Replacing The Dollar – It’s Just A Matter Of Time

The calls to replace the American dollar as the global reserve currency have taken place for sometime, but the voices have been raised from a suggestive whisper to a demanding shout.

It is going to happen, it’s just a matter of time.

NYT

SHANGHAI — In another indication that China is growing increasingly concerned about holding huge dollar reserves, the head of its central bank has called for the eventual creation of a new international currency reserve to replace the dollar. […]

On March 13, China’s prime minister, Wen Jiabao, said he was concerned about the safety of those assets, particularly because huge economic stimulus plans could lead to soaring deficits in the United States, which could sink the dollar’s value.

Should China lose its appetite for Treasuries, the United States’ borrowing costs could rise, making it more costly for Washington to carry out economic stimulus packages and for Americans to pay off their mortgages.

Reuters

LONDON (Reuters) – A push by the world’s leading emerging economies to dislodge the dollar as the dominant global reserve currency appears to be gaining momentum even as a weakening greenback adds further urgency to the discussion.

Moscow Times

The Kremlin published its priorities Monday for an upcoming meeting of the G20, calling for the creation of a supranational reserve currency to be issued by international institutions as part of a reform of the global financial system.

The International Monetary Fund should investigate the possible creation of a new reserve currency, widening the list of reserve currencies or using its already existing Special Drawing Rights, or SDRs, as a "superreserve currency accepted by the whole of the international community," the Kremlin said in a statement issued on its web site. […]

The Kremlin document also called for national banks and international financial institutions to diversify their foreign currency reserves. It said the global financial system should be restructured to prevent future crises and proposed holding an international conference after the G20 summit to adopt conventions on a new global financial structure.

 

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The Obama Cult of Personality Marches On

The video below is just another great video from The Naked Emperor.

I originally found it on Hot Air in an entry by Ed Morrissey.

The Obama cult of personality marches on.

Dictionary.com

Cult of personality:

–noun

a cult promoting adulation of a living national leader or public figure, as one encouraged by Stalin to extend his power.

Let’s not forget this golden oldies.

Obama’s Army

We Are The Ones

Children Sing Praises

Obama Youth Regiment

The creepiness factor continues to rise.

Vodpod videos no longer available.

One bright and shining Obama cult member thought it would be a good idea to list on her public Obama page, the names, addresses and phone number of those she had recruited.

Barack Obama and Joe Biden- The Change We Need - Colleen OBrien's Blog_1237867281314

The image has been kept small to protect the stupid by not allowing their names to be viewed.

New Government Entity

Here a Trillion, there a Trillion, print a Trillion, every where a Trillion.

By the time Obama and  Geithner are finished we will all speak of a Trillion in the same way we currently speak of a Billion.

My Way News

The Obama administration’s latest attempt to tackle the banking crisis and get loans flowing to families and businesses will create a new government entity, the Public-Private Investment Program, to help purchase as much as $1 trillion in toxic assets on banks’ books. […]

A key part of that regulatory framework will give the government new resolution authority to take over troubled institutions that would pose a threat to the entire financial system if they failed. […]

According to administration and industry officials, the toxic asset program will have three major parts:

_A public-private partnership to back private investors’ purchases of bad assets, with government support coming from the $700 billion bailout fund. The government would match private investors dollar for dollar and share any profits equally.

_Expansion of a recently launched Fed program that provides loans for investors to buy securities backed by consumer debt as a way to increase the availability of auto loans, student loans and credit card debt. Under Geithner’s plan for the toxic assets, that $1 trillion program would be expanded to support purchases of toxic assets.

_Use of the FDIC, which insures bank deposits, to support purchases of toxic assets, tapping into this agency’s expertise in closing down failed banks and disposing of bad assets.

Yeah… this should work.