Mr Lee Posted December 4, 2010 Posted December 4, 2010 When I read this, I wondered what the consequences might be for those who live in the PHL or elsewhere, anyone care to speculate? I believe we have been heading towards a one world everything for a long time but no one would admit it before. I think we are in for some rocky weather. Federal Reserve Chairman Ben Bernanke’s speech in Frankfurt may be one of the most important and underreported events since America abandoned the gold standard. In it, he said the dollar standard was flawed and that America’s trade deficit was imperiling America. “t would be desirable for the global community, over time, to devise [a new] international monetary system,” he said. Never before has a Fed chairman made such an admission. Never before has one ever disparaged his own currency in such a way. The first major shots of trade war may be about to be fired—and the Fed has just given its blessing. If you look back on the 1930s and that disastrous time period, protectionism is lethally contagious and predictable. Global trade and commerce will contract. Import prices will rise. Unemployment will skyrocket. And that is just for starters. The complete story here Link to comment Share on other sites More sharing options...
parksb2 Posted December 4, 2010 Posted December 4, 2010 When I read this, I wondered what the consequences might be for those who live in the PHL or elsewhere, anyone care to speculate? I believe we have been heading towards a one world everything for a long time but no one would admit it before. I think we are in for some rocky weather. Federal Reserve Chairman Ben Bernanke’s speech in Frankfurt may be one of the most important and underreported events since America abandoned the gold standard. In it, he said the dollar standard was flawed and that America’s trade deficit was imperiling America. “t would be desirable for the global community, over time, to devise [a new] international monetary system,” he said. Never before has a Fed chairman made such an admission. Never before has one ever disparaged his own currency in such a way. The first major shots of trade war may be about to be fired—and the Fed has just given its blessing. If you look back on the 1930s and that disastrous time period, protectionism is lethally contagious and predictable. Global trade and commerce will contract. Import prices will rise. Unemployment will skyrocket. And that is just for starters. The complete story here usdebtclock.org - The US is effectively broke were it not for it's military it would be.. Devaluation of the US currency is the last hope for the US economy.I don't think so, hows the euro doing? How long before 75 year old Germans working give up supporting Frenchmen who retire at 35? Just my 2 cents. Link to comment Share on other sites More sharing options...
Tom in Texas Posted December 4, 2010 Posted December 4, 2010 When I read this, I wondered what the consequences might be for those who live in the PHL or elsewhere, anyone care to speculate? I believe we have been heading towards a one world everything for a long time but no one would admit it before. I think we are in for some rocky weather.There may be some grains of truth in this article... such as the quoted statements from Bernanke... but much of the rhetoric needs to be viewed through the lens of its source -- The Worldwide Church of God founded on the teachings of Herbert W. Armstrong. Their writings seem to hold quite a few "end times" scenarios that will soon dash the world into chaos... but which you can avoid if you join their fold. I agree a One World currency... or global trade war... could be catastrophic --- particularly if on a fixed income from your home country while living in a third world country--- but I'm not sure we are there yet.......... I Hope (knock on wood). Link to comment Share on other sites More sharing options...
Art2ro Posted December 5, 2010 Posted December 5, 2010 Let's put a deadline on it! "Before My Lifetime"! Link to comment Share on other sites More sharing options...
LakeB Posted December 5, 2010 Posted December 5, 2010 A global currency? No thank youI am glad Sweden is not a part of Euro. We can now see the result of that experiment in Greece, Ireland, Portugal and some other Euro countries, with small influence in the interest policy.Important for countries with same currency are:- The same control system and rules for the banks. - Similar tax system.- Same desire to pay tax.- A common fight against corruption.- Similar regulation for.- Same priorities for the future.- Same priorities how to spend our common wealth.We can see caps between poor and rich in Euro zone and in Dollar zone. How currencies stand to each other can force countries to adjust, budget, spending’s and priorities.Complicated Link to comment Share on other sites More sharing options...
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