global reserve currency

Jun 18, 2007
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We're all aware of the global economic crisis and it has affected the life of all of us.
The U.S. credit rating has been down grated and China is questioning now whether the U.S. dollar should continue to be the global reserve currency. In the event that another currency will take over the U.S.$ as being the global reserve currency I reckon the EUR will make a good change but what would what effect would that have on the DR?
World reacts to U.S. credit downgrade - CNN.com
 

peep2

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Oct 24, 2004
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As the world economy becomes more global, my guess is that there will be more reliance on the world currency unit. (wocu) Right now its only an electronic reference used mostly by folks involved with commodities. But I think thats where the world is headed. On that basis I would guess the peso would continue to slowly and steadily loose value until the govt. stops placing sovereign bonds on the market. (ie for ever)
 

cobraboy

Pro-Bono Demolition Hobbyist
Jul 24, 2004
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1) Moody and Fitch still have the US at AAA.

2) S&P were among the bond rating agencies that are in the center of the MBS meltdown.

3) China itself has a AA- rating by S&P.

4) The day you can make a bank deposit in a wocu is the day it will be currency. It's one of those pie-in-the-sky One World Gubmint dealios. A wocu is like a fraternity secret handshake.
 

Mr.smith

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Mar 8, 2011
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I was thinking the same thing cobra. There will be a 1 world currency sooner or later. I hope I'm not around when that happens.
 

UmSulaiman

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Apr 19, 2011
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I was thinking the same thing cobra. There will be a 1 world currency sooner or later. I hope I'm not around when that happens.
conspiracy theorists say it'll be the Euro....I thought I'd be a lot older when it started but, whelp...I guess not....
 

edm7583

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May 29, 2007
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yes. Increase "revenue". The euphemism that the regime and the left wing media is using for taxes. We don't have a "revenue" problem. We pay enough tax as it is. We spend too much money.
 

edm7583

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May 29, 2007
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And Europe is doing soooo well right now,right? Greece, Italy, Portugal, Ireland, Spain. People are rioting in the streets because there isn't enough money left to allow people to retire at 48 anymore.
 

Mr.smith

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Mar 8, 2011
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Anyone that know anything about finances knew the Euro was doom to failure from the start. I'm not a conspiracy theorist, but powerful people are pushing for a 1 world currency. People from the IMF, Putin from Russia, the French, and the Chinese all called for a global currency.
As far as the U.S. goes; its all political. Both parties try to sabotage the other so they can win elections. Yes the U.S. spend more money then they take in(Democrats), but we're also taking in less revenues due to tax cuts(Republicans) on people that payed little taxes anyway. GE payed 0 in taxed last year and many billionaires use loop holes, write offs, and the Cayman Islands to avoid taxes.
Edm you're right "we" pay enough taxes as is. But the upper class know how to work the system. Even with the legal tax breaks they don't hire Americans, they hire Indians and Chinese.
 
Jan 9, 2004
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Anyone that know anything about finances knew the Euro was doom to failure from the start. I'm not a conspiracy theorist, but powerful people are pushing for a 1 world currency. People from the IMF, Putin from Russia, the French, and the Chinese all called for a global currency.
As far as the U.S. goes; its all political. Both parties try to sabotage the other so they can win elections. Yes the U.S. spend more money then they take in(Democrats), but we're also taking in less revenues due to tax cuts(Republicans) on people that payed little taxes anyway. GE payed 0 in taxed last year and many billionaires use loop holes, write offs, and the Cayman Islands to avoid taxes.
Edm you're right "we" pay enough taxes as is. But the upper class know how to work the system. Even with the legal tax breaks they don't hire Americans, they hire Indians and Chinese.


We had a so-called one world currency once (well, at least a medium of exchange).....it was called Gold.


Respectfully,
Playacaribe2
 

ExtremeR

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Mar 22, 2006
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yes. Increase "revenue". The euphemism that the regime and the left wing media is using for taxes. We don't have a "revenue" problem. We pay enough tax as it is. We spend too much money.

Rich guys been paying too little since Bush lowered your rates. Time for the party to be over.
 

CaptnGlenn

Silver
Mar 29, 2010
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And Europe is doing soooo well right now,right? Greece, Italy, Portugal, Ireland, Spain. People are rioting in the streets because there isn't enough money left to allow people to retire at 48 anymore.

after working those torturous 4 day workweeks and getting their healthcare for free their whole lives.
 

cobraboy

Pro-Bono Demolition Hobbyist
Jul 24, 2004
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Robert, Standard & Poors' downgrade was based to a large extent on the House not allowing any means to increase revenue.
Incorrect. Read S&P's analysis. There is very little mention of the House blocking taxes. There is much mention of out of control gubmint spending and reckless debt accumulation.

Don't cherry-pick the document. Understand the totality.
 

cobraboy

Pro-Bono Demolition Hobbyist
Jul 24, 2004
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Rich guys been paying too little since Bush lowered your rates. Time for the party to be over.
I know you really, really want to believe this with every strand of DNA in your body.

But do you *really* understand what a tiny amount of $$$ you're actually talking about? Do you realize you could confiscate every dime the eeeevil rich have...not just a tax on their income but actually take all their $$$ and put them in jail...and it's wouldn't amount to more than a couple of drops into the spitoon?

Europe has huge taxes and except for Germany and maybe Holland (two highly disciplined and productive societies) they are in as bad a shape as the US is.

The problem in the US isn't taxes. That's just red meat for Class Warriors to keep them on the plantation. The problem is 60 years of buying votes with spending financed with borrowing. You don't believe me? Find an election in the US in the last 45 years where "vote for me because ->they<- want to take away your medicare/social security/medicaid/school lunches/head start/section VIII/food stamps/post ofice/national parks/clean air/clean water/food safety/farm subsidies/ etc." was not an issue.

Everybody likes their free cheese. Nobody wants to lose their free cheese. They will vote more free cheese for themselves at the expense of the ~other guy~.

kelly_pogo_earthday.jpg
 

drtampa

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Oct 1, 2004
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Incorrect. Read S&P's analysis. There is very little mention of the House blocking taxes. There is much mention of out of control gubmint spending and reckless debt accumulation.

Don't cherry-pick the document. Understand the totality.

This was from the S&P guy in charge of rating sovereign nations. There has to be a way to raise revenue. He also said that it will take the US 24 months to get back to a AAA rating.
 

cobraboy

Pro-Bono Demolition Hobbyist
Jul 24, 2004
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This was from the S&P guy in charge of rating sovereign nations. There has to be a way to raise revenue. He also said that it will take the US 24 months to get back to a AAA rating.
My comments come from the S&P .pdf document that specifically outlines the rationale of why the US was downgraded a tiny click.

And as I said before, I somewhat discount the analysis, as should any thinking person. These guys were 100% complicit in overrating the bonds that proved worthless in the financial debacle. Unless THEY can show how their methodology in analysis has changed, why should anyone believe them?

And, as I also mentioned, the other two agencies have NOT lowered their AAA rating.

Please explain how taking additional $$$ out of the economy during the beginning of the second recessionary dip will not damage economic recovery.

The #1 "fix" that will both raise revenues (broadened tax base) and lower spending (employed people don't need UEC, food stamps, medicaid, etc.) is economic recovery. The rest is class warfare.

Secondarily, 51% of tax filers pay NO income tax. That's around 95,000,000 people. I'd say it's about time to broaden the tax base a smidgen. A paltry $10 per month yields $11.5 billion in new revenues.

If the US continues the political Class Warfare as a means to power, the US will continue it's slide into the dustbin of history as many have been preaching for years. It's about time to consider a radical makeover in how gubmint is financed because the current taxation methods are clearly not working. Nor is the spending model.

We either change or die a slow, agonizing death as a society.
 

cobraboy

Pro-Bono Demolition Hobbyist
Jul 24, 2004
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A VAT is a regressive tax. It takes a larger percentage of income from the poor than it does from the rich.
I would like to see a flat income tax without exemptions.

Regressive Tax Definition
This is worthy of consideration:
Americans For Fair Taxation: Americans For Fair Taxation

We'd be a lot better off and more transparent if we'd just kill all the embedded taxes we pay and have just one. It wouldn't please the redistributionist social engineers, but it'd be good for the health of a nation.