http://aftermathnews.wordpress.com/2007/05/24/the-end-of-national-currency/ The End of National Currency May 24, 2007 Posted by pjwalker911 in Economic Meltdown, Global Government, Crime & Corruption, European Union. trackback Foreign Affairs | May/June 2007
Below is another position paper by the Council on Foreign Relations on how they plan to manipulate the world into accepting three global currencies based loosely on the EU, the NAU (North American Union) and the Asian Union. "Monetary nationalism", the audacous idea that nations should control their own their own destinies, their currencies and economies, is considered a sin. Yeah, well John D. Rockefeller said "competition is a sin" and proceeeded to monopolize the oil industry. So I guess that's what they mean since they work for the Rockefellers' interests over an above those of Americans and everyone else for that matter. This reads like a globalist manifesto, claiming how wonderful the EU is and how much better people are off under its jackboot. Yes, the Nazis and the Communists have said similar things, but most of the people knew differently, though they were too afraid to voice their opinions. And of course, the Asian system would be based on the Chinese monetary system, which may resemble a free-market, but the fact is that most Chinese are barely surviving under grinding poverty, harsh and dangerous work conditions, punitive taxation, rising inflation and apparently have very little in the way of rights under the Communist legal system. And you may be surprised to know that this "socialist" country offers little in the way of services to its citizens for all the taxes they are forced to pay. So yes, China is the model for the world according to the globalists. This is precisely what the aristocrats want for all of us commoners. The bottom line is that they want to concentrate currencies into the Euro, the Dollar (which would become the Amero) and the Chinese Renminbi which would probably take on another name. And needless to say, the people of these countries would have absolutely no say over the matter. It is dictated by the incredibly arrogant and secretive Bilderberg banking elite and royalty who have no allegience to any country but only to themselves for the purpose of further concentrating the wealth of the world into fewer and fewer hands, just as we have seen happening in the past two decades. That is what is called a mercantilist dictatorship, one that is growing to a global scale day by day, into the all-powerful New World Order empire. The only way to avert this totalitarian agenda is to take back control of national governments. For America, it means to support whoever is for national independence and sovereignty, sound money, the rights of the individual and non-interventionism. In our case, that means one and only one thing: support Ron Paul for 2008! Don't be fooled by the establishment puppets like Romney, Giuliani, Obama and Hillary. That bucket of writhing snakes all work for the Council on Foreign Relations which is nothing but a front for the aristocratic elite. They do not and will not represent the interests of the people, no matter what they say. It is all a pack of lies so stop voting for CFR puppets! It is time to wake up America and defend your country to preserve your own freedom because I guarantee the elites want to enslave you and they can only do it if you let them. PW _________________________ The End of National Currency By Benn Steil Summary: Global financial instability has sparked a surge in "monetary nationalism" - the idea that countries must make and control their own currencies. But globalization and monetary nationalism are a dangerous combination, a cause of financial crises and geopolitical tension. The world needs to abandon unwanted currencies, replacing them with dollars, euros, and multinational currencies as yet unborn. Benn Steil is Director of International Economics at the Council on Foreign Relations and a co-author of Financial Statecraft. But the world can do better. Since economic development outside the process of globalization is no longer possible, countries should abandon monetary nationalism. Governments should replace national currencies with the dollar or the euro or, in the case of Asia, collaborate to produce a new multinational currency over a comparably large and economically diversified area. Europeans used to say that being a country required having a national airline, a stock exchange, and a currency. Today, no European country is any worse off without them. Even grumpy Italy has benefited enormously from the lower interest rates and permanent end to lira speculation that accompanied its adoption of the euro. A future pan-Asian currency, managed according to the same principle of targeting low and stable inflation, would represent the most promising way for China to fully liberalize its financial and capital markets without fear of damaging renminbi speculation (the Chinese economy is only the size of California's and Florida's combined). Most of the world's smaller and poorer countries would clearly be best off unilaterally adopting the dollar or the euro, which would enable their safe and rapid integration into global financial markets. Latin American countries should dollarize; eastern European countries and Turkey, euroize. Broadly speaking, this prescription follows from relative trade flows, but there are exceptions; Argentina, for example, does more eurozone than U.S. trade, but Argentines think and save in dollars. Of course, dollarizing countries must give up independent monetary policy as a tool of government macroeconomic management. But since the Holy Grail of monetary policy is to get interest rates down to the lowest level consistent with low and stable inflation, an argument against dollarization on this ground is, for most of the world, frivolous. How many Latin American countries can cut interest rates below those in the United States? The average inflation-adjusted lending rate in Latin America is about 20 percent. One must therefore ask what possible boon to the national economy developing-country central banks can hope to achieve from the ability to guide nominal local rates up and down on a discretionary basis. It is like choosing a Hyundai with manual transmission over a Lexus with automatic: the former gives the driver more control but at the cost of inferior performance under any condition. As for the United States, it needs to perpetuate the sound money policies of former Federal Reserve Chairs Paul Volcker and Alan Greenspan and return to long-term fiscal discipline. This is the only sure way to keep the United States' foreign tailors, with their massive and growing holdings of dollar debt, feeling wealthy and secure. It is the market that made the dollar into global money - and what the market giveth, the market can taketh away. If the tailors balk and the dollar fails, the market may privatize money on its own.
