China Takes Aim at Dollar

clipped from online.wsj.com China called for the creation of a new currency to eventually replace the dollar as the world's standard, proposing a sweeping overhaul of global finance that reflects developing nations' growing unhappiness with the U.S. role in the world economy The unusual proposal, made by central bank governor Zhou Xiaochuan in an essay released Monday in Beijing, is part of China's increasingly assertive approach to shaping the global response to the financial crisis. Mr. Zhou's proposal comes amid preparations for a summit of the world's industrial and developing nations, the Group of 20, in London next week. At past such meetings, developed nations have criticized China's economic and currency policies. This time, China is on the offensive, backed by other emerging economies such as Russia in making clear they want a global economic order less dominated by the U.S. and other wealthy nations.

See previous clip: Obama’s Toxic Advisors

China’s proposal may not affect the dollar in the short term, but introducing this issue now is a means of alerting the world this could become a reality.

From the article: “Central banks around the world hold more U.S. dollars and dollar securities than they do assets denominated in any other individual foreign currency”. So, we are almost at the point of one world currency already.

International leaders are beginning to see an advantage of having one world currency so that fluctuations in one market would not disrupt the rest of the world, as is the current situation.

Moving to a reserve currency that belongs to no individual nation would make it easier for all nations to manage their economies better, because it would give the reserve-currency nations more freedom to shift monetary policy and exchange rates. It could also be the basis for a more equitable way of financing the IMF.

Russia made a similar proposal just this month

Obama’s Toxic Advisors

clipped from www.truthdig.com Bernie Sanders, the senator from Vermont who is independent in spirit as well as party label, has placed a hold on President Obama’s nomination of Gary Gensler to head the Commodity Futures Trading Commission. Sounds like a minor issue to get worked up about, but the senator is right. Like most Americans, I am eager for Barack Obama to succeed, but I see this appointment as further evidence that the president has entrusted his economic policy to the wrong people. Gensler helped create this financial crisis when he was in the Treasury Department back in the Clinton era Mr. Gensler worked with Senator Phil Gramm and Alan Greenspan to exempt credit default swaps from regulation, which led to the collapse of A.I.G. and has resulted in the largest taxpayer bailout in U.S. history Congress and the president want to give Wall Street whatever it wants to make the stock market go up

Read this article carefully.

Is Obama so eager to be surrounded with ‘experience’ in his cabinet that he is over looking what that particular experience cost us as a nation, or is there a hidden agenda?

Allow me to speculate: If someone in the 1990’s, or earlier, was to formulate a plan to create a ‘One World Order’, with either America at the head or a committee of international leaders, surely a major stepping stone in achieving this dream would be to control the world’s financial markets.

The best method to take over these markets would be to first crash them to the point that they would need help to become solvent again. A group of nations, say for example the G20, would step in to take over the markets, thereby “saving the world”, and appointing themselves as the de facto leaders in this “One World Order”.

Next step, would be to formulate a one world currency to make it easier to control.

Call me paranoid but too many signs are pointing in this direction.

Major Banks Supporting Corrupt Regimes

clipped from us.oneworld.net As G20 finance ministers meet in London to discuss how to rescue the global financial system and prevent the next disaster, a new report by anti-corruption NGO Global Witness shows how some of the world's biggest banks have been dealing with some of the world's most corrupt regimes. By doing so they have facilitated corruption and looting of natural resource revenues, denying some of the world's poorest people a chance to escape poverty. "The same lax regulation that created the credit crunch has let some of the world's biggest banks facilitate the looting of natural resource wealth from poor countries," said Gavin Hayman, Global Witness Campaigns Director. "If resources like oil, gas and minerals are to truly help lift Africa and other poor regions out of poverty, then governments must take responsibility to stop banks doing business with corrupt dictators and their families."

Barclays helped oil-rich Equatorial Guinea long after clear evidence emerged ruling family were looting state oil revenues.

Hong Kong bank helped Republic of Congo ruling family spend hundreds of thousands of dollars in oil revenues on designer shopping sprees.

Citibank facilitated the funding of two vicious civil wars in Sierra Leone and Liberia by enabling the warlord Charles Taylor, now on trial for war crimes in the Hague, to loot timber revenues.

Deutsche Bank assisted the late president Niyazov of Turkmenistan, a notorious human rights abuser, to keep billions of dollars of state gas revenues under his personal control and off the national budget.

Dozens of British, European and Chinese banks have ignored laws and used loopholes to aid criminal and atrocious acts of human rights violations, money-laundering and theft.

We speak out against crimes against the poor while the rich are aided by banks to carry out their crimes. Disgusting.