Council on Foreign Relations Pushes for Three Regional Currencies in the World

Council on Foreign Relations Pushes for Three Regional Currencies in the World [align=left]James Newcomb
JBS
Tuesday May 22, 2007 [/align]
Create a global lending institution that weakens the economy of wealthy nations, enslaves Third World countries, and prevents those nations from rising out of their impoverished conditions. Blame that institution for creating a plethora of global financial crises over the past fifty years. Then offer a solution of consolidating all of the economies of the world into three different regions, each of which will use one type of currency.
Were that scenario to be played out in the latest issue of Mad Magazine, it might be good for a laugh or two. But when it is published by the most influential foreign policy journal in the world, it is cause for more than a little concern. Foreign Affairs is considered by many to be the "playbook" that our nation's leaders use in creating foreign policy. It unabashedly promotes the concept of "globalism," which is a softball term used to describe a utopian one world government. Regardless of the political party in power, our government has worked to implement the journal's agenda for many years.
Benn Steil, the CFR's Director of International Economics, argues that the International Monetary Fund's (IMF) practice of "lending" money to poor countries causes them to give up a portion of their sovereignty. The IMF is funded by the wealthy nations of the world, the U.S., Britain and Japan, to name a few.
However, since the dollar is the currency of choice for much of the world, the lion's share of funds in the IMF and World Bank are made up of U.S. dollars. The United States, having the fortunate position of possessing the money that the rest of the world has faith in, will then sell government bonds to foreign governments that have just borrowed from the IMF to offset the deficit spending (such as funding the IMF) that Congress approves. To use an analogy, it is like buying a suit from a tailor and then receiving that same money back the next day in the form of a loan. Because of this process, he rightly calls the dollar an absurdity supported only by blind (or stupid) faith in man's wisdom.
The logical answer from the perspective of a free marketer is for the U.S. to return to the gold standard, which is what gave the dollar a worldwide prominence in the first place. Not according to Steil, who says: "A revived gold standard is out of the question. In the nineteenth century, governments spent less than ten percent of national income in a given year. Today, they routinely spend half or more, and so they would never subordinate spending to the stringent requirements of sustaining a commodity-based monetary system."
There we have it. Since those governments have become more socialist in nature, they must be emancipated from the restraints a hard metal currency would place on them from spending us all into paradise.
What does Steil propose as an alternative solution? He writes: "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."
But didn't he just called the dollar an absurdity that is supported only by faith? Why the supposed turnaround? Who will control the dollar in this scenario, the IMF or the United States government? Were Steil and his cohorts honest, they could simply say, "we created the problem, now we're offering the solution ... and the American taxpayers have and will pay for both.â?�
Most readers of Foreign Affairs believe they are getting the "cream of the crop" when it comes to global developments. What they don't realize is that the problem to which Steil presents this preposterous solution was caused exclusively by members of the CFR. Their members have run the Federal Reserve System for decades. And it was CFR member Harry Dexter White who served as the first Executive Director for the United States at the IMF. British Fabian Socialist John Maynard Keynes was the mastermind behind the conference at Bretton Woods, New Hampshire, where the IMF and World Bank came into existence in 1944.
The stated goal of the two newly created institutions was to lend money to nations who were torn apart by war or other calamities. That is exactly what they did and have done. After CFR member Richard Nixon signed an executive order abolishing the gold standard in America's currency in 1971, it gave the Fed a virtually unlimited supply of money to lend and an unlimited amount of power over the hapless nations who are suckered into borrowing.
Always remember the golden rule: "Whoever has the gold makes the rules." This solution is nothing more than a piecemeal approach to a global economy operated by the United Nations.
History shows that only when an economy uses a commodity, such as gold, to back up its currency, is it ever successful. Americans are not rich; they are incredibly broke and they don't even realize it. It is not the wisdom of men that made America great; it was the application of wisdom gleaned from thousands of years of history that made it prosperous and free.
America's role as the world's policeman and the world's welfare provider has come at a great expense to her citizens. Let's try non-intervention and sound economics and see how that works for a change.
Reader Comments

Gloom, dispair and agony on me.............

Have a good one!:s4:

My thoughts on a world economy are as follows:





Hmmmmmmmmmmmmmmmmmm..............

*beep*
<wall of imposing text detected>
<brain disengaged>

Quote:

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Originally Posted by Psycho4Bud

Gloom, dispair and agony on me.............

Have a good one!:s4:

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The trouble is that 95% of that wealth is held by 5% of the people, It has no bearing on the economics of the average American. The average American is in dire straights, over spent, over maxed credit, and under paid. The wealthy are doing wonderful. That is where Bush gets his great economy from, the wealthy. The rest of us monkees are hurting.

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Rank Order - Current account balance...last one to the bottom wins
https://www.cia.gov/library/publicat.../2187rank.html
Rank Country Current account balance Date of Information
1 China $ 179,100,000,000 2006 est.
2 Japan $ 174,400,000,000 2006 est.
3 Germany $ 134,800,000,000 2006 est.
4 Russia $ 105,300,000,000 2006 est.
5 Saudi Arabia $ 103,800,000,000 2006 est.
6 Norway $ 63,330,000,000 2006 est.
7 Switzerland $ 50,440,000,000 2006 est.
8 Netherlands $ 50,170,000,000 2006 est.
9 Kuwait $ 40,750,000,000 2006 est.
10 Singapore $ 35,580,000,000 2006 est.
11 Venezuela $ 31,820,000,000 2006 est.
12 Sweden $ 28,610,000,000 2006 est.
13 United Arab Emirates $ 26,890,000,000 2006 est.
14 Algeria $ 25,800,000,000 2006 est.
15 Hong Kong $ 20,900,000,000 2006 est.
16 Canada $ 20,560,000,000 2006 est.
17 Malaysia $ 17,860,000,000 2006 est.
18 Libya $ 14,500,000,000 2006 est.
19 Brazil $ 13,500,000,000 2006 est.
20 Iran $ 13,130,000,000 2006 est.
21 Nigeria $ 12,590,000,000 2006 est.
22 Qatar $ 12,510,000,000 2006 est.
23 Taiwan $ 9,700,000,000 2006 est.
24 Finland $ 8,749,000,000 2006 est.
25 Iraq $ 8,134,000,000 2006 est.
26 Angola $ 7,700,000,000 2006 est.
27 Oman $ 7,097,000,000 2006 est.
28 Belgium $ 6,925,000,000 2006 est.
29 Austria $ 5,913,000,000 2006 est.
30 Argentina $ 5,810,000,000 2006 est.
31 Chile $ 5,063,000,000 2006 est.
32 Denmark $ 4,941,000,000 2006 est.
33 Philippines $ 4,900,000,000 2006 est.
34 Luxembourg $ 4,630,000,000 2006 est.
35 Trinidad and Tobago $ 3,259,000,000 2006 est.
36 Azerbaijan $ 2,737,000,000 2006 est.
37 Egypt $ 2,697,000,000 2006 est.
38 Korea, South $ 2,000,000,000 2006 est.
39 Bahrain $ 1,999,000,000 2006 est.
40 Gabon $ 1,807,000,000 2006 est.
41 Botswana $ 1,698,000,000 2006 est.
42 Yemen $ 1,690,000,000 2006 est.
43 Indonesia $ 1,636,000,000 2006 est.
44 Peru $ 1,515,000,000 2006 est.
45 Israel $ 1,463,000,000 2006 est.
46 Uzbekistan $ 1,410,000,000 2006 est.
47 Burma $ 1,247,000,000 2006 est.
48 Congo, Republic of the $ 1,215,000,000 2006 est.
49 Vietnam $ 1,029,000,000 2006 est.
50 Ecuador $ 727,000,000 2006 est.
51 Bolivia $ 688,000,000 2006 est.
52 Papua New Guinea $ 661,000,000 2006 est.
53 Namibia $ 572,000,000 2006 est.
54 Cote d'Ivoire $ 460,000,000 2006 est.
55 Cameroon $ 419,000,000 2006 est.
56 Morocco $ 389,000,000 2006 est.
57 Bangladesh $ 339,000,000 2006 est.
58 Turkmenistan $ 321,200,000 2006 est.
59 Equatorial Guinea $ 175,000,000 2006 est.
60 British Virgin Islands $ 134,300,000 1999
61 Kazakhstan $ 133,000,000 2006 est.
62 Cook Islands $ 26,670,000 2005
63 Palau $ 15,090,000 FY03/04
64 Tuvalu $ 2,323,000 1998
65 Samoa $ -2,428,000 FY03/04
66 Tonga $ -4,321,000 FY04/05
67 Comoros $ -17,000,000 2005 est.
68 Kiribati $ -19,870,000 2004
69 Swaziland $ -23,130,000 2006 est.
70 Sao Tome and Principe $ -24,400,000 2006 est.
71 Vanuatu $ -28,350,000 2003
72 Micronesia, Federated States of $ -34,300,000 FY05 est.
73 Anguilla $ -42,870,000 2003 est.
74 Cape Verde $ -44,430,000 2006 est.
75 Gambia, The $ -54,610,000 2006 est.
76 Burundi $ -57,840,000 2006 est.
77 Haiti $ -58,720,000 2006 est.
78 Tajikistan $ -73,950,000 2006 est.
79 Lesotho $ -75,440,000 2006 est.
80 Seychelles $ -78,590,000 2006 est.
81 Antigua and Barbuda $ -83,400,000 2004
82 Guyana $ -84,300,000 2006 est.
83 Rwanda $ -104,100,000 2006 est.
84 Honduras $ -160,000,000 2006 est.
85 Zambia $ -165,400,000 2006 est.
86 Macedonia $ -167,000,000 2006 est.
87 Belize $ -173,400,000 2006 est.
88 Malawi $ -186,000,000 2006 est.
89 Ghana $ -219,000,000 2006 est.
90 Armenia $ -247,300,000 January-September 2006 est.
91 Togo $ -261,900,000 2006 est.
92 Zimbabwe $ -264,600,000 2006 est.
93 Kyrgyzstan $ -287,300,000 2006 est.
94 Paraguay $ -300,000,000 2006 est.
95 Chad $ -324,100,000 2006 est.
96 Benin $ -342,700,000 2006 est.
97 Guinea $ -344,000,000 2006 est.
98 Cambodia $ -369,000,000 2006 est.
99 Mexico $ -400,100,000 2006 est.
100 Uganda $ -423,000,000 2006 est.
101 Eritrea $ -440,500,000 2006 est.
102 Mozambique $ -444,400,000 2006 est.
103 Fiji $ -465,800,000 2006 est.
104 Panama $ -467,000,000 2006 est.
105 Madagascar $ -504,000,000 2006 est.
106 Laos $ -504,200,000 2006 est.
107 Belarus $ -511,800,000 2006 est.
108 Syria $ -529,000,000 2006 est.
109 Moldova $ -561,000,000 2006 est.
110 Uruguay $ -600,000,000 2006 est.
111 Burkina Faso $ -604,600,000 2006 est.
112 Mauritius $ -651,000,000 2006 est.
113 Albania $ -679,900,000 2006 est.
114 Georgia $ -735,000,000 2006 est.
115 Tunisia $ -760,000,000 2006 est.
116 Slovenia $ -789,200,000 2006 est.
117 Nicaragua $ -883,000,000 2006 est.
118 Senegal $ -895,200,000 2006 est.
119 Thailand $ -899,400,000 2006 est.
120 Tanzania $ -906,000,000 2006 est.
121 Malta $ -966,200,000 2006 est.
122 Jamaica $ -970,000,000 2006 est.
123 Cyprus $ -1,051,000,000 2006 est.
124 El Salvador $ -1,059,000,000 2006 est.
125 Sri Lanka $ -1,118,000,000 2006 est.
126 Kenya $ -1,119,000,000 2006 est.
127 Dominican Republic $ -1,124,000,000 2006 est.
128 Costa Rica $ -1,176,000,000 2006 est.
129 Cuba $ -1,218,000,000 2006 est.
130 Guatemala $ -1,533,000,000 2006 est.
131 Bosnia and Herzegovina $ -1,730,000,000 2006 est.
132 Estonia $ -1,919,000,000 2006 est.
133 Ukraine $ -1,933,000,000 2006 est.
134 Colombia $ -2,219,000,000 2006 est.
135 Serbia $ -2,451,000,000 2005 est.
136 Latvia $ -2,538,000,000 2006 est.
137 Lithuania $ -2,572,000,000 2006 est.
138 Jordan $ -2,834,000,000 2006 est.
139 Croatia $ -2,892,000,000 2006 est.
140 Iceland $ -2,932,000,000 2006 est.
141 Ethiopia $ -3,384,000,000 FY05/06 est.
142 Slovakia $ -3,781,000,000 2006 est.
143 Czech Republic $ -4,352,000,000 2006 est.
144 Sudan $ -4,510,000,000 2006 est.
145 Poland $ -4,548,000,000 2006 est.
146 Bulgaria $ -5,100,000,000 2006 est.
147 Lebanon $ -5,339,000,000 October 2006
148 Pakistan $ -5,486,000,000 2006 est.
149 New Zealand $ -7,944,000,000 2006 est.
150 Hungary $ -8,392,000,000 2006 est.
151 Ireland $ -9,450,000,000 2006 est.
152 Romania $ -12,450,000,000 2006 est.
153 South Africa $ -12,690,000,000 2006 est.
154 Portugal $ -16,750,000,000 2006 est.
155 Greece $ -21,370,000,000 2006 est.
156 Italy $ -23,730,000,000 2006 est.
157 Turkey $ -25,990,000,000 2006 est.
158 India $ -26,400,000,000 2006 est.
159 France $ -38,000,000,000 2006 est.
160 Australia $ -41,620,000,000 2006 est.
161 United Kingdom $ -57,680,000,000 2006 est.
162 Spain $ -98,600,000,000 2006 est.
163 United States $ -862,300,000,000 2006 est.

Quote:

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Originally Posted by eg420ne

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Rank Order - Current account balance...last one to the bottom wins
https://www.cia.gov/library/publicat.../2187rank.html
Rank Country Current account balance Date of Information
1 China $ 179,100,000,000 2006 est.
2 Japan $ 174,400,000,000 2006 est.
3 Germany $ 134,800,000,000 2006 est.
4 Russia $ 105,300,000,000 2006 est.
5 Saudi Arabia $ 103,800,000,000 2006 est.
6 Norway $ 63,330,000,000 2006 est.
7 Switzerland $ 50,440,000,000 2006 est.
8 Netherlands $ 50,170,000,000 2006 est.
9 Kuwait $ 40,750,000,000 2006 est.
10 Singapore $ 35,580,000,000 2006 est.
11 Venezuela $ 31,820,000,000 2006 est.
12 Sweden $ 28,610,000,000 2006 est.
13 United Arab Emirates $ 26,890,000,000 2006 est.
14 Algeria $ 25,800,000,000 2006 est.
15 Hong Kong $ 20,900,000,000 2006 est.
16 Canada $ 20,560,000,000 2006 est.
17 Malaysia $ 17,860,000,000 2006 est.
18 Libya $ 14,500,000,000 2006 est.
19 Brazil $ 13,500,000,000 2006 est.
20 Iran $ 13,130,000,000 2006 est.
21 Nigeria $ 12,590,000,000 2006 est.
22 Qatar $ 12,510,000,000 2006 est.
23 Taiwan $ 9,700,000,000 2006 est.
24 Finland $ 8,749,000,000 2006 est.
25 Iraq $ 8,134,000,000 2006 est.
26 Angola $ 7,700,000,000 2006 est.
27 Oman $ 7,097,000,000 2006 est.
28 Belgium $ 6,925,000,000 2006 est.
29 Austria $ 5,913,000,000 2006 est.
30 Argentina $ 5,810,000,000 2006 est.
31 Chile $ 5,063,000,000 2006 est.
32 Denmark $ 4,941,000,000 2006 est.
33 Philippines $ 4,900,000,000 2006 est.
34 Luxembourg $ 4,630,000,000 2006 est.
35 Trinidad and Tobago $ 3,259,000,000 2006 est.
36 Azerbaijan $ 2,737,000,000 2006 est.
37 Egypt $ 2,697,000,000 2006 est.
38 Korea, South $ 2,000,000,000 2006 est.
39 Bahrain $ 1,999,000,000 2006 est.
40 Gabon $ 1,807,000,000 2006 est.
41 Botswana $ 1,698,000,000 2006 est.
42 Yemen $ 1,690,000,000 2006 est.
43 Indonesia $ 1,636,000,000 2006 est.
44 Peru $ 1,515,000,000 2006 est.
45 Israel $ 1,463,000,000 2006 est.
46 Uzbekistan $ 1,410,000,000 2006 est.
47 Burma $ 1,247,000,000 2006 est.
48 Congo, Republic of the $ 1,215,000,000 2006 est.
49 Vietnam $ 1,029,000,000 2006 est.
50 Ecuador $ 727,000,000 2006 est.
51 Bolivia $ 688,000,000 2006 est.
52 Papua New Guinea $ 661,000,000 2006 est.
53 Namibia $ 572,000,000 2006 est.
54 Cote d'Ivoire $ 460,000,000 2006 est.
55 Cameroon $ 419,000,000 2006 est.
56 Morocco $ 389,000,000 2006 est.
57 Bangladesh $ 339,000,000 2006 est.
58 Turkmenistan $ 321,200,000 2006 est.
59 Equatorial Guinea $ 175,000,000 2006 est.
60 British Virgin Islands $ 134,300,000 1999
61 Kazakhstan $ 133,000,000 2006 est.
62 Cook Islands $ 26,670,000 2005
63 Palau $ 15,090,000 FY03/04
64 Tuvalu $ 2,323,000 1998
65 Samoa $ -2,428,000 FY03/04
66 Tonga $ -4,321,000 FY04/05
67 Comoros $ -17,000,000 2005 est.
68 Kiribati $ -19,870,000 2004
69 Swaziland $ -23,130,000 2006 est.
70 Sao Tome and Principe $ -24,400,000 2006 est.
71 Vanuatu $ -28,350,000 2003
72 Micronesia, Federated States of $ -34,300,000 FY05 est.
73 Anguilla $ -42,870,000 2003 est.
74 Cape Verde $ -44,430,000 2006 est.
75 Gambia, The $ -54,610,000 2006 est.
76 Burundi $ -57,840,000 2006 est.
77 Haiti $ -58,720,000 2006 est.
78 Tajikistan $ -73,950,000 2006 est.
79 Lesotho $ -75,440,000 2006 est.
80 Seychelles $ -78,590,000 2006 est.
81 Antigua and Barbuda $ -83,400,000 2004
82 Guyana $ -84,300,000 2006 est.
83 Rwanda $ -104,100,000 2006 est.
84 Honduras $ -160,000,000 2006 est.
85 Zambia $ -165,400,000 2006 est.
86 Macedonia $ -167,000,000 2006 est.
87 Belize $ -173,400,000 2006 est.
88 Malawi $ -186,000,000 2006 est.
89 Ghana $ -219,000,000 2006 est.
90 Armenia $ -247,300,000 January-September 2006 est.
91 Togo $ -261,900,000 2006 est.
92 Zimbabwe $ -264,600,000 2006 est.
93 Kyrgyzstan $ -287,300,000 2006 est.
94 Paraguay $ -300,000,000 2006 est.
95 Chad $ -324,100,000 2006 est.
96 Benin $ -342,700,000 2006 est.
97 Guinea $ -344,000,000 2006 est.
98 Cambodia $ -369,000,000 2006 est.
99 Mexico $ -400,100,000 2006 est.
100 Uganda $ -423,000,000 2006 est.
101 Eritrea $ -440,500,000 2006 est.
102 Mozambique $ -444,400,000 2006 est.
103 Fiji $ -465,800,000 2006 est.
104 Panama $ -467,000,000 2006 est.
105 Madagascar $ -504,000,000 2006 est.
106 Laos $ -504,200,000 2006 est.
107 Belarus $ -511,800,000 2006 est.
108 Syria $ -529,000,000 2006 est.
109 Moldova $ -561,000,000 2006 est.
110 Uruguay $ -600,000,000 2006 est.
111 Burkina Faso $ -604,600,000 2006 est.
112 Mauritius $ -651,000,000 2006 est.
113 Albania $ -679,900,000 2006 est.
114 Georgia $ -735,000,000 2006 est.
115 Tunisia $ -760,000,000 2006 est.
116 Slovenia $ -789,200,000 2006 est.
117 Nicaragua $ -883,000,000 2006 est.
118 Senegal $ -895,200,000 2006 est.
119 Thailand $ -899,400,000 2006 est.
120 Tanzania $ -906,000,000 2006 est.
121 Malta $ -966,200,000 2006 est.
122 Jamaica $ -970,000,000 2006 est.
123 Cyprus $ -1,051,000,000 2006 est.
124 El Salvador $ -1,059,000,000 2006 est.
125 Sri Lanka $ -1,118,000,000 2006 est.
126 Kenya $ -1,119,000,000 2006 est.
127 Dominican Republic $ -1,124,000,000 2006 est.
128 Costa Rica $ -1,176,000,000 2006 est.
129 Cuba $ -1,218,000,000 2006 est.
130 Guatemala $ -1,533,000,000 2006 est.
131 Bosnia and Herzegovina $ -1,730,000,000 2006 est.
132 Estonia $ -1,919,000,000 2006 est.
133 Ukraine $ -1,933,000,000 2006 est.
134 Colombia $ -2,219,000,000 2006 est.
135 Serbia $ -2,451,000,000 2005 est.
136 Latvia $ -2,538,000,000 2006 est.
137 Lithuania $ -2,572,000,000 2006 est.
138 Jordan $ -2,834,000,000 2006 est.
139 Croatia $ -2,892,000,000 2006 est.
140 Iceland $ -2,932,000,000 2006 est.
141 Ethiopia $ -3,384,000,000 FY05/06 est.
142 Slovakia $ -3,781,000,000 2006 est.
143 Czech Republic $ -4,352,000,000 2006 est.
144 Sudan $ -4,510,000,000 2006 est.
145 Poland $ -4,548,000,000 2006 est.
146 Bulgaria $ -5,100,000,000 2006 est.
147 Lebanon $ -5,339,000,000 October 2006
148 Pakistan $ -5,486,000,000 2006 est.
149 New Zealand $ -7,944,000,000 2006 est.
150 Hungary $ -8,392,000,000 2006 est.
151 Ireland $ -9,450,000,000 2006 est.
152 Romania $ -12,450,000,000 2006 est.
153 South Africa $ -12,690,000,000 2006 est.
154 Portugal $ -16,750,000,000 2006 est.
155 Greece $ -21,370,000,000 2006 est.
156 Italy $ -23,730,000,000 2006 est.
157 Turkey $ -25,990,000,000 2006 est.
158 India $ -26,400,000,000 2006 est.
159 France $ -38,000,000,000 2006 est.
160 Australia $ -41,620,000,000 2006 est.
161 United Kingdom $ -57,680,000,000 2006 est.
162 Spain $ -98,600,000,000 2006 est.
163 United States $ -862,300,000,000 2006 est.

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So what exactly does currency account balance mean? Because I don"t have a fucking clue. Anyone?

It means where in debt and china & japan owns our debt