Skip to comments.Sarkozy calls for talks on dollar
Posted on 07/10/2009 11:18:27 AM PDT by MyTwoCopperCoins
French President Nicolas Sarkozy called for a revamp of the global currency system, saying Thursday that the dollar's supremacy is outdated.
"We need to ask the question: shouldn't a world that is politically multi-polar correspond to a multi-monetary world economically?" he said in a news conference during a summit of world leaders in L'Aquila, Italy.
Sarkozy compared an overhaul of the global currency system to the enlargement of the Group of Eight structure to encompass fast-growing emerging economies, which were invited to join the Italian summit.
He said the supremacy of the dollar belongs to the post-Second World War era when America was the predominant world power both economically and politically.
"Even if it's a difficult topic, I hope that in the coming months we will talk about currencies and the international monetary system," he said. "There has to be a debate."
Leaders of rich and developing nations agreed not to resort to currency devaluation to gain a competitive advantage, but -- with the absence of the Chinese President Hu Jintao, who returned home to deal with violence in western Xinjiang -- the final statement didn't mention the dollar's status as the world's reserve currency.
"We will refrain from competitive devaluations of our currencies and promote a stable and well-functioning international monetary system," said the leaders of the G-8 industrialized nations, together with Brazil, China, India, Mexico, South Africa and Egypt.
One of the reasons often cited as to why the 1930s Great Depression lasted so long was that countries acted independently to protect their own interest by undermining their currencies. A cheaper currency boosts exports.
Christine Lagarde, France's finance minister, was particularly vocal earlier this year about how Britain was gaining an advantage by doing nothing to stem the sharp fall in the pound against the euro.
(Excerpt) Read more at businessweek.com ...
Think this will get Obama’s attention? Me, neither.
All those in favor of making the French Franc the reserve currency? .....hello.......hello........
Sarko knows bammy is a tool, and will destroy America’s standing. He doesn’t want to be linked to the currency because he knows zero will just keep printing it.
Oh how quickly history is forgotten and rewritten, how all these Europeon countries lied cheated and stole, undermining the gold standard, as well as entering into an era of protectionism, which was in fact the very reason why the depression began in the first place. "it was to promote trade via a devalued currency" is a bold faced LIE.
How they would like the sheeple to forget what governments did with anyone who did have a pile of gold, even though the gold standard was dropped because of corruption.
They, like the American government under President Franklin D. Roosevelt, confiscated gold and silver,(all but $100 worth per individual) forcing citizens to turn in their gold for treasury bills.
Americans were required to turn in their gold coins to a Federal Reserve Bank in exchange under penalty of large fines and/or jail sentences. There were only a few exceptions, one being- "gold coins having a recognized special value to collectors of rare and unusual coins."
Returning to a gold standard now would be the worst thing we could do. Of course it would be a good thing for those who have positioned themselves to be in control of many the worlds productive gold mines, like China has.
Roosevelt's order to confiscate gold and silver:
Why is goldman sachs saying we have no business in this??
Thanks for the links and the articles!
The greatest depression fighter was President Harding that used to be taught in schools until the communist teachers took control
Because they want to rip off millions of American citizens, and destroy this nation.
Yup they own obama and tax cheat timmy and will make a fortune off crap and tax too!
We could use some modern day Hardings in the Republican party right now.
You hear media talking about the G8 summit, and the talk about preventing trade protectionism.
What do these media obama worshipers think the Crap and Tax bill is?
Besides being one of the biggest tax grabs in the nations history, it's also a huge trade protectionist policy.
The stage is set for this depression to become one which will dwarf the last one.
If the US keeps this con game up, I’m moving back to France. They are a little further along in the pendulum and seem to be waking up. They might recover sooner, if the extremists don’t take over. Even Russians are making fun of our economic policy. This is so bizarre.
However, those who think they're hedging by buying antique gold coins are likely going to have their metals seized, too, if private bullion is seized.
All they have to do is make selling your "antique" gold as somehow criminal.