finally

This is interesting but the final question is...where does the EU go? Because that will decide whats going to happen in the future.

While the yuan is tentatively pegged to the dollar, it's hard to argue anything has changed.

A currency needs years, decades even to gain reserve currency status. With the current debt instability in the Euro area, this has become a very unlikely proposition. The yuan is even less likely, partly because currently it is still essentially pegged to the dollar and partly because it still far, far from being the pre-eminent power with massive income disparity comparing the cities to the countryside, unstable regions, and even purely festering structural issues like water shortage and pollution. What's more likely is it being replaced also in the medium to long term by the IMF Special Drawing Rights (SDR), basically an amalgamated currency with proportionate representations by major economic world power currencies.

The thing is though if the US were gradually replaced by other (or combination of) currencies it would be quite beneficial to the US economy.

The main effect would be a depreciation of the US dollar. The US dollar is in excessive demand because it is used in trade internationally, something that hurts US export competitiveness. A currency depreciation would make imports less competitive and exports more competitive. Less incentive to overconsume Chinese manufacturing, more incentive to export products thus improving the US trade balance and foreign debt.

Slight inflationary pressure. Currently deflation is a bigger worry, especially if it becomes entrenched as in Japan.

Public debt? Largely wouldn't be affected because it is predominantly denominated in US currency (Treasury bills) thus currency value does not play into the equation.

Point is, it's largely a good thing.

^ ^ ^ unless oil starts being traded in Euros. Then our entire economy collapses overnight.

Something like that happening overnight is practically impossible though. Changing the manner in which you trade goods or services is far more difficult than say liquidating your shares. Besides, the big players such as OPEC would have far much to lose in terms of demand if they did something that drastic.

So, the anchor mentions president Putin which led me to believe that the news is from 2008 at the latest; however, the ticker says something about the upcoming 2011 events. I am confused; did he mean prime minister Putin? How old is this video?

Let's just move on to the single world currency already!!!

This is surprisingly accurate commentary for CNN. I just wish he hadn't equated this with the sensationalist claim of "declaring war on the U.S. Dollar". There's enough tension already with U.S. politicians blaming China for the American deficit. It would have been more accurate to simply say that China and Russia don't trust the long term stability of the USD (since it seems unlikely that the U.S. will be able to honor its debts -- he could have kept this last part out, even though it's the elephant in the room).

>> ^flavioribeiro:

This is surprisingly accurate commentary for CNN. I just wish he hadn't equated this with the sensationalist claim of "declaring war on the U.S. Dollar". There's enough tension already with U.S. politicians blaming China for the American deficit. It would have been more accurate to simply say that China and Russia don't trust the long term stability of the USD (since it seems unlikely that the U.S. will be able to honor its debts -- he could have kept this last part out, even though it's the elephant in the room).


Financial news that is important to the Rich is always treated much better than other news because the rich need to have clear information. Take a look at the Wall Street Journal...probably the best print news in the US, you can find out tons about almost anything in there, all very candid and instructive. The reason is is that the people who read that paper are already deeply indoctrinated...you don't have to worry about them because what it's reporting on is in their best interests.

China and Russia haven't "declared war on the dollar", the American rulers have.

I'm sick of these goddamned liars!

>> ^Enzoblue:
^ ^ ^ unless oil starts being traded in Euros. Then our entire economy collapses overnight.


I don't think it would be that extreme, but there's no denying it would have a negative impact on the overall US economy.

Personally I welcome the idea of buyers being able to pay with their own currencies, and removing an intermediary currency from the exchange. It might have something to do with my dislike of the middle-man culture in general, I need to learn more about the global economic market before I can justify my stance though. Like most things in life, I've got enough info to form an opinion but not enough insight into the bigger picture to be absolute with my opinions.

I would love to be around 500 years from now when we're conducting transactions in bushels of grain and conducting war with sticks and rocks.

Comment hidden because you are ignoring dag.(show it anyway)

Exactly. Isn't it time for a global currency? But then, what would you trade it against? Lets call it the "Earthie".


>> ^EMPIRE:

Let's just move on to the single world currency already!!!

>> ^dag:

Exactly. Isn't it time for a global currency? But then, what would you trade it against? Lets call it the "Earthie".

>> ^EMPIRE:
Let's just move on to the single world currency already!!!



I would settle for units. That's what most science fiction movies use, and it's fine by me. Although I'm sure that for all you native english-speaking people, calling the currency "unit" could be somewhat humorous.

Comment hidden because you are ignoring dag.(show it anyway)

Oooh. Or how about Terran Credits?>> ^EMPIRE:

>> ^dag:
Exactly. Isn't it time for a global currency? But then, what would you trade it against? Lets call it the "Earthie".

>> ^EMPIRE:
Let's just move on to the single world currency already!!!


I would settle for units. That's what most science fiction movies use, and it's fine by me. Although I'm sure that for all you native english-speaking people, calling the currency "unit" could be somewhat humorous.

Sure... As long as that is not followed by a Zerg Rush.

>> ^dag:

Oooh. Or how about Terran Credits?>> ^EMPIRE:
>> ^dag:
Exactly. Isn't it time for a global currency? But then, what would you trade it against? Lets call it the "Earthie".

>> ^EMPIRE:
Let's just move on to the single world currency already!!!


I would settle for units. That's what most science fiction movies use, and it's fine by me. Although I'm sure that for all you native english-speaking people, calling the currency "unit" could be somewhat humorous.

Fiat fail.

I would prefer two types of replacement currency - latinum and gold pressed latinum.

Also just "GP" would be excellent.

*dead

This video has been declared non-functional; embed code must be fixed within 2 days or it will be sent to the dead pool - declared dead by lucky760.