Monday, September 07, 2009

Global Currency Update

The tom-toms continue to beat for the implementation of a global currency -- which already exists in prototype, in the form of Special Drawing Rights, and has since Bretton Woods.

The latest press release from the global currency promotion home office comes from none other than the UN, as reported in Bloomberg:

The dollar’s role in international trade should be reduced by establishing a new currency to protect emerging markets from the “confidence game” of financial speculation, the United Nations said.

Indeed. It should be noted that this blog postulated these very developments in several previous posts, including A Primer on The Coming Global Currency.

This statement begs the question of what would protect emerging and developed markets from the “confidence game” of a global currency. As we predicted, the current scheme for a global currency is a fiat one, and if there's one thing we all agree on, it's that nothing requires "confidence" quite like a fiat currency.

No matter, either, that this "confidence game of financial speculation" has, over the past 20 years, created such a robust and effective (free) market linkage between disparate currencies that the melding of them into a single, global unit would not be possible without it. Evidence that aspirants to absolute power make good use of its opposite in achieving their ambitions is hereby submitted.

We would observe that such a draconian, utopian, and just plain foolhardy initiative, which has been simmering for time immemorial, would never gain traction in a sane and just world.

Just how much the current world fits that description might be ascertained by observing such traction as the current push for a single-payer currency gets. In a politically unstable world hobbling along with financial infrastructures that are somewhere between spastic and nearly-comatose, a world whose most notorious national leader is (when seen in the best light) starry-eyed and wet behind the ears, the stars have lined up for globalists like they haven't done for a long, long time. The Aquarians appear to be intent upon leveraging their good fortune with a public relations campaign.

Some ideas seem to be as inevitable as they are unwise. It's hard to fathom reasonable people giving continuous and progressive mental assent to a global currency scheme, especially one that is patterned on the very model they seek to replace. It's not that the model is all that bad, but it's disingenuous to criticize what one copies. As we noted in those previous posts, a global currency scheme provides a new set of smoke-and-mirrors for governmental financial alchemists. The ultimate concentration of power, as an indispensible tool in the hands of the power-hungry, it offers a certain appeal to those so inclined.

It's a confidence game of an entirely different order.


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