fat chance
BEIJING (AP) - China is calling for a new global currency controlled by the International Monetary Fund, stepping up pressure ahead of a London summit of global leaders for changes to a financial system dominated by the U.S. dollar and Western governments. The comments, in an essay by the Chinese central bank governor released late Monday, reflect Beijing’s growing assertiveness in economic affairs.
Yes, China is pushing for it now.
Did Bernake and Geitner say they were in favor of a global currency (at the House hearing today)?
Nope the rest of the world won’t bail out the dollar. But I have a disproportionately large percentage of my pension money overseas, and all of my debts at low fixed rates, so even if I don’t get around to buying gold in the next couple of months, when massive dollar inflation hits and the dollar collapses relative to other currencies, I’ll be fine. Well, unless Obama starts confiscating stuff, in which case I’ll have to invest in a couple of AR-15’s and a lot of ammunition instead.