Wednesday, November 17, 2010
G20: The IMF & The Day the Dollar Died
G20: The IMF & The Day the Dollar Died
By Paul McGuire
“[The Chinese] have now got to accept responsibility for world order and the interests of other people as well,” he said. “Today, China has not only a more vigorous economy, but actually a better functioning government than the United States,” he said, condemning political gridlock on Capitol Hill for stalling U.S. economic reforms.” George Soros
We are witnessing the planned destruction of the dollar as the world’s currency. Competing currencies, a world currency and a cashless society that uses a microchip will force the American Middle Class and the Middle Class of nations around the world into Third World status. Financial collapse, riots ,chaos and Martial Law.
The world’s most powerful nations met in South Korea last Thursday. It was nearly 10,000 of the world’s most influential politicians and CEOs of multi-national corporations. The big question was, “What to do about the U.S. dollar?”
The Federal Reserve, just prior to the G-20 meeting, announced that it would unleash a new round of “quantitative easing” to “stimulate” the economy—a move that is guaranteed to sink the dollar even more. The Fed’s hope was that by creating an additional $600 billion—out of thin air—to purchase U.S. government bonds, interest rates would fall and consumers would begin spending. Many nations are cynical about the Fed’s plan. Nations, like Germany, see U.S. policy as a blatant attempt to devalue the dollar and thus steal trade. China is concerned about the Fed and the U.S. paying back its debts with inflated dollars. The complaint is that “quantitative easing”
Washington’s relations with Beijing especially have been strained by U.S. complaints that China’s yuan is undervalued, while Beijing has argued that the U.S. Federal Reserve’s easy-money policy is aimed at weakening the dollar to boost exports and inflate away debt.
“If we don’t get this right, it’s my view that we will see currency wars, we’ll see retaliatory action taken that will be bad for economic growth, that would have unintended consequences,” New Zealand Prime Minister John Key said, one day into the fractious negotiations.
Global imbalances are so huge that major sacrifices would have to be made by all parties for any headway to be made. Instead, look for the world to continue to search for an alternative reserve currency to the dollar. •
Many economists believe that the Chinese economy will exceed the U.S. economy in just two years. For example, median salaries in China might be only $6,000 per year, while those in America are around $45,000, but the cost of living in China is also much lower. In America, a taxi ride might cost you $20, while the same taxi ride costs only $2 in China. In absolute terms, that $20 counts toward America’s gross domestic product, while in China that same service only contributes $2 toward its gdp. In contrast, the purchasing power parity measure places an equal weighting on these two services when computing the size of the economy.
George Soros, like other members of the elite go around praising China. Beginning with Rockefeller calling the Chinese government the ideal government just after Mao’s Communist Revolution, many members of the elite like Canadian billionaire Maurice Strong praise China. Why? The elite like the totalitarian government that China has. They like the idea of creating slaves to the State and an elite class that runs everything. China did not become the economic super power it is today just by chance. China’s rise to power came with the secret help of Rockefeller, Council on Foreign Relations and other globalists.
Make no mistake about it, the game plan is to use any means necessary to destroy a free America and turn it into a Communist State. Obama, Bill Ayers, Bernadine Dohrn and other Marxists are all being used to “manufactured crisis” to transition America into a totalitarian state. Ultimately, that means a Police State, arrests in the night and concentration camps. Our economy is being crashed to bring this in. Microchip implants, biochips, mind control, indoctrination are all part of the process.
India is in the process of putting a microchip implant or RFID chip ID card in all 1.2 billion citizens who will soon not be able to buy or sell without it. If it takes several years in India, it could happen overnight in the U.S.
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American Dictatorship Are You Ready for the Microchip? MP3 Download
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About Me
- Paul McGuire
- Paul McGuire is host of the syndicated McGuire Report. Paul McGuire hosted the nationally syndicated "Paul McGuire Show" for 10 years which broadcast from Los Angeles M-F from 3-6PM. Paul McGuire is a frequent guest on the Fox News Network and CNN. He is the author of 16 books including The Day The Dollar Died, which deals with the planned destruction of the dollar in order to bring in a world currency.
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