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June 2, 2018 · 1 min read

The Petrodollar’s end of days; a global super-currency is worse

Tom KirkmanIndependent Project Manager

It would seem the End of Days is approaching for the PetroDollar super-dominance.

Monopolies are generally bad.

I would prefer that the PetroYuan become a viable alternate *choice* to the virtual monopoly of the Greenback.

The Euro… had its chance and dropped the ball and has fallen and can’t seem to get up. Hopeless dithering. So it seems the EU now wants to bring all other currencies down to its level of failure and control the world’s economy… survival of the weakest. Utter piffle.

Competition is *good*.

So I do NOT agree with this bit being promoted from the always squabbling, failed EURO, which is a FAR FAR FAAAR worse idea. Brussels dreams of financial world domination need to be squashed, post-haste:
================================

The World Bank’s former chief economist wants to replace the US dollar with a single global super-currency, saying it will create a more stable global financial system.

“The dominance of the greenback is the root cause of global financial and economic crises,” Justin Yifu Lin told Bruegel, a Brussels-based policy-research think tank.

“The solution to this is to replace the national currency with a global currency.”

zerohedge.com ↗

FROM THE THREAD

Tom's notes 4

  1. Tom Kirkman

    If you want to imagine just how badly a "global currency" would fail, look no further than the EURO.

    Just imagine the EURO currency being shoved down the financial throats of every country in the world, by an unelected body of the World Bank. No thank you.

    Also, change is inevitable. And competition is good.
    ===================================

    Reserve currency status does not last forever."

  2. Tom Kirkman

    If you want to imagine just how badly a "global currency" would fail, look no further than the EURO.

    Just imagine the EURO currency being shoved down the financial throats of every country in the world, by an unelected body of the World Bank. No thank you.

    Also, change is inevitable. And competition is good.
    ===================================

    Reserve currency status does not last forever."

  3. Tom Kirkman

    Perhaps you will better understand my earlier comments above, both about the EURO and the potential disaster of a "global currency" if you take the time to read this next article:
    ================================

    ...Now an inescapable double-bind has emerged for Germany: If Germany lets its weaker neighbors default on their sovereign debt, the euro will be harmed, and German exports within Europe will slide. But if Germany becomes the "lender of last resort," then its taxpayers end up footing the bill.

    If public and private debt in the troubled nations keeps rising at current rates, it's possible that even mighty Germany may be unable (or unwilling) to fund an essentially endless bailout. That would create pressure within both Germany and the debtor nations to jettison the single currency as a good idea in theory, but ultimately unworkable in a 16-nation bloc as diverse as the eurozone.

    ** Be wary of endless "fixes" to a structurally doomed system. **

    EDITOR'S NOTE: a version of this essay was published here on June 23, 2011. Nothing structural has changed in the seven years since the original publication.

    http://charleshughsmith.blogspot.com/2018/05/why-eurozone-and-euro-are-both-doomed.html

  4. Tom Kirkman

    Perhaps you will better understand my earlier comments above, both about the EURO and the potential disaster of a "global currency" if you take the time to read this next article:
    ================================

    ...Now an inescapable double-bind has emerged for Germany: If Germany lets its weaker neighbors default on their sovereign debt, the euro will be harmed, and German exports within Europe will slide. But if Germany becomes the "lender of last resort," then its taxpayers end up footing the bill.

    If public and private debt in the troubled nations keeps rising at current rates, it's possible that even mighty Germany may be unable (or unwilling) to fund an essentially endless bailout. That would create pressure within both Germany and the debtor nations to jettison the single currency as a good idea in theory, but ultimately unworkable in a 16-nation bloc as diverse as the eurozone.

    ** Be wary of endless "fixes" to a structurally doomed system. **

    EDITOR'S NOTE: a version of this essay was published here on June 23, 2011. Nothing structural has changed in the seven years since the original publication.

    http://charleshughsmith.blogspot.com/2018/05/why-eurozone-and-euro-are-both-doomed.html

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