Wall Street Journal: China's Central Banker Sees Risk of Global Recession
China's central banker Zhou Xiaochuan warned that the global economy hasn't yet escaped the financial crisis.
He also cautioned Fed chairman Bernanke to take "more responsibility" for its monetary easing - aka money printing.
Please read more here.
From My Archives: Alternative Global Reserve Currency to Dollar (videos)
A couple of my blog readers emailed me about the blog I posted yesterday Daily Star: Chinese Renminbi Will Replace Dollar As Global Reserve Currency
Related Categories: Energy Trading
More specifically, they wanted to know what it meant in basic terms for the average person? How will it affect us?
In short, I suggested they take a look at other blogs I posted on the subject. Here are a few from my archives on www.wilmott.com:
Casey Research: Will Iran Kill the Petrodollar?
Posted At : January 26, 2012 1:06 PM | Posted By : Iris MackRelated Categories: Energy Trading
Marin Katusa - Chief Energy Investment Strategist of Casey Research - writes:
The official line from the United States and the European Union is that Tehran must be punished for continuing its efforts to develop a nuclear weapon. The punishment: sanctions on Iran's oil exports, which are meant to isolate Iran and depress the value of its currency to such a point that the country crumbles.
But that line doesn't make sense, and the sanctions will not achieve their goals. Iran is far from isolated and its friends – like India – will stand by the oil-producing nation until the US either backs down or acknowledges the real matter at hand. That matter is the American dollar and its role as the global reserve currency.
Please read more here.
China and Japan Move Away From Dollar As Global Reserve Currency
China and Japan have agreed to start direct trading of their currencies, officials announced during a visit to Beijing by Japan’s prime minister, Yoshihiko Noda.
Chinese officials have said recently they would like to see more countries move away from relying on dollars as the worldwide currency.
Please read more here.
China Seeks Alternative Global Reserve Currency to Dollar? (video)
A former People's Bank of China official told Dow Jones that China should continue to reallocate some of its reserves, as the U.S. downgrade increases the risk of holding too many dollar assets. The comments echo sentiment expressed by many Chinese policy makers, who have for months voiced concern about Washington's rising debt and the U.S. Federal Reserve's super-easy monetary policy.
Warren Buffett: End of U.S. Dollar as Reserve Currency?
During the annual shareholders’ meeting of Berkshire Hathaway, Mr. Buffett had this comment about a potential US debt crisis: “The United States is not going to have a debt crisis as long as we keep issuing our debts in our own currency. The only thing we have to worry about is the printing press and inflation”.
Please read more here.
Wall Street Journal: Why the Dollar's Reign Is Near an End (video)
For decades the dollar has served as the world's main reserve currency, but, argues Barry Eichengreen, it will soon have to share that role. Here's why —and what it will mean for international markets and companies.
IMF: U.S. Dollar Needs To Be Replaced As World Reserve Currency
The IMF is trying to move the world away from the U.S. dollar and towards a global currency once again.
So what about the U.S. dollar and other national currencies? Well, they would just end up fading away.
Please read more here.
