Posted on 11/28/2006 6:10:53 AM PST by Kimberly GG
In an interview with CNBC, a vice president for a prominent London investment firm yesterday urged a move away from the dollar to the "amero," a coming North American currency, he said, that "will have a big impact on everybody's life, in Canada, the U.S. and Mexico."
Steve Previs, a vice president at Jefferies International Ltd., explained the Amero "is the proposed new currency for the North American Community which is being developed right now between Canada, the U.S. and Mexico."
The aim, he said, according to a transcript provided by CNBC to WND, is to make a "borderless community, much like the European Union, with the U.S. dollar, the Canadian dollar and the Mexican peso being replaced by the amero."
Previs told the television audience many Canadians are "upset" about the amero. Most Americans outside of Texas largely are unaware of the amero or the plans to integrate North America, Previs observed, claiming many are just "putting their head in the sand" over the plans.
CNBC asked Previs whether he thought NAFTA was "working and doing enough."
He replied: "Until it created a lot of illegal immigrants coming across the border. I don't know. You get the pros and cons on NAFTA. For some people it is a good thing, and for other people it has been a disaster."
The speculation on the future of a new North American currency came amid a major U.S. dollar sell-off worldwide that began last week.
Yesterday, the dollar also reached new multi-month low against the euro, breaking through the $1.30 per euro technical high that had held since April 2005.
At the same time, the Chinese central bank set the yuan at 7.0402 per dollar, the highest level since Beijing established a new currency exchange system in 2005 that severed China's previous policy of tying the value of the yuan to the U.S. dollar.
Many analysts worldwide attributed the dramatic fall in the value of the U.S. dollar at least partially to China's announcement last week that it would seek to diversify its foreign exchange currency holdings away from the U.S. dollar. China recently has crossed the threshold of holding $1 trillion in U.S. dollar foreign-exchange reserves, surpassing Japan as the largest holder in the world.
Barry Ritholtz, chief market strategist for Ritholtz Research & Analytics in New York City, in a phone interview with WND, characterized today's downward move of the dollar as "wackage," a new word he coined to convey that the dollar is being "whacked" in this current market movement.
Ritholtz told WND that yesterday's downward move "was a major market correction that points to the risk of subsequent downside to the dollar."
Asked whether he would characterize the dollar's downside move as signaling a possible collapse, Mr Ritholtz told WND, "Not yet."
Ritholtz pointed out market professionals had long looked at a dollar collapse as a "low probability event," but the recent fall suggests "the probabilities have increased of a major dollar correction, or even of a collapse."
U.S. trade imbalances with China have hit a record $228 billion this year, largely reflecting a surging flow of containers from China with retail goods headed for the U.S. mass market.
Secretary of Commerce Carlos Gutierrez is in Bejing leading a trade delegation of more than two dozen U.S. business executives.
"The future should be focused on exporting to China," Guiterrez told reporters in Bejing, noting that this year, U.S. exports to China are up 34 percent on a year-to-year basis, surpassing last year's gain of 20 percent.
One way to improve the U.S. trade imbalance may be to ease up on restrictions of exporting high-tech products and allowing technology transfers to China, a move likely to be politically charged in the U.S.
The decline in value of the dollar will also make U.S. exports more attractive and Chinese exports to the U.S. more expensive.
In February 2007, a virtually unprecedented top-level U.S. economic mission is scheduled to travel to China. Included in the mission are Treasury Secretary Henry Paulson, Jr., Secretary of Commerce Carlos Gutierrez and Federal Reserve Chairman Ben Bernanke.
Previs declined to be interviewed for this article, telling WND in an e-mail he did not want to be quoted directly in any article that may express a political point of view.
*ping*
Yeah, the US is just going to up and drop the world's most prominent brand for something that no one's ever heard of. In many nations where not a lick of English is spoken, "American dollar" will still get you what you want.
I'll vote for "move to chat"
Good post BTW
I used to think that this was tin foil hat stuff but ever since the election and the Bush Administration's steadfast refusal to do anything at all to secure our borders I've been rethinking my position. The 700 mile border fence...the unfunded and now never to be funded border fence...was nothing more than a sop to the masses.
Thanks. I've decided it's not about convincing them it's true. It's that they know it's true, support the OBL agenda, and don't want it discussed. Attacking any legitimate article or proof is SOP.
The "Amero" would be equivalent of the American dollar, and the two other currencies would be exchanged at the rate in which they are then traded for the U.S. dollar. In other words, at the outset, the wealth of all three countries would be unchanged, and the power to manage the currency would be roughly proportional to the existing wealth. The three governments’ remain zealous defenders of an aging conception of sovereignty whereas the people seem ready to entertain new approaches.
Defining A North American Community
North Americans are ready for a new relationship. Studies over the past 20 years have shown a convergence of values, on personal and family issues as well as on public policy. An October 2003 poll taken in all three countries by Ekos, a Canadian firm, found that a clear majority believes that a North American economic union will be established in the next ten years. The same survey found an overwhelming majority in favor of more integrated North American policies on the environment, transportation, and defense and a more modest majority in favor of common energy and banking policies. And 75 percent of people in the United States and Canada, and two-thirds of Mexicans, support the development of a North American security perimeter. The U.S., Mexican, and Canadian governments remain zealous defenders of an outdated conception of sovereignty even though their citizens are ready for a new approach. Each nation’s leadership has stressed differences rather than common interests. North America needs leaders who can articulate and pursue a broader vision.
world-NUT-daily spreading their paranoia again...
"the Amero "is the proposed new currency for the North American Community which is being developed right now between Canada, the U.S. and Mexico.""
... and the American people are the last to know about it.
Or perhaps it's yet another piece in the puzzle of the desovereignization of America.
Cool! We can issue it pre-inflated at 1000 Ameros per Euro and save the politicians time.
It'd just be another piece of paper with pretty pictures and scribbles on it.
The pot (Lunatic Fringe) calling the kettle black??????
LOL
Since the Euro has proven to be an unmitigated disaster, they will undoubtedly come up with endless re-inventions of the concept to justify the foolishness. The public will never accept it, so it will have to be done with bureaucratic subterfuge.
The bottom line is that these internationalists suffer a delusion similar to the communists. That is, communists *believed* in communism as a faith, despite any evidence to the contrary. The internationalists are likewise convinced, as a matter of faith, that the future of the world lies in internationalism.
It took 70 years of brutal, punishing examples showing that no element of communism ever works; yet even at the bitter end, many still were true believers. They knew in their heart of hearts that if just a little more resources were given to the system; or, if outsiders would just stop sabotaging it, then it would work.
Europe, to no great surprise, is starting its long, inexorable slide to becoming again like the Holy Roman Empire. But like its predecessor, it will drag on for who knows how long as a joke before some strong leader withdraws his nation, while holding his nose. Then it will collapse like a house of cards. But many of the true believers will remain.
The one thing that opponents of the Amero cannot tolerate is for everyone to just laugh at their ideas, to point and laugh, and call them stupid. True believers hate having their ideas laughed at above all else. It also helps if you tap your forehead with your finger at the same time.
I wish more people would. The realization hit me when hundreds of thousand of illegals and their supporters were permitted, without a single word or warning by our D.C. leadership, post-9/11 to shut down major cities overwhelming local LE all across the country. When you really stop and think about all that has happened, it is clear that the bipartisan OBL is being supported by Bush and is what is behind all the decisions made. CIR is but the next step. Off the top of my head....
1) The statement "we are doing everything in our power to protect this country" is not true, yet is repeated incessantly, as if it is. Anyone with half a brain knows it.
2) There is absolutely no reason, other than OBL, for our borders to have remain unsecured since 9/11. We have soldiers in theatre who are dying in the WOT, yet their families back home are not protected.
3) The statement "we will fight them over there, so that we do not have to fight them here at home", is also OBL rhetoric, repeated incessantly, and is not true.
4) The statement, "in order to secure our border, we MUST have CIR". This is rhetoric that 'bargains', to put it nicely, border security in exchange for CIR. It is not true, but is a statement repeated incessantly, as if true.
5) Current Immigration Laws are not only NOT being enforced, they are blatantly being broken, even by our own federal government.
6) CIR was pushed repeatedly with no regard whatsoever for how it divided the party in this being a critical election year and at risk to majority.
DING
DING
DING
WE HAVE A WINNER!!!!
Its PING time.
Are you calling Steve Previs, a vice president at Jefferies International Ltd., a liar?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.