Monday, July 13, 2009
I’m amazed at how far out of touch the left is with regards to the possibility of a one-world currency. It’s a concern Michelle Bachman has become known for voicing. Yet, the left has littered the internet with commentary about how crazy Bachman is for believing that there is a movement for a one-world currency. I find myself both amused and frightened by their myopic and baseless need to denigrate someone over an issue that is absolutely true. Regardless of whether you think Michelle Bachman is a crackpot, there are very real, very serious, and very plausible movements in the world to bring about a one-world currency.
If you are out there on the left, you may want to stop reading right now and turn on MSNBC. What I’m about to tell you is very disturbing and likely to damage your mantra of hope and change. Honestly, the opinion of the world is that the US monetary/fiscal/banking system caused the recent economic downturn. Everyone on the left says, “That’s common knowledge. America is to blame for all problems in the world.” Here is where the lefties jump off the train; Obama’s Spend Big, Spend Often, and Spend Irresponsible fiscal policies solidified this perception and now there are governments in the world seeking to diminish the role of the dollar in the world and implement a diversified one-world currency.
This is very true. Bloomberg reports:
“Russian President Dmitry Medvedev has repeatedly called for creating a mix of regional reserve currencies as part of the drive to address the global financial crisis, while questioning the dollar’s future as a global reserve currency. Russia’s proposals for the Group of 20 major developed and developing nations summit in London in April included the creation of a supranational currency.”
The key here is to connect the terms “one-world currency” and “currency diversification. The popular thought for a one-world currency is to create a currency that is based and "pegged" to a large basket of world currencies.
A little economic history lesson for you:
The world does not do business with a hodgepodge of currencies, but with the dollar. Either by literally trading in US dollars or by foreign currencies “pegged” (when a government has a store of dollars to give their currency value) to the dollar. With recent out of control spending by Obama, governments of the world are beginning to question the US’ solvency and ability to pay its debts.
The Bloomberg article I linked to above shows that India is getting on board with the idea. Russia, China and Brazil are already on board. Today, Geithner is in Saudi Arabia trying to stem the one-world currency train. Laughably, Geithner is arguing the stability of the dollar even as the administration he represents is talking about more stimulus.
So, while you on the left were busy making fun of Michelle Bachman for bringing the “one-world currency” development to the forefront of debate, the rest of the world was busy laughing at you and trying to find a better way to protect their nations from your destructive and narcissistic economic policies.