{"id":11803,"date":"2015-09-04T07:50:09","date_gmt":"2015-09-04T12:50:09","guid":{"rendered":"http:\/\/olduvai.ca\/?p=11803"},"modified":"2015-09-04T07:50:09","modified_gmt":"2015-09-04T12:50:09","slug":"exorbitant-privilege-the-dollar-is-our-currency-but-your-problem","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=11803","title":{"rendered":"Exorbitant Privilege: \u201cThe Dollar is Our Currency but Your Problem\u201d"},"content":{"rendered":"

Exorbitant Privilege: \u201cThe Dollar is Our Currency but Your Problem\u201d<\/a><\/h3>\n

The Global Monetary Architecture: Change is on the Horizon<\/strong><\/p>\n

There is no better way to descibe the international monetary system today than through the statement made in 1971 by U.S. Treasury Secretary, John Connally. He said to his counterparts during a Rome G-10 meeting in November 1971, shortly after the Nixon administration ended the dollar\u2019s convertibility into gold and shifted the international monetary system into a global floating exchange rate regime that, \u201cThe dollar is our currency, but your problem.\u201d This remains the U.S. policy towards the international community even today. On several occasions both the past and present chairpersons of the Fed, Ben Bernanke and Janet Yellen, have indicated it still is the U.S. policy as it concerns the dollar.<\/p>\n

\"vying\"Two empires vying for supremacy?<\/p>\n

Is China saying to the world, but more particularly to the U.S., \u201cThe yuan is our currency but your problem\u201d? China\u2019s move to weaken the Yuan against the US dollar is in fact a huge response to America\u2019s resistance to reforming the international monetary framework. It\u2019s telling American policy makers that the longer they delay acting on reforming the international monetary system, the harder and longer they are going to make it for the U.S. to climb out of their trade deficit and depreciate their currency to where they need it to be.<\/p>\n

China has been preparing for this moment for several years by accumulating gold through its central bank but also by using banks\/corporations and individuals. It has in recent years signed several international agreements to bypass the US dollar in international trade and use preferably the Yuan. It has created an\u00a0alternative World Bank<\/a>\u00a0(Asian Infrastructure Investment Bank) and a\u00a0gold fund<\/a>\u00a0to invest in gold mining in more than 60 countries.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n

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 <\/p>\n","protected":false},"excerpt":{"rendered":"

Exorbitant Privilege: \u201cThe Dollar is Our Currency but Your Problem\u201d The Global Monetary Architecture: Change is on the Horizon There is no better way to descibe the international monetary system today than through the statement made in 1971 by U.S. Treasury Secretary, John Connally. He said to his counterparts during a Rome G-10 meeting in […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[3503,68,936,130,951,303,305,374,437,451,2055,827,839,888,1031],"class_list":["post-11803","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-asian-infrastructure-investment-bank","tag-ben-bernanke","tag-bretton-woods","tag-china","tag-currency","tag-fed","tag-federal-reserve","tag-gold","tag-international-trade","tag-janet-yellen","tag-nixon","tag-united-states","tag-us-dollar","tag-world-bank","tag-yuan"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/11803","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11803"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/11803\/revisions"}],"predecessor-version":[{"id":11804,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/11803\/revisions\/11804"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11803"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11803"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11803"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}