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Reuters: U.S. has plundered world wealth with dollar: China newspaper

The United States has plundered global wealth by exploiting the dollar's dominance, and the world urgently needs other currencies to take its place, a leading Chinese state newspaper said on Friday.

The front-page commentary in the overseas edition of the People's Daily said that Asian and European countries should banish the U.S. dollar from their direct trade relations for a start, relying only on their own currencies.

Continue reading here:
http://www.reuters.com/article/newsOne/idUSTRE49N1XX20081024

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Thing is, Bretton Woods was

Thing is, Bretton Woods was only temporarily stable because the US was home to such an unprecedented share of the world economy. No region, whether China, Japan, Europe, the US, or anywhere else, will likely ever reach that level of dominance again.

As such, we will always have a multipolar monetary world. With the crazy pegging attempts and competitive devaluations that this inevitably leads to.

The only way out, is to peg to something that everyone agrees on the value of, and that can’t be competitively devalued; in essence gold. Which the ruling and financial classes will of course fight tooth and nail, as it takes the primary access advantages they have come to enjoy vis-à-vis everyone else away from them.

But, with a bit of luck, we may be at the cusp of a widespread realization that this is the only way forward. Cross Your Fingers for the yellow stuff!!

Thing is...

a good chunk of the gold that has been drained out of our economy is now in Dubai:

http://www.thedubailife.c...

http://www.mecfilms.com/u...

And who's to say that a small group monopolizing gold won't still give us in essence a "one world currency"?

I like Dr. Paul's idea of competing currencies. Imagine a currency based on green energy output? People would love to use it. One really cool thing about competing currencies would be that people would track them daily (or even to the minute), much like they keep track of useless stuff now like American Idol or sports. It would become our national pastime. That is, unless James Jaeger's (producer of Fiat Empire) vision of a society without an economy comes true based on his newfound love affair with a certain addendum...

I have just finished watching ZEITGEIST Addendum for the 5th time and my official opinion is this movie is accurate and presents the existing scene as I have observed and studied it in my 50+ years on this world. This movie is also moving in the right direction as far as presenting the most viable solution to the world's problems I have yet seen. Unfortunately this movie has gone over the heads of many. For others it has created serious cognitive dissonance. For still others it has assulted their religion.

My most recent screening of ZEITGEIST Addendum was done this afternoon with two associates. We took about four hours to get through the show as we paused the picture and CLARIFIED and DEBATED its merits exhaustively. I recommend you do same. From this clarification and debate, all three of us agree that this movie is in NO WAY promoting Communism, Socialism OR Fascism. What is getting in the crawl of many is the fact that ZEITGEIST Addendum is NOT promoting CAPITALISM either. In fact, ZEITGEIST Addendum is giving reasons why Adam Smith's arguments are flawed. As further discussed in my article, TOO BIG TO FAIL - Why Bailouts Promote Consolidation, Adam Smith's arguments ARE flawed hence Smithian CAPITALISM is a flawed system: just as Marxist Communism and Nazi Fascism are flawed systems. Capitalism DID serve a purpose in the past however it's now irrelevant, if not destructive to the world emerging. The practices of PROFIT, COMPETITION and SCARCITY can be shown to be the major elements in CAPITALISM -- as well as Communism, Socialism and Fascism -- that are no longer workable. Indeed, the PROFIT-motive depends on SCARCITY and scarcity promotes COMPETITION which ultimately results in crime, poverty, unbridled capitalism, war, imprisonment, debt and a host of other destructive practices. Competition, which DID serve in an earlier era, is no longer a viable methodology when compared to the potential of COOPERATION and TECHNOLOGY, which can and will eventually make law and governments obsolete. The movie further explains the reasoning behind these claims.(1)

The premise that the world's resources should be owned by all humans equally makes sense given technology helps us manage them. This is NOT Communism, an assumption some might jump to for the movie does NOT imply any sort of centralized control group or state. This is a difficult concept for many to get their minds around as there are no analogs in world governance, however there ARE analogs I will discuss later. Communism is when the state owns ALL OF THE MEANS OF PRODUCTION and everyone works for the state. In such as system Adam Smith says there is little incentive to produce as there is no personal ownership. Adam Smith IS correct on this and this IS why Communism, and its sister system, Socialism, are failed systems. But in a world where "just" the resources are collectively owned by all people, but the other means of production and all finished products are owned by individuals (as the movie implies), you have crafted a blend of the best elements of previously piloted systems into a workable planetary management system supplemented by AI. Nevertheless, as the cost of products and the necessities of life are reduced to zero through nanofacturing and AI, the concept of "ownership" will become obsolete thus discussion as to whether such a system is Marxist or not will be academic. Do you worry about who owns the air or do you worry about how this resource is protected? No one owns the air or the oceans or the Internet, yet we all benefit from these DISTRIBUTED resources, thus we all seek to protect them. And given that the universe has UNLIMITED resources, it is preposterous to think of economic systems in the quaint terms used in past centuries.

NO ONE GOVERNS THE INTERNET YET IT IS A DISTRIBUTED NETWORK OF INTELLIGENCE THAT WORKS AS AN EMERGENT PROPERTY OF SELF-ORGANIZATION. THE INTERNET IS THUS PROOF THAT A WORLD WITHOUT CENTRALIZED INTELLIGENCE WORKS. THE INTERNET IS THUS PROOF THAT A WORLD WITHOUT CENTRALIZED GOVERNMENT WORKS. THE INTERNET IS THUS PROOF THAT A WORLD WITHOUT A CENTRALIZED MONETARY SYSTEM WORKS. WE ALL OWN THE RESOURCE KNOWN AS THE INTERNET AND WE ALL COLLECTIVELY MANAGE IT. OUR COOPERATION IN THIS NETWORK CAUSES AN EMERGENT PROPERTY OF GLOBAL COMMUNICATION THAT TODAY DISTRIBUTES INFORMATION IN THE FORM OF BITS BUT TOMORROW WILL DISTRIBUTE INFORMATION IN THE FORM OF ACTUAL MATTER -- FOR THE TECHNOLOGY OF TELEPORTATION IS REAL AND IS DISCUSSED IN THE LITERATURE OF SCIENTIFIC AMERICAN AND OTHER PROFESSIONAL JOURNALS. If you are not up to date on these technologies, maybe you should be.

Past century centralized management or government does NOT work as we saw from the former Soviet Empire and we can see from the current U.S. Empire. Distributed management or government DOES work. The FREE MARKET is a distributed network that DOES WORK so long as it is NOT perverted by regulation of any kind, including the regulation of MONEY. THE USE OF MONEY TO KEEP SCORE IN A DISTRIBUTED RESOURCE WORLD OF ABUNDANCE IS COUNTER-PRODUCTIVE.

The INCENTIVE to produce a greater abundance of quality products should NOT be based on profit -- how much money I can get out of you -- but based on the other incentives such as the joy of accomplishment, love, freedom of exchange, desire for knowledge, experimentation, curiosity. The desire to be compensated for our labor, creativity and products is a natural one but to reduce such compensation to just the realm of money is a serious limitation to motivation. Indeed, it could be said that all productivity is motivated, directly or indirectly, by the desire for sex. The human male KNOWS how motivated he can become when a beautiful woman asks for something to be done. Money, compared to such motivation, is indeed anemic, and I would venture to say actually plays a much smaller part than any economic system would allow its adherents to believe. But in general the world runs on a system known as MONETARISM whether such money is backed by love, sex, gold or oil.

All past failed systems -- Communism, Socialism, Fascism and Capitalism -- had money, profit and scarcity in common. All have failed: as we can see from the CORPORATOCRACY that now controls the U.S. Congress, the Fed, the IMF/World bank and the fascist globalization that's now attempting to infest the world.

Some say government and force-based systems are the root of the problem. Actually these are only a symptom of the problem for it's money, profit and scarcity that keep these entities in power. As the old saying goes, 'an army marches on its stomach," the gargantuan empire we have today cannot grow or function unless it keeps millions of people enslaved in the debt system of fiat and fractional money. Fiat and fractional money fuel the monster. The highest levels of government and the corporatocracy are staffed by the same people in an endless revolving door financed by lobbyists working for the plutocracy. The corporatocracy uses government to configure the laws the way it wants. The government uses the corporatocracy and banking system to carry out its deeds. Lending money to resource-rich nations, watching them default on debt service and then forcing them to turn over their resources or make concessions (such as the privatizing of public utilities, accepting military bases or voting a certain way in the UN) is standard operating procedure of the IMF/World bank as John Perkins and Anne Wilkinson have been pointing out for decades. The Fed is the alter ego of the IMF/World Bank and it's using fiat and fractional money to literally build a covert global empire. Whether the target country of the IMF/World Bank is democratic or Marxist is irrelevant, the goal is the same: commandeer all the country's resources and bring them under the domination of the U.S.-based corporatocracy.

Today, unlike Nazi Germany where the state merged corporate power into its ranks, the U.S. corporatocracy is merging state power in to the profit-infested world we now call "Globalization" -- Adam Smith run amok in "free" trade. Congressmen are bought and paid for by multinational corporations, non-People entities, that have little regard for democracy. As ZEITGEIST Addendum states: DEMOCRACY IS IMPOSSIBLE IN A PROFIT-BASED ECONOMIC SYSTEM BECAUSE THE PLUTOCRATS HAVE PURCHASED THE CONGRESS AND PRESIDENT.

ZEITGEIST Addendum explains why we are all debt slaves, forced to submit to employment and forced to pay interest on BOGUS fiat money with REAL human effort. In a world where the profit-motive reigns supreme, ethic and morals are impossible. We are all chiseling off each other to make a buck, as the movie explains in detail. We are all greatly or slightly misrepresenting our products and services in order to "out compete" our fellows and "profit." We are all corrupt because we are all trying to maintain some Establishment we have been born into or some Establishment we have been indoctrinated into believing is the best "system" whether such system is our "nation," our "religion," "political," "economic" or "social" system. We are all guilty.

"There is no such think as independence in nature, the whole of nature is a unified system of independent variables each a cause and a reaction existing as a concentrated whole." the narrator explains. Given this universality, we are not allowing ourselves to break free of the myopic self-preservation systems that we have come to rely on for way too long. We are in fear and we thus CLING to irrelevant socio-political and economic systems that are now destroying our planet and enslaving billions of people in poverty and debt.

For people, corporations or governments to lay claim to the planet's resources is a dead-end economy and must change. The profit-motive is a destructive motive. ZEITGEIST Addendum fully explicates this claim and so far no one has given a valid counter-argument. Most of my science- and technology-challenged friends and associates have little or no comprehension of what ZEITGEIST Addendum is thus saying. Unless one is up-to-date on science and technology, they will be hard-pressed to relate to what ZEITGEIST Addendum is talking about. Its premise will thus be unreal to them. Solutions proposed in ZEITGEIST Addendum should NOT be construed to be the same technocratic deus ex machina previous regimes have used to rally support. We are clearly at the inflection point of an exponential curve that did not exist in the previous century. The past does NOT equal the future, and unfortunately history is no longer any guide. See STARING INTO THE SINGULARITY if you are unclear on this statement.

I recommend one watch ZEITGEIST Addendum at least three (3) times. This movie pushes so many buttons it's almost impossible for one to stay in "present time" while watching it. One will think the movie is saying A when it's saying B, or saying B when it's saying C. It will drive you crazy. You will hate this movie one minute and then love it the next. You MUST however suspend all your BELIEF SYSTEMS and WORLD VIEWS to get this movie. Don't worry, if your belief system and worldview is valid, you will remember it after watching the movie.

So far the comments I have heard from many people with regards to ZEITGEIST Addendum have been either shallow, nattery, ridiculous and/or misdirected. Again, some have tried to imply that this movie is promoting Marxist views just because it's stating that capitalism and the PROFIT system are unworkable. ZEITGEIST Addendum is saying anything but "Workers of the World Unite." It's actually saying "Let's work together protect our resources and then use technology to make drudgery work obsolete." Again, Zeitgeist Addendum is saying that Communism, Socialism Fascism AND Capitalism are no longer relevant in today's emerging world. I have to agree with this, but unfortunately one will not be able to agree unless they are familiar with the state-of-the-art of technology as related to renewable energy and the potential of nanofacturing. For information on the later, read Dr. Eric Drexler's book, ENGINES OF CREATION, at http://www.e-drexler.com/... for free.

In summary: the profit-motive system and money MUST go. The MONEY-MENTALITY is running the planet into the ground. I have been saying this for decades. See a book I wrote around 1985 and published on the Net around 1995 called TEAR DROP IN SPACE. http://www.mecfilms.com/t... See my various articles at http://www.mecfilms.com/u... for explanation why MEAT-HEADS IN SUITS are ruining the planet.

I am not positive what the next best system is, but I reject the current political and economic systems. They are simply unworkable and will NEVER lead to a world without war where able Beings can rise to greater heights.

As AI systems are perfected, planetary management of resources will become more viable. Human labor will eventually be replaced by machine labor freeing humans for more important pursuits. The current financial-banking system will continue to melt down into the nothingness it always was. The hucksters, frauds and freaks that have been promoting and profiteering from the Wall Street Ponzi will be brought to justice by the People on Main Street, People who are becoming more enlightened with each rotation of the planet.

ZEITGEIST Addendum ends with the following "to do" list:

1. Inform the world about the current corrupt system;

2. Declare all the world's resources common heritage;

3. Inform the Peoples of Earth about the true state of technology (such as the fact that we have the ability to remedy ALL energy problems on Earth) and how it can free the world if we cooperate instead of fight wars.

So long as the profit-motivated corporatocracy generates scarcity and inefficiency it renders 2 and 3 impossible.

Please do not write to me to argue the above points unless you have watched ZEITGEIST Addendum at least three (3) times. If you do comment, I will only address SPECIFIC QUOTES TAKEN FROM THE MOVIE. In other words: what sentence do you disagree with and why? NO GENERALITIES AND OVERALL IMPRESSIONS PLEASE. And please don't write and tell me how sacrilegious the movie is or I will write you and tell you how science- and technology-challenged YOU are. Thanks.

ZEITGEIST Addendum can be screened for free at http://video.google.com/v...

Unless you are a mOron, this 2-hour movie can't possibly be comprehended upon one screening, or even two.

25 October 2008

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(1) I covered most of the subjects in ZEITGEIST in my 1986 book, "TEAR DROP IN SPACE -- A Prolegomena to any past Prolegomena" such at http://www.mecfilms.com/t... Also see FIAT EMPIRE at http://video.google.com/v... available in DVD at http://www.FiatEmpire.com

************
http://www.pyrabang.com - the Patriot newsfeed machine that will take a huge bite out of Google's ad profits and put them in your pocket!

By Official Communist Gov't Newspaper

Follow the links, it was the Official Government Communist Newspaper that printed this. Just makes it more interesting .... and more official when they change things.

Their official paper is like

Their official paper is like a printed version of our Voice of America. It's the hard line view, which doesn't necessarily mean anything.

I wonder

what the 1WC will look like?

Paulson's face on the one? Bernanke on the 20?
No doubt Rothschild will be on the 100.

Hello dominant Euro.

Hello dominant Euro.

You mean the currency

that's falling apart?

http://www.telegraph.co.u...

And despite all this chaos,

And despite all this chaos, all these dislocations and all the fortunes that will be lost and lives that will be ruined because of episodes like this; officialdom still refuses to accept the wisdom of something as simple, predictable and inherently equitable as a sound, specie backed medium of exchange.

Of course not.

There is nothing in it for them. I honestly think they would rather plummet us back into the stone age than give up advantage and control.

Don't tell me... we're about

Don't tell me... we're about to go all e-currency, and everyone will need to get a special little 'mark' on their right hand and forehead, beginning at birth...

are you suggesting

the anti-christ is German?

Maybe he's Swedish?

Maybe he's Swedish?

but in that case, wouldn't we all have

"krona(s)" instead of "marks" being implanted?

WORLD BANK owners & loans

YOU have it all wrong... It's NOT what the U.S. GOV't dealt out ...IT is what those running the FED dealt out to the world....BY the way those FED owners also loan to the rest of the World ....DID you get it yet ?PUT the blame where it belongs, PLEASE
weee

The FED works in collusion

The FED works in collusion with the US govt. DID you get it yet ?
weeeeeeeee

HYPERINFLATION here we come

.

I really hate to say it .......

But as a country, we're going to "get" our just dues for what we've dished out. Too bad the good and honest ordinary US citizens are going to have to pay the piper as well as (or instead of?) the lying theiving greedy bastards who have done this.

Terminal threat

This is the most immediate terminal threat to the US economy - the global dumping of the dollar. Decades of inflation stored in foreign banks and accounts will crash in upon us.

This also strengthens my suspicion that China is preparing to launch its own gold-backed currency to replace the dollar as the world's currency.

Interesting, but how likely?

Interesting, but how likely? My gut tells me 'not very'. The Euro would be in a better position to replace the dollar.

I believe they are talking about DEFLATION when

"Only a virtuous people are capable of freedom. As nations become corrupt and vicious, they have more need of masters." Benjamin Franklin
---

they say, "exploiting the dollar's dominance."

Plundering through inflation

After WWII, the Bretton Woods agreement established the dollar as the currency of global trade and the international reserve currency. It was backed by the US government in gold as far as central banks and foreign governments were concerned.

The US began inflating the dollar. During the 60's, with the Guns and Butter era, the inflation really took off. Because the world economy was growing, it absorbed most of the new dollars. But by 1971, the demand on US gold reserves at the pegged dollar price exceeded the available gold. Nixon cut off the gold backing. Then inflation really took off.

Since 1971 we have been inflating like crazy. But we essentially made the rest of the world eat our inflation. The US benefited from our inflation at the expense of the rest of the world in the same way that the middle class and working poor in the US pay for the benefits reaped by Wall Street and the others who get the benefits of inflation domestically.

Ron Paul talks about the inflation tax on the poor and the middle class for the benefit of Wall Street. What China is talking about in this article is the same thing on an international scale - a US inflation tax on everyone in the world that has been using dollars.

The world is now feeling the loss of all the wealth the US has plundered through inflation. Yes, the pain is being felt through a deflation at the moment. But that will be replaced by inflation, first internationally and then dramatically worse domestically. Give it about a year.

I agree with "first by inflation then deflation" as someone said

"Only a virtuous people are capable of freedom. As nations become corrupt and vicious, they have more need of masters." Benjamin Franklin
---

Inflation is the set-up

and deflation is the death blow. That's how it worked in the last depression.

I agree.

"Only a virtuous people are capable of freedom. As nations become corrupt and vicious, they have more need of masters." Benjamin Franklin
---