Peak Oil News and Message Boards

Leanan wrote:Crash as in Argentina-style collapse. Where stores post prices three or four times a day, because inflation is so high. Where people rush to the store on payday to spend their entire check, because it will be worth less in a few hours. Where, instead of bringing your money in your pocket and taking your purchases home in a wheelbarrow, you bring your money in a wheelbarrow and take your purchases home in your pocket.

UNITED NATIONS: A reserve currency system based on an IMF unit instead of the US dollar, a proposal floated by China, could be phased in within a year, Nobel Prize-winning economist Joseph Stiglitz said on Thursday.

Asked at a news conference when the International Monetary Fund’s Special Drawing Rights (SDR) could replace the dollar as the top reserve unit, Stiglitz replied, “It could begin to be phased in next year.

The IMF?

The IMF was created at the United Nations Monetary and Financial conference in Bretton Woods, New Hampshire, July 12, 1944. Per Title 22, Section 286 U.S. Code, the U.S. became an IMF member in 1945.

Standring followed checks naming the IRS as the payee. He claims the checks go to a Federal Reserve bank, a private banking institution that has never been audited. The money then goes to the International Bank for Reconstruction and Development and is deposited into what is called a “Quad Zero” account. It is from this account that IRS tax refunds are distributed (per 22 USC 286 and 31 CFR 11, section 214.7).

According to Standring’s research, whatever is left over is then transferred to the IMF. From there the money is redistributed among countries throughout the world—including the U.S.—in the form of loans. These loans must then be paid back to IMF bankers at interest.

According to the U.S. Bureau of the Public Debt, Americans were in the red $1.663 trillion in 1984. Twenty years later the debt has increased nearly five-fold to $7.1 trillion.
Inferences

1. Government waste is no secret.
2. In 1984 the Grace Commission accurately predicted $multi-trillion government debt by 2000.
3. The IMF, not the American people, is funding the operations of government through loan capital it receives, in part, through taxation of Americans’ wages.
4. With every dollar paid to the IRS in taxes, America’s debt to the IMF increases—with interest.
5. Paying wage taxes supports global banking, not the U.S. government or Americans.

What about schools and roads?

Schools, roads and bridges are not funded by income taxes at all. Property taxes fund schools; roads and bridges are funded by gas taxes; airports, sewer and water systems are funded by user fees

mattduke wrote:

UNITED NATIONS: A reserve currency system based on an IMF unit instead of the US dollar, a proposal floated by China, could be phased in within a year, Nobel Prize-winning economist Joseph Stiglitz said on Thursday.

ReverseEngineer wrote:

mattduke wrote:

UNITED NATIONS: A reserve currency system based on an IMF unit instead of the US dollar, a proposal floated by China, could be phased in within a year, Nobel Prize-winning economist Joseph Stiglitz said on Thursday.

aka, JACKASS, the Monetary Movie. LOL
The idea the IMF could provide a reserve currency system ANYONE in their RIGHT MIND would trust is BEYOND LUDIcrous. --snip--The Chinese are not in their right mind of course, due to overshoot.

SeaGypsy wrote:But they trust the USD? Or is that insane also?Who can start a new central currency? Aren't all the rich countries up shit creek without a paddle? Without a new central currency aren't we all tied to debt accumulated under the scam of compound interest and BAU since WW2? I'm not suggesting the IMF is the right body, just asking who will or can do it?

While the United Kingdom has not changed its currency since decimalisation in 1971, many other countries have introduced new currencies or replaced existing ones since then. For example, there are 47 European countries that are members of the United Nations. Of these, 33 have replaced their currency since 1990 as a result of events such as introduction of the euro, break-up of the Soviet Union or break-up of Yugoslavia. In addition, five countries have re-denominated their currency during this period.

This means the process of introducing a new currency or replacing a currency is well known.

Newfie wrote:Not a bad idea actually. It would be an interesting experiment.

Japanese commodity money before the 8th century, including: arrowheads, rice grains, and gold powder. Now in the Japanese Currency Museum.

There are a few important rules you have to follow if you want to join the consortium of mainstream economic con-men/analysts. Take special note if you plan on becoming one of these very "special" people: 1) Never discuss the reality that government fiscal statistics are not the true picture of the health of the economy. Just present the stats at face value to the public and quickly move on. 2) Almost always focus on false positives. Give the masses a delusional sense of recovery by pointing desperately at the few indicators that paint a rosier picture. Always mention a higher stock market as a symbol of an improving economy even though the stock market is irrelevant to the fundamentals of the economy. In fact, pretend the stock market is the ONLY thing that matters. Period. 3) Never talk about falling demand. Avoid mention