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Old 03-31-2009, 04:21 PM   #1
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Default G20 not ready yet for New World Currency Debate

G20 not ready yet for New World Currency Debate

Mon Mar 30, 2009 9:39pm EDT

PARIS (Reuters) - This week's G20 summit will demonstrate how fast the balance of power is shifting from the old U.S.-led economic order towards emerging market nations, although it is way too early for a productive debate about a new world currency.

Beijing is pushing for more power in key institutions such as International Monetary Fund and, more dramatically, China and Russia are both saying it is now time to consider shifting away from a dollar-dominated world.

While the immediacy of the worst economic downturn since the Great Depression may leave little room for conclusive discussion at the summit, Beijing and Russia have already opened the debate about a more fundamental shift in the global economic order.

In one sense, their timing is right, because the entire world is hit by a crisis that snowballed out of the United States.

In another, it is awful because nobody at the G20 summit really wants to fray financial market nerves any further.

Article continues: http://www.reuters.com/article/gc08/idUSTRE52T64520090331
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Old 03-31-2009, 04:38 PM   #2
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Default Re: G20 not ready yet for New World Currency Debate

This is what Benjamin Fulford just posted on his blog.

Posting it here also, in case some people do not check out the:

What do you think of Benjamin Fulford's blog at General Discussion?

The London G20 meeting is looking likely to end in tears

Blog By Ben



The differences among the various members of the G20 are so big it is looking likely the much anticipated meeting will deeply disappoint all concerned. First of all while much of the developing world supports the Chinese/Russian plan for a new global currency run by a reformed IMF, the Americans are against it and the Europeans are split. The committee of 300 engineered the US financial collapse in the hopes of making the privately owned BIS the issuer of a world currency so the Chinese plan has put them into a state of shock.

The real problem is that the criminal cabal that controls the US is increasingly isolated and disliked. The entire world is watching in disgust and horror as they try to get American taxpayers and other countries to bail out criminal bankers who engineered the biggest Ponzi scheme in history. The Federal Reserve Board, meanwhile is using every trick it can think of to fool the rest of the world into accepting some of the $15 trillion in funny money it has printed since last September. The Americans are also fighting efforts to shut down all those offshore tax havens that shelter the world’s criminal elite.

British/US relations are also at an all time low with MI6 leaking US secrets all over the internet and to other countries.

So it is that while the Bretton Woods meetings that set up the post war financial system lasted 22 days, the G20 will only meet for 4 and 1/2 hours. Unless some big changes come soon the G20 will issue a very disappointing statement vaguely calling for greater regulation of derivatives and papering over all the giant cracks. Many will call for a solution to be postponed until July. It is looking increasingly likely the world’s creditor nations will have to take the financial nuclear option and dump their treasuries while unilaterally converting their own US dollar holdings into a new currency.
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Old 03-31-2009, 04:49 PM   #3
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Default G20 nations edge towards agreement

G20 nations edge towards agreement

Compared to the yawning gap that separated the parties only a few months ago, the EU, the UK and the Americans are converging on a consensus

an Traynor in Brussels
guardian.co.uk, Monday 30 March 2009 09.47 BST

European leaders, led by Germany's chancellor, Angela Merkel, come to the crucial Docklands summit on Thursday believing they are winning or have won the argument about how to tackle casino capitalism.

The case pushed by Merkel repeatedly in recent weeks, and echoed by France and the European commission, is that there is no point now in more tax cuts and deficit spending to boost demand since it is not yet clear whether the huge fiscal stimuli packages already launched are actually going to work.

Rather, the Europeans argue, the focus should be on fixing a European and global system that is broke – through a new supervisory and regulatory regime. This option, Merkel declared at the weekend, offers the best chance of avoiding similar crises erupting once a decade, as has been the cycle since the 1980s.

"You are hugely mistaken if you think that this is just a storm and that we'll be back to the same old rules after a few difficult months," Frank-Walter Steinmeier, the German foreign minister, said at the weekend.

Article continues: http://www.campaignforliberty.com/wire.php
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