Saturday, February 27, 2010

It's called GOLD stupid!

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Head of IMF proposes new reserve currency
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Dominique Strauss-Kahn, the head of the International Monetary Fund, suggested Friday the organization might one day be called on to provide countries with a global reserve currency that would serve as an alternative to the U.S. dollar.

"That day has not yet come, but I think it is intellectually healthy to explore these kinds of ideas now," he said in a speech on the future mandate of the 186-nation Washington-based lending organization.

Strauss-Kahn said such an asset could be similar to but distinctly different from the IMF's special drawing rights, or SDRs, the accounting unit that countries use to hold funds within the IMF. It is based on a basket of major currencies.

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If Mr Obama wants to become the best President EVER, he'll tell the IMF that we are returning to the Gold Standard and that we will acknowledge the price of gold for this to be $500 per ounce. OK best IS a hell of an exageration, but he'd gain a lot of good will doing this.

That would cause a huge ripple in world markets alright, not all of them good. But it would secure OUR country's financial health for as long as some idiot doesn't undo it. Money would flood back into the country and it would help banks payback any TARP funds.
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Just one man's opinion, but not a man who's expecting such a move.
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Schteveo

2 comments:

Spider said...

Don't hold your breath waiting for it to happen!

Anonymous said...

I was walking past the mental hospital the other day, and all the mental patients were outside in the yard, shouting, "13... 13... 13..."!

The fence was too high to see over, but I saw a little gap in the wide fence planks, so I peeked through the gap in the fence to see what was going on.

That's when somebody poked me in the eye with a stick!

Then all the mental patients all started shouting, "14... 14... 14..."!