Monday, February 3, 2014

Jesse's Cafe Americain comments on China Daily article

The blogsite Jesse's Cafe Americain gives their take on the article we posted here from China Daily calling for a new global "supercurrency". 

Their take was similar to ours as seen in these comments in the article:

"The major countries will no longer tolerate the monetary manipulation with the global currency in the same unilateral manner with which Nixon changed the Bretton Woods agreement back in 1971 by ending dollar convertibility to gold, rather than devaluing against it."

"Right now the nations are in the 'negotiation stage,' with the Anglo-American banking cartel putting up a strong resistance for any changes to their 'exorbitant privilege.'"

They add this comment:

"For lack of a better alternative or term, I settled on the SDR, made up of a new basket of currencies and commodities, almost certainly including gold, and quite possible silver, if China, Russia, et al. have their way."

On this blog we have noted the work being done by Klickex on a new global asset backed cryptocurrency called the GSD (Global Stability Dollar) and suggested it could be the "better alternative" than the SDR. We'll keep an eye on it. If this is part of a planned reset, it could take awhile to play out (a few months to a couple of years). But a sudden crisis could cause it to move to the front burner much quicker.

Added note: Here is Investopedia's comments on a "supercurrency". We note the GSD addresses the concerns they say exist about using the SDR (Special Drawing Rights).

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