Hope his voice will be heard and listened to.

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.

So what are the practical alternatives to the USD as a global reserve currency?

Right now, today, there are none.

But a basket of Asian currencies, for example (e.g. Yen/Yuan) is a very viable alternative.

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.

Also, one must assume he's pointing the finger at GS with that trading comment. I don't think anything will change there.

Unforuntately, he's a few trillion dollars too late...

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.

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.

As of October 2006, he is the current Chairman of the Board of Trustees of the influential Washington-based financial advisory body, the Group of Thirty, and is a member of the Trilateral Commission. He has had a long association with the Rockefeller family, not only with his positions at Chase Bank and the Trilateral Commission, but also through membership of the Trust Committee of Rockefeller Group, Inc. (RGI), which he joined in 1987. That entity managed, at one time, the Rockefeller Center on behalf of the numerous members of the Rockefeller clan. He currently serves as Chairman of the Board of Trustees of the International House in Manhattan, NY. He was a founding member of the Trilateral Commission & is a long time member of the Bilderburg Group.

In January 2008, he endorsed Democratic Presidential Candidate Barack Obama for President.

Humpty Dumpty has Fallen off the wall.

Bigcat: +1

I don't understand why some here think globalist/TLC/Bilderberg/Rockefeller stooge Volcker is better than Summers or Bernanke.

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.

wineaux,

china's population is less than two billion, so there is no rational explanation for using the word "billions"

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.

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.

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.

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.

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.

GREAT ticker. The bank trading issue is in my 'top 5 things that need to stop'.

Yes,I got that. I just can't grasp my arms around the Yuan being a larger component, yet.

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...

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.

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 always picture Volcker with lil Summers and lil Timmy by his sides, ear-pulling them for being naughty.