In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘reserve currency status of dollar’

Challenging the dollar: China and Russia’s plan from petroyuan to gold

Posted by seumasach on October 5, 2017

“The reason the dollar plays such an important role in the world economy is due to the following three major factors: the petrodollar; the dollar as world reserve currency; and Nixon’s decision in 1971 to no longer make the dollar convertible into gold. As is easy to guess, the petrodollar strongly influenced the composition of the SDR basket, making the dollar the world reserve currency, spelling grave implications for the global economy due to Nixon’s decision to eliminate the dollar’s convertibility into gold. Most of the problems for the rest of the world began from a combination of these three factors.”

Federico Pieraccini

Strategic -Culture

If we were to identify what uniquely fuels American imperialism and its aspirations for global hegemony, the role of the US dollar would figure prominently.

Read more

Advertisements

Posted in Currency Wars | Tagged: , , , , | Leave a Comment »

As the Dollar Falls Off the Cliff …

Posted by seumasach on June 5, 2009

Paul Craig Roberts

Counterpunch

3rd June, 2009

Economic news remains focused on banks and housing, while the threat mounts to the US dollar from massive federal budget deficits in fiscal years 2009 and 2010.

Read the rest of this entry »

Posted in Financial crisis | Tagged: , , | Leave a Comment »

La Chine commence à s’écarter du dollar

Posted by seumasach on May 27, 2009

Voltairenet.org

22nd May, 2009

L’accord monétaire tacite entre Washington et Pékin est désormais rompu. Au cours des dernières années, la banque Goldman Sachs avait joué les bons offices pour convaincre le gouvernement US d’accepter la sous-évaluation du yuan, et pour convaincre en échange le gouvernement chinois d’investir en bons du Trésor US. Dés le début de la crise économique aux États-Unis, le directeur de Goldman Sachs, Henry Paulson, avait été nommé par le président Bush secrétaire au Trésor avec toute latitude pour maintenir cet accord. Plus récemment, le président Obama a nommé le lobbyiste pro-Chinois Gary Locke secrétaire au Commerce afin de poursuivre coûte que coûte cette coopération. Pourtant :

Read the rest of this entry »

Posted in Financial crisis | Tagged: , , | Leave a Comment »

U.S., “Europe” brush off calls for new reserve currency

Posted by smeddum on March 25, 2009

 

 

UN panel expected to side with China, Russia in call to dump greenback

With files from AP

WASHINGTON and OTTAWA — Creating a new global currency may be a long shot, but that isn’t stopping some heavy hitters talking up the idea as world leaders prepare to meet in London next week. Read the rest of this entry »

Posted in Financial crisis | Tagged: | Leave a Comment »

Ahmadinejad: World economic system ‘unfair’

Posted by seumasach on March 11, 2009

Iranian President Mahmoud Ahmadinejad says the world monetary system serves the interests of global economic powers in an “unfair” way.

“The international economic order is unfair, inefficient and harmful to many countries,” Ahmadinejad said as he delivered a speech at the 10th Economic Cooperation Organization Summit in Tehran on Wednesday.
Read the rest of this entry »

Posted in Multipolar world | Tagged: , , | 6 Comments »

Let the presses role: unleash hyperinflation

Posted by seumasach on November 24, 2008

 

A visit to the supermarket is all that is required to see that this isn’t a conventional deflationary crisis. Unsold stock is being being sold off but new stock is coming in at higher prices or it is not coming in at all: a whole range of stuff is simply disappearing from the shelves. It is more like a complete collapse of the market where as a result of a growing concentration of wealth in a few hands there is no one left to buy. Printing more money will help bridge the gap momentarily until prices go up further. Hence, an inflationary spiral. This is accentuated in economies reliant on imports payed for with fiat currencies, such as Britain and the USA. The fall of their currencies  automatically generates inflation. That’s why London and Washington want other central banks to devalue their currencies as well in a race to bottom which will preserve the dollar and the pounds privileged global tradeability.

Stephen King

Independent

24th november, 2008

For the Federal Reserve, the Bank of England and the world’s other leading central banks, it is time for unconventional acts of bravery. These acts are needed because the financial crisis is mutating. No longer is this a story simply about the unwillingness or inability of banks to lend. It is fast becoming a crisis of liquidation. You can see it on the high street with sudden, and aggressive, pre-Christmas sales. You can see it in the stock market, where we’re seeing renewed panic. You can see it in the property market, where prices are tumbling faster than ever before.

Read the rest of this entry »

Posted in Uncategorized | Tagged: , , | Leave a Comment »

 
%d bloggers like this: