Posted by
OffThePeak
12 yrs ago
A Global currency REBOOT may be underway already.
If it happens, it is bound to have some impact on HK Property prices, Isn't it ?
=================
Here are some facts/possibilities: small and reported, to big and only possibly true - That suggest that our present currency model is instable, even highly instable, and may soon be replaced:
(Five main stories - Connect the Dots !)
+ HK Dollar hits new highs, and the HK Monetary intervenes to hold the HKD within the range of the peg (HK$7.85-$7.75, /US$0.1274 - 0.1290)
+ Japan's finance minister commits suicide, and Japan discovers Hundreds of Billions of yen are missing from its pension system (it is said)
+ The Fed transfers key individuals to the US Treasury amid reports that the Fed itself may soon be subsumed by the US Treasury
+ China has begun buying oil priced in non-dollar currencies from a new exchange based in Iran, and Russia has agreed to back deliveries with its own oil
+ Rumors fly on the internet that funds held by certain secret organisations will soon be swung in support of a new global currency regime
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/source: http://www.greenenergyinvestors.com/index.php?showtopic=16885
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Seriously?
At the moment the USD is still the world's unoffical reserve currency and the world's safe haven currency of choice and the world's chosen currency for pricing most internationally traded goods and services.
It holds this status through a combination of historical economic leadership and the lack of suitable alternatives - the other currencies which are heavily traded all have worse economic issues than the US (Euro zone, Japan), are not fully convertible (RMB) or are too small (AUD, CAD, SGD, CHF etc).
I (along with many others) expect a lot of people to want alternatives to the USD but struggle to see where they will come from. A gold based currency is the fanatsy of some but completely unrealistic - there simply isn't enough of the stuff around and it woukd cause a massive deleveraging should it ever be attempted. Add in that no country wants to have a strong currency or surrender control over its monetary policies and I think this can be safely dismissed - why would any country want to adopt it?
A global currency union would never get off the ground - the Euro disaster is still unfolding but, apart from German and French exporters, has done untold damage to several European countries and their citizens.
So where is this global currency regime going to come from?
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Haha.. the same way the US became the world reserve currency; economic/military strength.
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If a global reserve currency requires economic strength, then based on the comments of some on this board we will not have a global reserve currency because all countries' economies are on the verge of collapse.
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"At the moment the USD is still the world's unoffical reserve currency and the world's safe haven currency of choice and the world's chosen currency for pricing most internationally traded goods and services"
Is it?
I am not sure that China thinks so anymore:
China in closed door negotiations to purchase Mexican crude oil ...
The People's Voice-24 Sep 2012
China in closed door negotiations to purchase Mexican crude oil without ... over possible crude oil sales to China without using the US dollar.
http://www.thepeoplesvoice.org/TPV3/Voices.php/2012/09/24/china-in-closed-door-negotiations-to-pur
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I you have the time, then listen to this fascinating Podcast:
http://www.americanfreedomradio.com/archive/Project-Camelot-32k-101712.mp3
(I little "on the Fringe", but interesting nonetheless.)
There's much more to discover on that GEI link
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@traineeinvestor,
No need to be condescending.. :P As you're well aware, strength is completely relative..
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Not being condescending (and apologies if it was taken that way) - I just don't see any type of global currency happening. I can see the share of global trade denominated in USD gradually declining over time (possibly) and already see plenty of evidence that countries would like to hold a larger portion of their reserves in other currencies (or hard assets) but it is very very hard to make a credible case for a single global currency to replace the USD any time soon.
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UNLESS, a majority of countries now want a change -
Which is what I am hearing
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I remain skeptical - there's a big difference between wanting something and making it happen.
If there is a significant change, how or what would you see it happening and what should we be doing to protect ourselves?
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The change of the currency in which OIL IS SOLD
is a huge, huge deal IMHO
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Sounds like a millennial / NWO fantasy scenario to me.
I think it's clear that the US is an empire in decline and the eurozone has seen better days, but in historical terms, this is just same same but different. Relative economic differences between the competing empires remain the norm, as will the requirement and incentive to capitalise / trade on those differences.
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"Sounds like a millennial / NWO fantasy scenario to me."
.... Two years since the HIRE Act, FATCA, and Dodd-Frank became law and threw global finance into a tailspin, two foreign banks have finally stood up to Uncle Sam.
...... foreign banks have been in turmoil over the last two years as a result of all this legislation. Nobody wants to crawl in bed with the US government, and some banks have taken action by shuttering US citizens’ accounts. Americans are even being dumped from foreign corporate boards.
Yet just yesterday, DBS Bank in Singapore stood up to the US government, indicating that they would not be registering with US authorities for at least .... one Dodd Frank provision pertaining to swaps. Nordea Bank in Sweden made a similar statement.
This is an interesting turn of events which could evidence a bigger trend.
We’ve already been seeing signs that US financial influence is waning.....
http://www.sovereignman.com/expat/singapore-bank-to-uncle-sam-stick-it-where-the-sun-dont-shine-9028/
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IT ISN'T budging much...
HK Intervenes to Defend Peg as Upper Limit Tested
Businessweek (blog) - 50 minutes ago
The Hong Kong dollar was at HK$7.7501 as of 6 a.m. Hong Kong timetoday, according to data compiled by Bloomberg. Local financial market
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NOW, it is Canada's turn to chart its own course...
Not invited to the TPP talks, Canada and China have their own tea party instead
Canadian Prime Minister Stephen Harper is quietly adopting an aggressive new trade strategy designed to be a “counterweight” to what it sees as steps by its largest trading partner — the United States — to control regional free trade.
While on an official visit to China this week, Prime Minister Stephen Harper and Chinese Premier Wen Jiabao negotiated a ream of trade agreements. These included everything from sharing pandas to selling Saskatoon’s uranium yellowcake to China for its nuclear energy program. As well, Canada and China signed a foreign investment and protection agreement designed to protect investments in each other’s country.
Although Canadian officials deny these are the first steps toward an all-out free trade agreement with China, the prospects are enough to send a loud message to the United States: They can do their own deals, thank-you very much.
. . .
While reluctant to say so, the U.S. administration is becoming increasingly nervous about the growing strength of China, and its new ties to countries like Canada. In sum, America fears it is being bypassed and losing the trade and economic clout it once had — something it was trying to re-establish through the Trans-Pacific Partnership (TPP).
With the collapse of the Doha Round global trade talks among 153 countries in the World Trade Organization, many countries have been actively pursing bilateral or regional trade pacts.
/more: http://globalconnections.hsbc.com/united-kingdom/en/news-insight/the-snub-heard-around-the-world?utm_source=Outbrain&utm_medium=Content&utm_campaign=Geotest
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