China's call to replace U S dollar

[Guest Tony n Terrific]

China's latest call to replace the U.S. dollar as the world's reserve currency got mixed reviews from local financial experts.

 

http://www.fredericknewspost.com/sections/...m?storyid=93313

[splinterman]

I particularly liked this comment:

 

"I wish China's leaders were as stable as the U.S. dollar," said Chris Murray, president and principal of Murray Financial Group Inc. in Frederick .

 

[griz326]

I particularly liked this comment:

 

"I wish China's leaders were as stable as the U.S. dollar," said Chris Murray, president and principal of Murray Financial Group Inc. in Frederick .

 

 

Just a cheap attempt to distract people from a serious point. Since the passing of Mao, the Chinese government has been reasonably stable when you consider its roots. Did you notice they didn't interview a global representative, only US based outfits? The substantive comment came from Luis Lobo, ""The free market will determine value and will invest in the most fluid and stable currencies."

[sweattrl1]

maybe china have a good point about replacing us dollars ,they could exchange some of those new US Dollars they have for some of our old ones , that would save on printing more right? then we could print billion dollar bills to exchange for the small bills they have, they would gain on storage , and less to keep up with, or maybe we all could use the british pound , love to say i have a pound in my pocket,

[knloregon]

"An international monetary system dominated by a single sovereign currency has intensified the concentration of risk and the spread of the financial crisis," Xiaochuan was reported as saying."

 

--actually, Ike (the reporter) That would be Mr. Zhou....not Mr. Xiaochuan, you see, in China, the family name comes first....

 

But interesting that the local paper in Fredrick MD (small western) city, even attempted to cover this issue.

 

Both of the local voices seemed particularly out of touch with world reality. China continues to build support with its trading partners---not in the west---for exchange in both rmb, and the currency of the trading nation, a first step in the dollar disconnect. But even within China, now some deals (stock offerings at state run companies) are conducted in dollars only----so $s aren't about to be tossed aside in the near future.

[Daviation]

I particularly liked this comment:

 

"I wish China's leaders were as stable as the U.S. dollar," said Chris Murray, president and principal of Murray Financial Group Inc. in Frederick .

 

 

The most compelling and certainly true comment from posted article is:

 

"Until Americans realize that the insane level of government spending can't be sustained, our dependence on foreign investment will be a ball and chain," Murray said."

[griz326]

I particularly liked this comment:

 

"I wish China's leaders were as stable as the U.S. dollar," said Chris Murray, president and principal of Murray Financial Group Inc. in Frederick .

 

 

The most compelling and certainly true comment from posted article is:

 

"Until Americans realize that the insane level of government spending can't be sustained, our dependence on foreign investment will be a ball and chain," Murray said."

 

 

I'm tempted to stand corrected...