The Drive to Abolish National Currencies

The American Thinker ^ | March 29, 2009 | John Griffing

[Scanian]

Over the past century, a vast movement to liberalize global capital markets has been underway, with the object of increasing capital mobility to the point where sudden shifts in capital flows could have untold consequences, causing exchange rate volatility, disrupting world trade, and creating an artificial need for a common currency. This was seen with the recent implosion of the US housing market and its profound impact on foreign stock exchanges. Germany, Belgium, and the Netherlands all initiated bailouts comparable to our own. In effect, the present crisis was created for the intended solution -- a global currency that would dissolve national sovereignty.

This is no longer merely an academic question. World leaders are gathering on our soil next week to urge global investors to abandon the US dollar as the preferred reserve currency in favor of an internationally traded currency unit similar to the Euro. Americans must be ready, or what has already happened in Europe will happen here.

But since Americans will not adopt a unitary medium of exchange on a whim, a real or perceived need for the switch is a necessary prerequisite; hence the push to liberalize capital markets by the same individuals promoting global financial integration. It was planned that uncontrolled capital flows would eradicate the influence over national exchange rate policy of even the most potent central banks, and clinch the case for a common monetary policy.

In fact, such excuses for the surrender of national sovereignty are already being practiced by the financial elite.

[donmeaker]

There is a non-national currency already.

GOLD.

Congress has no authority to print money. Rather, it only has authority to coin money.

The US was able to do without a centralized bank from Andrew Jackson’s presidency through 1912. The civil war was financed without a centralized bank. Though paper money was printed, the price was different compared to items paid with gold (specie). Sometimes as much as 6 times more for paper money price.

[Vaduz]

Creating an artificial need,alot of that going around nowaday.

[Jabba the Nutt]

Why is a national currency a part of national sovereignty? I don't get it. Before we get to a currency, let's talk about money. Money is a medium of exchange. It needs to be able to maintain it's value. Currency started off as receipts for money, ie gold or silver. It was simpler to exchange paper receipts for money, rather than go get your gold and exchange that way.

Governments hijacked the gold in the country and started printed notes, ie receipts for the gold they had on hand. You could take your receipts, currency, go to the government mint and pick of your gold. Those of a certain age, ie old farts, remember Silver Certificate Dollars. You could take your silver certificate dollar, which looked like other dollars and turn them in for silver dollars.

Gradually the tie to gold and silver was completely broken and we ended up a fiat paper currency. Now, no fiat paper currency in history has survived. Governments have always ...... always ended up destroying it. The dollar was doomed from the day Nixon closed the gold windon in 1971. Old habits die hard, but eventually they die. Obama is murdering the old habit of limited inflation of our paper fiat currency and putting the pedal to the metal. He's destroying the dollar. Is he doing this on purpose or out of ignorance? Who cares, the end result is the same.

[donmeaker]

There was an agreement once, Breton Woods? that pegged the US currency to Gold. All other currency was pegged to the US.

You are right, Nixon broke US currency away from Gold, and then every time the US inflated the currency, we picked the pockets of everyone in the world that had their currency pegged to outs. The European response was to float against the Dollar, then later, when people like George Soros manipulated runs against various currencies, they put together the Euro, to make a bigger entity that would be less easy to manipulate.