Historical Ride of World Dollar Power
Riding Off in Sunset of Our Will To Fight
International action to Replace the Dollar
Is the Beginning Of U.S. Slide Into Oblivion
Will Be Interesting to See New World Money
As an overall international U.S. power Declines
September 24, 2008
Before the initial announcement of the current financial crisis bailout package, we issued the following blog on September 18th, titled “Loss of World’s Respect for U.S. Dollar!
Begin Previous Blog
Loss of World’s Respect for U.S. Dollar!
September 18th, 2008
Loss of world respect for U.S. Dollar!
World’s best developed country Currency,
May be replaced by fastest Developing Country,
Ending Dollar’s Reign As King Currency Of The World,
It is all part of a plan to being U.S. down as world Power!
The U.S., China, and Russia Will Be Having Economic Warfare,
While Israelis & Islam slug it out in conventional Middle East War!
September 19, 2008
http://www.tribulationperiod.com/
Begin Excerpt from Chinese Overseas Edition of The People’s Daily as reported by Reuters
China paper urges new currency order after “financial tsunami”
September 17, 2008
BEIJING (Reuters) – Threatened by a “financial tsunami,” the world must consider building a financial order no longer dependent on the United States, a leading Chinese state newspaper said on Wednesday.
The commentary in the overseas edition of the People’s Daily said the collapse of Lehman Brothers Holdings Inc (LEH.P: Quote, Profile, Research, Stock Buzz) “may augur an even larger impending global ‘financial tsunami’.”
The People’s Daily is the official newspaper of China’s ruling Communist Party, and the overseas edition is a smaller circulation offshoot of the main paper.
Its pronouncements do not necessarily directly reflect leadership views, but this commentary by a professor at Shanghai’ s Tongji Univer
sity suggested considerable official alarm at the strains buckling world financial markets.
China’s central bank earlier this week cut its lending rate for the first time in six years, a move analysts said was aimed at bolstering the economy and the battered stock market.
“The eruption of the U.S. sub-prime crisis has exposed massive loopholes in the United States’ financial oversight and supervision,” writes the commentator, Shi Jianxun.
“The world urgently needs to create a diversified currency and financial system and fair and just financial order that is not dependent on the United States.”
But Vice Premier Wang Qishan, on a visit to the United States, told U.S. trade officials in a meeting on Tuesday that China and the United States needed to maintain close economic ties with global markets going through such turbulence.
“The Chinese government is well aware of the fact that the United States, which is the world’s largest developed country, and China, which is the world’s largest developing country, should have constructive and cooperative economic and trade relations,” he said.
China is a major buyer of U.S. Treasury bonds, and through its sovereign wealth fund it has taken stakes in two large U.S. financial institutions.
In July 2005, China revalued the yuan and freed it from a dollar peg to float within managed bands.
But the yuan and China’s trade remains tightly linked to the fortunes of the dollar.
The commentary suggested China must brace for grave economic fallout and look to alternatives, saying the crisis brings to mind the Great Depression of the 1930s.
“Lehman Brothers’ announced bankruptcy will not only have a domino effect on the global financial world, it will bring a shock to the world economy,” the front-page comment stated.
(Reporting by Chris Buckley; Editing by Ken Wills)
End Previous Blog of September 18, 2008
Begin Excerpt from StarTribune.com, Minneapolis-St.Paul, Minnesota
StarTribune.com
Minneapolus-St.
Paul; Minnesota
At UN assembly, many world leaders seek global solution to curtail financial crisis
By TAREK EL-TABLAWY, Associated Press
September 24, 2008
UNITED NATIONS – World leaders called for international action to combat the global financial crisis, urging cooperation even as the U.S. pressed ahead with unilateral action to stem a credit crunch that has engulfed global markets.
The focus on the dismal economic situation in the United States at the annual U.N. General Assembly ministerial meeting reflected how what began as a mortgage market meltdown in the U.S. has grown to overshadow other issues such as the threat of terrorism.
French President Nicolas Sarkozy called for the wholesale reform of the global financial system, urging major economic powers to meet before the end of the year to examine the lessons of the crisis.
“Let us rebuild capitalism in which credit agencies are controlled and punished when necessary, where transparency … replaces opaqueness,” Sarkozy said at Tuesday’s meeting. “We can do this on one condition, that we all work together in our globalized world.”
Although Sarkozy and other leaders insisted on this global approach, President Bush — in his last speech before the General Assembly — assured officials his government was aggressively working to contain the credit meltdown some fear will undercut development and poverty-fighting efforts.
The Bush administration is working with Congress to come to quick agreement on a $700 billion bailout bill, in addition to other recent actions he called “bold steps” aimed at stabilizing markets and keeping credit flowing.
Bush said he realizes that other nations are watching how the U.S. deals with the financial crisis, and he expressed confidence that Washington will act “in the urgent timeframe required” to prevent broader problems.
He did not ask for any action by other countries.
Sarkozy, who currently heads the European Union — which includes some of Washington’s closest allies — insisted on a global solution.
“What is important is that no country however powerful it may be can bring an effective answer to the financial crisis on its own, so it would be logical to have it in the format of the G-8, the major eight economies of the world,” he said.
Brazil’s President Luiz Inacio Lula da Silva, a former labor leader, also called for a global solution to the financial crisis and lashed out at speculators who he blamed for the “anguish of entire peoples.”
“The global nature of this crisis means that the solutions we adopt must also be global,” Silva said.
Philippines President Gloria Macapagal Arroyo said “economic uncertainty has moved like a terrible tsunami around the globe, wiping away gains, erasing progress.”
“Just when we thought the worst had passed, the light at the end of the tunnel became an oncoming train, hurtling forward with new shocks to the global financial system,” she said.
The widespread concerns came on a day when the head of the U.S. central bank, Federal Reserve Chairman Ben Bernanke, warned U.S. lawmakers, that they risk a recession and deepening economic woes if they fail to act on the administration’s plan to bail out the financial industry.
At the U.N., the worry about the impact of the credit crisis on the world’ s mo
st vulnerable nations and peoples was evident.
Addressing more than 120 world leaders and dozens of government ministers at the opening of the meeting, Secretary-General Ban Ki-moon called for global leadership to restore order to international financial markets, make trade concessions and act on climate change.
Ban said he worried that nations are losing sight of the “new reality” — that there are “new centers of power and leadership in Asia, Latin America and across the newly developed world” — and that “in this new world, our challenges are increasingly those of collaboration rather than confrontation.”
“The global financial crisis endangers all our work — financing for development, social spending in rich nations and poor, the Millennium Development Goals” to improve life for the poorest,” he said.
“If ever there were a call to collective action — a call for global leadership — it is now,” Ban said.
“We need to restore order to the international financial markets,” he said. “We need a new understanding on business ethics and governance, with more compassion and less uncritical faith in the `magic’ of markets. And we must think about how the world economic system should evolve to more fully reflect changing realities of our time.”
He urged world leaders to adopt a new trade deal
to help developing countries at the Doha review conference later this year.
Associated Press Writers Edith M. Lederer, Krista Larson, Michael Astor, Slobodan Lekic and Matt Surman contributed to this report from the United Nations
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