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China and Russia to push for global currency
Revolver Dogelot
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36 / M / somewhere that is...
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Posted 7/7/09
It is inevitable, a global currency will eventually be created. In fact, I would go so far as to say that it is a requirement for the future of the global economy that it happens. While I admit to not reading the linked article it is very fair to say America is lagging behind right now on many different fronts. Especially economically.
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Posted 7/8/09

tjgriggs wrote:


Kill099 wrote:


tjgriggs wrote:


Kill099 wrote:

Seems that the US is finally lagging behind...


Please tell me how you interpreted that the US is lagging behind from this article? I'm interested to hear.


Actually, I'm surprised how you can't interpret this as a sign that US is lagging behind from this article. I'm interested to hear.


Well you just said the US is lagging behind, which could be interpreted in a million different ways depending on what you think they are lagging behind on. You never made it clear what you believed the US to be lagging in. As far as them lagging on the topic of pushing for a global currency, China and the US have been discussing this matter for quite some time. Regardless of America's stance on the situation I don't see how this would make the US lagging behind. Explain?


Ah ok, it seems that America is lagging behind when it comes to economy and business confidence. The dollar as a global currency has worked for decades without fail until the recession. Then why change the global currency if not because of the lack of confidence on the dollar? So what will happen if the global currency was changed from the dollar to yuan or rubles? Actually how can it not be a sign that America is lagging behind?
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Posted 7/8/09

Kill099 wrote:


tjgriggs wrote:


Kill099 wrote:


tjgriggs wrote:


Kill099 wrote:

Seems that the US is finally lagging behind...


Please tell me how you interpreted that the US is lagging behind from this article? I'm interested to hear.


Actually, I'm surprised how you can't interpret this as a sign that US is lagging behind from this article. I'm interested to hear.


Well you just said the US is lagging behind, which could be interpreted in a million different ways depending on what you think they are lagging behind on. You never made it clear what you believed the US to be lagging in. As far as them lagging on the topic of pushing for a global currency, China and the US have been discussing this matter for quite some time. Regardless of America's stance on the situation I don't see how this would make the US lagging behind. Explain?


Ah ok, it seems that America is lagging behind when it comes to economy and business confidence. The dollar as a global currency has worked for decades without fail until the recession. Then why change the global currency if not because of the lack of confidence on the dollar? So what will happen if the global currency was changed from the dollar to yuan or rubles? Actually how can it not be a sign that America is lagging behind?


Yes you are correct the dollar as a global currency has worked for quite some time but it is starting to lean towards a push for global currency which if the US knows what's best for them in the long wrong they will try to find a way to put it into circulation. As far as lagging behind though you either are misinformed on it's meaning or you don't have your facts straight. The United States still has the largest economy globally hands down, which if lagging behind would mean that other countries are ahead of the US. As you've stated the confidence in many US business investments has declined which hurts the US economy and thus hurts future economic profit. China will eventually become the largest economy, it is inevitable due to their constant growth and huge labor force though they are having problems of their own at the moment. It will still be quite some time before any other country is to pass the US on an economic level.
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Posted 7/8/09

tjgriggs wrote:


Kill099 wrote:


tjgriggs wrote:


Kill099 wrote:


tjgriggs wrote:


Kill099 wrote:

Seems that the US is finally lagging behind...


Please tell me how you interpreted that the US is lagging behind from this article? I'm interested to hear.


Actually, I'm surprised how you can't interpret this as a sign that US is lagging behind from this article. I'm interested to hear.


Well you just said the US is lagging behind, which could be interpreted in a million different ways depending on what you think they are lagging behind on. You never made it clear what you believed the US to be lagging in. As far as them lagging on the topic of pushing for a global currency, China and the US have been discussing this matter for quite some time. Regardless of America's stance on the situation I don't see how this would make the US lagging behind. Explain?


Ah ok, it seems that America is lagging behind when it comes to economy and business confidence. The dollar as a global currency has worked for decades without fail until the recession. Then why change the global currency if not because of the lack of confidence on the dollar? So what will happen if the global currency was changed from the dollar to yuan or rubles? Actually how can it not be a sign that America is lagging behind?


Yes you are correct the dollar as a global currency has worked for quite some time but it is starting to lean towards a push for global currency which if the US knows what's best for them in the long wrong they will try to find a way to put it into circulation. As far as lagging behind though you either are misinformed on it's meaning or you don't have your facts straight. The United States still has the largest economy globally hands down, which if lagging behind would mean that other countries are ahead of the US. As you've stated the confidence in many US business investments has declined which hurts the US economy and thus hurts future economic profit. China will eventually become the largest economy, it is inevitable due to their constant growth and huge labor force though they are having problems of their own at the moment. It will still be quite some time before any other country is to pass the US on an economic level.


What does "lagging behind" mean? What I'm pointing out here is that the changing of the global currency is a start for America to lag behind when it comes to economy. Yes you're right, the US has the largest economy in the world, based on what? Well, the US' energy dependency in the middle east and it's billions or maybe trillions of dollars of debt from China... wow that's a huge economy!! An economy which leans on debt and mortgages, what a great economy! Between the two of us, maybe you're the one who's misinformed or fail to accept the facts. America being number 1in everything is the thing of the past. Stop living in the 1950's!!
Posted 7/8/09
No way. If one country goes down everyone will be pulled down.
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Posted 7/8/09
agreed
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28 / M / Indiana
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Posted 7/8/09

Kill099 wrote:


tjgriggs wrote:


Kill099 wrote:


tjgriggs wrote:


Kill099 wrote:


tjgriggs wrote:


Kill099 wrote:

Seems that the US is finally lagging behind...


Please tell me how you interpreted that the US is lagging behind from this article? I'm interested to hear.


Actually, I'm surprised how you can't interpret this as a sign that US is lagging behind from this article. I'm interested to hear.


Well you just said the US is lagging behind, which could be interpreted in a million different ways depending on what you think they are lagging behind on. You never made it clear what you believed the US to be lagging in. As far as them lagging on the topic of pushing for a global currency, China and the US have been discussing this matter for quite some time. Regardless of America's stance on the situation I don't see how this would make the US lagging behind. Explain?


Ah ok, it seems that America is lagging behind when it comes to economy and business confidence. The dollar as a global currency has worked for decades without fail until the recession. Then why change the global currency if not because of the lack of confidence on the dollar? So what will happen if the global currency was changed from the dollar to yuan or rubles? Actually how can it not be a sign that America is lagging behind?


Yes you are correct the dollar as a global currency has worked for quite some time but it is starting to lean towards a push for global currency which if the US knows what's best for them in the long wrong they will try to find a way to put it into circulation. As far as lagging behind though you either are misinformed on it's meaning or you don't have your facts straight. The United States still has the largest economy globally hands down, which if lagging behind would mean that other countries are ahead of the US. As you've stated the confidence in many US business investments has declined which hurts the US economy and thus hurts future economic profit. China will eventually become the largest economy, it is inevitable due to their constant growth and huge labor force though they are having problems of their own at the moment. It will still be quite some time before any other country is to pass the US on an economic level.


What does "lagging behind" mean? What I'm pointing out here is that the changing of the global currency is a start for America to lag behind when it comes to economy. Yes you're right, the US has the largest economy in the world, based on what? Well, the US' energy dependency in the middle east and it's billions or maybe trillions of dollars of debt from China... wow that's a huge economy!! An economy which leans on debt and mortgages, what a great economy! Between the two of us, maybe you're the one who's misinformed or fail to accept the facts. America being number 1in everything is the thing of the past. Stop living in the 1950's!!


Lagging behind would mean they currently are behind. I don't want to get into this argument with you because it has become apparent you know nothing about the global economy and what role the US plays in it. You said stop living in the 1950's, but as a matter of fact we have been in debt since World War II, so if you want to say we were strongest in the 50's then you arguing over our debt now doesn't make sense. I will agree that our debt to China is a serious manner and China like I said before will eventually be stronger economically than the US, but you have a misrepresentation of how important the US is on that happening. I'm tired of people like you that make this a competition between the US and the rest of the world. I hope you will eventually learn how important the US is on an economic level to the rest of the global economy, but I don't think I will be the one to open your eyes to it. Stop taking little things you hear in the media and accepting it as America is falling off the face of the earth because it's not true.
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Posted 7/8/09
Loves to read debates of CR forums. haha.

---
I think a global currency would be great, fully support it ^o^
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Posted 7/8/09
why do US owe china alot of money? because China is right next to Russia. if 3 ppl get into a fight? A B C if B owe A money would A attack B and injure him so he cant work to pay?
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25 / M / Cavite, Philippines
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Posted 7/9/09 , edited 7/9/09


tjgriggs wrote:
Lagging behind would mean they currently are behind. I don't want to get into this argument with you because it has become apparent you know nothing about the global economy and what role the US plays in it. You said stop living in the 1950's, but as a matter of fact we have been in debt since World War II, so if you want to say we were strongest in the 50's then you arguing over our debt now doesn't make sense. I will agree that our debt to China is a serious manner and China like I said before will eventually be stronger economically than the US, but you have a misrepresentation of how important the US is on that happening. I'm tired of people like you that make this a competition between the US and the rest of the world. I hope you will eventually learn how important the US is on an economic level to the rest of the global economy, but I don't think I will be the one to open your eyes to it. Stop taking little things you hear in the media and accepting it as America is falling off the face of the earth because it's not true.


Aw, on the denial I see... like what I've said, you fail to face facts. Ok let me define what "lagging behind" means:

http://www.allwords.com/word-lagging.html

adjective
falling behind, not keeping up the pace

So lagging behind means they're falling behind and not currently behind. Got it? This is what I hate about Americans, they fail to face facts. They just love to blind themselves with their glorious past and they thought that they could hold on that illusion forever. This is reality! Nations always rise and fall, you just can't accept it. Yes the American economy was important but because of the recession many countries have doubts about America. Business confidence is a major factor in world economies, right? Lacking confidence on a once strong economy like the US and the change of the global currency from the dollar is a sign that it the US will lag behind others. It's common sense to think that other countries will find another strong economy to invest and trade with, I wonder where they will invest next. At least it will not be America for the time being.
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24 / M / Australia Yeahyah
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Posted 7/9/09
Global Currency in current circumstances wouldnt work at all. The pay rates, item prices and general comparison between currencies right now are too imbalanced to suddenly create a 'global' currency. For example, a bottle of coke in Australia is $2.50. In China, the cost for a bottle of coke is 5 yuan.
Convert that $2.50 into yuan? It's about 12yuan. Also, the pay rates are different for each country in moderation with item pricing.
Posted 7/9/09
No, it's not going to be beneficial. Look at what happened since we have Euros in the Europe. -_- The countries that are currently best off are those who kept their original currency.
Posted 7/9/09

ShroomInferno wrote:

No, it's not going to be beneficial. Look at what happened since we have Euros in the Europe. -_- The countries that are currently best off are those who kept their original currency.


May I ask you whatz with the Euros? I always thought it was really easy to have one currency for lots of countries. Me myself is Russian and I even have no idea when did R.. and China decided to discuss global currency
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Posted 7/9/09
im all for it/ lets go star wars and call them credits
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Posted 7/9/09 , edited 7/9/09
You know that article said NOTHING about a global currency.

They are talking about the RESERVE currency which among other things is the currency of choice for a nation to store it's wealth in. At the moment the US dollar is the world's reserve currency (which gives America a lot of economic power and advantages), because it is historically extremely stable and has the world's largest economy backing it up BUT as people have mentioned the US is deep in debt and doesn't look to be getting out anytime soon, also the federal bank's recent policies have worked to devalue the dollar, which devalues the stored wealth of all those other nations.

It's not unfeasible that the dollar could collapse completely, wiping out ALL of that stored wealth, so those other nations are understandably worried. They can't just sell off all the money they hold in US dollars because that would initiate the crash they desperately do not want so they're looking for another solution, but even talking about it is itself a risk since any serious suggestion that the dollar might lose it's status would also send it crashing.

All well and good but what does it have to do with a global currency like the Euro? Nothing. Nada. Zilch. Completely different issue. Heck I think a global currency would be neat, and probably solve a whole heap of problems, but it would never happen through direct action. Too many of the world's richest people and countries make their money by trading in foreign currencies.

It will happen eventually, but probably through a process of slow, inevitable change. Maybe the Euro, or proposed Amero, would expand, absorbing more countries until it becomes a universal currency. Or an artificially created (ie not tied to any nation) currency like the SRD's mentioned in that article might expand it's influence economically (instead of geographically)
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