|
|
|
|
Currency Changes
Authorities have been alluding to significant changes happening in the international currencies that will have significant impact on everyone’s spending power. Below are some of the news pieces that are circulating. Try to imagine that these are things which are already done and not just ideas being bounced around. This is the method that is used most of the time. The insiders will ‘leak’ the information first, wait for public reaction, then proceed to do whatever they intended in the first place. $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ In a shocking revelation, the U.S. Treasury has announced it will soon issue a new paper currency. The Wall Street Journal of March 19 [2002] reported that the Treasury will maintain the design of the old currency but will introduce “subtle colors”. This announcement coincides with the dollar near all-time record strength against a basket of other major international currencies. So what does this portend for the future of the U.S. Dollar? Devaluation! There can be no other explanation for the introduction of a colored currency, which will represent a bifurcated dollar policy of a domestic-use-only dollar for Americans and a foreign dollar overseas. The U.S. version of the currency would be valid only within U.S. borders. It also is a rather convenient way of driving out hoarded cash from among U.S. citizens who try to circumvent the banking establishment. This is the second time the Treasury has attempted a major overhaul of the domestic dollar. The last time was in 1996 when a major redesign of the actual engraving began and was completed in 1999 featuring water marks, security threads, altered portraits, and a script of metallic ink at the bottom of one side of the bills. When run through a scanner utilized in processing checks by a bank, it reveals a hidden code number which allows cash to be traceable. Comments Lawrence Patterson of Criminal Politics Magazine, “There has been more manipulation of the money than you can imagine!” The colored money is due out in 12 months or so according to the WSJ, but may be introduced sooner. Advises Patterson, “Convert cash hordes in advance, or lose it!” As one analyst notes, “A colored currency alongside of the regular green currency raises suspicion of a dual-currency system, with the colored currency utilized either internally or externally and the alternate currency limited likewise.” Another shocking revelation concerning the dollar was revealed in the March 20 edition of the Wall Street Journal. In an article appearing under the headline “Citibank Wins Broader Role in Shanghai,” it was learned that the citizens of Communist China have banking options now that Americans do not. Specifically, Chinese citizens can have a foreign currency bank account in the Shanghai branch of Citibank. This means that an ordinary Chinese citizen can denominate their savings at a local bank in a currency other than the local Yuan. This is tantamount to you being able to walk into your local bank and denominate your savings account, a certificate of deposit, or checking account in Pound Sterling, the Euro, or the Swiss Franc! According to Criminal Politics, “The reason you are not allowed this option -- while under Communist rule these options are granted -- is because the future of the U.S. dollar is not what it seems! The dollar will be massively devalued because we are approaching unsustainable trade debts of a trillion dollars a year. That’s one thousand billion dollars a year. “The accumulated trade debts over the decades are another figure. That figure is already in the trillions of dollars and cannot be allowed to race ahead. Your standard of living will be taking a drastic decline because imported products will be costing you a lot more so that the trade debts can be reduced. This is why you cannot denominate a bank account in non-U.S. currencies.” $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ John Greenwood, Financial Post VANCOUVER - Steve Forbes, editor-in-chief of Forbes magazine, predicted yesterday Canada will adopt a common currency with the rest of North America. “I don’t know what it will be called but there will be a common currency,” said Mr. Forbes, who campaigned for the Republican nomination for the presidency in 2000. He said the changeover will be driven by businesses as well as consumers frustrated by the difficulties created by a fluctuating currency. Mr. Forbes compared problems caused by the changing value of the dollar to difficulties that might come about if another key economic component such as time were to change arbitrarily. For instance, if an hour was 60 minutes one day and 40 minutes the next, confusion would result. “It’s easier to do business if you have a sound currency,” said Mr. Forbes, in an address to business executives in Vancouver. Canada faces other pressing issues such as high taxes, Mr. Forbes noted. “If Canada had Hong Kong’s [low tax] system ... you could do far better,” he said. High taxes are sometimes put into place by politicians looking for a way to extract more revenue from a healthy economy. “Prosperity sews the seeds of its own destruction,” said Mr. Forbes, a staunch supporter of the notion of a flat income tax. “Every 20 years or so” the United States enacts deep tax cuts to combat this trend, Mr. Forbes said, adding even John F. Kennedy, a Democrat, took out the axe when it became necessary. Of the ingredients for a thriving economy, Canada comes up short in nearly all cases. However, Mr. Forbes noted the United States is not without major failings. For instance, the U.S. response to trade battles, such as the one over softwood lumber, is frequently to give in to the protectionist forces within its borders by setting up punishing tariffs. Countries would be better off “to reduce trade barriers,” he said. “It makes it easier to do business so more business gets done.” He also warned the global economy is facing difficult times, mostly with respect to the troubles in the Middle East. “What happens over the next 12 months will be subject to war shock... Things are going to remain volatile,” he said. The United States “has lost the initiative in the war on terrorism” but it will regain it. He suggested there is at least one more major military initiative ahead. “Over the next 12 months Saddam Hussein [the Iraqi President] will get to paradise.” [dated 4-2--2002!] $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ OTTAWA -- Canadians should think bigger than working for a single North American currency and begin building consensus toward a single world currency, says Robert Mundell, the Canadian-born Nobel Prize-winning economist. “A global economy requires a global currency,” Mundell said Thursday during a speech at Carleton University's Sir John A. Macdonald lecture series. “The optimum currency area is not North America, it’s the world.” During his 100-minute speech, Mundell, an economics professor at Columbia University in New York, delved deep into economic history to explain how the emergence of the United States led the world away from the gold and silver standards of the 18th and 19th centuries, where exchange rates were essentially fixed, to today’s world of mostly flexible currency valuations. Using his concept of optimal currency areas -- a theory he developed in the late 1950s that examines the geographical area in which a single currency would be most effective -- Mundell said a North American currency would be largely impractical and that the best thing for the world would be to gravitate toward a single currency. “I am not an enthusiast of a single currency (for North America) that is different from the U.S. dollar,” Mundell said. He said that the U.S. would never agree to give up its dollar, which was the dominant currency of the 20th century and will probably retain that position in this century. Instead, Canada should fix the loonie’s value to the U.S. and begin urging other countries, notably members of the Asia-Pacific Economic Cooperation forum, to do the same. He said with APEC, which would include China, Japan, Singapore, Canada, Mexico, Peru and Chile, all pegged to the U.S. dollar, more than half of the world’s economic production would effectively be under one monetary system. Meanwhile, in Europe, the Euro would continue to stabilize and would eventually be predictable in its valuation when compared with the U.S. dollar as well. For a little bit of history on how some folks make money from other folks’ problems, see: Eurogold Gold Peace Gold Jeffersonian Concerns Money Forward to:
|
|
The Library of ialexandriah
2003© Copyright Dan Sewell Ward, All Rights Reserved
|
