Ex-Treasury official: Dump the dollar

A former assistant secretary of the Treasury for international affairs is warning dollar deficits might no longer be funded by foreign nations, including China.

But C. Fred Bergsten, the former Treasury executive who is issuing the warning, goes even further, recommending the White House join with the international community in creating an alternative to the dollar for international trade, he writes in the current November/December 2009 issue of the Council on Foreign Relations’ Foreign Affairs magazine.

WND previously has reported that the plan to utilize IMF Special Drawing Rights as an alternative “one-world currency” to the dollar has been advanced by China, according to Columbia economist Robert Mundell, widely regarded as the “Father of the Euro.”

WND has also reported the G20 summit meeting in London in April, with the full concurrence of President Obama, took an important step to create a new world currency through the IMF that is designed to replace the dollar as the world’s foreign exchange reserve currency of choice.

Complete article at:
http://www.wnd.com/index.php?fa=PAGE.view&pageId=114144

( armageddonoutahere adds: )

“Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing
process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens.There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose”.

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2 Responses to “Ex-Treasury official: Dump the dollar”

  1. PATRIOT Says:

    The dollars time has come and gone. One world wide currency would make trade much easier and allow countries to truly understand that you cannot continue deficit spending. The U.N. should lead the way on this task. They are the only organization with the credibility and infrastructure to handle such on huge responsibility.

  2. CountDown Says:

    Actually, Patriots post is too funny (and sad at the same time) to offer serious response. It would be like responding to an equally ridiculous assertion that freedom and humanity has seen it’s better days so it is time to return to the dark ages.

    We agree- the UN is the entity that should oversee the world’s currency. We have, after all, some 50 years of their illustrious history to which to refer (this is where I am snorting and snickering beyond control).

    And, let’s leave it at that (for all the zany loons out there)

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