General Question

SquirrelEStuff's avatar

Did the G20 meeting result in the implementation of a world currency?

Asked by SquirrelEStuff (8998points) April 9th, 2009

Why is the US media not reporting on this?
“A single clause in Point 19 of the communiqué issued by the G20 leaders amounts to revolution in the global financial order.

“We have agreed to support a general SDR allocation which will inject $250bn (£170bn) into the world economy and increase global liquidity,” it said. SDRs are Special Drawing Rights, a synthetic paper currency issued by the International Monetary Fund that has lain dormant for half a century.

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In effect, the G20 leaders have activated the IMF’s power to create money and begin global “quantitative easing”. In doing so, they are putting a de facto world currency into play. It is outside the control of any sovereign body. Conspiracy theorists will love it. ”

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33 Answers

adreamofautumn's avatar

I stopped believing our media covers anything that the rest of the world is a long time ago. There is a reason I only rely on foreign media sources when I check my daily/ hourly news updates.

SquirrelEStuff's avatar


Thanks for posting the links.
I didn’t realize there was more than link at first.

wundayatta's avatar

Is there any particular reason why anyone should care if a “world currency” exists?

SquirrelEStuff's avatar

Because as in 1790 when Mayer Amschel Rothschild stated,
“Let me issue and control a nation’s money and I care not who writes the laws.”

Who are these people that control the money that we give our hard working, time consuming labor for? What makes them so special that they can decide what our money is worth? It is economic slavery. People’s life time savings are being wiped out, because the trillions of dollars being pumped into the system, are completely devaluing middle class America’s savings.

This recession has been orchestrated by the very people that we trust to control the value of the money and keep it safe. Like William Black said on Bill Moyer’s Journal last week, “The best way to rob a bank, is to own a bank.”

“Slavery requires your owners to feed and house you. Economic slavery requires you to feed and house yourself.”

Jeruba's avatar

Not sure I get your question, @daloon. Do you mean what difference would it make if we had a world currency?

This isn’t my field and I haven’t read up on it, but one major difference would have to be a permanently fixed monetary relationship among countries—no more fluctuation of currency values. Isn’t that how it works with the euro?

asmonet's avatar

No. I seriously doubt it’s a real possibility anytime soon.
Not like, real money anyway.

wundayatta's avatar

@Jeruba: I guess you’re assuming that if a world currency existed, people would use it. Of course, they wouldn’t, so it seems to me that a world currency is irrelevant.

Money is worthless unless we, the people, decide to imbue it with value. The form of money is irrelevant—it could be gold, paper, beads, or feathers. They’ll all work. It all depends on the willingness of people to agree to honor whatever currency we are talking about.

If people don’t honor it, it’s worthless. You can’t force a currency on people. Conspiracy theorists have it in mind that someone, or a small group of someones control currency and through that, control the lives of everyone else. This is pure nonsense, and shows a complete lack of understanding of economics. Rothschild could say what he did in 1790, because he didn’t understand what was going on, either. He may have thought he was in control, or that he could be in control, but that’s an illusion.

No one person can control the minds of everyone else, and that’s what it would take to use currency to control people’s economic lives. If @chris6137 is an economic slave, it is only because he (she?) decides to be one. Currency is a metaphor for value. Value is an idea. Ideas can be powerful, but not that powerful.

In this case, it is putting the cart before the horse to say that trillions of dollars are being pumped into the ecomony to wipe out savings. It happened the other way around. People savings were wiped out, and the money is being pumped in in order to try to restart the economy. The idea that the recession is being orchestrated is utterly ludicrous. It simply isn’t possible for one person to do such a thing.

To suggest that the owners of the Federal Reserve Bank are robbing us, is again a complete misunderstanding of what the bank is. It is the Federal bank, and it is “owned” by the Federal government, which is us. If we’re robbing ourselves, who are we going to pay? Peter? Paul?

This is most rediculous silliness, and it sounds like it means something, but it’s merely gooey sounding, conspiracy-addled double-talk. Please pass out the tin foil hats…. again. Here come the Martians.

SquirrelEStuff's avatar

Why would people not use a world currency?

Zen's avatar

The Shekel. Thanks for your co-operation.

wundayatta's avatar

@chris6137: because most people are resistant to change. Look at the difficulties the EU had in finding a single currency. Imagine getting the whole world to do that!

SeventhSense's avatar

There is no real money. All real money was replaced with a fiat currency back in the 1960’s when we completed our abandonment of the gold standard.
To suggest that the owners of the Federal Reserve Bank are robbing us, is again a complete misunderstanding of what the bank is. It is the Federal bank, and it is “owned” by the Federal government,
That sounds nice, but in all actuality it is comprised of:
(1) the presidentially appointed Board of Governors of the Federal Reserve System in Washington, D.C.; (2) the Federal Open Market Committee; (3) twelve regional privately-owned Federal Reserve Banks located in major cities throughout the nation acting as fiscal agents for the U.S. Treasury, each with its own nine-member board of directors; (4) numerous other private U.S. member banks, which subscribe to required amounts of non-transferable stock in their regional Federal Reserve Banks; and (5) various advisory councils

These boards of directors and advisory councils are beholden to commercial banking interests. The strongest influence over the Fed is a handful of commercial banking interests with strong connections to the International Monetary Fund and the World Bank. These are not necessarily the largest money holders but there are a handful with enormous individual stakes and as such they have the greatest influence. There really are a handful of families from the Duponts to the Rockefellers who hold sway. They have no concern for politics or government. They operate as do all business through commercial code and are outside any one countries oversight. We the people is a nice idea but it’s really the corporation known as the United States which is in debt up to its eyeballs. Do you think it’s a coincidence that both administrations took the same tack with AIG? The US Government is not puling the strings alone. They have to jump when they are instructed. Increasing the cash supply in an economy creates inflation- economics 101. Long standing inflation is caused by the money supply growing faster than the economic growth. The manufacturing base of the world is at the lowest since the depression. There are trillions in bad debt. How is it possible to operate under trillion dollar budget deficits? It’s not, unless you have “friends”. But loansharks make very bad friends because the price becomes too high. Eventually they make claim on their debt.

International bankers and the IMF have long favored a one world currency. The causes of the current crises have their origin within the United States. The United States, unique among nations has the capacity to create money in the same currency it holds its national debt. There already is a world currency it’s called the dollar. Foreign banking interests in adition to the IMF like Russia would like to see a change from the dollar. Medvedev’s ideas seem like sound economics because they are proposing a partial backing of gold. And can you blame them? Thank God someone is thinking. But the IMF, the World Bank has too much interest over the economies of the world. And if there is to be a new world currency the US would be right behind it. The World Bank is us and we are the problem. It’s nothing from without that we have to fear. It’s internal.
If I control the means of commerce, I control the country. If I decide how you buy, sell, create credit, issue debt and pay debt then you are no longer free. If you have to have a barcode on a product, then I control your product and how it is distributed. If I control how you distribute your product, then I control your work force. If I control your work force, then I decide how they are to operate under my domain. If your commercial code through law protects me than your constitution is a joke.
Meanwhile we’re all watching Family Guy.

kevbo's avatar

FWIW, Benjamin Fulford is reporting that all of this is still in flux, and that this flux is reflected in the media. (Apologies for commenting w/o reading your links.)

evelyns_pet_zebra's avatar

The conspiracy theorists are still batting a thousand (in the negative numbers). I take the whole world currency conspiracy theory with as much heart as I do that aliens crashed in Roswell, AZ in the 1940’s, God is a 2,000 yr old Jewish guy that was crucified by the Romans, the Bush administration orchestrated 9–11, that ghosts are real, and that the government has a secret agenda of releasing powerful chemicals in the atmosphere to kill us while masking it as the ice crystals formed by the exhaust of high-flying jets.

Scaring the fuck out of people seems to be a full time job for some folks, and I for one, refuse to pay attention to any of it. I am, and remain, a skeptic. Now be quiet, Family Guy is on!

SquirrelEStuff's avatar


Most people are resistant to change???
Didn’t a majority of Americans vote for “change” when they voted for Obama??

Like I keep saying, Obama has something Bush didn’t have, the trust of the people. If Obama comes on tv one day and says something about us playing along with a new currency, do you think the Obamaites are going to going to not play along?

I’m not trying to scare anyone. It is the media and government trying to scare people. The economy is great for me right now. Hell, Im 26, make $45 an hour and have been working more overtime than I ever have before, and already made more than half of what I made last year. I am just stating things, that I have stated on this site since I joined in 2007, long before anyone knew there was anything wrong with the economy. I am in no way trying to scare people, I am trying to open people’s eyes. It is a lot harder than I thought.

wundayatta's avatar

@SeventhSense I’m not sure why I’m bothering, because your understanding of the economy and world finance is so far from what I believe to be true, and what the evidence suggests, as researched in thousands of business schools around the world, that it’s as if you live in another world.

Let me pose a rhetorical question. Is the potential productive capacity of the world any different now than it was a year ago? The physical plant is still there and the workers are still there, but they just aren’t being used. What do these companies need in order to go back into production? Demand. What to people need to create demand? Money. Who makes the money? The Federal Reserve.

Here’s another rhetorical question: do businesses benefit from recession, when they can’t sell anything, and they can’t make money? World business has no interest at all in creating a recession. They lose too much value, in terms of stock, and in terms of sales.

So what’s the answer? Print money. What we want is exactly what you say: to put inflationary pressure on the dollar. More money in the system creates more demand. More demand gets companies to reopen mothballed capacity. That puts people to work, and pulls us out of a recession. If you decommission the Federal Reserve, that would be exactly the wrong thing to do. The only tricky part is judging this just right. Too much printed money, and we’ll soar into inflation. Too little, and the recession lingers.

Regarding world currency:
As you point out, there is a world currency (which supports my point that you can’t make people use a currency; they’ll use what they want to). Ever hear of Ithaca dollars? There are systems like it all over the country—a legal means of developing an alternate currency (legal because, technically, it’s bartering), and people use it instead of the national currency.

@chris6137 I’m talking about change in their personal lives. Changing jobs, moving to another town, using a different currency, changing their minds. Most people resist these things. They want to stay in their comfort zone. It takes an enormous amount of pain before they change. That’s what Bush brought us.

Even so, I hardly count political change at the Presidential level as something people feel directly changes their lives. It is so remote, and their vote such a small part of it, that, I believe for most people, it’s more a gesture of faith than anything else. Have you felt any change since Obama came into the White House? I haven’t. I mean, the news is covering a different guy, and he’s doing a lot of different things, so the story has changed, but in my personal life—it’s the same as before, and just as scary as before.

asmonet's avatar

@SeventhSense: Not what I meant, but I appreciate the mention.

kevbo's avatar

@evelyns_pet_zebra, chemtrails don’t exist, but somehow they are not non-existant enough that they warrant mention in the congressional record and on the news in Germany.
what is interesting is all the other non-existent stuff that’s mentioned in that resolution (which never did see the light of day)

-.999 baby!

SeventhSense's avatar

Those who truly understand this process are either railing against it or profiting from it.
Consider Japan’s recession, our closest example which is going on 20 years:
Commentary by Steve Sjuggerud’s Daily Wealth recently:
Since its recession began 20 years ago, Japan’s government has plowed trillions into its banking system via numerous bailout programs. In the last six months, for example, Japan’s government has authorized three stimulus plans totaling around $100 billion. This month, the Japanese government will give every person in Japan a check for 12,000 yen… about $120… to stimulate the economy. This program will cost the government another $20 billion. And this week, the Japanese prime minister suggested the largest bailout plan yet… putting the Japanese taxpayer on the hook for another $200 billion.

As a result of all this spending, the Japanese government has built up the world’s most crippling debt load and budget deficit. Right now, the government of Japan owes $7.8 trillion to creditors. That’s $157,000 per person. This year, it’ll have to borrow another $1.1 trillion to make ends meet.

Government debt to GDP is the ratio economists use to compare the indebtedness of countries. The UK has a government debt-to-GDP ratio of 48%. The U.S. has a government debt-to-GDP ratio of 75%. Japan has a government debt-to-GDP ratio of 187%.

Now Japan’s economy is a shambles. For years, the Japanese have relied on exports to support their economy… but exports have dried up. In the last six months, Japan has lost almost a quarter of a trillion dollars from the decline in its exports. In January, Japan’s exports plunged 47%... producing a $9 billion trade deficit. This is Japan’s first trade deficit in 13 years and its biggest deficit in 25 years.

When you consider the debt, the bad economy, and the coming population problem, it’s clear the Japanese government will never pay off the money it owes.”

Now consider that due to Japan’s aging populationa and the struggle, there is an increase in “grey crime” and they are having to equip more prisons with hand rails and access for the elderly.
I am sure that we could always expand our prisons too. It works so well in Texas. Just keep building bigger prisons and killing more people.

On a lighter note, I sold eight Fire King glass Jadite Mugs on eBay that went to Japan. They sold for 100 bucks a piece! Imagine paying 800 dollars for a set of pretty coffee mugs + a 30–40% import tax.

Let’s just keep printing money….YEAHHHHH!!! It’s all free!! It’s magic!! There’s nobody behind the curtain. It’s the Great Oz!! will remember none of this when you awaken…look deep into my lies eyes…when I count to 3 you will wake up and say God Bless America!

wundayatta's avatar

Did I say anything about borrowing money? I just want to print it. There is not enough money in our system to reflect the value of our goods and services. As a result, people don’t have money to buy anything. Pump money into the economy, people start buying, and that puts people back to work, and makes business profitable again.

Money is merely a metaphor for value. Sometimes the metaphor becomes badly out of whack (that’s a technical term) with the actual value of goods and services in the economy. When there’s too little money, we get a recession and confusion, and when there’s too much, we get inflation and confusion.

The job of the Fed is to keep confusion at bay. This is a delicate balancing act, and when unforeseen events suddenly appear, then the fed can’t keep the balance. Well, they should have foreseen this, but Greenspan was a closet Republican, and supported deregulation, and he screwed up big time, as he later admitted.

In any case, confusion rained down on us… no, hailed down on us. Not good for the economy.

SquirrelEStuff's avatar

Are you at all familiar with who wrote this back in 1967?
“When business in the United States underwent a mild contraction in 1927, the Federal Reserve created more paper reserves in the hope of forestalling any possible bank reserve shortage. More disastrous, however, was the Federal Reserve’s attempt to assist Great Britain who had been losing gold to us because the Bank of England refused to allow interest rates to rise when market forces dictated (it was politically unpalatable). The reasoning of the authorities involved was as follows: if the Federal Reserve pumped excessive paper reserves into American banks, interest rates in the United States would fall to a level comparable with those in Great Britain; this would act to stop Britain’s gold loss and avoid the political embarrassment of having to raise interest rates.

The “Fed” succeeded; it stopped the gold loss, but it nearly destroyed the economies of the world in the process. The excess credit which the Fed pumped into the economy spilled over into the stock market—triggering a fantastic speculative boom. Belatedly, Federal Reserve officials attempted to sop up the excess reserves and finally succeeded in braking the boom. But it was too late: by 1929 the speculative imbalances had become so overwhelming that the attempt precipitated a sharp retrenching and a consequent demoralizing of business confidence. As a result, the American economy collapsed. Great Britain fared even worse, and rather than absorb the full consequences of her previous folly, she abandoned the gold standard completely in 1931, tearing asunder what remained of the fabric of confidence and inducing a world-wide series of bank failures. The world economies plunged into the Great Depression of the 1930’s.”

wundayatta's avatar

Mild contraction vs major contraction—different tools at different times. Technically, this is not anything like 1927.

SeventhSense's avatar

mild contraction…sure like giving birth to triplets..~_~

SquirrelEStuff's avatar

Please explain how the Federal Reserve’s creation of trillions of paper reserves throughout the last 8–10 years, hasn’t been doing the same thing that it did in 1927?

The text from my last post was from an essay written in 1967 by Alan Greenspan. It can be found here
He knew exactly what he was doing. He should be put in jail, along with the rest of the money men.

adreamofautumn's avatar

@evelyns_pet_zebra i’m not sure which conspiracy theories are true and which are not and I shall keep quiet my own opinions on them all, but what if they’re right? Do you ever wonder (I know I do) “what if those that we discount as conspiracy theorists etc are actually just not as blinded as the rest of us”? Weird thought…
Maybe I should have just created a new thread to ask about conspiracy theories. Oh well.

SquirrelEStuff's avatar

I think creating that thread would be a great idea.

DREW_R's avatar

I won’t use it. I have already started re-implimenting the barter system anyway.

SeventhSense's avatar

Where do you live in Middle Earth? :)

DREW_R's avatar

@SeventhSense Southern Oregon and if that is considered Middle Earth I am more than fine with it. I like Hobbits better than the Orcs we have in the US government. ;)

SeventhSense's avatar

yes that’s definitely middle earth :P

SeventhSense's avatar

—We have more to be worried abour from our industrial centers. You may have fallen into the conspiracy land rabbit hole. Come back! Come back! It’s not too late!

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