China Voices Support For New Global Currency To Replace Dollar

China has expressed support for Russia’s proposal to hand the IMF the power to create a new supra-national global currency in response to the call for an alternative to the U.S. dollar as the world reserve currency.

Last week the Kremlin called for the “creation of a supranational reserve currency to be issued by international institutions as part of a reform of the global financial system.”

The Russian proposal stated that the IMF should take the lead in establishing a “superreserve currency accepted by the whole of the international community.”

China today expressed support for the initiative and said it was ready to discuss the proposal at the upcoming G20 meeting in London on April 2.

Hu Xiaolian, vice governor of the country’s Central Bank, said that China, which holds about $2 trillion in foreign exchange reserves, was prepared to debate the issue as “the dollar’s dominance and U.S. economic woes could entail considerable currency fluctuations and affect the world financial situation,” reports RIA Novosti.

The creation of a new supra-national global reserve currency to supplant the U.S. dollar would likely lead to a complete collapse of the greenback, of which trillions are held in in foreign exchange reserves by foreign countries such as China and Japan.

As we have previously highlighted, the elite have exploited the problem that they created to push for increased regulation of the world economic system in the pursuit of a de-facto global financial dictatorship.

• A d v e r t i s e m e n t

[efoods]The swift and ruthless exploitation of the economic meltdown on behalf of globalists and central banks revolves around their drive to move towards a one world currency system and an unprecedented centralization of global financial power, a fact that financial analysts are finally beginning to realize.

Earlier this month, Ben Bernanke told an elite gathering at the Council on Foreign Relations that a new overarching financial authority should be created and empowered with sweeping new regulatory responsibilities.

British Prime Minister Gordon Brown, EU heads such as Joaquin Almunia and establishment media outlets like the Wall Street Journal amongst many others have all continually used the economic crisis as an excuse to argue for greater financial power, a “new world economic order” in which control is concentrated into fewer hands – with the IMF and the World Bank enjoying the spoils.

UK Business Secretary and top Bilderberg member Peter Mandelson has also pushed for a “Bretton Woods for this century,” to help build the “machinery of global economic governance”.

Former UK Prime Minister Tony Blair, German Chancellor Angela Merkel and French President Nicolas Sarkozy all made the same appeal at a conference in Paris on the future of capitalism earlier this year.

Merkel called for the creation of a new global economic body under the UN, similar to the Security Council, to judge government policy.

Sarkozy called for a “new world, new capitalism” during his speech, as he commented “In capitalism of the 21st century, there is room for the state.”

Meanwhile, Blair called for a new financial order which he said should be constructed upon “values other than the maximum short-term profit.”

The globalists’ call for a centralized global economic order has nothing to do with providing solutions to the crisis but everything to do with providing themselves with more power and control over the world’s financial system.

This article was posted: Monday, March 23, 2009 at 8:29 am

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