China Calls for Global “Supervision” of Dollar, New World Currency
(The New American) -- by Alex Newman --
...But China’s dictatorship is hardly the only entity talking about getting out of dollars and treasuries. PIMCO, the world’s largest bond fund, dumped its treasuries earlier this year.
"In addition to an existing nearly US$10 trillion of outstanding Treasury Debt, the U.S. has a near-unfathomable US$66 trillion of future liabilities," noted PIMCO boss Bill Gross in his August investment outlook, urging investors to consider how the American government would be able to service its obligations. "One rather clever way for the US to pay its bills to foreign creditors is to pay them in depreciated dollars."
Indeed, former Federal Reserve boss Alan Greenspan recently boasted about the fact that the U.S. government would always be able to pay its bills because the privately owned central bank can just print more money. But rather than calming investors, the statement appears to have made matters worse.
Some analysts even interpreted all of the recent financial turmoil as a challenge to the global fiat-currency system itself. As the dollar continues plunging even against other currencies that are themselves rapidly depreciating, gold — which more than a few investors believe is due for a short-term correction soon — is still surging to record highs. Confusion and panic are growing as investors scramble for safe-haven assets.
The International Monetary Fund recently predicted that China’s economy would surpass America’s by 2016. Despite all of the Chinese regime’s boasting and lecturing, however, countless economists believe that its economy will soon experience a spectacular crash of its own.
With financial chaos reigning from America and Europe to Japan and China, some analysts are forecasting another major economic crisis on the horizon — potentially worse than the most recent recession. Stocks and currencies are still dropping as debt crises around the world dominate the headlines.
Where the global economy might go from here is uncertain. But with the calls for a new world currency growing louder as panic continues to spread, there will likely be a bumpy ride ahead for world markets...MORE...LINK
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