In a guest column for the Financial Times, Zoellick said China's yuan should be given a bigger role within a restructured system, echoing remarks made last week by the head of the International Monetary Fund, Dominique Strauss-Kahn.
On Monday, French Economy Minister Christine Lagarde said her country will work to realize a planned transition to a global financial system based on several international currencies. France is currently head of the G20.
Dominique Strauss-Kahn, managing director of the International Monetary Fund, has called for a new world currency that would challenge the dominance of the dollar and protect against future financial instability.
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A fight is looming between rich and poor countries over the value of the dollar and other key currencies, as governments use monetary tricks to boost their national recovery at the expense of other nations, political and business leaders warned Satur
It is also rumored that Chinese agents are going to the commodities exchanges, using their Treasuries as collateral to control commodities contracts. This indirectly secures ownership of the commodity, without having to actually sell Treasuries.
"We have at this particular stage a fiat money which is essentially money printed by a government and it's usually a central bank which is authorized to do so. Some mechanism has got to be in place that restricts the amount of money which...
The Chinese have decided to devalue the US dollar’s buying power, without devaluing the US Treasury holdings they hold. It is an elegant solution to their issues. It will be interesting to see if they can pull it off...
"This printing money is going to lead to huge trouble. It’s going to lead to higher interest rates. It’s going to lead to more inflation and at some point there is going to be a train wreck in the currency and the bond market."
I believe we are seeing the very early stages of a great monetary crisis that will, eventually, lead people (and then their politicians) to return to gold- and silver-backed currencies. – Porter Stansberry, May 4, 2006
In its latest step to make the renminbi a competing global reserve currency, China’s predominantly state-owned Bank of China will now let individuals open renminbi savings accounts… in the United States.
ECB buying Portugal's debt... Bullish on natural gas... End of America Watch... China protecting its agriculture... Can states file for bankruptcy?... Last day to register for Retirement Conference... Porter's court case, again...
A judge granted GATA's motion to order the Fed to produce in complete form for the judge's private review 20 gold-related documents the Fed has sought to keep secret. Fed to deliver the documents by Friday.
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