China calls for new global currency

“The empire of the dollar is crashing.” Hugo Chavez, Venezuelan President

“The U.S. dollar is a worthless piece of paper.” Mahmoud Ahmadinejad, Iranian President

[The U.S. dollar is] “losing its status as the world currency.” Xu Jian, vice director, People’s Bank of China,

Joe McDonald at ABC news is coming up with China’s aggressive push to overhaul the world currency status which the USA now enjoys.

“China is calling for a global currency to replace the dominant dollar, showing a growing assertiveness on revamping the world economy ahead of next week’s London summit on the financial crisis.

The surprise proposal by Beijing’s central bank governor reflects unease about its vast holdings of U.S. government bonds and adds to Chinese pressure to overhaul a global financial system dominated by the dollar and Western governments. Both the United States and the European Union brushed off the idea.”

However bold the EU and the USA may wish to brush off this idea, unlike Gaddafi’s fate, to thwart Gaddafi’s attempt to create a gold-backed African currency to compete with the Western central banking monopoly. This time around, with China in alliance with Russia, the world reserve currency is about to be replaced by a far reaching plan to bring about a one world currency.

Now as to why McDonald says this is a ” surprise proposal” is rather odd given to numerous articles detailing the coming one world currency. The Economist has even stated so.” IN DIFFICULT times, people are allowed, even encouraged, to think the unthinkable. Some of the economists who propose capital controls as a remedy for recession in Asia claim to be doing this…”

And if we look at Brandon Smith’s great piece on the false east/west paradigm. Then one would get a clear picture as to why the Fed has gone overboard in QE.

This engineered depression and economic meltdown is specifically designed to transition us into a one world currency. So even if you think gold and silver will alleviate some of the pressures currency devaluation is now undergoing. It ought to be helpful to be reminded of precious metal’s confiscation in times of duress.

Richard Paul