News & Analysis
New Crisis, New Currency?
David Cameron: world on brink of new economic crisis ... The world stands on the brink of a new economic crisis that would leave countries like Britain "staring down the barrel," David Cameron has warned ... David Cameron (left) said that Western politicians must show more 'leadership.' ...The Prime Minister said that the failure of leaders in the US and Europe to tackle government deficits now "threatens the stability of the world economy." – UK Telegraph
Dominant Social Theme: The economic crisis is grave indeed. Perhaps what is needed is a new currency.
Free-Market Analysis: David Cameron joined a number of other prominent leaders in warning about the perilous state of the West's and the world's economy. At the same time, we learn, French President Nicolas Sarkozy is pushing US President Barack Obama to support adding the Chinese yuan to the IMF's SDR basket. SDRs have been suggested as a potential new, global currency that could take over from the sputtering dollar.
Something certainly needs to be done, we are told. The economic news is grim and Cameron's speech was triggered by yesterday's market drop, which saw stocks fall around the world. The FTSE-100 took its biggest drop in more than two years. The Dow was down some four percent. The West's largest economies are toppling back into recession, according to Cameron and others.
What does Cameron want? The Telegraph article tells us he spoke in Canada, "after delivering a blunt warning to President Barack Obama and eurozone leaders about the need to follow Britain's example and curb their deficits."
So perhaps, in part, this is about more "austerity measures." Western governments must raise taxes, cut spending, reduce public employment and sell off prime assets. This is the IMF approach, and presumably when Cameron warns about government profligacy, he has in mind a range of IMF solutions. More from the article:
"Barriers to action are now political as much as economic," Mr Cameron wrote in an open letter. "We must send a clear signal that we are ready to take the actions necessary to maintain growth and stability for all for the future." In the letter, signed by leaders from Australia, Canada, Indonesia, Mexico and South Korea, Mr Cameron implicitly criticised US and eurozone governments for not doing more to reduce budget deficits ...
Eurozone governments must "act swiftly" to restore markets' confidence in the single currency and struggling countries like Greece. All European economies "must confront the debt overhang to prevent contagion to the wider global economy". Mr Cameron's warning was echoed in Washington at a meeting of the International Monetary Fund.
"The current economic situation is entering a dangerous phase," said Christine Lagarde, the fund's managing director. Robert Zoellick of the World Bank also said that the world economy is now "in the danger zone". Both warned that the world is facing a prolonged crisis unless leaders can find the "political determination" to set the recovery back on track.
When the world's leaders begin to warn of something in concert, we try to peer beneath the surface to see what they are really driving at. Austerity – the grinding down of the West's middle class – is one aspect of it, perhaps. But the installation of a global currency is perhaps another. Problem ... solution. Thesis ... antithesis.
Since we are morbidly suspicious of the financial crisis in the first place, we continue to look for ways that the elites try to take advantage of it to suggest further globalization. Sure enough, we came on this article over at Bloomberg: "Sarkozy Told Obama China's Yuan Should Be in SDR Basket."
According to the article, Sarkozy told President Barack Obama that the yuan should be included in the International Monetary Fund's Special Drawing Rights system. A "French presidential official" revealed the conversation. Placing the yuan in the SDR basket is supposedly a goal of Sarkozy's while France leads the Group of 20 for a year.
Sarkozy is anxious to have the yuan included in a global basket of currencies, but the article tells us that some Chinese officials are less enthused. "Last month Chinese central bank Deputy Governor Yi Gang said the yuan shouldn't rush to join the IMF's currency basket, according to a commentary he wrote in the Caixin Century magazine."
Still, there are other Chinese officials who support the idea. "People's Bank of China Governor Zhou Xiaochuan, floated the idea in 2009 of a new international reserve currency based on the SDR to replace the US dollar."
The great central-banking families that are trying to move the world toward global governance would like nothing better than to create a world currency. And perhaps the current economic crisis is providing them with that opportunity. Out of chaos ... order.
We can see, perhaps, two emergent strands intersecting as the world's political leaders – who basically carry water for the elite banking families – try to propose evermore Draconian and globalist solutions. First, as we mentioned above, is increased austerity and the second is a global currency.
It has occurred to us, as well, that the powers-that-be miscalculated with this latest downturn. The scope is huge and the economic slump is deep. While in another era it might be easy for the elites to utilize such a crisis to their advantage, the Internet itself is likely making this sort of manipulation more difficult.
We see a kind of Internet Reformation taking shape around the world that is countering the globalist trends of the Anglosphere power elite. Things will likely get much worse before they get better, but the rising consciousness about the way the world REALLY works means that solutions meant to be implemented from the top down will likely be put in place with a good deal more difficulty.
Something is going on. When Western world leaders speak with one voice about "crises" that must be dealt with by concerted action, we immediately look for solutions with an internationalist focus. Austerity programs further damage already reeling middle classes and an expansion of SDRs via the Chinese yuan makes a global currency more feasible, theoretically anyway.
Conclusion: There are probably other ways that the elites will try to utilize this unwinding international depression to their advantage. In fact, it may be to their advantage to continually aggravate it. One thing we are sure of. Whatever solutions are proposed at the top will benefit the powers-that-be and their agendas first of all. Despite the rhetoric, the billions struggling with this economic crisis are merely an afterthought, or even worse – an enemy.
Posted by rossbcan on 09/23/11 02:04 PM
I am sure Uncle Martin would find your undoubted misinterpretation amusing, bringing my original point home, to him regarding "communicate clearly".
To me, you have just given a defense of unclear "metaforical" communication, which, in actual fact, due to lack of clarity, "signifies nothing" except subjective interpretation.
And yes, by pulling a subjective interpretation out of your mind, it may indeed, to you appear that you have created "something from nothing".
But, without a clear relationship to proven knowledge and action precedes consequence reality, what you have really achieved is "nothing from nothing", perfectly consistent with objective reality.
It appears that you may be a direct descendant of those who attempted to build the "Tower of Babble".
Posted by Agent Weebley on 09/23/11 01:59 PM
You rested our case.
Celtic Chess - try it, you'll like it!
Posted by Agent Weebley on 09/23/11 01:49 PM
I'll give you a teaser . . .
"Much more than an economic crisis is in the cauldron, cooking."
I would say that the above sentence was a reference to the Wizard of Oz . . . found here:
Click to view link
You can find the live link, just before Depeche Mode - Enjoy The Silence, which was filmed on location on the roof of one of the two WTC towers in 1990, but I digress.
Connotative writing is the art of saying something you didn't really say, so rather than explain the other things he said, I would rather say this:
Sit back, relax, let your mind wander . . .and let it wash over you . . . like art.
Then . . . something will come to you out of nowhere.
Something from nothing (dang, I did it again!)
Posted by RF on 09/23/11 01:47 PM
Crashing a car, wrecks the engine- derailing a train, ends further motion--- the elite recognize that they too could wind up without thier baubles to spend---anywhere---..We cannot compare the cycles of history to the present conundrum, Hitler rose amid the poverty of post WW 1 Germany, where the inflation was unfathomable, yes getting the war machine running evolved into WW2, for the US too, people were still more willing to go to war on behalf of thier countries,they are no longer willing to do so in Click to view linke of force will only leave a handfull standing at the end-- the NWO may simply be a rebirth of humankind? how sad!!that is burning down the house isn't it?? Will the new elite be any different, or fall in line with Mao Tse Dung 's genocide??
Posted by rossbcan on 09/23/11 01:41 PM
"What do you use the Internet for?"
It is a tool and, as such, I wield it to achieve my goals which are very diverse from personal economic survival, to exploring alternate points of view to integrate with mine ("You will be assimilated", to add to my technological and cultural diversity), to finding fit intellects to associate with, smiting tyrants (and idiots) with ideas and knowledge against which bullets and force are powerless, you name it.
I think the internet is the best thing to come along since sliced bread and, I am "all in".
I am far from alone, meaning, unless the planetary communications grid and electricity are fully destroyed, neither can the internet be, it will remain a Phoenix. Will elites go that far? Unknown, but, not improbable. Anything may be chosen by cornered psychopaths, including destroying the game-board when loss is undeniable.
Posted by amanfromMars on 09/23/11 01:15 PM
"This is also in your interests... "
Then in our interests will I make every effort to comply with beta supply chains/threads/posts.
Thanks for the advice. I oft have to come back because of a jump too far which leaves one alone with original thoughts for placing in space.
What do you use the Internet for?
Posted by Lowell L Morse on 09/23/11 12:31 PM
Governments slept with this frankenstein for years. Now they are sending warnings?
The elite banking families did not "miscalculate". As the WTC Towers were brought down, it was a sign to the rest of the world that the collapse was beginning. Through the ashes will emerge the system "they" have longed to have for years.
Woe unto the world for your wickedness stinks to the Heavens.
Posted by rossbcan on 09/23/11 12:24 PM
"writing to be as clear as an azure sky"
... of course, YOU would. Can you translate? At a minimum, it may be amusing.
Posted by rossbcan on 09/23/11 12:21 PM
"if the elites are ahead of the curve or behind it"
Elites are not even on the curve. The unseen hand of collective choice, reacting to servitude as proven by "Mathematics of Rule" is the reality curve that "we, the people" are on, but elites are on some imaginary curve where they believe they can coerce us to water AND make us drink (be simultaneously slave and, productive, with ZERO reason to comply and every reason to oppose).
Elites, although they do exist are highly overrated and, destroying themselves, by their own hand. What else can you expect from the intellectual inbred progeny of insane wealth and power, concerned only with keeping and increasing it with ZERO clue regarding where wealth and power comes from (they think they can print it and decree it, respectively, which are, in actual fact, the same thing)?
Elites are so insane that they have also become a threat to their pawns (our democratic leaders) whom are between the rock and hard place of elite demands (complying destroys "leaders") and the will and survival TRUE "necessity" of the productive at least and all people, in general.
Posted by Agent Weebley on 09/23/11 12:09 PM
I find amanfromMars'writing to be as clear as an azure sky . . . as do millions of others. You should google him.
Oh, and as you pass GO, you will collect 1000 MetaFlorin.
But you have to have kissed The Blarney Stone first . . .
At least you need to know someone who has . . .
Posted by William3 on 09/23/11 11:59 AM
This unified talk of impending crisis may just simply be the sound of the elite panicking. By instilling fear of instability in Western citizens perhaps this is their last hope -- that people will succumb to severe austerity measures. Maybe they have run out of easy options.
I know it's difficult to believe the elite aren't one step ahead of all this and "plan" to bring order from chaos with something like SDR's as the global currency. But before they can implement something like a global currency, they need global political stability it would seem. But austerity isn't likely to bring stability, only more anger.
Worse, the elite seem to be stepping up their warmongering at a time when people everywhere are fed up with violence. Use of force may indeed be their very last resort to bring about their dream of a NWO. But is this likely when citizens everywhere (soldiers and police as well) are truly tired of poorly defined wars and domestic authoritarianism?
I think the elite are at the end of their rope. Sadly, like most cornered sociopaths, they may try to burn down the entire house as they bow out.
Reply from The Daily Bell
Good points. This is the argument we regularly advance via the concept of the Internet Reformation. Time will tell, in fact, if the elites are ahead of the curve or behind it ...
Posted by rossbcan on 09/23/11 11:56 AM
... cyclical "pump and dump", enabled by lack of long term memory and induced lack of an integrated worldview and financial knowledge, let alone reality (action leads to predictable consequences), in most, especially our faux leaders (choosers).
Posted by rossbcan on 09/23/11 11:51 AM
I find this post virtually incomprehensible. I know you have a working brain. Is it possible to rephrase (and future posts) for the "reality based constituency"? This is also in your interests...
Posted by Agent Weebley on 09/23/11 11:40 AM
"5-Year Global Cyber Attack Uncovered." You scared me there . . . no you didn't.
Oh, are YOU liking "Operation Twits?" IT is still in motion.
Don't worry about the future . . . we're all ready, set and waiting for the GO!
Let them print money to their hearts content . . . just a bunch of trees wasted, right?
Posted by rossbcan on 09/23/11 11:34 AM
DC: "economies must confront the debt overhang"
Not a peep that the bulk of this debt was, "printed out of thin air", debasing our currencies, fraudulently incurred and further, without consent nor benefit of "the governed".
And, the only possible people that can pay these debts (apart from the perps) is the productive. And selling paid for state assets to any but private citizens of the same country is, by definition, a loss of sovereignty and further, hard to take possession of, let alone keep, especially when it is part of an illegitimate action / consequence crime spree by financial elites, aided and abetted by our faux "leaders".
But!, guess what, the productive have discovered the wisdom of the serfs in the late, not so great former USSR: "If you pretend to pay us, we will pretend to work", resulting in a "Potempktin Civilization", rapidly being destroyed by the reality of "Mathematics of Rule":
Click to view link
Posted by speedygonzales on 09/23/11 11:28 AM
The first decade of 21.st century turned into nightmare for establishment. 9/11, as JFK cause, became anything but support of trust in establishment. Followed military operations to take control over central Asia failed. Russia and China were not on guest list for the party but after they had been kicked out from front doors they come in thru back doors.
Putin did excelent job with Georgia. Short and uncompromisingly. I think China did something what National Socialists did in Germany: bypassed banksters. BRIC are driven by idea of national socialism in the true meaning of word NATION and SOCIAL, not slave labor camps and so on. Apropo, the roots then had been the same as are today: banksters gambling's lead to economic depresion and wars. After lost big fishes establishment casts convulsively on weaker prey. Africa.
Cowards demonstratively left the auditorium of UN during Ahmadinejad's speech. It was done in the same habit as they do domestic surveilance and attacking Wikipedia and whistleblowers. Domestic surveilance is done becasue they see that oposition to the rule by secrecy in growing and acts openly. Wikipedia and whistleblowers are exposing dark side of establishment and stretching warped mirror to expose right face of forces and men behind courtain.
Small decentralized countries, where government is close to the people, do not lead the world in GDP only.
Click to view link
But as we can see Iceland they also bravely stands against globalization of banksters criminal actvities presented as NWO.
Antiglobalization, as oposition of global criminal cabal, movement hits for the first time in London couple years ago when protesters did not demolished McDonald's but attacked Bank of England. This movement transfers into result of Finland's and Denmark's elections and protests in Greece and Spain. Gen X is different and internet reformation is in place. Establishment aslept and they did not notice that in their own strongholds is growing strongest oposition to their crimes in history. And is too late to stop it. It is train without brakes. If establishment wants to keep face in current status quo they must give up something. There are lawsuits against big banks, Bama is talking about taxation of rich.We all know that there is gonna to be a lot of trix behind, but at least we see big difference how to handle protesters on Wall Street. Press Tv,RT and Al Jazeera are watching. There is rule, that one can not criticize others while is doing the same. Majority EU and US population are not happy with their status quo as a serfs for big business. Before they believed propaganda about crisis.
Now Laura Dimon asked her dad: Daddy, what is economic crisis? Dad: It is something what apears every 5-10 years honey. Laura: So why is everybody upset?
There was article on net saying that americans must start looking for better place somewhere else. Problem for 0.1% is that they have no place where to go. They will not be welcomed anywhere, even in Europe, not mention Asia, Russia or South America. Do you remember how Putin handled oligarchs? One must realize, that there is establishment and status quo in every single country on the world. They do not allow competition to come. And now they know who they are.
After propaganda fail next step is police state, concentration camps for oposition- as were jews/disidents in Europe treated for their oposition of wars during the first half of the 20th century. This is reason why they set semitism and holocaust as religion. To cover up their own crimes. There is well known story about IG Farben,Thyssen,Krupp, Prescott Bush, prince Bernhardt and Federal Reserve. I do not banalize death, but while real criminals walking on the street and innocent men is punished there is more crimes just comming. Right? And this is what really happen to the world. At least in my personal view.
There is never one force in effect.So there are always forces which run in oposite direction. Former Secretary of Defense Donald Rumsfeld has been stripped of legal immunity for acts of torture against US citizens authorized while he was in office, Cheney may be arrested in Canada and Bush is scared to leave the USA as is Kissinger. Until there is enough food people do not turn to cannibalism. Insider's war started already. This article is about it. Inner circles of establishment do not know who is on what list. Thumb up or thumb down? They panicly directed Bama to promote tax rise for the rich. I say for years that there is only one force which can change the world: US military. We do not know if for better or worse for us, but this is only global power of influence for the last 100 years. Scenario is always the same as it was in Soviet Union: Aparatchiki fight their place. Old garniture of Kissinger, Brzezinski and neocons is gone. That's why they are throwed as bite to the public to calm situation. There is new generation of aparatchiki in the country who would like to replace old stuff. Lenin and Stalin had been murdered to make space for the new wave. The same was JFK. Spitzer and Blago had been removed in more civilized way. Not long time ego there was news that Spitzer plan comeback. Is there new wave call? Will it ends up with wide prosecution of criminals? Will US get back national sovereignity and control over it's currency?
I simply like those conpsiracies. I do never watch fiction movies or read fiction books except like Kill The Irishman, Michael Collins, JFK, Insider, Insideman... Conspiracy is like TV serial thriller. One always have something to study, there is always something to watch, to read and there is your own conclusions. Only difference is that this is reality show and figures are real. Russian roulette with loaded gun.
Posted by dotti on 09/23/11 10:12 AM
This articles lead in part: '…The Prime Minister said that the failure of leaders in the US and Europe to tackle government deficits now "threatens the stability of the world economy."
I find headlines interesting.
'Cramer: Europe has to take action.'
'Now Wallstreet is starting to question Operation Twist.'
'State Sponsored 5-Year Global Cyber Attack Uncovered.' (Are they preparing us for Internet regulation/shutdown?)
Posted by dotti on 09/23/11 10:05 AM
John, when I placed my post, I was glad to see that you had posted one of your excellent analyses. Thanks.
Re: "It is becoming obvious that government is nothing more than a collection agent responsible for enforcing the violent transfer of wealth from citizens to the bankers, and for laying the noose of perpetual debt on the serfs who are supposed to pay, if they are stupid enough to let them get away with it."
All I can say is: Spot on.
You could add that if the leaders don't come through with the blood money, their risk military attack or CIA inspired revoltion.
I hope that you are right that more and more people are catching on.
I have seen my husband changing, but it is a very slow process. He is six years older than I and steeped in the tradition of the USA's image--we always win, come out ahead. We're stronger and faster... . We work harder, etc., etc. It's just what he grew up with.
He's not "there" yet--he does some waffling. and I haven't told him the truth about 911 because I think that would cause him to react negatively and start rejecting the whole package.
He is coming around with respect to your paragraph referenced above. It was not an easy sell. He had been convinced that the Greeks had gotten what they deserved--lazy and expecting too much of their government--now it's time to pay. I used what he would call a "border condition" referencing Malaysia (I think it's one of them). How the money borrowed on behalf of the people was spent on palaces and put into secret bank accounts; then when the tyrants were finally thrown out of office, the people are destitute, trying to repay the debt. Unfortunately, they don't have a chance even to get back to even and start over.
It surely disgusts me what is going on.
My encouragement is that if Peter can change just a little as time goes by, then others are hopefully changing as well.
BTW, we are not too far from a military base in Dothan AL and there seems to be unusual activity with jets flying over today. Anybody know anything about that?
John, thanks again for your excellent analyses!
Posted by budwood on 09/23/11 10:03 AM
Now we are told by Cameron (and other political people) the we must "act swiftly". These crises have been building for most of a century; thus that "act swiftly" seems rather hollow.
Posted by dotti on 09/23/11 09:39 AM
Re: "I find it very interesting that as the stock market slumps & confidence in the Euro declines, that the price of gold & silver are also falling. Of all things, people are going back to the crippled US Dollar (I guess out of bad habit). Crazy!"
Frank, I've been thinking same.
I once heard that when the equities go down, hedge funds and others sell gold/silver to meet margin calls. I don't know, but it's spookey to me. Seeing everything go down at once--except bonds.
How long can this go on? What's next?