As China (And Other Countries, Too) Makes Non-dollar Trade Deals Around the World, Maybe Americans Should Seek Safety in the Reincarnation Bank

~~By InsightAnalytical-GRL

Over at Investment Watch, a fine blog about the economy, this recent piece summarizes very nicely the forces working against the value of the U.S. dollar, notably the recent actions by China and other countries. The list of countries doing non-dollar deals is growing.

China is making non-dollar trade deals around the world. Other nations too..

Argentina and Brazil have reached a non-dollar deal and 4 other S.A. nations will join in non-dollar trade.

China has reached a non-dollar deal with both of those nations, 4 or 5 other nations and is working on one with Malaysia. Other Asian nations are reaching their own non-dollar trade deals.

All of this reduces the number of dollars they need to get rid of. They are also buying with dollars, copper, iron, oil mines, lending dollars to help nations develop new resource finds on the condition that China gets the resource at market prices.

At the same time, IMF bonds are being bought instead of U.S. bonds.  China, Russia, Brazil and India are involved:

China, Russia, Brazil, and India are buying IMF bonds instead of U.S. bonds in small quantities with China making the largest purchase of about 50 billion but, that is still $50 billion they can’t lend us then.

Meanwhile, the United Arab Emirates is contemplating a new oil currency.

The author comments that:

The biggest problem China has is that there isn’t enough money in the world to lend the U.S for what it wants to spend. That means the dollar will go down whether China wants it to or not and they know it. That is why they are trying to spend as much as they can without dropping the dollar faster.

Also, recall that Iran has already given up the dollar for its oil deals. Iran’s international news network, PressTV, reported in December 2007 that Iran had dropped the dollar:

Iran has halted all its oil deals in dollars following the recent OPEC proposal to trade crude in non-dollar currencies.

“The dollar is no longer a reliable currency, considering its devaluation and the resulting loss suffered by oil exporters,” said Iranian Oil Minister Gholam-Hossein Nozari.

The post at Investment Watch goes on to discuss the the ramifications of devaluation and possible collapse of the dollar.

So, what’s the average American supposed to do?

Well, since the current financial system is a mess, maybe we should look to the future. Ever hear of the ReincarnationBank?

According to the bank’s website, ReincarnationBank offers “a safe and secure management system for its clients – a place they can leave behind their assets and commodities for their return into the next life.”

How will they know it’s YOU when you come back and want your money?

As in this life, in the next you will have memories of previous lives. One of these recollections will be of your arrangement with Reincarnation Bank. Whatever version of the internet or data retrieval mechanisms in use at the time of your return, you will renew your contact with Reincarnation Bank and through regression you will recall the details/instructions that you left at the time of making your deposit. A custodian of Reincarnation Bank will open your letter privately in your presence and will ask you to repeat the details contained therein (whilst in regression). Once this has been satisfactorily achieved, funds/property will be handed back to you and the account closed.

Of course, in some ways the bank is similar to banks operating in the present:

An indication of interest rates cannot be given at this stage because we cannot forecast how long we will be away. But $1000 or $10,000 invested now will have an added value upon our return.

MMM…

Heck,I have enough trouble remembering my PIN now…I don’t know if I’ll remember it if I’ve been spending some time as a gerbil…

What if my memory fails me during regression and I forget my former name?? I lose all my cash?

Well, with the way the present-day financial system is operating, maybe I should take a closer look anyway…and learn some tricks to improve my memory!

***

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HEADS UP! It’s HERE! The New World Currency Design, Presented to the G-8 Delegations (With Pics)

~~By InsightAnalytical-GRL

OK, you know how we keep hearing that the new world currency supplanting the dollar is a long way off?  Well, some folks have other ideas…at the very least, they’re getting ready for the day, whenever it comes.   From Bloomberg News:

Medvedev Shows Off Sample Coin of New ‘World Currency’ at G-8

By Lyubov Pronina

July 10 (Bloomberg) — Russian President Dmitry Medvedev illustrated his call for a supranational currency to replace the dollar by pulling from his pocket a sample coin of a “united future world currency.”

“Here it is,” Medvedev told reporters today in L’Aquila, Italy, after a summit of the Group of Eight nations. “You can see it and touch it.”

The coin, which bears the words “unity in diversity,” was minted in Belgium and presented to the heads of G-8 delegations, Medvedev said.

The question of a supranational currency “concerns everyone now, even the mints,” Medvedev said. The test coin “means they’re getting ready. I think it’s a good sign that we understand how interdependent we are.”

Medvedev has repeatedly called for creating a mix of regional reserve currencies as part of the drive to address the global financial crisis, while questioning the U.S. dollar’s future as a global reserve currency. Russia’s proposals for the G-20 meeting in London in April included the creation of a supranational currency.

There’s actually a website for this “United Future World Currency“ .   According to Article 1 of the Manifesto—

ART. 1

“Unity in diversity” is the foundation that drives this initiative, which started up in 1996. Its aim is to bring people together and go beyond national stereotypes. Its historical importance is even greater than its economic one; it is a goal built on faith, common hope, and the unification of cultural and spiritual roots.

So, this project was underway in 1996??????

If you go to The Long Path section, you’ll see the history of this project.  Here’s an excerpt:

In 1996, Sandro Sassoli had the brilliant idea that the “Ecu”, as the Euro was then known, was not the only opportunity for linking different countries together. Dr. Sassoli is an Italian journalist with a number of high-profile projects to his name. He worked on the ITALIA 90 World Cup campaign, promoting a range of products tied to the official mascot and logo, and inventing the Platinum Ball Trophy. As Chief of Special Programs, he developed a “Year 2000 Medals” project on behalf of the Italian State Mint. He was also responsible for the “Gold Books” program, which featured pages in real gold, and official celebrations to mark the end of the Italian Lira (The Last Day of the Lira at Rome’s Trevi fountain, and the Monument to the Lira, made by real coins).

Against this professional background, Dr. Sassoli believed that another new currency could be possible in the wake of the new European single currency. Giving the new future currency the draft name “Eurodollar”, Dr. Sassoli believed that the Eurodollar was a natural consequence of the historical ties between Europe and the United States. A centuries-old relationship formed by common roots, views and goals and a similar melting pot of different races.

An ideal Manifesto for the program, comprising 10 articles, was drafted in Brussels in 1996. This document has been modified since then, and is now definitive. (more)

Gee, as a kid, my relatives always brought me lira and I still have some.  Light–very light–coins, as I recall. Like play money…and worth about as much…

Here’s the page showing the “test” coin that was presented at the G-8:

FIRST TEST ISSUE:
OBVERSE the “Number 1” icon is repeated five times, representing the five continents. The border inscription reads “Unity in Diversity” and includes the first issue date of 2009.

Author: Luc Luycx, Royal Mint of Belgium.

REVERSE: the Tree of Life, with five leaves symbolizing local tree species that grow in the five continents. The border inscription reads “United Future World Currency”.

Author: Laura Cretara, former artistic chief of the Italian State Mint.

---

THIS IS FREAKING ME OUT!

But, apparently, the people in the Photo Gallery are all excited about this!

People from various national mints, even Sophia Loren and MARIO CUOMO, all grinning ear to ear!

And, guess what? There is a School Program that’s been involved in coming up with a name and symbol for the currency.

640 children (325 boys and 315 girls) aged between 7 and 18 years took part in an internal competition to come up with a name and symbol for the new currency. This was after they had received input from journalist Sandro Sassoli, creator of this project from its start in 1996 and numerous other events such as official celebrations of the Italian Lira, and from Professor Guido Crapanzano, monetary consultant for the Bank of Italy and representative for Italy on the European Central Bank (ECB)’s international jury which chose the Euro banknote designs.

An international jury, comprising the heads of the world’s leading mints, economists, Nobel-prize winners, and figures from the world of culture and entertainment (including Sophia Loren and Carlo Rambaldi, creator of E.T.), Luc Luycx (creator of the uniform side of the Euro coin), and Hans-Henning  Goehrum and Albert Beck (presidents of the World Money Fair), will have the task of selecting and rewarding the children’s best work on giving the new currency its name and design.

Last validation date: The works have to be sent within 10 May, 2009.

And what is the prize for the winner?

1st work: 1 Gold Banknote, in pure gold 999.9

2nd work: 1 Gold Coin, official tender

3rd work: 1 silver coin, official tender

Getting the hint now about what to do with your dollars?