Stacy Summary: A number of states, including Russia and China, have repeatedly called for a new reserve currency system. The UN has now suggested using a basket of currencies for this purpose. London-based markets strategist Nick Parsons believes it’s only a matter of months before the dollar will start to go down.
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Unos
@ Stacy & Max
I tink ya guys should diversify from Gold @ least 30 %
tears not enuff Gold fer 6.8 billion peeps
And I just heard on ta radiao India produces 28 mill kids a EAR
Gold is just not viable
Get into Health industry or steel or copper
Health industry is gonna be HUGE long term; short term
Hic
Off to Poker after Farmville 4 larges Down
60%dollars/30% euros? more like:
USD US Dollar 44% $ 0.6320
EUR European Euros 34% € 0.4100
JPY Japanese Yen 11% ¥ 18.4
GBP British Pound 11% £ 0.0903
http://fx.sauder.ubc.ca/SDR.html
SDRs backed by the IMF, we all know their track record. Sounds like a great idea not. At the moment mike gold really is getting killed.
Avoiding volatility? We don’t get to trade in sdrs: that would be the privilege of those behind the facade of monetary authority (G20), sovereign wealth funds.
@ Snoot hmmm Errr
Gotta check what ya said and someone sedate Mike/Liverpool hes gone Hyper
lololololololol
ROFL
Hic
@Natasha, I mean Stacy, how dare you promote distrust of the US dollar? Actually, I trust the wiliness of US central bankers over anyone else’s.
Will yuan be in the basket and the dollar-euro created (fixed rate anchor currency) as Mundell indicated he favors for this December?
http://www.reuters.com/article/idUSN289879820100628
http://www.businessweek.com/news/2010-06-20/imf-should-consider-adding-yuan-to-sdr-basket-mundell-says.html
I guess ta new system will be directed towards who can gain power outtta it
USA is unlikely to relinquish power
Esp since tear Drug & oil is @ least a 2 trill dollar per annum fer ta special interests
“We doLive in interestin times”
Some screwballs usin ta MIC/CIA/MI5/Mossad as tear personal servants
“OBEY THE CHAIN OF COMMANDS SOLDIER , DONT FUCKIN ASK QUESTIONS !!!!!!!!!!!!” PS “MY BITCH”
LOLOLOLOLOLOL
ROFL
Hic;-)
*Correction
PS “MY BITCH”
should read
PS with a whisper “MY BITCH”
Dollar may be a siamese twin with the euro, Bonn. Like pacman: who’s eating whom?
Matter of subjective discourse, really.
Mundell’s formula sees fixed eurodollar, 10% yuan, 10%yen, 10%pound. Give Nato 70% full fixed anchor.
And they have the sdr liquidity to increase proportionate to private banking credit squeeze which is being regulated out of Basel/ECB.
They do think of everything.
Robert Fisk vindicated??
Don’t like the way the SDR is being portrayed as this delightful solution in the MSM; out of the frying pan and into the fire.
SDR a strawman? Russia and China haven’t been buying gold for nothing…
what does this mean for Gold? Today looks like a replay all over again of deleveraging 08′, not pretty for gold either.
Should life be a journey to the grave with the sole intention of preserving an antiquated monetary system?
4,000 years of this? This is an antiquated belief system, nothing more. A belief like clenching an HK 91, white knuckled, in a bunker u thought was pretty damned well thought out.
Meanwhile, a few thousand miles away in a Wall street canyont[a place where the past will always take away he future] you show up on the radar. The remotely controlled, nonotech weapons of mass destruction are activated; man oh man, now U want to rethink your beliefs? See ya!
G20 Summit :
“Just between us …
… it’d be a lot easier to help the poor if we were even richer “
http://editorialcartoonists.com/cartoons/PettJ/2010/PettJ20100629_low.jpg
Wait..I’m supposed to believe the same idiots mismanaging one fiat chit won’t mismanage this SDR fiat chit.. My suggestion to this utter non sense we call central banking: Gold and silver as a store of value…Decentralized banking with local/competing currency as a medium of exchange. People give these jerks at the IMF/FED too much power when in fact they are BROKE. We all know the end game. We need to decide: serfdom for all OR a new way of relating/trading with each other.
Look at euro/gold!!
Somebody is getting carried out today, maybe a hedge fund..?
its not golden max. gold.
@Adam Gibson … Look at euro/gold!!
http://www.zerohedge.com/article/eur-surging-banks-scramble-cover-liquidity-needs-30-day-euro-repos-hitting-one-year-highs
…This EUR surge is nothing more than a liqiuidity scramble and should in fact be interpreted as EUR adverse and is indicative of an even worse funding pictures in Europe and among European banks. Reader pp explains below:…
@Max. if your sticking with gold i am as well. let me know.
@ MirrorMirror
I believe it was Confucius who once said “Never trust a rich man who says he wants to get richer so that he can give more to the poor”
@Majestic … Confucious
.. which is why one becomes Confuced !
http://www.bbc.co.uk/blogs/newsnight/fromthewebteam/2010/07/thursday_1_july_2010.html
“How safe are European banks? Over the last two days, they’ve borrowed 243 billion euros from the European Central Bank. That’s less than some expected but a couple of hundred banks are still on life support.
Our Economics Editor Paul Mason is in Frankfurt to assess how healthy the European banking system is and what the consequences are for the future of the euro and the world economy.”
@ MirrorMirror
Confuced?
(most certainly!)
“He who lives in grass house should not get stoned!”
Happy Canada Day
http://www.youtube.com/watch?v=08AEMGcz9-Y
Gold is all nonsense OWN peeps tats ta way to survive
Own tear Houses Own ta place tey werk
Do hafta get nasty’er
Shit never changes
@ Max
Ya have Gold after USA collapses unless tey start a freakin anotter war
Watcha gonna sell
Tear will be a time tat ya gonna hafta tear away from Gold
remember these? http://seekingalpha.com/article/143462-strange-inconsistencies-in-the-134-5-billion-bearer-bond-mystery?source=from_friend
The dollar will be used as toilet paper to wipe the asses of the UN/IMF folks. They are like a boa constrictor, slowly squeezing the life out of the fiat currencies. Oh well, what are the mice gonna do?
Goldman has mountains in derivatives …
http://www.zerohedge.com/article/explaining-derivatives-and-goldmans-dominance-thereof-four-simple-charts
@Happy:
Hope for the kink!
http://www.youtube.com/watch?v=Or9C-gt4TpA
@stacy, this ones for you doll …
now I know what they mean when they say “He was born with it”
http://www.wimp.com/sambadance/
“Who needs an army? Pish-posh!”
I don’t get it, the SDR has been created to be a reserve currency (less vulnerable to eschange rate fulctuations), so this is nothing new. Nothing people do with currencies will change anything imho, it is the energy squeeze that will become more obvious as it is more severe in some areas than others, and so homogenous development, production and services can’t be sustained..
@ Bonn
Freakin’ war?
(I don’t want to comment — I’m worried I might jinx something)
But Marc Faber on this subject:
http://www.youtube.com/watch?v=_Tl7jiLools
@ MotherEarth
agreed.
Currencies have resorted back to being proxies for energy (be it manual labor or fossil fuels, etc.). They always were that of course, but somehow never viewed upon as thus for a recent period in time.
The re-realized outcome of that is not going to be pretty (IMHO)
The UN reminds me of manufactured celebrates and why I am always mystified that pay attention to them? The Russians and the Chinese see the US as a potential rival both have their own serious population and economic issues no surprise there bad for America good for them. China is a puzzle who’s going to buy all that cheep crap they make? Europe not right now Africa maybe in 50 years. Russia’s issues are hidden by a booming commodes sector China because of bone headed US trade policies. If you where to look up how many nations are up side down in relation to GDP and national debt you might be surprised. There are many bombs out they’re happily ticking away the US happens to be the biggest what? 13 Trillion and over a hundred Trillion in unfounded liabilities?
Max
For Fu*ks sake!
Gold/silver are DEAD & being buried!
TOB is a non-event
Think you shouldn’t slag Schiff off so badly!
Mike
now we can say it
GOLD IS GETTING KILLED
i think mike might have hung himself. thank god there’s no guns in britan. messy.
Just more of the 3 card monte game at play here. Fiat scrip is fiat scrip is fiat scrip. You let them control the issuance of fiat scrip & they end up owning it all. Just think about it… all of the traitors to our respective countries have sold out for fiat scrip. They didn’t even get paid in real money. The rope will be real enough
too much. lololo. hi mike.
truth about dolls. don’t buy any. truth about gold. don’t sell any.
LOL as if replacing a FIAT reserve currency with a basket of FIAT currencies to form a new reserve will make any difference—LMFAO
@Mother E …SDRs
Yes, they’re NOT new … created way back in 1969 to support the Bretton Woods! fixed Xrate system.
They were “supposed” to stop volatility between Xrates … and failed.
The floating Xrates were then resumed .
The SDR is NOT a currency, but a political agreement ..yeah !
humans are funny. there either busy, hungry, thirsty, tired or mouthing off.
@Mike .. Gold
Gold Below $1,200 As Asset Liquidations Spread Like Wildfire
… Also, our recent disclosure of PM market manipulation via disclosed COMEX-OTC arbing by such former behemoths as AIG then (and presumably JPM now), should only add to your comfort that once the finger on the scales is removed, the natural reaction will be that of a coiled spring….
http://www.zerohedge.com/article/gold-below-1200-asset-liquidations-spread-wildfire
I posted this yesterday but its still good lol
Economists sees the environment as a subsystem of the economy, rather than the other way around. In other words, economists are trained to believe that natural resources come from “markets” rather than the “environment”. The corollary is that “man-made capital” can substitute for “natural capital”. But the First Law of thermodynamics tells us there is no “creation” — there is no such thing as “man-made capital”. Thus, ALL capital is “natural capital”, and the economy is 100% dependent on the “environment” for everything.
We so fcked up lol
@ MAX . ignore this lot…
What a bunch of wimps.. a bit of a wobble and desperate push down .
If I had more money I would be buying like hell..
Maybe something a foot.. and I think its unlikely to be bad for the shiny stuff
.
Here is a little PORN for Mike of Liverpool to cheer him up,
http://fofoa.blogspot.com/
I don’t give financial advice your on your own, its just my opinion
HA fools!
Wait until Goldfinger irradiates the gold at Fort Knox….then watch the price shoot up!
Although never quite understood that plot because this would create a two tier gold market.
Gold’s performance against SDR’s:
http://www.research.gold.org/assets/image/research/img/charts/dailyshort_9.gif
I would say based on this track record, that the IMF is guiding the devaluation of currencies against gold by substituting currencies for SDR’s. SDR’s are volatile and have no price relation to gold and thus can be devalued. They are also the face value of dervatives(junk bonds) backing them with a zero coupon.
Stupid
Dumb
Rip-off!
US citizens will give up the dollar when THEY pry it out of their cold dead hands! SDR another global currency adventure as was the Euro (RIP).
Pez. you still get to keep your dollars. don’t worry. nobody will take them.
elefant. there are skids of US 100 dollar bills all over the world. do you think there is a true audit of the printing?
oh ya big fucking Snoot fucked off again.
,
elefant. there are skids of US bonds all over the world.
when the demand for the so called cash is equated, look the fuck out. if people decide they would like there money. jeebus trist.
imagine, all the so called money printed. i’m ascared.
Man says
“SDR’s are made up of 60% dollars, 30%Euros, (etc)”
Mmmmmm, great idea for a virtual currency.
Sounds like what they did with shitty loans.
Bundle them up and sell them on as something else.
Its just a new name for toilet paper. Softer, stronger and made from recycled paper
everybody. for fuck sake get a skid while there free.
oh, if there is a sucker to buy your guitar. sell it.
oh fuck forgot. you see a guy with cheap gold coins. don’t buy any.
Man says
“SDR’s are made up of 60% dollars, 30%Euros, (etc)”
The “man” has the percentages wrong:
With effect from January 1, 2006, the IMF has determined that the four currencies that meet both selection criteria for inclusion in the SDR valuation basket will be assigned the following weights based on their roles in international trade and finance: U.S. dollar (44 percent), euro (34 percent), Japanese yen (11 percent), and pound sterling (11 percent).
http://www.imf.org/external/np/sec/pr/2005/pr05265.htm
60/30 would leave only 10 for the yen/pound.
December 2009
http://jessescrossroadscafe.blogspot.com/2009/12/what-will-new-world-reserve-currency.html
Governor Schwarzenegger order state workers take minimum wage. California still hasn’t passed a budget.
http://www.sfchron.com/cgi-bin/article.cgi?f=/n/a/2010/07/01/state/n173741D89.DTL&tsp=1
“9. The Group also underlines the need to promote SDRs for development purposes.
While acknowledging t he recent general allocation of SDRs, the G77 and China considers it insufficient The Group urgently calls for a new and significant, general SDR allocation, in the current basic period, to meet liquidity needs and promote development Thereon regular allocations o f SDRs should also be undertaken. In this regard underlines the importance of SDRs as a medium and long term potential source of financing for development.”
http://www.un.org/esa/ffd/events/2010GAWGFC/4/Stmt_G77.pdf
Jim Willie says
“The Intl Monetary Fund currency, the Special Drawing Rights is the misguided goal for broader global usage as replacement to the USDollar, in a delay of its inevitable demise. My view is that the G-20 has no interest whatsoever in any broader SDR usage, which they see as the same dysfunctional bundled fiat papyrus that cannot float effectively on the oceans, showing a different flag. The paper currencies are all denominated debt masquerading as money. The foundation for any SDR vehicle would be just as damaged from a balance sheet perspective, maybe worse. The IMF is a mere focal point for the broken fiat constituents. Furthermore, admission of its own insolvency has come forth. The head of the IMF policy steering committee, Youssef Boutros-Ghali announced the fund requires $320 billion in order to be properly resourced, in his words. So they are badly underfunded too! Boutros-Ghali admitted that the IMF is essentially insolvent in its current form.’
If the G20 did not support broader sdr usage, why did they vote yes for that 250B allotment last August?
http://www.telegraph.co.uk/finance/financetopics/g20-summit/5095750/G20-communique-Point-by-point-analysis.html
omg moving towards an even more “virtual currencies” this is how they will impliment the rfid chips this is really happening and max n stacy is it worth me buying gold ?