Get Ready For A World Currency

(Economist; 01/9/88, Vol. 306, pp 9-10)

The Phoenix Dollar Advantage

Russia Proposes Creation Of

Global Super-Reserve Currency

 

And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name. Here is wisdom. Let him that hath understanding count the number of the beast: for it is the number of a man; and his number is Six hundred threescore and six (Revelation 13:16-18).

Russia Proposes Creation Of Global Super-Reserve Currency

March 16, 2009
Russia proposes creation of global super-reserve currency
ITAR-TASS
http://www.itar-tass.com/eng/level2.html?NewsID=13682035&PageNum=0

     MOSCOW, March 16 (Itar-Tass) -- Russia suggests the G20 summit in London in April should start establishing a system of managing the process of globalization and consider the possibility of creating a supra-national reserve currency or a “super-reserve currency.” The Russian Federation’s proposals for ways out of the ongoing financial and economic crisis and for a post-crisis order of the world financial system have been published on the Kremlin’s website. The proposals have been dispatched to the leadership of the G20 countries, the CIS and international organizations. “The current global economic crisis points to the need for discarding standard approaches and requires the adoption of collective decisions, agreed at the international level and geared to creating a system of globalization process management,” the document says. Russia suggests “acting with the maximum resolution in order to restore sustainable economic development and also confidence and stability in the financial markets.”

     The Russian side believes the summit should seek and achieve accord on the main parameters of a new world financial system. It suggests calling an international conference that would produce the basic parameters of a world financial architecture and adopt international conventions regarding a new financial world order. Russia believes that the “obsolete mono-polar structure of the world economy should give way to a system based on cooperation by several major centers.” In the sphere of control and supervision Russia suggests drafting and adopting an international agreement setting global standards of control and supervision in the financial sector – a Standard Universal Regulatory Framework (SURF).

     Russia calls for reforming the international currency and financial system with the aim to strengthen its stability and control. In that connection the Russian side suggests discussing the possibility of expanding the list of currencies to be used as reserve ones, on the basis of the adoption of agreed measures to stimulate the development of major regional financial centers, and also “the creation of a supra-national reserve currency that will be issued by international financial institutions.” “It looks expedient to reconsider the role of the IMF in that process and also to determine the possibility and need for taking measures that would allow for the SDRs (Special Drawing Rights) to become a super-reserve currency recognized by the world community,” the document says.

     Also, Russia in the medium and long-term is for a revision of the role and mandate of the IMF in order to adjust both to a new structure of the world currency and financial system, whose modification is to be completed as a result of the current crisis. For the purpose of overcoming the current crisis it will be necessary to considerably increase the resources of the IMF. “The decisions we shall make at the London summit must be not only adequate to the current situation, but also meet the requirements of a new, post-crisis world,” the document says.

 

One-World Currency Emerges ...Again

'Acmetal' Considered As Solution To Global Economic Recession

March 16, 2009
One-world currency emerges ... again
'Acmetal' considered as solution to global economic recession
JEROME CORSI'S RED ALERT: WND.com
http://www.wnd.com/index.php?fa=PAGE.view&pageId=91941

     Canadian economist and Nobel-prize winning professor Robert Mundell, who is credited with formulating the intellectual basis for creating the euro, is pushing for a one-world currency, Jerome Corsi's Red Alert reports. "This prominent endorsement is yet another indication that globalists are advancing global governance and structures, including the idea of a global currency, as solutions to the worldwide economic recession," Corsi writes. Mundell has endorsed Kazakhstan President Nursultan Nazarbayev's idea to create the "acmetal" as a world currency. "I must say that I agree with President Nazarbayev on his statement and many of the things he said in his plan, the project he made for the world currency, and I believe I'm right on track with what he is saying," Mundell told the Australian News. Nazarbayev and Mundell called on the G-20 to form a working group to study the proposal at its April 2 meeting in London. Nazarbayev explained that his coining of the name "acmetal" comes from the Greek word "acme," meaning "peak" or "best," and "capital."

     A one-world currency presupposes the creation of a one-world central bank that would manage the currency, thereby superseding the authority of nation-state central banks, such as the Federal Reserve in the United States and the European Union Central Bank, Corsi writes. As WND reported, Benn Steil, a senior fellow and director of international economics at the Council of Foreign Relations, wrote in the May/June 2007 issue of the Council of Foreign Relations' Foreign Affairs magazine an article entitled, "The end of national currency," in which his major conclusion was that "countries should abandon monetary nationalism." Steil tempered his embrace of one-world currency, writing, "Governments should replace national currencies with the dollar or the euro or, in the case of Asia, collaborate to produce a new multinational currency over a comparably large and economically diversified area."

     Red Alert has reported that the finance chiefs of five of the six-member, oil-rich Gulf Cooperation Council approved a proposal to create a monetary union as a move toward adopting a single currency. The six Islamic states constituting the Gulf Cooperation Council are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. In 2002, the finance ministers of the Gulf Cooperation Council states sought out the assistance of the European Central Bank as the model for their single currency. WND has also documented a move by the 53-nation African Union to create an African continental currency called "the gold Mandela." Former Mexican President Vicente Fox also confirmed on CNN's Larry King television show in October 2007 a plan he conceived with President Bush to create a new regional currency in the Americas (see Ten Worldwide Super States: Playing Monopoly* with the devil).

 

The Phoenix Dollar Digital Silver Currency

Oct. 5, 2006
The Phoenix Dollar Digital Silver Currency
by Mark Herpel: American Chronicle 
www.americanchronicle.com/articles/view/14374

     A few years back, along came an amazing creation called the 'Internet' and it has since then been changing the way we understand money and make payments. The Internet provides such a variety of global payment solutions a retail store in Vietnam can sell a product and instantly receive payment from a local customer in Columbus, Ohio. Not only is the vendor assured to instantly receive his funds in local currency, but he is also guaranteed that the financial transaction will not be reversed or charged back. This is 'electronic money' and it’s commonly called digital currency. Although the US greenbacks are no longer backed by silver, there is now a private digital currency which is backed by .999% fine silver.

     This product is The Phoenix Dollar. You can't buy a Phoenix Dollar at any discounted price; each silver ounce sells at the exact daily spot price plus a small commission. Digital, the Phoenix Dollars can be used online for instant transactions to pay others, buy or barter merchandise from vendors and generally set up various methods of online commerce. The transactions are non refundable and you have the full value of silver backing every dollar in your account. The Phoenix Dollar web site was designed with so many additional features which improve the product's marketability the Phoenix Dollar and it's users like to be known more as a community than just a domain.

     Phoenix Digital Silver is physical silver bullion represented by digital units in an online account. The bullion is stored in secure vaults on behalf of the online owners which are customers who may just not desire to take possession of the heavy precious metal. The digital silver is backed by 100 ounce serial numbered .999% fine Phoenix Silver Bullion Bars. When you make a purchase of the physical Phoenix Bullion Silver you can, at any time, take delivery of your precious metal. Silver 'discs' and bars are available in one ounce sizes, along with 10 or 100 ounce bars. They are very attractive products and ship out to customers on a daily basis. Phoenix Silver products and online accounts are categorized by very low fees, full client support, no minimum purchases and always 'same day shipping'.

     The Phoenix Dollar advantage:

•     Trade for products or services.

•     Free storage for the first 300 silver ounces.

•     Fast redemption service.

•     Ability to safely store silver using the free SafeLock service.

•     Maintains private wealth over extended periods of time.

•     Ability to convert digital silver to physical silver instantly.

     The Phoenix Dollar is not just a digital currency or a web site; it is an online community for motivated people who enjoy doing e-commerce business. These members are concerned about the future expansion of their online businesses and especially focused on the protection of their online wealth. New visitors are often amazed by who they meet online chatting in the Phoenix Discussion forums. The admin area of a client account is an easy place to navigate and very user friendly. From this open design, it's obvious to conclude that the creators of the Phoenix Dollar web site are very sharp software designers. They have shown some true e-commerce experience by creating the additional tools needed for sales growth and online marketing of member products & services ...all the while integrating retail use of The Phoenix Dollars.

 

"GET READY FOR A WORLD CURRENCY"

Get Ready for the Phoenix

Economist; 01/9/88, Vol. 306, pp 9-10

Jan. 09, 1988
"GET READY FOR A WORLD CURRENCY"
Get Ready for the Phoenix
Economist; 01/9/88, Vol. 306, pp 9-10

     THIRTY years from now (written Jan. 9, 1988) Americans, Japanese, Europeans, and people in many other rich countries, and some relatively poor ones will probably be paying for their shopping with the same currency.  Prices will be quoted not in dollars, yen or D-marks but in, let's say, the phoenix.  The phoenix will be favoured by companies and shoppers because it will be more convenient than today's national currencies, which by then will seem a quaint cause of much disruption to economic life in the last twentieth century.

     At the beginning of 1988 this appears an outlandish prediction.  Proposals for eventual monetary union proliferated five and ten years ago, but they hardly envisaged the setbacks of 1987. The governments of the big economies tried to move an inch or two towards a more managed system of exchange rates - a logical preliminary, it might seem, to radical monetary reform.  For lack of co-operation in their underlying economic policies they bungled it horribly, and provoked the rise in interest rates that brought on the stock market crash of October.  These events have chastened exchange-rate reformers.  The market crash taught them that the pretence of policy co-operation can be worse than nothing, and that until real co-operation is feasible (i.e., until governments surrender some economic sovereignty) further attempts to peg currencies will flounder.

     But in spite of all the trouble governments have in reaching and (harder still) sticking to international agreements about macroeconomic policy, the conviction is growing that exchange rates cannot be left to themselves. Remember that the Louvre accord and its predecessor, the Plaza agreement of September 1985, were emergency measures to deal with a crisis of currency instability.  Between 1983 and 1985 the dollar rose by 34% against the currencies of America's trading partners; since then it has fallen by 42%.  Such changes have skewed the pattern of international comparative advantage more drastically in four years than underlying economic forces might do in a whole generation.

     In the past few days the world's main central banks, fearing another dollar collapse, have again jointly intervened in the currency markets (see page 62).  Market-loving ministers such as Britain's Mr. Nigel Lawson have been converted to the cause of exchange-rate stability.  Japanese officials take seriously the idea of EMS-like schemes for the main industrial economies.  Regardless of the Louvre's embarrassing failure, the conviction remains that something must be done about exchange rates.

     Something will be, almost certainly in the course of 1988.  And not long after the next currency agreement is signed it will go the same way as the last one.  It will collapse.  Governments are far from ready to subordinate their domestic objectives to the goal of international stability.  Several bigger exchange-rate upsets, a few more stock market crashes and probably a slump or two will be needed before politicians are willing to face squarely up to that choice.  This points to a muddled sequence of emergency followed by a patch-up followed by emergency, stretching out far beyond 2018 - except for two things.  As time passes, the damage caused by currency instability is gradually going to mount; and the very tends that will make it mount are making the utopia of monetary union feasible. 

The New World Economy

     The biggest change in the world economy since the early 1970's is that flows of money have replaced trade in goods as the force that drives exchange rates.  As a result of the relentless integration of the world's financial markets, differences in national economic policies can disturb interest rates (or expectations of future interest rates) only slightly, yet still call forth huge transfers of financial assets from one country to another.  These transfers swamp the flow of trade revenues in their effect on the demand and supply for different currencies, and hence in their effect on exchange rates.  As telecommunications technology continues to advance, these transactions will be cheaper and faster still.  With uncoordinated economic policies, currencies can get only more volatile.

     Alongside that trend is another - of ever-expanding opportunities for international trade.  This too is the gift of advancing technology.   Falling transport costs will make it easier for countries thousands of miles apart to compete in each others' markets.  The law of one price (that a good should cost the same everywhere, once prices are converted into a single currency) will increasingly assert itself.  Politicians permitting, national economies will follow their financial markets - becoming ever more open to the outside world.  This will apply to labour as much as to goods, partly thorough migration but also through technology's ability to separate the worker form the point at which he delivers his labour.  Indian computer operators will be processing New Yorkers' paychecks.

     In all these ways national economic boundaries are slowly dissolving.  As the trend continues, the appeal of a currency union across at least the main industrial countries will seem irresistible to everybody except foreign-exchange traders and governments.  In the phoenix zone, economic adjustment to shifts in relative prices would happen smoothly and automatically, rather as it does today between different regions within large economies (a brief on pages 74-75 explains how.)  The absence of all currency risk would spur trade, investment and employment.

     The phoenix zone would impose tight constraints on national governments.  There would be no such thing, for instance, as a national monetary policy.  The world phoenix supply would be fixed by a new central bank, descended perhaps from the IMF.  The world inflation rate - and hence, within narrow margins, each national inflation rate- would be in its charge.  Each country could use taxes and public spending to offset temporary falls in demand, but it would have to borrow rather than print money to finance its budget deficit.  With no recourse to the inflation tax, governments and their creditors would be forced to judge their borrowing and lending plans more carefully than they do today. This means a big loss of economic sovereignty, but the trends that make the phoenix so appealing are taking that sovereignty away in any case. Even in a world of more-or-less floating exchange rates, individual governments have seen their policy independence checked by an unfriendly outside world.

     As the next century approaches, the natural forces that are pushing the world towards economic integration will offer governments a broad choice.  They can go with the flow, or they can build barricades.  Preparing the way for the phoenix will mean fewer pretended agreements on policy and more real ones.  It will mean allowing and then actively promoting the private-sector use of an international money alongside existing national monies.  That would let people vote with their wallets for the eventual move to full currency union.  The phoenix would probably start as a cocktail of national currencies, just as the Special Drawing Right is today.  In time, though, its value against national currencies would cease to matter, because people would choose it for its convenience and the stability of its purchasing power.

     The alternative - to preserve policymaking autonomy- would involve a new proliferation of truly draconian controls on trade and capital flows.  This course offers governments a splendid time.  They could manage exchange-rate movements, deploy monetary and fiscal policy without inhibition, and tackle the resulting bursts of inflation with prices and incomes polices.  It is a growth-crippling prospect.  Pencil in the phoenix for around 2018, and welcome it when it comes.

 And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name. Here is wisdom. Let him that hath understanding count the number of the beast: for it is the number of a man; and his number is Six hundred threescore and six (Revelation 13:16-18).

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