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| User Info | There Is An Adult: Volcker in forum [Ticker] | |||
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Genesis Posts: 71432 Incept: 2007-06-26 
KD^2 
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http://market-ticker.org/archives/1111-T....
---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-06-11 08:59:17
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Guyfawkes Posts: 352 Incept: 2008-09-19 Texas
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Hope his voice will be heard and listened to.
---------- It's still "We, the People".....right?
2009-06-11 09:00:49
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Zzt Posts: 983 Incept: 2007-06-26 
Glendale az
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In all the Obasm appointments Volker was the only bright spot. Well he wasnt appointed but he is kinda on the team. Probably paid his taxes too so I wonder what he is doing there.
2009-06-11 09:06:32
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Shrpblnd Posts: 1169 Incept: 2007-08-06
Los Angeles, CA Online
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So what are the practical alternatives to the USD as a global reserve currency?
2009-06-11 09:12:15
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Genesis Posts: 71432 Incept: 2007-06-26
KD^2
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Right now, today, there are none. But a basket of Asian currencies, for example (e.g. Yen/Yuan) is a very viable alternative. ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-06-11 09:16:20
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Widgeon Posts: 6527 Incept: 2007-08-30
OK
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All it will take for the USD issue is for a group of nations to begin to do otherwise ... especially for oil and ore transactions. You'd have to be blind to not see that this movement is afoot already. Really, I think it could hgappen with extreme speed once the will to do it is there.
2009-06-11 09:17:27
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Widgeon Posts: 6527 Incept: 2007-08-30
OK
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Also, one must assume he's pointing the finger at GS with that trading comment. I don't think anything will change there.
2009-06-11 09:18:45
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Phirang Posts: 8824 Incept: 2008-10-25
bar khoba's revenge
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Unforuntately, he's a few trillion dollars too late...
---------- The Treasury can issue debt on your behalf because the State can and will stomp the wealth out of you and your family.
2009-06-11 09:19:49
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Shrpblnd Posts: 1169 Incept: 2007-08-06
Los Angeles, CA Online
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The currency used for a transaction is largely irrelevent. What is far more significant is what currency foreign nations hold as their foreign reserves. Before we could move to any basket involving the Yuan, China would have to abandon the dollar peg.
2009-06-11 09:20:47
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Bigcat Posts: 1523 Incept: 2008-09-10 
Nice, France
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Volker has worked all of his life either for or with the real power center of globallzation. Their interests are not in line with individual countries. Dismantling Bretton Woods was a key step towards where we are with the dollar today. I expect no solution to come from this camp. And his comment on the dollar is an interesting one, as his group was involved in the IMF's SDRs which are now being globally funded. Agree with Gen on this one. Quote:After leaving the Federal Reserve in 1987, he became chairman of the prominent New York investment banking firm, J. Rothschild, Wolfensohn & Co., a corporate advisory and investment firm in New York, run by James D. Wolfensohn, who was later to become president of the World Bank. ---------- "When the goal shifts to simple survival for the Fed their goals will change drastically and their strategy will adjust accordingly...Like Congress, the Fed will throw its "allies" under the bus when they become a political liability. Look at Mozillo now! " Sushihorn, 07/09
2009-06-11 09:34:05
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Fortune Posts: 1455 Incept: 2008-04-21 A deep dark place...scary
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Humpty Dumpty has Fallen off the wall.
---------- It's a toss up. It is the Rule of Law that transforms assets into money: Martin Armstrong Math IS: Karl Denninger
2009-06-11 10:03:33
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Musicmax Posts: 349 Incept: 2008-09-19
North Carolina Banned
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Bigcat: +1 I don't understand why some here think globalist/TLC/Bilderberg/Rockefeller stooge Volcker is better than Summers or Bernanke.
2009-06-11 10:14:07
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Wineaux Posts: 131 Incept: 2009-03-23
pure Liquid pleasure
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Quote:But a basket of Asian currencies, for example (e.g. Yen/Yuan) is a very viable alternative. Genesis – Help me understand why you think the Yuan would be a viable replacement for the dollar? China’s workforce contributing to GDP is a knat on the pimple of an elephant compared to the billions of their population who aren’t contributing and living in poverty. They, the gov’t in China, have a very long way to go to bring all of these billions upon billions of people up to a certain standard level of living. Before this happens I do not see their currency gaining reserve status. ---------- What wine goes with unemployment?
2009-06-11 10:48:31
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Econ101 Posts: 498 Incept: 2007-08-19
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wineaux, china's population is less than two billion, so there is no rational explanation for using the word "billions"
2009-06-11 10:53:16
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Genesis Posts: 71432 Incept: 2007-06-26
KD^2
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On the own, no. As a basket combined with Japan, yes. There are SEVERE cultural problems with that integration but to deny that if it happens we're irretrivably ****ed is unwise. ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-06-11 10:55:23
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Bigcat Posts: 1523 Incept: 2008-09-10
Nice, France
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They are already running with SDR's - that's the "solution" that will be presented. It is hardly a new concept, and has been in the IMF plan from its inception. Not that they planned this all out or anything. Just lucky break for them. ---------- "When the goal shifts to simple survival for the Fed their goals will change drastically and their strategy will adjust accordingly...Like Congress, the Fed will throw its "allies" under the bus when they become a political liability. Look at Mozillo now! " Sushihorn, 07/09
2009-06-11 11:03:15
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Wineaux Posts: 131 Incept: 2009-03-23
pure Liquid pleasure
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I can not envision China being able to deal with the cultural and economic difficulties in the near future. Do you have any figures describing how much is costs to move a single person to a sustainable standard of living? And by costs I am not strictly talking about money….you need a sustainable supply of food, water, medicine, shelter, etc… I nowhere in my post denied that a move off the dollar would **** us royally. But, I would think that before America loses its empire it would go out in a fierce military fight. ---------- What wine goes with unemployment?
2009-06-11 11:12:00
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Xanares Posts: 1288 Incept: 2008-11-10
London
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The clip with Dr. Paul again shows him rambling FAR FAR too much, using up 75% of his alloted hime for questioning, himself. I don't agree with Volcker on much but at least he is an adult.
2009-06-11 11:13:42
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Genesis Posts: 71432 Incept: 2007-06-26
KD^2
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No Wine, I'm talking about an SDR-style "basket" approach based in Asia, with China and Japan as the biggest components. The cultural problem comes from the fact that there are some pretty serious "not likes" between Japan and China, but if they decide to cooperate on this we could be ****ed immmediately. ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-06-11 11:13:43
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Mayorquimby Posts: 5868 Incept: 2008-09-18
Ponzi Planet
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GREAT ticker. The bank trading issue is in my 'top 5 things that need to stop'.
---------- It's a PONZI ECONOMY and it already HAS collapsed. Now they need more ponzi!
2009-06-11 11:19:52
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Wineaux Posts: 131 Incept: 2009-03-23
pure Liquid pleasure
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Yes,I got that. I just can't grasp my arms around the Yuan being a larger component, yet.
---------- What wine goes with unemployment?
2009-06-11 11:21:42
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Otiswild Posts: 1341 Incept: 2009-03-09
Teegeeack
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Seems to me that Volcker is basically being treated as window-dressing, and is as marginalized as Anthony Zinni was... It is to laugh, to keep from murdering... ---------- It appears that the yard wolves has grown up. Are we finally finished with the colds dead winters?
2009-06-11 11:29:05
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Trades50 Posts: 1144 Incept: 2007-10-30
IL
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Looks like Volcker is more of a figure-head or even secondary person. He seems to be left out of what's going on. He's more of a consultant. They throw him in front of the committee (Attack dogs) at times. During one TV clip he looked lost.
---------- Labor for the Globalist: World Class means Third World Class.
2009-06-11 11:29:53
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Icanhasbailout Posts: 2170 Incept: 2009-03-10
Imaginationland
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Volker is supposedly the head of a tax-reform/simplification group, a task that desperately needs to be done. However, it doesn't seem that the PTB are really taking him seriously.
---------- I can has TARP? http://icanhastarp.com
2009-06-11 11:33:59
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Xanares Posts: 1288 Incept: 2008-11-10
London
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I always picture Volcker with lil Summers and lil Timmy by his sides, ear-pulling them for being naughty.
Last modified:
2009-06-11 11:45:26 by xanares
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