A financially weaken America will also mean a weaken military .... and everyone knows that.
All of our allies are boosting their military budgets, and/or looking at regional alliances. Instead of talking about it, Europeans are laying the groundwork for a rapid reaction force. The military budgets of Japan and South Korea are being increased substantially. Middle Eastern countries are purchasing weapon systems at a rate that is unprecedented .... and our Latin American neighbors are now embarking on the purchase of weapon systems and developing new security arrangements.
If the financial crisis hits the U.S. as many expect that it will .... expect military and security alliances to also be impacted .... an outcome that will make all of us less safe and definitely more insecure.