Italy backs idea of new global currency
- Reuters, Thursday April 30 2009
ROME, April 30 (Reuters) - Italian Economy Minister Giulio Tremonti backed on Thursday the idea of a new global currency for international transactions, while keeping existing currencies for domestic use.
Tremonti applauded a proposal made last month by China's central bank governor Zhou Xiaochuan to create a new global reserve currency, but he said this should not mean the end of existing domestic units.
"The Chinese governor's idea is of extreme interest, an idea that evokes a single world currency," Tremonti said at a book presentation in Rome, adding that it may nonetheless be too complicated for ordinary citizens. "It would be better to have dual circulation, a global currency for international operations and local currencies for local operations," Tremonti said.
What is the difference between international trade and domestic trade?
RispondiEliminaWhy do we need two different currencies for that?
Does a currency need gold reserves (or oil reserves in which gold is hiding) to determine the value of the currency?
OR
Does it need foreign exchange reserves to cheat with the exchange rate of the paper currency vis-a-vis other paper currencies?
Asia Seeks Reserve Pool Completion Amid Growth Recovery Signs
By Shamim Adam
http://www.bloomberg.com/apps/news?pid=20601080&sid=a2wPzcPxVGPY&refer=asia
SNIP
May 1 (Bloomberg) -- Southeast Asian finance ministers and their counterparts from Japan, China and South Korea may complete discussions on a currency pool agreement this weekend amid signs the worst of the region’s economic crisis may be over.
Officials from 13 countries are gathering in Bali on May 3 to finalize each nation’s contribution to the $120 billion pool of foreign-exchange reserves that can be used to defend their currencies in times of financial turmoil. They will meet at the sidelines of the Asian Development Bank’s annual meeting on the Indonesian resort island. UNSNIP
Ivo Cerckel
http://bphouse.com/honest_money/
Well, if you have a national currency (a local currency) you can set up your economic policy yourself without the need to obey to the criminal people running the Federal Reserve System (or the satanic European Central Bank). That's enough to do a good start. You can retain your own seigniorage and use it to buy ammo for defending against the international sociopathic speculators.
RispondiEliminaSorry, why should there be such a thing as economic policy?
RispondiEliminaAnd before that, why should there be a monetary policy?
Money is a GOOD readily acceptable in exchange by everyone in a given geographical area, and is sought for the purpose of being re-exchanged. (George Reisman, “Capitalism – A Treatise on Economics”, Ottawa, Illinois, Jameson books, 1998, 3rd rev. ed., p. 142)
Such a good does not belong to central bank bureaucrats.
We don't need central banks financed through taxation whose difference with theft is that the thief does not pretend to stealing in the public interest nor does the thief come back periodically.
Let’s repeal all central banks, as a first towards repealing all guv’mints.
It’s also theft-funded bureaucrats who define “economic policy”.
ni dieu, ni maitre, viva l’anarchia !
This we have yet. Bankers ARE anarchists...
RispondiEliminaSorry, anarchists are NOT thieves.
RispondiEliminaAnarchists don’t commit the crime of fractional-reserve banking.
http://bphouse.com/honest_money/worthless-digital-liquidity-and-fractional-reserve-banking-are-fraudulent-%E2%80%93-let-the-system-collapse-now/
The adventure of the Anarchist Banker: reductio ad absurdum of a neo-liberal.(Critical essay)
RispondiEliminaPublication: Portuguese Studies
Publication Date: 22-SEP-06
Author: Jackson, K. David
Abstract. Fernando Pessoa's paradoxical 1922 short story is styled as a Platonic dialogue between a wealthy banker and his younger colleague, in which the banker explains the strictly logical path that led him step-by-step from an anarchist youth to being the only true and consistent anarchist. Pessoa playfully undermines many of the founding texts of political Enlightenment (Descartes, Hobbes, Locke, Malthus, Rousseau, Smith, Spinoza), as well as making a devastating critique of revolutionary psychology and of 1917 Bolshevism. Like magic, the sleight of hand is transparent, apparently convincing us of the banker's inexorable logic, while Pessoa challenges the reader to discover the flaw in the shocking twist of the wealthy banker's logic...
http://www.accessmylibrary.com/coms2/summary_0286-32939487_ITM
On Descartes, Hobbes, Locke, and, Rousseau
RispondiEliminasee on top of my blog my
C’est la faute à Rawls,
contrat social et solidarité entre les générations
http://bphouse.com/honest_money/c%e2%80%99est-la-faute-a-rawls/