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I don't know too much about Jim Rickards, just found this to be an interesting video about the overall economy and some tidbits about what our government agencies are up to. The video is a 45 minutes long interview of sorts and discussion. Just posting in the event other are interested.

The world didn’t have an IMF for a few thousand years. The IMF was founded after the Second World War to take care of any short-term currency needs that countries might have. It turned out pretty quickly that they didn’t have very many as the world recovered from the war, so the IMF found other things to do. They now have thousands of employees and have manufactured jobs for themselves. They’ve not had much success, if you look back over the past 60 years. Nearly everything they’ve done was wrong. Why do we need the IMF? It’s not 1945 anymore.

Here is obamas puppet master calling for SDRS

A week ago the world was split into two camps: those who said Robert Fisk was an idiot and that anyone who believes him is a tinfoil hat wearing paranoid sociopath, and those who said Robert Fisk was brilliant and that anyone who does not believe him is an unimaginative, unintelligent, conservative boor. Yet nobody tried to confirm or deny his data. Today, Russia's Prime Minister and de facto viceroy Vladimir Putin finally made it clear that the presumably insane Fisk was not making stuff up. RIA Novosti reports: BEIJING, October 14 (RIA Novosti) - Russia is ready to consider...

Link only video at site

A recently declassified, formerly Confidential, 30 year old memo prepared by Henry Owen for President Jimmy Carter's eyes only, highlights the perils facing the United States if oil were to be priced in SDRs instead of dollars, a topic which is all the rage today as rumors are swirling that this is an imminent transition to be "put" upon the United States. In response to your request, we have considered, and discussed with other agencies, whether the US should favor use of SDRs instead of dollars, to pay for cure oil... I have concluded that dollar pricing should be maintained...

The Chinese government has agreed to purchase up to $50 billion worth of International Monetary Fund bonds, according to the IMF. These are the first bonds ever issued by the IMF. The big news here is that the bonds will be paid for by the Chinese with dollars but the bonds will be denominated in Special Drawing Rights (SDRs), not dollars. Based on the current conversion price between dollar and SDRs, the Chinese will end up with 32 billion worth of SDR denominated bonds It's another move away from the dollar as a reserve currency, though a move the U.S....

Discussions on the design of the new system are already underway. The United Nations' Commission of Experts on Reforms of the International Monetary and Financial System -- a body I chaired and which included economists, former and current government officials, financial sector participants, central bankers, and business leaders from Asia, Europe, the United States, Africa, and Latin America -- has argued that a new global reserve currency system may be the most important reform to ensure the long-term health of the world's economy; it also suggested how to design an orderly transition from the dollar-based system. In its interim report...

China's swipes at the U.S. dollar have been spilling out of Beijing with almost mundane regularity. Every time there is an international economic summit, it seems that some Chinese mandarin reiterates the now familiar complaint that the greenback needs to be replaced as the world's de facto reserve currency. China usually suggests some "supranational" currency as a dollar substitute, to protect it against instability that could arise from any one country's errant economic policies. A favorite suggestion is the use of Special Drawing Rights (SDRs), the unit of account at the International Monetary Fund. But Beijing's leaders may also see...

hina, Russia and Brazil will use this week's G8 summit in Italy to push their view that the world needs to start seeking a new global reserve currency as an alternative to the dollar, officials said on Tuesday. As leaders of the Group of Eight rich nations and the major developing powers traveled to Italy for a three-day summit starting on Wednesday, it seemed unlikely the currency debate would get a specific mention in summit documents. But both G8 member Russia and emerging power Brazil -- which like China and India is a member of the "G5" that joins the...

UN General Assembly vying for leadership over global economic crisis, despite objections from the West Video at site

China has asked to debate proposals for a new global reserve currency at next week's Group of Eight summit in Italy and the issue could be referred to briefly in the summit statement, G8 sources said on Wednesday. One G8 source who was involved in the negotiations said China made the request during preparatory talks about a joint statement to be issued on the second day of the summit in L'Aquila by the G8 plus the G5 (Brazil, India, China, Mexico and South Africa) and also Egypt. This forum, the so-called "G14", meets on July 9 to discuss the financial...

Snake Tricks Fish to Swim Into Its Mouth More on that story below but it reminded me of tricking Americans into the obama deception of "hope and change". Watch this Celente video this is quite interesting he calls him obamageddon one of my pet nicknames for the resident. In the video he talks of the economic collapse and riots and food shortages and coincidentally speaking of food shortages... Now more on the New Global Currency Hat Tip Economic Policy Journal... An International Replacement for Treasury Notes Is Born Another major step in the demise of the dollar as the world's...

China is again calling for a global currency. "To avoid intrinsic shortcomings in using a sovereign currency as a reserve currency, we need to create an international reserve currency that is divorced from sovereign states and can maintain a stable value over the long term," according to a new People’s Bank of China report. Economists doubt the U.S. dollar will be replaced anytime soon, but China’s latest urging sent the dollar and U.S. stocks down. After Chinese Premier Wen Jiabao expressed concern about China’s large dollar-based holdings in March, Chinese investors dumped $4.4 billion of Treasuries. Investors are wondering if...

As the fallout from the global financial crisis continues, the burning question in international financial circles is whether the U. S. dollar, the world’s reserve currency since the Second World War, can retain its status. Chinese and Russian leaders have already signaled their distaste for continued dollar hegemony, and the latter have even taken the extraordinary step of publicly seeking assurances that their dollar-denominated assets — U.S. government debt — will be protected. The concern is that, with the Federal Reserve’s recent expansionary policies — pumping trillions of new dollars into the world’s money supply — the dollar will begin...

China's central bank has reiterated its call for a new reserve currency to replace the US dollar. The report from the People's Bank of China (PBOC) said a "super-sovereign" currency should take its place. Central bank chief Zhou Xiaochuan has loudly led calls for the dollar to be replaced during the financial crisis. The bank report called for more regulation of the countries that issue currencies that underpin the global financial system. "An international monetary system dominated by a single sovereign currency has intensified the concentration of risk and the spread of the crisis," the Chinese central bank said. The...

The optimists that have long assumed that the dollar will continue to reign supreme due to lack of alternatives have just have their sanguine views challenged as China threw down the gauntlet on coming up with an alternative, non-country-specific, reserve currency. The US in fact had this option at the time of Bretton Woods and opted instead for a dollar fixed rate standard with the dollar backed by gold. You know how that movie ended. Being the reserve currency requires that the sponsoring nation run current account deficits to get enough currency in circulation for it to serve as a...

A leading economist said in Seoul yesterday that the U.S. dollar's supremacy as the world's reserve currency is facing profound challenges as the balance of economic and financial power shifts East amid the current economic crisis. "There is a slow-burning fuse underneath the dollar," Gerard Lyons, chief economist at Standard Chartered Bank, said in the World Economic Forum. Underscoring the strengthening role of Asia, Lyons said that the depth of the global downturn drove key emerging economies, such as China and Russia, to cite the possibility of a new global reserve currency. The forum drew a group of leading figures...

First we were laughed at for suggesting their was such a plan as The New World Order we were made out to by "Tin Foil " wearing conspiracy theorists and then all of a sudden as the election of "The One" grew near the term New World Order was being used all over the place in the mainstream Communist news networks and from powerful people like Kissinger as if everyone knew and welcomed what lied ahead. Well it is here and guess who gets to pick up the tab? While our media sleep, the United Nations is proceeding, with President...

FUNCHAL, MADEIRA - In a statement issued on Friday, the World Gold Council (WGC) says it welcomes the news that the U.S. House of Representatives has, in effect, finalised the process whereby the IMF can sell 403.3 tonnes of gold "in a manner that will have no impact on the smooth running of the international gold market." The approval was tied to the Military Supplemental Bill which covered additional funding for the Iraq and Afghanistan conflicts for the U.S forces and also approved $108.6 billion in funds to support the IMF in a role to prevent global economic meltdown and...