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1. Global Plans to Replace the Dollar

Nations have reached their limit in subsidizing the United States’ military adventures. During meetings in June 2009 in Yekaterinburg, Russia, world leaders such as China’s President Hu Jintao, Russia’s President Dmitry Medvedev, and other top officials of the six-nation Shanghai Cooperation Organisation took the first formal step to replace the dollar as the world’s reserve currency. The United States was denied admission to the meetings. If the world leaders succeed, the dollar will dramatically plummet in value; the cost of imports, including oil, will skyrocket; and interest rates will climb.

Student Researchers:

  • Nicole Fletcher (Sonoma State University)
  • Krystal Alexander (Indian River State College)
  • Bridgette Grillo (Sonoma State University)

Faculty Evaluators:

  • Ronald Lopez (Sonoma State University)
  • Elliot D. Cohen (Indian River State College)
  • Mickey Huff (Diablo Valley College)

Foreigners see the International Monetary Fund (IMF), the World Bank, and the World Trade Organization (WTO) as Washington surrogates in a financial system backed by US military bases and aircraft carriers encircling the globe. But this military domination is a vestige of an American empire no longer able to rule by economic strength. US military power is muscle-bound, based more on atomic weaponry and long-distance air strikes than on ground operations, which have become too politically unpopular to mount on any large scale.

As Chris Hedges wrote in June 2009, “The architects of this new global exchange realize that if they break the dollar they also break America’s military domination. US military spending cannot be sustained without this cycle of heavy borrowing. The official US defense budget for fiscal year 2008 was $623 billion. The next closest national military budget was China’s, at $65 billion, according to the Central Intelligence Agency.”

To fund the permanent war economy, the US has been flooding the world with dollars. The foreign recipients turn the dollars over to their central banks for local currency. The central banks then have a problem. If a central bank does not spend the money in the United States, then the exchange rate against the dollar increases, penalizing exporters. This has allowed the US to print money without restraint, to buy imports and foreign companies, to fund military expansion, and to ensure that foreign nations like China continue to buy American treasury bonds.

In July 2009, President Medvedev illustrated his call for a supranational currency to replace the dollar by pulling from his pocket a sample coin of a “united future world currency.” The coin, which bears the words “Unity in Diversity,” was minted in Belgium and presented to the heads of G8 delegations.

In September 2009, the United Nations Conference on Trade and Development proposed creating a new artificial currency that would replace the dollar as reserve currency. The UN wants to redesign the Bretton Woods system of international exchange. Formation of this currency would be the largest monetary overhaul since World War II. China is involved in deals with Brazil and Malaysia to denominate their trade in China’s yuan, while Russia promises to begin trading in the ruble and local currencies.

Additionally, nine Latin American countries have agreed on the creation of a regional currency, the sucre, aimed at scaling back the use of the US dollar. The countries, members of the Bolivarian Alliance for the Americas (ALBA), a leftist bloc conceived by Venezuela’s President Hugo Chávez, met in Bolivia where they vowed to press ahead with a new currency for intraregional trade. The sucre would be rolled out beginning in 2010 in a nonpaper form. ALBA’s member states are Venezuela, Bolivia, Cuba, Ecuador, Nicaragua, Dominica, Saint Vincent and the Grenadines, and Antigua and Barbuda.

The cycle supporting a permanent US war economy appears to be almost over. Once the dollar cannot flood central banks and no one buys US treasury bonds, the American global military empire collapses. The impact on daily living for the US population could be severe.

Our authors predict that in addition to increased costs, states and cities will see their pension funds drained. The government will be forced to sell off infrastructure, including roads and transport, to private corporations. People will be increasingly charged for privatized utilities that were once regulated and subsidized. Commercial and private real estate will be worth less than half its current value. The negative equity that already plagues 25 percent of American homes will expand to include nearly all property owners. It will be difficult to borrow and impossible to sell real estate unless we accept massive losses. There will be block after block of empty stores and boarded-up houses. Foreclosures will be epidemic. There will be long lines at soup kitchens and many, many homeless.

Update by Michael Hudson

Foreign countries are presently seeking to create an international monetary system in which central bank savings do not fund the United States’ military deficit. At present, foreign “dollar holdings” take the form of US treasury bonds, used to finance the (largely military) US domestic budget deficit, a deficit that is largely due to military spending.

Russia, China, India, and Brazil have taken the lead in seeking an alternative system. But almost no information about such a system was available in the US or even the European press, except for a shorter version of my “De-Dollarization” article that I published as an op-ed in the Financial Times of London.

Discussions about creating an alternative monetary system have not been public. I was invited to China to discuss my views with officials there and to lecture at three universities, and was subsequently asked to write up my proposals for Premier Wen Jiabao, pending another visit just prior to this year’s meetings between China, Russia, India, and Brazil, with Iran attending with visitor status. All of this signals that other countries are seeking an alternative. Now that the euro has collapsed, there’s currently little alternative to the dollar as a reserve currency. This implies that there is no national currency that is a stable store of value for international savings.

Meanwhile, US money managers are leading the flight from the dollar to Brazil, China, and other “emerging market” countries. As matters stand, these countries are selling their resources and companies for free—as the dollars being spent to buy them end up in their central banks, to be recycled into US treasury bonds, or to be used to purchase euro debt that is plunging in international value.

The result of this conundrum is the pressure to end the postwar era of “free capital movements” and to introduce capital controls.

There has been almost no press discussion of my story or indeed of the issue itself. US and European media have successfully ignored the proposal of an alternative to the existing state of affairs.

Update by Fred Weir

This story illustrates one aspect of post–Soviet Russia’s search for a place in the US-led global order—a position that would reflect that country’s own distinct geopolitical interests and how it differs from the West in terms of history, culture, and level of economic development. Russia inherited from the former Soviet Union close relations with many countries that the US regards as “rogue states,” including Iran, Cuba, and Venezuela. There continues to be a lot of official, public sympathy for those countries and their opposition to the US global system, even though Moscow no longer has any grand sense of anti-Western ideology or even any practical goal of mobilizing toward an “alliance” that would serve Russia’s ends.

Under the George W. Bush administration, Moscow felt itself under pressure from what it viewed as Western encroachments into the post-Soviet space, what Russians term the “near abroad.” This took the form of “colored revolutions,” or what the Western media referred to as “pro-democracy uprisings” in Georgia, Ukraine, and Kyrgyzstan, which removed corrupt but Moscow-friendly regimes and brought to power much more outspoken and active pro-Western ones. The Kremlin, rightly or wrongly, interpreted these upheavals as US-sponsored and orchestrated attempts to reengineer the political loyalties of neighboring states with which Russia has deep historical ties. Two of those new leaders, Georgia’s Mikheil Saakashvili and Ukraine’s Viktor Yushchenko, sought to put their countries on a fast track to membership in the North Atlantic Treaty Organization (NATO), a prospect that Russia viewed with alarm bordering on panic. Another Bush-era initiative that engendered deep hostility in Moscow was a plan to station strategic antimissile interceptors in neighboring Poland, with associated radars in the Czech Republic. Russian military experts argued these deployments were the beginning of a strategic process that might eventually undermine Russia’s own aging, Soviet-era nuclear deterrent, which is the main priority of Russia’s national defense.

In response to these perceived threats, Russia seemed to sometimes go out of its way to cultivate relationships with other countries that were at odds with the US, which is the subject of this story. The Russians also held war games with the Venezuelan navy in the Caribbean, resumed cold war–era nuclear bomber patrols along the North American coast, and talked about revitalizing former Soviet air bases in Cuba.

In the past year, with substantially changed foreign policy priorities brought in by President Barack Obama, Moscow’s attitude has relaxed somewhat. Obama shelved the controversial plan to station antimissile weapons in Poland, and implicitly removed from the agenda any question of inducting Ukraine and Georgia into NATO. The so-called Obama “reset” of relations between Moscow and Washington seems to be improving prospects for cooperation, even on such thorny issues as Iran, though it may be too early to draw any firm conclusions.

Sources:

Chris Hedges, “The American Empire Is Bankrupt,” Truthdig, June 15, 2009, http://www.truthdig.com/report/item/20090614_the_american_empire_is_bankrupt/.

Michael Hudson, “De-Dollarization: Dismantling America’s Financial-Military Empire: The Yekaterinburg Turning Point,” Global Research, June 13, 2009, http://www.globalresearch.ca/PrintArticle.php?articleId=13969.

Fred Weir, “Iran and Russia Nip at US Global Dominance” Christian Science Monitor, June 16, 2009, http://www.csmonitor.com/2009/0616/p06s12-woeu.html.

Lyubov Pronina, “Medvedev Shows Off Sample Coin of New ‘World Currency’ at G-8,” Bloomberg, July 10, 2009, http://www.bloomberg.com/apps/news?pid=20601087 &sid=aeFVNYQpByU4.

Edmund Conway, “UN Wants New Global Currency to Replace Dollar,” Telegraph (UK), September 7, 2009, http://www.telegraph.co.uk/finance/currency/6152204/UN-wants-new-global-currency-to-replace-dollar.html.

Jose Arturo Cardenas, “Latin American Leftists Tackle Dollar with New Currency,” Agence France-Presse, October 16, 2009, http://www.google.com/hostednews/afp/article/ ALeqM5jisHEg79Cz8uRtYfZR6WK4JmWsIg.

See below for further references to articles I have written on this topic.

Stories on Russia’s overtures to Cuba and Venezuela:

Stories on Russia’s relations with Iran:

Stories on US–Russian relations:

  • Russell Stremi October 4, 2010

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  • Doug Nusbaum October 10, 2010

    A cooperative currency… Does anyone really believe that any of these countries could cooperate on anything for more than six months? The only reason that OPEC was able to do any cooperative thing for more than a few years was that there was a 600 lb gorilla in the room. And even then, that gorilla may or may not have been a hand puppet of the US.

    All the potential members will see the other “partners” as possibly attempting to manipulate things for their own benefit at the expense of themselves. The two biggest players, Russia and China, are systems ruled by autocratic individuals.

    The only possible solution would be a currency backed by commodities, but these states want a reality based system less than they want the current one.

    So … Ain’t gonna happen.

  • Jay Gamel October 11, 2010

    You haven’t mentioned that all currencies today are floaters — essentially worth only what people decide they are worth. You don’t mention the price of gold or who possesses the majority of the world’s gold. Guess who?

    While everyone, including Wall St., knows that the dollar is a poor reserve currency, there are no replacement’s on the horizon; not without more cooperation than the current players can put into results. It would require a degree of stability and contract equity that is not available in today’s global political climate.

    Citing the coin circulated by Medeyev as evidence of a new world currency order is pathetic. It was pure hype and symbolic in the extreme.

    The dollar may fail on any number of fronts, but there are no contenders on the horizon, as much as many, many people wish there were. I’m no defender, but no one is about to reduce the existing teetering economic system to compete rubble without a viable alternative. I’ve yet to see it.

  • Lester W October 11, 2010

    Great list and everyone should remember that policies such as this are not overnight adjustments. These ideas are being planned through a slow (20 years) process of implementing new terms and ideas to the public. Everyone would jump out of the boiling pot water if things happen too fast.

    ********To the author of the article or to web site masters, the link to the mdvedev article in which he showed off the new “world currency” coin… here is the working link:

    http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aeFVNYQpByU4

  • George Kay October 12, 2010

    I think some miss the point here. It’s not that all currencies float, it’s that the US dollar has had a free run as a reserve currency, at the expense of central banks and ultimately foreign people, the world over. If one thinks the US dollar is a stable enough currency to base all trade in, then one needs to come back down from the clouds. Leaders around the world know this and are faced with a dilemma. They cannot dump their US Treasury ‘securities’, because they are now ultimately worthless ie. who would want to buy them? At the same time, they cannot maintain US hegemony by buying any more. The free ride is over Uncle Sam.

  • Haydn Stevenson October 12, 2010

    It’s not hard to see where the power is shifting to. It’s shifting to Asia -and in particular China. Just as the USA became a great power on the back of its industrial innovation and productivity, so China is rising into that role -as the world’s future leading economic power.

    One thing is certain. Whichever country gains number one place in the economic power stakes, will also rise to wield considerable political clout. And such a situation is a direct threat to the existing (USA-centric) order. And given this reality, it can be expected that the USA will mount a rear guard action -to ward off the decline of its own Empire. But history is not kind. Empires come and go -and present company is not excepted.

    The downside to this geopolitical reality is that the USA is likely to act in various irrational ways -while attempting to fend off contenders to its “throne”. And in so doing, threaten the international political and financial order. We are witnessing this already, with the “war on terror” -the attempt to create a new international pariah “bogeyman” -in order to sustain
    the military-industrial complex.

    Haydn

  • guard October 12, 2010

    Doug above is right. Any “basket” currency will fail just the way the Euro is failing – one or more socialist states bringing down the whole system. Any currency backed by a single nation will fail for exactly the same reason the US Dollar is failing – one country sucking the life out of all the others. And there is not going to be any commodity-backed money – that would defeat the true purpose of fiat money which is shafting everyone with inflation and asset bubbles.
    No, I expect there will be a slow torturous US currency collapse that will last years, during which time every last penny will be extracted from the poor and the environment.

  • Fred October 14, 2010

    How is the euro failing with respect to the USD? It takes 1.4 USD to buy a euro as I write this. The Euro was set at 1.16 to the USD when it was introduced as I recall.

    I believe the EU overall has the right mix of “socialism” and private enterprise. More private than China but less private than the US. There is virtue in moderation.

  • Newman October 21, 2010

    forgive my paranoia, but i think it’s justified. the neocon strategy and methods closely mirror the technique used to overthrow the Weimar Republic. the key to imposing a fascist state on a democratic society is financial stress and the so-called strategy of tension proposed by Hegel. they have already succeeded in dividing the American people against themselves. if the dollar is successfully undermined, you can kiss civil liberties in the US bye-bye.

  • Max Keene ( mouse ) October 24, 2010

    The United Nations needs, as Albert Einstein said and promoted, a ‘Supranational Military Force’ strong enough to stop ‘Rogue’ nations from crimes againest humanity. The ‘Armageddonites’ threaten life on planet earth more each day.

  • Lester W. October 27, 2010

    I think the Weimar Republic refrence is spot on when describing the Straussians(neo-cons) and their economic revolution which has been taking shape over the last 40 years. I think they (unlike everyone else) have learned from history and have perfected the art of currency/country destruction.

    I remember the same arguements in the 80’s when Everyone was sooo sure that European countries couldn’t possibly agree on anything trivial so the idea of coming together as a single Union and having a single currency was simply outlandish and conspiratorial in thinking. Not Possible, right? Better yet what’s plausible according to the evidence.

  • Jackie October 27, 2010

    I do not really believe the dollar is going to disappear totally, maybe for a short while, like maybe the crash that should just about now be ready to poke it head in and start the ramifications rolling. Couldn’t hurt one bit for it probably will be just enough jolt to the American people to shake them out of their doldrums and what (they think) that will begin the big change within the human psyche and only then will we begin to glimpse of what is truly happening – maybe the next turn around the humans will not be so vulnerable and selfish within as to think the world revolves around them.

  • Analsyst November 2, 2010

    This article doesn’t address the fact that the interested parties still do not know how to get over the basic problem: the minute they all start selling dollars as such high volumes the value of the dollar will plummet thereby nullifying the worth of their own remaining stock. It’s a basic problem that hasn’t been addressed yet.

  • Sn. Senior November 8, 2010

    Wow, first of all I just have to say I’m really enjoying the level of intelligence among all these comments. While I agree that it is a little bit of hearsay to assume that the rest of the world will just throw off the US-centric economic system without a viable alternative, it seems plausible that this could be a critical moment for a rising nation like China to seriously disrupt things. I’m no economist though. Is there a realistic way for the US to reign in its ridiculous military spending yet maintain a strong economy without the industrial backbone it has since exported overseas?

  • Lou November 10, 2010

    The economic crisis with the dollar is coming to a head, but there are still some major deals to be brokered, if the various interested parties can be brought to the table. I’m talking about the possibility of trading U.S. military and political pullbacks and moderation for U.S. creditor nation forbearance and assistance toward a soft landing. That is where the hope lies, for us and for the world.

    As this article notes: “In the past year, with substantially changed foreign policy priorities brought in by President Barack Obama, Moscow’s attitude has relaxed somewhat. Obama shelved the controversial plan to station antimissile weapons in Poland, and implicitly removed from the agenda any question of inducting Ukraine and Georgia into NATO. The so-called Obama “reset” of relations between Moscow and Washington seems to be improving prospects for cooperation, even on such thorny issues as Iran, though it may be too early to draw any firm conclusions.”

    While I fully acknowledge the horrors of the Obama administration, that kind of flexibility is what we (and the world) gained by electing him instead of McCain. The neocon approach to the U.S. being backed into a corner by a multi-polar alliance is to up the ante of confrontation. The only good thing that can be said about that approach is that we wouldn’t have to worry about global warming anymore (or anything else).

    Obama is the guy selected by U.S. geopolitical elites to negotiate a deal with the multi-polar alliance of “concerned friends” of the United States. He’s tasked with negotiating and taking the various carrots and sticks from creditors back for presentation to U.S. military/industrial/financial interests (not directly including ordinary U.S. citizens). Obama qua Obama has little power in the face of this internally-traitorous corporate power, but he can serve to mediate between the multi-polar global alliance that is coming together to rein in the United States, and those powerful and traitorous corporate interests.

    The neocons are still there as a hard cop to Obama’s soft cop; Obama is not just *our* soft cop – he is the soft-cop U.S. interface to the world. The 2012 elections hang like a threat over them as much as they hang as a threat to us internally. We resent the hard cop/soft cop game, but the hard cop is real, as in real crazy. The locus of sanity right now lies outside the United States.

    This is an extremely dangerous time, and Obama is critical to our chances of resolving this crisis in a manner that is relatively safe for us and for the world. If this were a purely financial game, the U.S. would have been on the skids long ago. I think we have some sophisticated political thinkers in China, Russia and Europe who realize that in an inter-dependent world a USA on the skids is a dire and immediate threat to all. They cannot allow this over-armed and over-extended nation with fascist tendencies to simply stew in its own juices, as fair as it might seem to do so. The lessons of a humiliated post-WWI Germany and the seeds that were sown there are fresh enough that those with a sense of history can still see them, on steroids, in the United States. The Tea Party and its ilk are clear enough harbingers of things to come in the U.S. that the rest of the world must be concerned about the direction the U.S. will take if its economy is further destabilized.

    This is what I believe is playing out right now at the G20, and has in fact been playing out for some time. I ardently hope that Obama has the brains, skill and courage to bring the message of the multi-polar world home in a way that powerful internal U.S. interests can understand. The best possible outcome would be U.S. military and political pullback in exchange for economic relief. That would help everyone. The alternatives are mostly unthinkable.

  • Jan Steinman November 10, 2010

    I agree that the dollar — and ALL fiat currencies — should be replaced!

    But with what?

    Until very recently, currencies were “backed” by some tangible good of intrinsic value — typically, gold or silver. This is A Good Thing, and we should return to it.

    But rather than gold or silver, neither of which has particularly strong intrinsic value other than jewelry or metallurgy, a new currency should be “backed” by the one basic, universal currency of nature and the universe — energy.

    Notes could be denominated in kilowatt-hours, and could be directly exchanged for fuel of various sorts, such as your electric bill or your car’s gasoline.

    There would be a LIMITED amount in circulation, always equal to the amount of energy currently available. As fossil energy sources are depleted, currency would be withdrawn in proportion, until the ONLY currency available would be that backed by insolation — the recoverable sunlight striking the earth.

    With such a scheme, the “price” of a product or service would accurately represent the energy that goes into making that product or service available. The junk food aisles in the grocery stores would cost more than the local organic produce aisle, and cheap plastic crap from oceans away would no longer compete with local items that provide similar function.

    We have a budget we will eventually be forced to live within — the recoverable sunlight striking the earth. I can think of no better way of making the process of moving toward such a budget simpler and more equitable than to accurately and continuously put it in front of each of our faces, by changing our entire accounting system to revolve around it.

    Under such a scheme, traditional and indigenous cultures will regain their value as efficient capturers of energy, versus most of the Western world, who are mere consumers of energy. A successful goat herder in Tanzania — though she has no conventional “income” at all — may have more net worth than a stock broker in Manhattan. :-)

  • Dan December 16, 2010

    Lou, I agree with what you said above! This is a very robust discussion.

  • Godless December 28, 2010

    I love the idea proposed by Jan Steinman regarding an economy based upon energy, in particular recoverable solar energy. It would not only be extremely stable, but also a feasible way of getting everyone off their oil based addiction.

  • Nylon Vandelia January 3, 2011

    Project Censored, you disappoint me. “What a great idea” I thought after reading an article about this in the CSMonitor. Apparently not. This is an op-ed piece. Apparently nobody involved has the time or inclination to do background reading and understand WHY this particular story wasn’t reported. A global reserve currency was probably front page in Xinhua, but for western observers who can read the alphabet soup this is as eventful as a crazy homeless man screaming about the rapture.

    Here’s why this is a non story. The SCO is most closely analogous to NATO. It was created initially after the breakup of the USSR to try and find some semblance of border security among affected central asian states, Russia and China. However, without a centrally stated mission it has grown over the years into an impotent Asian INGO vaguely military in nature. It is mostly a talking shop for a handful of bilateral agreements and blustery anti-Americanism. What it is NOT is an organization that has ANY bearing on economic policy for Russia, the PRC or any of the ‘stans. Yet for all of the words used bashing America’s “military empire” nobody even once looks at the plausibility of the idea or where it emanated from. This is really a remarkably poor job.

    Also: “There will be block after block of empty stores and boarded-up houses. Foreclosures will be epidemic.” This is journalism?

  • Toby January 3, 2011

    Its interesting they didn’t mention the petrocurrency concept being discussed in the persian gulf states. American “empire” is one of the most peaceful and prosperous rules ever. A lot of countries whose particular interests go against ours may nevertheless benefit from a global liberal trade regime or free flow of capital and ideas. Perhaps the Euro is, in part, Europe’s way of pulling out of paying for an American hegemony that Europe nevertheless indirectly benefits from.

  • Thom January 5, 2011

    How about a virtual currency: http://www.bitcoin.org?

    Bitcoin is a peer-to-peer digital currency. Peer-to-peer (P2P) means that there is no central authority to issue new money or keep track of transactions. Instead, these tasks are managed collectively by the nodes of the network. Advantages:

    Bitcoins can be sent easily through the Internet, without having to trust middlemen.
    Transactions are designed to be irreversible.
    Be safe from instability caused by fractional reserve banking and central banks. The limited inflation of the Bitcoin system’s money supply is distributed evenly (by CPU power) throughout the network, not monopolized by banks.
    Bitcoin is an open source project currently in beta development stage. Development is hosted at SourceForge.

    • David Mowers May 18, 2012

       There is an ongoing Justice Department investigation into Bitcoin fraud they are rigging the software to steal inflated coin valuations from users and they are going down. Google it.

  • Lord Koos January 5, 2011

    To Toby: You think that America is a “peaceful empire”. You obviously have never been to Vietnam, Iraq, or Afghanistan.

  • J February 13, 2011

    As an answer to the question ” what can replace fiat currency?”. Watch “The secret of Oz” on youtube. It is not necessary to commodity back all currency, however making money from debt is not the answer either. The issue is not fiat currency because that has worked many times, it only failed when the ones who controlled its quantity put everyone who used it into usury. It is about “who controls its quantity” and how it is created that is the issue of utmost importance. Read also an article written by Mary E. Hobart entitled Errors within our monetary system.

  • Sean February 16, 2011

    It will never happen , first of all if the rate go up so will the Dollar , Second the largest country to hold our debt is china if they decide to dump our bonds sure the rate wuill go up but we are also their number one consumer importer as well as their number one exporter, there is no way china will risk that as they never floated their currency, third we or I should say our central bank has the Largest Gold reserve in the world and all those countries combined dont have what we have 700 billion tons of gold , this is an article with a lot of air , price of oil moves only on supply and demand and where Dollar is , and of course the political situations, but over all I think Dollar is the safest currency in the world , specialy if we can ballance the budget and reduce the deficit.

    • Umm Aminah July 11, 2011

      The USD is nothing more than worthless fiat paper backed only by debt not assets.  China, Brazil, Russia, India & a few others are quietly and discreetly dumping the dollar.  China is also making key trade alliances in South America, India, Iran and so forth to prepare for the inevitable which is the collapse of the USD period.  The US is in China’s debt and will never be able to pay back the debt let alone the interest on the debt owed to China.  You are in serious denial and are in for a rude awakening.

  • rick stoudt March 12, 2011

    i think most people are missing the point.everyone seems to be triing to fix the economy in ways that seem to accept the lies and corruptness of our government.the real and key issues are being ignored and most of the problem is simple GREED.there are really only two ways to fix america.one is an allout revolution by the working people,similar to the french revolution to include an american version of bastille day.but that would get a lot of people hurt or killed.bu if the rick and selfish people don’t settle down i’m afraid that it is possible.a better way would be to organize all WORKING americans into a national UNION.a union that all working people would have a part of to deal with crooked and lying polititions and buisnesses.by working people i mean the 30 to 40+ hours a week people who work them selves to death for the peanut wages which are not enough to live on most of the time.where do THEY get the info to say that the ave income is 100,000.00 per year?actually the majority of americans are only making around 15 to 40k.but the rich people certainly don’t want us to know that.

  • Clive Boustred March 22, 2011

    While I was a Senior Technical Strategist at Sun Microsystems I provided the systems architecture to what is probably now the worlds largest banking system with around 100 million users, Intuits Automated Financial Services. When we were building InfoTelesys a next-gen Internet infrastructure company that was launching 91 satellites out of Russia we were going to implement next-generation non-fractional reserve, non-fiat asset backed open currency banking and trading on our satellites. We have the worlds top technology team for building the next bank and currency system. After the Russian Duma gave InfoTelesys the rights to Space Station Mir, we were completely censored and violently targeted. Somehow I have survived five assassination attempts on my life by the government in the US who filed false case after false case against me, kidnapped my children and stole my multimillion dollar estate. Following the first assassination attempt on my life I started studying and publishing what I found out about the US government – these findings are published on the http://www.libertyforlife.com website including a relatively brief overview of the international banking and monetary system we were building – see the the “Evil Fed Bank” section.
    I am still alive and can deliver our solution with the support of these nations. I have been forced to flee the US (a wise move) and am in the process of initiating our InfoTelesys educational arm http://www.getited.com
    Feel free to contact me for any assistance on a global banking solution.
    My complements on an excellent article
    Kindest Regards
    Clive
    Chairman InfoTelesys, Get IT Ed, Liberty For Life

    • Former U.S Marine September 23, 2011

      The real problem is greed, and the system of fractional reserve banking is the method of there corrupt system. If you really want to know some truth about why 911 occured. Google this. Collateral Damage: U.S. Covert Operations and the Terrorist Attacks on September 11,2001
      This will explain the money men, and what occured 10 years to the day of 9/11. The Bible states the truth will set you free indeed. Many Americans are willingly ignorent due to siding with there political party, as opposed to seeking the truth of the matter!

  • Clive Boustred March 22, 2011

    The future international currency needs to be asset backed – any asset not just silver or gold. The system needs to be integrated into a global trading system and the organization operating the bank must be a not-for-profit association operating with complete transparency.
    see http://www.libertyforlife.com/presentations/banking/index.htm

  • Butter Cup March 23, 2011

    I don’t believe this story about the rest of the world collabortaing against the US dollar. The US economy is too closley linked to the economies of the EU, China, Japan, South Korea, Brazil, Chile, Argentina, Australia, Canada, New Zealand, etc. If our economy collapsed so would theirs, it would be cutting off their nose to spite their face so to speak. This story is all hype and scare tactics. Glenn Beck buy gold stuff. Secondly, the US has a bigger military than the rest of the world combined, that counts for a lot. We are increasingly being used as the muscle for China and Europe, and you don’t criple your own body guard. The dollar will remain strong, so will the United States. Whether or not we remain a republic, well now that’s another story, but we aren’t going anywhere.

    • Anonymous July 15, 2011

      Collaborating with ‘intent’ to destroy the dollar is perhaps too harsh.  Collaborating to get out of the dollar quickly before the US economy collapses, is a different matter altogether.

      • Hutty985 December 14, 2011

        And ‘collaborating’ to defame the US military is the lowest of the low for a company that only exists because we saved your country in WWI AND WWII…

    • Anonymous July 15, 2011

      Collaborating with ‘intent’ to destroy the dollar is perhaps too harsh.  Collaborating to get out of the dollar quickly before the US economy collapses, is a different matter altogether.

  • Paul Panza May 3, 2011

    All of this mute when the Red Meteor, Apophis arrives in our solar system,
    http://www.theyfly.com/The-Adventures-of-Billy-Meier.html

  • James May 7, 2011

    respond to Butter Cup,
    Its not about collapsing economy, its about shifting your economy. From West to East, from fiat money to maybe gold-based currency – a true indicator of wealth. US Dollar – a worthless paper has fooled the world. thats enough.

    Also, USSR also had the best military in its time and 1991 collapse of Soviet shocked everyone. But this time I wont be shocked, because US militarism is failing with its paper-fiat money.

    • Hutty985 December 14, 2011

      The USSR had the best military of its time?  Really?  If you believe that then you are a moron. 

    • Hutty985 December 14, 2011

      The USSR had the best military of its time?  Really?  If you believe that then you are a moron. 

  • recette yaourt May 11, 2011

    I do not really believe the dollar is going to disappear totally, maybe for a short while, like maybe the crash that should just about now be ready to poke it head in and start the ramifications rolling.

  • todayhotnews May 18, 2011

    GOLD. I think we should use gold a international currency instead of dollar.

  • Thomas H Greco June 15, 2011

    It may not be getting a BIG play in mainstream media, but this is old news. All of your sources go back to 2009. What are the new developments?

    Don’t expect much from the UN.

    The most promising approach to the devolution of power and the end of global dollar dominance is the organization of business-to-business direct credit clearing exchanges and private community currencies that require no political money or conventional banks.Existing models are the Swiss WIR bank and the dozens of commercial trade exchanges that re operating around the world.

    Detailed explanations and prescriptions are provided on my website, http://beyondmoney.net, and my book, The End of Money and the Future of Civilization.

  • Fatimah Umm Aminah Muhammad July 11, 2011

    The USD is nothing more than worthless fiat paper backed only by debt not assets.  China, Brazil, Russia, India & a few others are quietly and discreetly dumping the dollar.  China is also making key trade alliances in South America, India, Iran and so forth to prepare for the inevitable which is the collapse of the USD period.  The US is in China’s debt and will never be able to pay back the debt let alone the interest on the debt owed to China.  You are in serious denial and are in for a rude awakening.

  • Anonymous July 15, 2011

    Back to good old gold or a gold backed (publicly audit-able) currency!

  • Anonymous July 15, 2011

    Back to good old gold or a gold backed (publicly audit-able) currency!

    • Argh August 16, 2011

      Too bad for us (Europeans) That the U.S. stole most of our gold during Nixon’s reign… Goddamn americans

    • Mark August 25, 2011

      Unfortunately though, the decoupling from gold, was so that the bank greed addicts could up their cash injections, with no natural limitations, such as gold naturally provides, as you can only extract so much gold, as opposed to printing and keystroking dollars globally.

      So, for 40 good years, America funded it’s own global economic supremacy, with a printing press, and artificially created bank accounts, and it infused it into the global system, because everyone believed we were such a great success, but it was all fabricated wealth. (Nothing real here, but the belief of others in the system)

      So, right there is a huge artificially inflated money volume, a big lie.

      Then we had the derivatives rationale set into place by JPMorgan’s masters of greed, gamble and swindle on secured speculative algortihms, BISTRO, which is itself a 500 trillion plus “dollar” time bomb.

      This allowed another expansion of the global loan and greed bank delusion, by reducing capital ratio, for extension of more and more debt, spread globally.

      Add that all together, and it is truly enormous, and you have a global USDollar system of a fraud, probably 1000 times beyond the actual gold in existence to back this supposed revamped system. It has outstripped all the gold man could extract from earth, in 100 years, so could not, obviously,  even at 1% ratio, back the bloat that this lie is floating on, gold itself would have to be subject to the same fiction, the dollar is subject to, bank alchemy.

      It therefore must implode, or cut half the global population or more, or both in tangent, who knows. It is the beginning of the end all scenario, for real.

  • Newscritter July 15, 2011

    Back to good old gold or a gold backed (publicly audit-able) currency!

    • Argh August 16, 2011

      Too bad for us (Europeans) That the U.S. stole most of our gold during Nixon’s reign… Goddamn americans

    • Mark August 25, 2011

      Unfortunately though, the decoupling from gold, was so that the bank greed addicts could up their cash injections, with no natural limitations, such as gold naturally provides, as you can only extract so much gold, as opposed to printing and keystroking dollars globally.

      So, for 40 good years, America funded it’s own global economic supremacy, with a printing press, and artificially created bank accounts, and it infused it into the global system, because everyone believed we were such a great success, but it was all fabricated wealth. (Nothing real here, but the belief of others in the system)

      So, right there is a huge artificially inflated money volume, a big lie.

      Then we had the derivatives rationale set into place by JPMorgan’s masters of greed, gamble and swindle on secured speculative algortihms, BISTRO, which is itself a 500 trillion plus “dollar” time bomb.

      This allowed another expansion of the global loan and greed bank delusion, by reducing capital ratio, for extension of more and more debt, spread globally.

      Add that all together, and it is truly enormous, and you have a global USDollar system of a fraud, probably 1000 times beyond the actual gold in existence to back this supposed revamped system. It has outstripped all the gold man could extract from earth, in 100 years, so could not, obviously,  even at 1% ratio, back the bloat that this lie is floating on, gold itself would have to be subject to the same fiction, the dollar is subject to, bank alchemy.

      It therefore must implode, or cut half the global population or more, or both in tangent, who knows. It is the beginning of the end all scenario, for real.

  • Newscritter July 15, 2011

    Collaborating with ‘intent’ to destroy the dollar is perhaps too harsh.  Collaborating to get out of the dollar quickly before the US economy collapses, is a different matter altogether.

    • Hutty985 December 14, 2011

      And ‘collaborating’ to defame the US military is the lowest of the low for a company that only exists because we saved your country in WWI AND WWII…

  • William Wallace July 28, 2011

    I think this would be a good time to recommend a good
    website I stumbled across in my research and concern.
    XAT.ORG and don’t forget the WWW. It’s amazing and at the
    same time pathetic,the things men will do for power and
    control.Alot of good reading about the history of money.
    There will continue to be no easy answers until we all can
    get on the same page with our knowledge and concern for
    the future.Too many Americans have taken it all for granted for way too long,this experiment we call freedom.

  • Lucille August 3, 2011

    this is the first video I’ve seen since joining (hearing about) ProjectCensored.  

    I would find it helpful if the article and the updates were dated.

    thank you.

  • Lucille August 3, 2011

    this is the first video I’ve seen since joining (hearing about) ProjectCensored.  

    I would find it helpful if the article and the updates were dated.

    thank you.

  • Btrask3 August 16, 2011

    I notice the source of this information is the csmonitor.  Interesting choice, after reading about it’s history, corruption, and cultish behaviors.

  • Btrask3 August 16, 2011

    I notice the source of this information is the csmonitor.  Interesting choice, after reading about it’s history, corruption, and cultish behaviors.

  • Former U.S Marine September 23, 2011

    The real problem is greed, and the system of fractional reserve banking is the method of there corrupt system. If you really want to know some truth about why 911 occured. Google this. Collateral Damage: U.S. Covert Operations and the Terrorist Attacks on September 11,2001
    This will explain the money men, and what occured 10 years to the day of 9/11. The Bible states the truth will set you free indeed. Many Americans are willingly ignorent due to siding with there political party, as opposed to seeking the truth of the matter!

  • Hutty985 December 14, 2011

    The USSR had the best military of its time?  Really?  If you believe that then you are a moron. 

  • David Mowers May 18, 2012

    Hey world? Get ready to see what happens when rednecks, jesus-freaks and gang bangers with 80 I.Q.’s are like with automatic weapons and tanks because America will murder the Earth before this happens. Prepare for utter chaos.

  • Dave_Mowers May 18, 2012

    Hey world? Get ready to see what happens when rednecks, jesus-freaks and gang bangers with 80 I.Q.’s are like with automatic weapons and tanks because America will murder the Earth before this happens. Prepare for utter chaos.

  • Dave_Mowers May 18, 2012

     There is an ongoing Justice Department investigation into Bitcoin fraud they are rigging the software to steal inflated coin valuations from users and they are going down. Google it.

  • Tfjnow May 18, 2012

    It would appear obvious by this time with an unsustainable level of debt and an administration with congressional enablers who refuse to make any cuts of significance that our economy is headed towards implosion. The deniers can place their heads in the sand but the stage has been set and the direction has been consistent. The dollar is going down.

    Personally, I believe it is intentional just as the so-called Arab spring revolutions have been. Revolutions which have resulted in the installation of groups of Marxist, Sharia law extremists into power like the Muslim Brotherhood and others.

     The game plan is to crush any national autonomy and freedom on the planet and assemble all nations under one world government. Dollar domination does not fit that plan. Nor does the U.S. Constitution which is why that has been completely disregarded in recent years particularly by leftists like our current President and his enablers.

    The useful idiots who propose a communist inspired vision have obviously not observed the results of Communism after application. It always (yes always) results in tyranny and brutality to the masses and always will. Anyone missing  that is living in a utopian fantasy that will be crushed by reality along with them when they no longer become useful to the movement.

    The UN is the template for world government and the plan is to replace all governments with the UN. Don’t blame the U.S. for this plan as it has arisen out of the minds of the elite who seek to rule the masses over the entire planet. One world currency will be proposed because that is how they will control labor and the exchange of goods and services. If it is gold backed or precious metals backed, the backing supply will be controlled by the planners not the free market.

    I see very hard times coming and potentially shocking changes in all nations including the U.S. We may be able to thwart this by unified efforts at the ground level but frankly that is not looking promising as most people ignore reality based upon their past. A hard rain is gonna fall and the times they are a changing as the singer poet put it. I would prepare for the changes and continue to fight for your freedom. We shall see what happens.

    P.S.- I have no sites to recommend. The evidence is all over the place and the net if you take the time to search for it and connect the dots. Fear based propaganda is their tool of control. The resulting rising police state is the evidence. Open your eyes and look around and you will see for yourself.

  • Tfjnow May 18, 2012

    It would appear obvious by this time with an unsustainable level of debt and an administration with congressional enablers who refuse to make any cuts of significance that our economy is headed towards implosion. The deniers can place their heads in the sand but the stage has been set and the direction has been consistent. The dollar is going down.

    Personally, I believe it is intentional just as the so-called Arab spring revolutions have been. Revolutions which have resulted in the installation of groups of Marxist, Sharia law extremists into power like the Muslim Brotherhood and others.

     The game plan is to crush any national autonomy and freedom on the planet and assemble all nations under one world government. Dollar domination does not fit that plan. Nor does the U.S. Constitution which is why that has been completely disregarded in recent years particularly by leftists like our current President and his enablers.

    The useful idiots who propose a communist inspired vision have obviously not observed the results of Communism after application. It always (yes always) results in tyranny and brutality to the masses and always will. Anyone missing  that is living in a utopian fantasy that will be crushed by reality along with them when they no longer become useful to the movement.

    The UN is the template for world government and the plan is to replace all governments with the UN. Don’t blame the U.S. for this plan as it has arisen out of the minds of the elite who seek to rule the masses over the entire planet. One world currency will be proposed because that is how they will control labor and the exchange of goods and services. If it is gold backed or precious metals backed, the backing supply will be controlled by the planners not the free market.

    I see very hard times coming and potentially shocking changes in all nations including the U.S. We may be able to thwart this by unified efforts at the ground level but frankly that is not looking promising as most people ignore reality based upon their past. A hard rain is gonna fall and the times they are a changing as the singer poet put it. I would prepare for the changes and continue to fight for your freedom. We shall see what happens.

    P.S.- I have no sites to recommend. The evidence is all over the place and the net if you take the time to search for it and connect the dots. Fear based propaganda is their tool of control. The resulting rising police state is the evidence. Open your eyes and look around and you will see for yourself.

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