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Yuan to be new world reserve currency? any truth in this?

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    #2
    Dannyboy83
    Registered Users Posts: 4,236 ✭✭✭Dannyboy83


    Cr@p I thought I was in economics, oooops, sorry.


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    #3
    bnt
    Registered Users Posts: 13,005 ✭✭✭✭bnt


    Not exactly: see the Wall Street Journal.

    From out there on the moon, international politics look so petty. You want to grab a politician by the scruff of the neck and drag him a quarter of a million miles out and say, ‘Look at that, you son of a bitch’.

    — Edgar Mitchell, Apollo 14 Astronaut



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    #4
    Moriarty
    Registered Users Posts: 6,007 ✭✭✭Moriarty


    More here and here. It wouldn't be the Yuan, they're talking about a psuedo-"IMF Controlled" currency.


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    #5
    Dannyboy83
    Registered Users Posts: 4,236 ✭✭✭Dannyboy83


    Won't this bankrupt the United States?

    Presumably countries will start denominating oil in (not-dollar), commodities will be traded in (not-dollar), reserve banks will sell off their dollars and buy (not-dollar) and the US Foreign debt will suffocate them?

    I thought this would be the last thing China wants since the US owe them trillions


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    #6
    JohnMc1
    Closed Accounts Posts: 4,987 ✭✭✭JohnMc1


    Haven't we been hearing this for years now?


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    #7
    bobbyjoe
    Closed Accounts Posts: 798 ✭✭✭bobbyjoe


    Doubt it:
    Obama says no:
    http://www.youtube.com/watch?v=D2jfpHbIITo


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    #8
    Overheal
    Registered Users Posts: 83,298 ✭✭✭✭Overheal


    of course he says No! He's the US President! What else is he going to say? :rolleyes:


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    #9
    tfitzgerald
    Registered Users Posts: 2,285 ✭✭✭tfitzgerald


    i cant really see the united states of us against everyone agreeing to that


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    #10
    thebman
    Closed Accounts Posts: 10,012 ✭✭✭✭thebman


    tfitzgerald wrote: »
    i cant really see the united states of us against everyone agreeing to that

    Not really going to have much choice if they are bankrupt.


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    #11
    Dannyboy83
    Registered Users Posts: 4,236 ✭✭✭Dannyboy83


    It was true after all
    The world is changing, big time
    http://www.telegraph.co.uk/finance/economics/5050407/US-backing-for-world-currency-stuns-markets.html


    US backing for world currency stuns markets

    US Treasury Secretary Tim Geithner shocked global markets by revealing that Washington is "quite open" to Chinese proposals for the gradual development of a global reserve currency run by the International Monetary Fund.

    The dollar plunged instantly against the euro, yen, and sterling as the comments flashed across trading screens.



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    #12
    thebman
    Closed Accounts Posts: 10,012 ✭✭✭✭thebman


    Dannyboy83 wrote: »
    It was true after all
    The world is changing, big time

    Wow that is shocking. Obama announced he didn't see it as an option (at least sort of).

    One would assumed they talked before announcing different things on this scale.

    I don't know what to think at the moment. I wasn't expecting that to be announced.


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