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As Greenback Sinks, Dubai’s Chief Economist Calls For Chinese ‘Redback’
Posted By Adan On June 7, 2012 @ 1:11 pm In Economic Crisis,Featured Stories,Tile | Comments Disabled
June 7, 2012
Time for dollar, euro to step aside — the redback cometh… Yuan finally set to emerge on a global scale with China hot on heels of US as world’s second largest economy. There are increasing calls for the yuan to become an international payment, investment and reserve currency. The move towards yuan internationalisation requires domestic structural reforms and financial market development. China’s 12th five year plan objectives provide for gradual capital account convertibility and removal of internal financial distortions. This requires interest rate liberalisation and the development of money market instruments and debt capital markets: the “Redback Market”. – GulfNews
So this is the real reason that US pols keep calling for a floating yuan …
In fact, this Gulf News story (excerpted above) tips us that US proposals for the yuan to float has little to do with US “competitiveness” – as often reported in the mainstream media – and everything to do with building blocks for a global currency.
“Competitiveness” is a kind of justification hiding a larger intention. The idea, perhaps, is to gradually replace the dollar as the world’s reserve currency with a basket of currencies.
The International Monetary Fund’s underdeveloped SDRs may provide a worldwide currency basket – at least that seems to be the plan. Perhaps some other global currency is secretly being developed, or perhaps there may be a partial reversion to a planned gold standard … But no matter what, the idea seems to be to advance China’s currency and make it powerful throughout the world.
This is the perspective of Dr Nasser Saidi, Chief Economist of Dubai’s International Financial Centre. He knows what he is talking about, no doubt. In fact, these funny little countries – Dubai, Qatar, etc. are being groomed by the elites to help amalgamate Eastern and Western financial systems.
The top money-men of the Arab Emirates have the ears of the power elite and vice versa. They are important in the larger scheme of things as the elites continue to create their new world order.
The idea is to construct an intermediate system that allows the Western banking powers to pursue business-as-usual in the Muslim world. But in order to get from here to there, a more broadly inclusive basket of currencies needs to be developed.
Right now, the SDR is basically offered to central banks and their governments as a way to adjust reserves and diversify currencies away from the dollar. The IMF itself supports SDRs and provides pricing for them on a regular basis.
The SDR basket is made up of the euro, Japanese yen, pound sterling, and U.S. dollar – but there are plans to incorporate more currencies into the basket over time, including the yuan.
All part of the apparent planned demise of the dollar and the rise of a true global currency. These currencies are not to be subservient to the US dollar in the long run. Just as Western economies are gradually unraveling, so BRIC and developing countries are seen to be rising.
Why is there a need for a basket of reserve currencies? Because the same elites that are planning a world currency are also planning for global government. And you can’t have global government with national currencies.
The BRICs, EU, US, Asia and South America are all being reconfigured to support a world monetary authority. Almost every day there are steps being implemented to create a further convergence of monetary systems …
• According to a recent Reuters article, “The euro needs a master plan and a ‘collective determination’ to rescue the euro.” That’s the perspective of Christine Lagarde, who proposes a “comprehensive set of principles to enforce over time.”
• According to the Gulf News, “India has set up a Gulf unit to track tax evaders. India is posting eight senior IRS officers abroad, including one in Abu Dhabi.” The idea is to pursue unreported funds abroad flowing out of Switzerland and into the Middle East.
• According to Bloomberg, (as previously reported in these pages) Qatar has been picked to provide the QIBOR (a replacement for the staggering LIBOR) providing a daily reference point for banks borrowing unsecured funds from other banks. Total amount of funds affected? Up to US$90 trillion.
These are just three reported examples among hundreds of the homogenization that is being pursued by the powers-that-be. Whether it is the euro itself, Indian income taxes or British-oriented banking facilities in Qatar, the West’s financial system is gradually being imposed and expanded worldwide.
The plan is doubtless to expand the current (and growing) economic chaos until people are willing to accept almost any solution to recreate some level of prosperity – even the “Redback.”
For additional links see www.AmericanFreed.com.
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