Skip to comments.France wants new global finance system
Posted on 02/14/2011 5:36:38 AM PST by wheresmyusa
France, as current head of the Group of 20 countries, will help the transition to a global financial system based on 'several international currencies', French Economy Minister Christine Lagarde said today.
Lagarde, speaking ahead of a G20 finance ministers meeting in Paris on Friday and Saturday, said the world had to move on from the 'non-monetary system' it now has to one 'based on several international currencies'.
Accordingly, France wants to see less need for countries, especially the emerging economies, to accumulate huge foreign reserves, she said.
At the same time, international capital flows should be better regulated and the role of the Special Drawing Rights issued by the International Monetary Fund should be reinforced by the inclusion of China's yuan in the system.
China, whose booming economy now ranks second only to the US in size after overtaking Japan, has accumulated massive forex reserves of more than $2.5 trillion on the back of its sustained trade surpluses and foreign fund inflows.
Washington says the build-up reflects an unfair undervaluation of the yuan, a charge Beijing rejects.
France has previously said it wanted to see the global financial system reduce its reliance on the dollar for a more broad-based arrangement.
Yes, that will work. - We will hitch America to 19 other currencies.
What could go wrong?
IMF Reserve Accumulation and International Monetary Stability Report
Goldman Sachs Economics Paper 196: Global Reserve Currencies and the SDR
Another step towards the New World Order.
Here’s a thought: Frak the French idea!
Yes, that will work. - We will hitch America to 19 other currencies. What could go wrong?
I din’t know what you are talking about. Look at how well the Euro did/s. And, yes, everyone should listen to the great leader France, sure we will;)
They aren’t the only ones the IMF and China want a different currency. But then you have geithner and bernanke telling countries to go away from the dollar anyway.
“Mr. Geithner told the World Economic Forum in a one-on-one interview that emerging markets could manage their inflation problems better if they loosened their currencies links to the dollar, a measure that economists say would lead in most cases to an appreciation against the greenback.”
IMF calls for dollar alternative
Consolidating financial institutes and that which produces large cash flows...Auto industries, banks, Insurance,College Funding, Real-estate, etc. in the USA and the bailouts to prop up is simply means to get all the monies centered and known in order to make this transition.
Meanwhile All international leaderships are positioning themselves for power and control of these funds once instituted. Many political decisions and candidates are being determined based on the shuffle to see who will come out on top in this Globalization push.
Because the ME has their own style of banking it's been necessary to “shake them up” in order for the oil wealth to be included....and the right leadership positioned among them who might or not cooperate with the Global agenda....both in trade, finances, markets etc.etc. etc.
No doubt the world is on a path for one world governance....chaos worldwide is the launching pad.
The first step years ago to integrate Mexico and the US was to make the banking system work in both countries without regard to international borders or any impediments. Then they could start the transfer of manufacturing, and the labor, etc.
Banking and money flow is always the first major step, once the minimal infrastructure is in place.
Obama wants to strengthen the UN.
I really hate the world we live in, because it is populated by socialists the gimme generation .
The looters and moochers are killing the producers, all in the name of blaming profit seekers for being greedy.
I will go to my grave admiring people who create wealth, who make things, and who provide value in return for the money they receive.
I wish there was a newly discovered continent to escape to and start all over again.
You took the words right out of my mouth. I didn’t know I felt exactly like you do until I read every word of your post. Put me down to second your motion. You perfectly expressed exactly what I feel.
You know, I have a good life. I am comfortable and have my moments of joy. I have a nice home in a safe, beautiful neighborhood. I have job security and a good income. I am even healthy. Yet, why am I not happy?
I am not happy because I see a bleak future for coming generations of Americans. That alone has me unhappy and I can’t get over it. With my personal life, I should be very happy — and yet I am not and can’t be. I hate and fear the future I see.
If I could see future Americans receiving more freedom and less regulation, and greater prosperity, I would be really happy. And worst of all — our future collapse if from suicide, not from external forces.