China Proposes One Global Currency
China’s central bank on Monday proposed replacing the US dollar as the international reserve currency with a new global system controlled by the International Monetary Fund.
In an essay posted on the People’s Bank of China’s website, Zhou Xiaochuan, the central bank’s governor, said the goal would be to create a reserve currency “that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies”.
Analysts said the proposal was an indication of Beijing’s fears that actions being taken to save the domestic US economy would have a negative impact on China.
“This is a clear sign that China, as the largest holder of US dollar financial assets, is concerned about the potential inflationary risk of the US Federal Reserve printing money,” said Qu Hongbin, chief China economist for HSBC.
Although Mr Zhou did not mention the US dollar, the essay gave a pointed critique of the current dollar-dominated monetary system.
“The outbreak of the [current] crisis and its spillover to the entire world reflected the inherent vulnerabilities and systemic risks in the existing international monetary system,” Mr Zhou wrote.
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i think that this is pushing towards the end of the world as we know it. after reading a series of books called left behind i believe that the rapture will come even if we attempt towards the one world government or currency. As the bible says that there will be one world government and currency when the anti Christ rises to power. believe it or not but the signs are all there and if we go through with this our children will suffer for our mistakes.and about the war in Iraq i think if we pull out its going to be just like Vietnam.we pulled out of there and they got stronger than before we left.and if we stop helping israel god wil not help us and this country will not last especially if we attack them. and if you want proof read revelations in the bible. shelby cherry
Close of probation is coming, if not present. At one stage our Lord Jesus was our Savior. This time around He is going to be our our judge. We are haeding to the end of the Conflidts Of Ages, concerning aurthority. The new world order is gredually prevailing, and the antichrist beyond it is satan himself, and he is very patient about it. I would advice everyone to submit to God who created heavens and earth, more especially parents with children. We need biblical background torwards all of this. It’s scary because many will be deceived, the elects if possible, read matthew 24. The climax of this world is told in the bible as the time that has never been seem before, read Daniel 7.