More on Bilderberg Week Including Agenda 21 Updates…

UPDATED TOPICS: 6-10-2011 Bilderberg Meeting:  Comet Elenin (or ELEnin Brown Dwarf Star), Solar Flares, Earthquakes, Tornadoes, Underground Cities.

Coincidentally???: (Video) NASA Emails ALL Employees Today to PREPARE! June 10, 2011 - The word on alternative media is that the Brown Dwarf is coming and its affects will be evident by July 7th.
It doesn't mean it will hit earth on July 7th - it means that everyone will know from the events happening that this could be coming.
So if nothing happens by July 7 - we are out of the woods on this one.

Aaron Dykes  -  Infowars.com  -  June 10, 2011

--> BREAKING: Bilderberg 2011 Attendees List  <--

As Alex Jones has said the more light you shine on these people and this event, the more there is hope - Video: The Fall of Bilderberg:  The People Strike Back  There are many significant names and former attendees missing from the list this year.  To name a few that are missing that have been spotted there before:

Bill or Melinda Gates (they never attend together), the Clintons, Oprah Winfrey, Tony Blair, Katie Couric, Eric Schmidt, CEO of Google,  George H.W. Bush, John Kerry, John Edwards, Paul Wolfowitz,  Rick Perry (Governor of Texas),  Alan Greenspan,  Michael Bloomberg, Donald Rumsfeld, Rupert Murdoch, George Soros… any many more~

A few noteable biggies attending:  Kissinger, Henry A., Chairman, Kissinger Associates, Inc., Rubin, Robert E., Co-Chairman, Council on Foreign Relations; Former Secretary of the Treasury, Rockefeller, David, Former Chairman, Chase Manhattan Bank, Hughes, Chris R., Co-founder, Facebook, Bezos, Jeff, Founder and CEO, Amazon.com, Orszag, Peter R., Vice Chairman, Citigroup Global Markets, Inc., and the list of elites, dignitaries, politicians, world royalty and power brokers goes on… See full list attending this year above~

The Bilderberg Group

Bilderberg Behind Rick Perry 2012 Run

Texas Governor Rick Perry is dipping his toes into the 2012 presidential race, coincidentally, as the Bilderberg conference convenes in St. Moritz, Switzerland. Bilderberg, notorious kingmakers in the U.S. and Europe, tapped Perry in 2007, inviting him to the conference meeting in Istanbul and presumably vetting him for higher office. Has his moment now arrived?

With a GOP primary field weak in viable-but-malleable globalist candidates, Perry may well prove to be a rising star. Current U.S. media is buzzing with speculation of his imminent entry. Bilderberg have long worked to own both horses in each cycle of U.S. presidential races. Bill Clinton, an obscure governor when he attended Bilderberg in 1991 before his 1992 presidential run, is a prime example of a candidate selected and run by Bilderberg. Bilderberg is also responsible for selecting British Prime Ministers Tony Blair and David Cameron.

Gov. Rick Perry has been building his credentials as a pseudo-Tea Party leader and supposed proponent of succession, so he may prove to be a marketable product to the grassroots populists rebelling against the establishment GOP. In reality, of course, he is another pawn. His own rise in politics in the mid-80s came at the hands of one Karl Rove, known alternately as “Bush’s Brain,” who convinced Perry to flip from Democrat to Republican. Perry became George W. Bush’s Lt. Governor, rising to Governor once Bush the Younger gained the White House in 2000. He is now the longest serving governor in office.

Weeks ago, Perry’s office discussed the possibility of his entering the GOP primary at the end of the Texas legislative session. Now fresh rumors about his entering the race coincide with the end of the regular session. His speculative run is buoyed by the news that his top political aide David Carney has just quit the Gingrich campaign, which has fallen flat. Carney and related aides are considered key to Perry’s campaign viability. CBS News writes that Perry is “serious” about a run, but “There was no way Perry would run for president without his top political consultant, Dave Carney… Unfortunately for Perry, both of those guys were working on Gingrich 2012… Now, Gingrich’s entire team has up and quit. And all of a sudden Carney/Johnson are available. And Rick Perry is for real.”

The June 9-12 conference is well-timed for Bilderberg’s influence in the GOP primary, with potential voters still undecided and no clear frontrunner yet established.

Veteran Bilderberg sleuth Jim Tucker wrote last week about Perry’s likely entry into the 2012 field, pointing out that he may be Bilderberg’s “Ace in the Hole” as backlash against typical GOP candidates has given little promise for other establishment candidates. Tucker writes:

Perry has repeatedly denied that he is running for president, but several campaigns have been put forth to draft the three term Texas governor. In addition, Perry keeps pushing himself as a Bilderberg wild card. At Republican events, he has described the type of nominee the GOP needs (like himself) without naming himself.

Bilderberg, true to form, wants the U.S. recession to continue throughout 2012 and for oil prices to remain high and increase further. This could make Obama a one-term president. But at this point it appears Bilderberg’s “other horse” is headed for the stable, to be groomed as their ace in the hole.

Tucker identified Perry as a likely presidential contender back in 2007. President Barack Obama reportedly attended Bilderberg in Chantilly, Virginia in 2008, alongside Hillary Clinton, whom he had just dominated in the primary. Undoubtedly, he gained approval and backing during their shadowy meeting. Bilderberg regular James A. Johnson admittedly led the search for Obama’s running mate in 2008, vetting potential VPs.

Perry could now prove to be a strong challenger to Obama in 2012.

Our BIlderberg 2011 coverage is sponsored by Midas Resources, the trusted name in precious metals. Visit them at http://www.midasresources.com/

Video:  Livable Communities Act (SB 1619)-Agenda 21-Collectivism,Depopulation and Social Engineering

Video:  Bill Gates EXPOSED Wants Depopulation Through Vaccines

Video:  Obama Depopulation Policy Exposed!!  Red Alert!!!!

Breaking:  Secret Bilderberg Agenda Leaked by Mole

Bilderberg Conference 2011 Update and More… InfoWars

Bilderberg 2011 To Discuss Potential Collapse of Europe

Bilderberg 2011: All aboard the Bilderbus

Related:

Council on Foreign Relations

Review:  The True Story of the Bilderberg Group

Resources

The True Story of the Bilderberg Group...

The Creature from Jekyll Island

Bilderberg People: Elite Power and Consensus in World Affairs

Fall of the Republic – The Presidency of Barack Obama… Full Length Movie – Please Watch

Fall of the Republic – The Presidency of Barack Obama… Full Length Movie

There are 4 bills, issues and treaties that we, the American People have to to stop between now and the December:

Stop the Passing of ObamaCare in its Present Form – Everyday more and more untruths are surfacing and all the experts are saying that it will increase our debt, costs will go up, millions will still be uninsured, government will be between you and doctor and and there will be no turning back.

Government Programs ALWAYS Run Over-Budget – Video

Senators and Doctors Speak Out on Fraud and Dishonesty in the Baucus Bill

Stop the Passing of Cap and Trade in the Senate

Solar Sticker Shock Hits Washington County

"Global Warming or Global Governance? What the media refuse to tell you about so-called climate change"

Stop Spending Money, Hiding Expenses and Increasing the Debt

The U.S. Debt Clock

Stop Obama from Signing the Climate Treaty in Copenhagen

Warning: "We Are At the 11th Hour!" - A Must Read/Watch

CFP: Obama Posed to Cede US Sovereignty, Claims British Lord

If these things are not stopped it will change each of our lives, America as we know it and the alignment of the World… until God pulls the plug.

It is time to stand up… NOW!!!

…..Why am I NOT surprised…… Geeeshhh!!!!

A FRIGHTENING PHOTO This will open your eyes.. What does Obama read? The name of the book Obama is reading is called The Post-American World, written by a fellow Muslim. Post-America - The world After America ??? Please share this picture to everyone you know, conservative or liberal to expose Obama's radical ideas and intent for this country!

Brazil announced this week that they will be implementing a 2% tax on fixed-income and equity purchases by foreign investors in an attempt to curb the appreciation of the Brazilian real, which is up 32% this year against the U.S. dollar. Brazil is trying to deter foreign investors from investing into their country, in an attempt to artificially prop up the U.S. dollar.

It is completely absurd for Brazil to care so much about having the ability to export their products to Americans who can't afford them. They should be allowing the real to appreciate in value so that their citizens can enjoy an increased standard of living. The only people who will benefit from Brazil's actions are those who own exporting companies in Brazil. The overwhelming majority of the people in Brazil will suffer, as the country will likely continue adding to their $231.5 billion in U.S. dollar reserves that will eventually be completely worthless.

Federal Reserve Chairman Ben Bernanke said this week that the U.S. should cut down on its budget deficit in order to reduce global imbalances. This is hypocritical, as it's Bernanke who is allowing the U.S. to have such huge budget deficits by monetizing our government's spending. Bernanke is the only person with the power to put a stop to the madness, but in his campaign to get reappointed, he most likely promised everybody in Washington that he would continue monetizing their spending in the future.

Bernanke continues to claim that the recession is over and the financial crisis is behind us, but the global imbalances he admits we still need to correct are getting more out of control than ever.

Consumer spending now accounts for 71% of the U.S. GDP, well above the long-term average of 65%. If global imbalances were to correct, we would need the consumer spending portion of GDP to overcorrect down to below 60% for an extended period of time. This would certainly put the U.S. in a very deep recession, but only then would our economy have a real chance of truly becoming healthy.

After the U.S. financial markets collapsed in late-2008/early-2009, we saw the U.S. personal savings rate triple to a high in May of 6.2%. This was a step in the right direction but it didn't last for long.

The savings rate has since then fallen three months in a row back down to 3%. Any progress that was made has been lost. The imbalances are growing to new extremes that will eventually result in complete economic chaos and hyperinflation. Our only chance to rein in the imbalances before they do irreparable harm is to follow in the footsteps of the Reserve Bank of Australia and dramatically raise interest rates immediately.

Many so-called financial experts and stock analysts on CNBC have been proclaiming the rapidly declining U.S. dollar to be good for the U.S. economy, because it will boost our exports. We need to increase exports, but our country doesn't produce enough products to export. In order to increase the manufacturing of products to export, we need to increase savings. Without savings, it is impossible to build new factories. A falling U.S. dollar discourages Americans from saving and destroys the value of savings.

A declining U.S. dollar is bad for all Americans. Oil prices are now back above $80 per barrel; gas prices will inevitably rise back above $4 per gallon. Last time gas rose above $4 per gallon, Congress held countless hearings trying to figure out why oil prices were rising, when in fact they were the ones causing it. Congress's deficit spending and Bernanke's willingness to monetize it creates the inflation that drives oil prices up. Let's see if they figure it out this time, or if they once again place the blame on speculators and the free-market.

Please spread the word about NIA and have your friends subscribe for free at http://inflation.us

Related Resources:

Is (Was) Global Governance or a New World Order (Always) the Real Goal???

C'Mon That Will Never Happen in America - Rep Ron Paul

Who Pulls the Strings?

America For Sale - Fighting the New World Order, Surviving a Global Depression, and Preserving USA Sovereignty

We Have Until December…

Two Must Watch Videos For Everyone (In Doubt)

InfoWars.com

The True Story of the Bilderberg Gro...

The Obama Deception HQ Movie- Full Length Version - Video

What Soros Wanted, Obama Delivers

Making The Connections… (Part 1) – It is Time to…

Making the Connections Part II – History is Important for our Future… Knowing the Underlying Truth is Even More Important

The Dumbing Down of America Series

Even the Nobel Peace Prize win has interesting connections… Who is Thorbjorn Jagland? Obama’s Nobel patron is a long-time leader of Socialist International who strong armed the rest of the committee to vote his way. Why? Perhaps to make sure that Obama goes to Copenhagen to get his prices which overlaps the World Climate Change Summit in town... to sign the treaty even if America hasn't passed Cap and Trade?!?

It's time for action. Stop Obamacare!! Stop Obamanomics!! Stop Obamamania!!! Stop Obama and the Manipulating Powers Pulling the Strings!!

Dollar loses reserve status to yen & euro

Ben Bernanke's dollar crisis went into a wider mode yesterday as the greenback was shockingly upstaged by the euro and yen, both of which can lay claim to the world title as the currency favored by central banks as their reserve currency.

Over the last three months, banks put 63 percent of their new cash into euros and yen -- not the greenbacks -- a nearly complete reversal of the dollar's onetime dominance for reserves, according to Barclays Capital. The dollar's share of new cash in the central banks was down to 37 percent -- compared with two-thirds a decade ago.

GETTY IMAGES

Fed boss Ben Bernanke may be forced to raise rates in order to restore faith in the dollar — and help bring the euro and the yen back to earth.

Currently, dollars account for about 62 percent of the currency reserve at central banks -- the lowest on record, said the International Monetary Fund.

Bernanke could go down in economic history as the man who killed the greenback on the operating table.

After printing up trillions of new dollars and new bonds to stimulate the US economy, the Federal Reserve chief is now boxed into a corner battling two separate monsters that could devour the economy -- ravenous inflation on one hand, and a perilous recession on the other.

"He's in a crisis worse than the meltdown ever was," said Peter Schiff, president of Euro Pacific Capital. "I fear that he could be the Fed chairman who brought down the whole thing."

Investors and central banks are snubbing dollars because the greenback is kept too weak by zero interest rates and a flood of greenbacks in the global economy.

They grumble that they've loaned the US record amounts to cover its mounting debt, but are getting paid back by a currency that's worth 10 percent less in the past three months alone. In a decade, it's down nearly one-third.

Yesterday, the dollar had a mixed performance, falling slightly against the British pound to $1.5801 from $1.5846 Friday, but rising against the euro to $1.4779 from $1.4709 and against the yen to 89.85 yen from 89.78.

Economists believe the market rebellion against the dollar will spread until Bernanke starts raising interest rates from around zero to the high single digits, and pulls back the flood of currency spewed from US printing presses.

"That's a cure, but it's also going to stifle any US economic growth," said Schiff. "The economy is addicted to the cheap interest and liquidity."

Economists warn that a jump in rates will clobber stocks and cripple the already stalled housing market.

"Bernanke's other choice is to keep rates at zero, print even more money and sell more debt, but we'll see triple-digit inflation that could collapse the economy as we know it.

"The stimulus is what's toxic -- we're poisoning ourselves and the global economy with it."

Comments:

Sorry guys, but you Americans just don’t get it. Your notion of the “fed” still is off? Greenspan, Rockefeller and all the other corrupt guys made you get to ands tay where you are...
If you think it was Obama, regardless of whatever else is wrong with him, then you are still narrow minded un-intellectual stereotypical Americans. Going blind thru decades of being used and now after only 10-months of Obama it should be all his fault.
On this newspaper I thought i would find more interesting comments but i see that the USA/fed republic is still blinded.

I feel sorry for you guys. The world is changing and the problem is not republican or democratic... its that the USA/ America who cannot believe that its not cool anymore to be American and all the other world is not using stars and stripes on t-shirts anymore. How awful the rest of the world is making their own game without the USA; step by step. It started with the euro and will end with a weak dollar.

Doesn’t the CIA report that the weak dollar is the biggest terror fear for the USA?

Its a matter of time till the last guy will see it on the dollar currency.

Cry load America. nobody cares out there. Its time to get rid of American terrorist governments including their war politics.

You need to change… And you need to look at the Fed, Bernanke, Greenspan, the Rockefellers, Gaithner… all of them. Wake-up of parish!

Comment on Whodunit? -

1. Any time that there is something very fishy going on in the financial world, you can bet that George Soros - son of satan - has his dirty rich hand in it. After all, he financed Obama's campaign and paid billions to ACORN, SEIU and other organizations to help get Obama elected. Soros also was most likely behind the 2008 financial crisis. He did the same thing in England a few years ago.
Remember that McCain was ahead in the polls before that happened? Rahm "dead fish" Emanuel even says, "can't let a good crisis go to waste."

2. If what you have surmised about the gold traders is true, sounds like they are more likely gold TRAITORS to America. Add them to the heavy list of traitors to our nation - including the current bogus POTUS, Congress, The Supreme Court, and the courts throughout the land who refuse to take the Obama ineligibility lawsuits to trial.

Apparently, money talks. If that doesn't work, them Obama thuggery takes over the task.

God help our nation - only He can rescue us from the Marxist tyranny being inflicted upon us by our current gangster government.

Source: The New York Post

Related Resources:

Whodunit? Sneak attack on U.S. Dollar – Updated

The G-7 Abandons the Dollar

Making the Connections Part II – History is Important for our Future… Knowing the Underlying Truth is Even More Important

The True Story of the Bilderberg Group

Congressmen Grayson and Paul Ask Senate Banking to Delay Confirmation of Bernanke Until Fed Releases Information – Perhaps Too Late!!

Will a Basket of Currencies Replace the Dollar or Will It be the IMF’s SDR?

Societies move in cycles…

They move from Bondage to Spiritual Faith

From Spiritual Faith to Great Courage

From Great Courage to Liberty

From Liberty to Abundance

From Abundance to Complacency

From Complacency to Dependence – this is where we are now

From Dependence Back to Bondage

The only way to stop this is -

go back to our churches and synagogues and find our Spiritual Faith

Muster up some Courage

Take back our Liberty and rights

And fight to regain our Abundance…

Charles Payne: Stimulus Plan is Distribution of Wealth Plan – Video

Stimulus Money Being Saved for JUST BEFORE 2010 Elections (to put one over on us again) - video

America for Sale: Fighting the New World Order, Surviving a Global Depression, and Preserving USA Sovereignty

Go to www.usdebtclock.org/ – The U.S. Debt Clock

Review of International Affairs - Week of 9.20.08 – 9.26.09 Plus a Few Domestic Highlights - Updated

Netanyahu Slams U.N. for Giving Ahmadinejad Forum: 'Have You No Shame?

"The man who called the Holocaust a lie spoke at this podium. To those who refused to come and to those who left in protest, I commend you. You stood up for moral clarity and you brought honor to your countries. But to those who gave this Holocaust denier a hearing, I say on behalf of my people, the Jewish people, and decent people everywhere -- have you no shame? Have you no decency?"

Mideast Paradigm Viewed Through Midwest Lens – Mike Huckabee

Obama Praises Himself, Apologizes for America Again and Puts Israel on the Chopping Block in his U.N. Speech and as Always Misses the Mark on Iran

BULLETIN (Sunday 09.27.09 4:33PM) -- IRAN LAUNCHES MEDIUM-RANGE SHAHAB-2 MISSILES

September 24, 2009

Chavez: 'Smell of Hope' at U.N. Now

September 24, 2009

Kiss of Death? Qaddafi Says Obama Should Be Prez Forever

6. Gaddafi's Oddest Idea: Abolish Switzerland - By Helena Bachmann / Geneva

September 23, 2009

Shift: Obama Considering Biden's Plan For Afghanistan

September 23, 2009

Gore Warns Climate Change Lawsuits Are Coming

Busted: World Bank's Global Warming Hypocrisy

Cap & Trade Will Depress Home Prices

-----------

Morteza Nikoubazl / Reuters - Iranian President Mahmoud Ahmadinejad

Ahmadinejad Rejects Obama's Nuclear Warning

Obama to Usher In New World Order at G-20

Iran Reveals Existence of Second Uranium Enrichment Plant

BULLETIN (Sunday 09.27.09 4:33PM) -- IRAN LAUNCHES MEDIUM-RANGE SHAHAB-2 MISSILES

Kirin Skinner: More Powerful G-20 Potentially Dangerous to US - Video

If you read up on The New World Order, something that people have talked about and feared for years there are always some common threads, no matter which version you read. Here are two, and the when you look at the present day happenings it is getting harder and harder to excuse it as the ravings of nut jobs:

I. The Melt Down Of Financial Institutions:

A) The dismantling of American Savings & Loan Banks in the 1990s caused by the Fed’s high-interest loans to the US government & forced low interest loans of the S&Ls.

B) The dismantling of independent banks such as the recent takeover of Bear Stearns byJP Morgan and the Jewish-owned Federal Reserve Bank. (Bear Stearns was forced by the Fed to loan money to unqualified borrowers or be sued causing its collapse.)

C) The dismantling of national banks by the Jewish International Finance Cartel run by the Rothschilds of London & France.

II. The Melt-Down Of National Borders:

A) The invasion of illegals into the US.
B) The invasion of Muslims throughout Christian Europe.
C) The invasion of alien cultures into the Christian West.

On Friday it was announced that: Obama Cuts Border Patrol Agents – as of Oct 1st by Nearly 400 – Video (1300 miles of U.S. Border are not effectively under control. There are drug wars in Mexico and the threat of more terrorist attacks is high… so ask yourself why? Perhaps to create an emergency to allow… You fill in the blanks. (But it appears that due to pressure and outrage over the weekend, the reduction has been scrapped, as least for now… most articles referring to the border patrol reduction have also been pulled… but it proves that “the people” can make a difference!)

The ‘family photo’ from the second day of the G-20 summit in Pittsburgh – promoting NWO

September 25, 2009

Friday was “Islam on Capital Hill” Day…

VERY YOUNG MUSLIM GIRL PRAISED FOR HATE AND TALK OF DEATH – 3-yrs-old - Video

YOUNG MUSLIM GIRL PRAISED FOR HATE AND TALK OF DEATH TO INFIDELS (US) – 11-yrs-old - Video

Report: Obama Told Petraeus and McChrystal to 'Scrub' Assessments

Gen. McChrystal Warns Of "Mission Failure" In Afghanistan - Video

People… We Have Problems on All Fronts!

If you haven’t heard about most of this news (above) or just barely a mention… you might consider changing your news source.

P.S.

GOP's next target: John Murtha's airport

Conservatives feel as if they’re on a roll these days, with White House adviser Van Jones chased out of town and ACORN funding deleted in an appropriations bill.

So their next stop? Pennsylvania Rep. John Murtha’s airport.

Sen. Jim DeMint (R-S.C.) has asked for a vote to remove federal funding from the John Murtha Airport in Johnstown, Pa., which has received upward of $150 million in subsidies even though it has only three flights a day — all to Washington.

The House killed a similar amendment in May, but that was before the real surge in public dismay over federal spending and before the town hall chaos of the August recess. So the Senate vote could be different — and it may be harder to say no to such an amendment while the Senate is just starting to digest the $800 billion health care bill.

“This is a test to see how serious we are about stopping wasteful spending,” DeMint said in a statement. “If we can’t stop this ridiculous abuse of taxpayer funds for a deserted airport, we can’t stop anything.”

On Friday, Senator DeMint’s amendment was squelched again…

Ron Paul: Obama Czars Are Unconstitutional

Bill Fist: HealthCare Bill Could Implode System – Video

Some Solutions:

The U.S. is expected to spend about $36.7 billion on its foreign aid budget next year, but large chunks of that money will be going to countries whose leaders openly vilify the U.S. -- and to others that are already rolling in dough.

Much of the foreign aid budget is spent on military, disaster and humanitarian assistance. But some of the spending for 2010 will be heading to countries where dictators rule:

• $98 million to persuade Kim Jong-il of North Korea to give up nuclear weapons
• $20 million for political prisoners and political rights in Castro's Cuba
• $6 million to promote civil society in Hugo Chavez's Venezuela
• $500,000 for border security in Muammar al-Qaddafi's Libya
• $26 million to help train police in Evo Morales' Bolivia
• $56 million to support the rule of law and human rights in Vladimir Putin's Russia, arguably one of the world's richest nations

The question is, do any of the programs work? Many Critics say some recipients of U.S. aid are capable of covering the costs themselves.

In Colombia, where the U.S. spent $38 million to improve human rights in 2008, State Department auditors concluded five of six program areas failed.

The U.S. provided $18 million to improve governance in Honduras, but auditors found nearly all of the 28,000 trained by the U.S. will be replaced after elections in November.

Elsewhere, the Office of Middle East Programs oversees almost $4 billion in U.S. aid to countries like Egypt, Lebanon, Jordan and the Palestinian Authority. Auditors found it nearly impossible to evaluate program success because the office operates without a management plan and didn't have any reliable data to actually measure anything.

Instead:

Obama Administration Giving $400K to Qadaffi Charity?!

Then… Yesterday at the Congressional Black Caucus Dinner:

Obama Links Civil Rights To Health Care: "We Cannot Wait Any Longer" - Is Anyone Surprised?

President Barack Obama used a dinner-time address to the Congressional Black Caucus Foundation Saturday night to make an impassioned plea for health care reform, placing it in the tradition of the civil rights struggle. Obama, who last year addressed the group as one of its members, was hailed as "our great president" by caucus chair Rep. Barbara Lee (D-Calif.). The crowd was jubilant as Obama came to the stage with first lady Michelle Obama, who Rep. Kendrick Meek introduced, saying she had "brought a new flavor to this country."

Read The Full Article

• Generational Racism is Old and Tired
• Obama Perhaps Too Conflicted to be a Post Racial Person
• Dems and Liberals – Stop With the Race Card and Political Correctness Game
• Reparations By Way of Health Care Reform
• White Guilt
• The (Last) Week in International Affairs… – Updated

Feeling Overwhelmed??? That Is the Idea… Part of the Cloward-Piven.com & Saul Alinsky (Rules for Radicals) Strategies… Overwhelm the System Until It Collapses Onto Itself

More ACORN Scandals and More Facts About White House Radical Connections… at Hand. Will the Mainstream media cover them?

Posted: Knowledge Creates Power & the Daily Thought Pad – Visit Both Daily for up to date and past information!!

UN backs new new global currency reserve - US and Europe Reject Chinese and Russian Bid

Today it is a new global currency reserve... tomorrow it is a new global currency for all... Next year it is a new global (world) government and order...

A UNITED Nations panel of economists has proposed a new global currency reserve that would take over the US dollar-based system used for decades by international banks.

The proposal follows the controversial call by China's central bank governor, Zhou Xiaochuan, to create a new world currency reserve to replace the greenback as part of an overhaul of global finance.

China and many developing countries blame the global crisis on US mishandling of over-extended mortgage loans and investments in them.

With the US also borrowing trillions of dollars, it risks hyperinflation, which would considerably weaken the dollar.

An independently administered reserve currency could operate without conflicts posed by the US dollar and keep commodity prices more stable.

The Sunday Telegraph

-------------------------------------------

US and Europe Reject Chinese Bid for New Global Currency

Is the world too dependent on the dollar?

US and European policymakers are standing behind the dollar as the world's reserve currency. Their comments followed a Chinese bid to see the currency replaced by International Monetary Fund coinage.

An upcoming global economic summit could turn into a showdown over the dollar as the world's reserve currency.

China has publicly thrown its support behind other emerging economies such as Russia which want to shift the world's currency away from the dollar to a new currency run by the International Monetary Fund (IMF).

"The outbreak of the crisis and its spillover to the entire world reflected the inherent vulnerabilities and systemic risks in the existing international monetary system," People's Bank of China Governor Zhou Xiaochuan said in a speech posted on the People's Bank of China's Web site.

Analysts say Zhou's recent comments are the latest sign of the country's growing assertiveness on the international stage. They also show a growing concern China has over the $1.7 trillion (1.3 trillion euros) it holds in US treasury bonds and reserve dollars.

US, Europe want dollar to stay

Obama doesn't see the need for a global currency (At least not yet)

The United States and Europe have dismissed the idea of doing away with the dollar as the international reserve currency. The European Union's top economic official said he thinks the dollar will remain the world's major reserve currency.

EU Commissioner Joaquin Almunia said he doesn't see "major structural changes in the role the dollar plays today as a major reserve currency."

Top US leaders, including President Barack Obama, said they want the dollar to keep its current status.

"I don't believe there is a need for a global currency," US President Barack Obama said at a press conference on Tuesday.

He noted that "the dollar is extraordinarily strong right now," and although the United States was "going through a rough patch" at present, the dollar enjoyed a "great deal of confidence" from investors.

Both US Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke said they would not support a plan to strip the dollar of its reserve status.

Issue likely to be debated at G20 summit

China would like to see the IMF take a more prominent role

Yet the idea is likely to be floated anyway at an upcoming Group of 20 summit planned for London in April. The meeting of industrialized countries will bring together top leaders in hopes of finding a common approach to the global financial crisis.

People's Bank of China Governor Zhou Xiaochuan said he would support moving away from the dollar to an IMF currency basket that would include a mixture of dollars, euros, sterling and yen. The IMF already created an international reserve asset in 1969, but the Special Drawing Rights, as it is called, is currently used only by governments and international institutions.

Russia has said it will bring up the proposal at the upcoming G20 meeting in London. Russia said its has broad support for its proposal among countries such as Brazil, India, China, South Korea and South Africa.

Not likely to happen anytime soon

In the near-term, such a radical departure from the way the global financial system works would be near impossible, economists say, although it could be feasible in the long term.

"The arguments for doing such a thing have economic merit, though the actual implementation of such a system would likely take a Herculean effort and a great deal of consensus building amongst economic powers," Sacha Tihanyi, currency strategist with Scotia Capital told AFP news agency.

"This is an idea, the idea of a global currency, determined by multilateral organizations, which is not new, but it's a serious proposal," John Lipsky, the IMF's first deputy managing director, said at a news conference in response to a question about China's proposal.

China growing more assertive

China is the biggest US creditor

The recent comments by China's top banker follows on comments made by China's Premier earlier this month. They show how concerned the country is about its US assets.

"We have lent huge amounts of money to the United States. Of course we are concerned about the safety of our assets," Chinese Premier Wen Jiabao said two weeks ago.

China holds US Treasury bonds worth $739.6 billion as of January. It is also the world's largest holder of US dollars as a reserve currency, holding more than $1 trillion, according to US government figures.

"China appears to be growing more and more assertive over its rights," currency analyst Andrew Busch of BMO Capital Markets told AFP news agency.

The dollar, which was installed as the reserve currency after World War II, has been regarded as a "safe haven" by international investors up to now.

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