G20 Considers Global Currency
Thursday, March 31, 2011 – by Staff Report
Chinese criticism of the Federal Reserve for flooding the world with money may get little traction among Group of 20 finance chiefs meeting in China as Europe's debt crisis and Japan's disaster take precedence. U.S. Treasury Secretary Timothy F. Geithner, French President Nicolas Sarkozy, Chinese Vice Premier Wang Qishan and European Central Bank President Jean-Claude Trichet will gather in Nanjing for a one-day seminar on the international monetary system tomorrow. A Chinese state economist called for an end to the dollar's dominance in a paper posted on a website yesterday, blaming the U.S. for fueling inflation. – Bloomberg
Dominant Social Theme: Things are bad all over. With so much going on in the world, it's time for everybody to pull together and come up with a global solution. The world is inter-dependent after all. It is because we say it is.
Free-Market Analysis: The outlines of the drive toward a global currency are becoming clearer in our view. We're continually surprised by how fast events are moving and how orchestrated they seem if you follow them closely. We've already reported on the International Monetary Funds' efforts at placing SDRs front-and-center as a workable global currency. Then recently we covered George Soros' drive to set up a new Bretton Woods-style international conference to agitate for one-world money. And now the G20 is making positive noises, as we can see from this article excerpted above. You can see two previous articles on this topic here:
The Nanjing conference is just an appetizer, apparently, with additional monetary work to be done at yet another upcoming meeting. Here's how Bloomberg puts it: "German Deputy Finance Minister Joerg Asmussen said the event isn't intended to deliver short-term fixes and is part of preparing for a G-20 meeting in Cannes in November that should yield more substantive results."
These folks sure get around. Several alternative news sites have suggested that the G20 is more or less a floating world government in everything-but-name. Maybe so. We figure the meetings are so common because none of the participants wish to put anything on paper or send each other emails. Any negotiations on such sensitive issues are discussed face-to-face in a clean room without listening devices or recordings. That seems to be the way it works. They get together a lot.
It's a little funny watching this to remember the gravity of the G7. Those long ago conferences took place infrequently and always garnered headlines. It was somewhat astonishing to see world leaders in the same place at the same time. Each meeting was commemorated with a grainy black and white photo that appeared in the newspapers of all the world leaders posing stiffly together so you could compare heights and smiles.
But today – heck it's old hat. World leaders – presidents, even – seem to get together more often than business-people planning the launch of a new product (and perhaps that's what they're doing). It's not just the G20 either. European leaders are always meeting together in Brussels. There are telephones and computers but that doesn't seem to matter. Only face-to-face meetings will do. The paranoia seems obvious.
The UN, by no means an unimportant entity, seems to be serving a different function; it's doing the non-economic (world-shaping, military stuff) while G20 leaders keep "discussing" money matters. The division of labor is clear-cut. One has to speculate of course because nothing is explained; communiques are issued; goals are established but the behind-the-scenes discussions are the important ones. You only hear about those after the fact when leaders announce yet another "understanding." (And apparently they better "understand" or they won't be leaders for long.)
It really is amazing. People think this is simply the way of the world. But we bet between the EU, the UN and the G20, Nikolas Sarkozy alone has been on the road more than he's been in France. He may be President of a big EU country, but he's surely not a sitting one. He never seems to sit. He's got more appointments than a vacuum cleaner salesman.
But maybe such strenuous efforts are paying off. The G20, which has seemed fairly hostile to Western leadership when it comes to monetary matters seems suddenly less so. Actually, the Bloomberg article contains one of the more incredible statements we've read for a while: "Criticism of U.S. monetary policy is ‘so yesterday,' said Chris Rupkey, chief financial economist at Bank of Tokyo- Mitsubishi UFJ in New York. ‘World leaders and monetary officials have a lot more important things on their plate.'"
This puts us in mind mostly of Bill Clinton who, when his sex scandal with Monika Lewinsky was at its height, kept holding news conferences in which he or his allies would suggest that the scandal was old news and that it was time "to move on." (No, it wasn't.) Political events mesh with economic ones. Now we can see. As we have suggested with such deliberate elite promotions, one merely needs to wait and eventually the pieces fall into place. Between the wars in the Middle East, the European chaos and the Japanese earthquake and ongoing European crises, there is simply no more time or appetite for confrontation – or so we now learn.
Of course it's not exactly clear how a world currency would have alleviated an earthquake, but that's not really the point. Urgency is in the air. And out of such an urgent, chaotic environment one can expect the G20 to make progress in creating a "new order."
Questions could be asked, but there is no one, really, to ask. News is communicated via communiques. Thus we learn that this one-day seminar will focus in part on forward-looking monetary issues. Officials such as French Finance Minister Christine Lagarde will discuss, "shortcomings in the international monetary system and volatile capital flows."
We figure that's news-speak for "one world currency." Sure enough, Bloomberg tell us in virtually the next paragraph that Goldman-Sach's Jim O'Neill expects "possible changes to the International Monetary Fund's Special Drawing Rights to be discussed." Why is that important? Bloomberg again: "In 2009, Zhou suggested in a policy paper that SDRs may be the basis for a new global currency."
The article natters on momentarily about sales of French railroads, trains and planes but then suddenly returns to the currency issue: "[The] event also reflects the French leader's desire to organize a new ‘Bretton Woods' during his presidency of the G-20 to address what he has called imbalances in the global monetary system. He first raised the possibility of such a meeting in August and pressed the Chinese to act as hosts."
That's interesting. We thought George Soros was organizing a new Bretton Woods. Now it appears that Sarkozy is trying to do one on his own. It must be something in the water. Actually, it's an elite global promotion. That's how these things seem to work. The Anglo-American power elite, a handful of wealthy, intergenerational banking families operating out of the "City of London" has long since (maybe several generations ago) decided that the world needs a single currency. What's going on now is almost surely the aftermath.
Most recent developments? First the IMF produces a White Paper on how its SDRs could be turned into a global currency over the next decade or two. Then international financier George Soros suddenly organizes his own Bretton Woods conference to discuss a new global money – one that just so happens to include the IMF's SDRs. Now the G20 is beginning to discuss the same thing and lo and behold Nikolas Sarkozy wants his own Bretton Woods conference. Great minds think alike.
It's difficult to explain this to your friends and neighbors isn't it? Try letting them know that a silent, brutal money power has developed a script from which the most powerful men in the world are reading assigned lines. Explain, if you will, that the outcome has been determined decades in advance, that the scripts have been frozen into place years ago and that the entire world-currency "discussion" is nothing more than an elaborate Shadow Play. Go ahead. Good luck!
Still ... we're fortunate to have the Internet because the patterns are increasingly obvious. One can see the coverage evolving in a way that was impossible when only print and TV coverage was available. Just the ability to read several articles at once from different time periods (something you would have had to spend a huge amount of time in a library to accomplish even a few decades ago) clarifies the manipulation and makes the orchestration obvious – to us anyway.
Conclusion: These are likely power-elite dominant social themes, not coincidences. Money power creates chaos and provides One-World solutions. The over-riding question for the 21st century then is whether people, as they notice such evident truths (and we believe they are), will continue to put up with having their lives so managed. We don't know. Do you?