Ed wrote: > Personally, I don't think currency is the issue, nor do I think that an > international currency would resolve it. We already have real or defacto > international currencies, the U$ dollar and the Euro and we also have gold, > yet the problems continue to mount.
The fact that the US$ is used internationally as an exchange currency doesn't make it an "international currency" -- it's still controlled by the U.S. alone (worse: by the *private* FedRes!). And gold has become an object of speculation because bought politicians have dropped the gold standard and sold much of the gold reserves. > The real problem seems to have two key aspects to it. One is that economies, > especially advanced economies, have extended their consumption far beyond > their ability to produce and thus rely on 'bailouts', whatever their form, > to keep doing what they are doing. The US, for example, relies heavily on > China to leverage its fiscal debt. The U.S. stands out in having such a negative trade balance -- but that doesn't mean that this is typical of advanced economies. The French finance minister even went as far as asking Germany to export less! Germany has a large positive trade balance, but still there were bailouts. Guess what, the Predators go for the most lucrative hunting grounds... Chris ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ SpamWall: Mail to this addy is deleted unread unless it contains the keyword "igve". _______________________________________________ Futurework mailing list [email protected] https://lists.uwaterloo.ca/mailman/listinfo/futurework
