The People's Bank of China flexes its muscle in call for a new reserve currency.

 

Move over Ben Bernanke. Step aside Tim Geithner. There's a new power in international finance: Zhou Xiaochuan, governor of the People's Bank of China, the $2 trillion central bank of China. It has the tools and the financial interests to be the new power player on the global financial stage.

 

 

 

Zhou Xiaochuan--better learn how to spell it and pronounce it--threw down the gauntlet this week at the Obama-Geithner-Bernanke financial regime. His remarks can only be interpreted as a slap in the face of U.S. policy during the severe financial crisis that has swept the world. His prescriptions are bound to be debated in London next week at the G-20 parley and for years to come

 

Boldly stated, Zhou--backed by Russia, Brazil and India--wants to break the dollar's hegemony in global finance. In a paper grandly called "Reform the International Monetary System," Zhou has called for the creation of an international currency unit that he admits will require "extraordinary political vision and courage." He suggests that we start with a blend of the dollar, pound, yen and euro--the so-called Special Drawing Rights (SDR) created by the IMF in 1969 that borrowed a concept first recommended by famed economist John Maynard Keynes.

 

Zhou's provocative remarks come only days after Premier Wen Jiabao demanded U.S. action to safeguard China's holdings of U.S. bonds--some $740 billion of Treasuries and $600 billion of other debt.

 

http://finance.yahoo.com/banking-budgeting/article/106817/Dollar-Slams-Up-Against-a-Great-Wall?sec=topStories&pos=4&asset=TBD&ccode=TBD

Zoo Shauw-ch-wan. That's how you pronounce his name... I think.

 

Anything by Keynes is fine by me. He's a brilliant economist.

 

Do I even need to mention sarcasm at this point? I mean really, I feel like Peter Griffin making fart jokes.

[ame=http://www.youtube.com/watch?v=4tD3kjItTnA]YouTube - Jim Rogers BLASTS FOX Business NEWS[/ame]

 

I love watching Jim Rogers school these financial reporters.

I love Rogers and his bow tie!

He's like the Bill Nye of finance.

Hahahaha

Dollar are meant to be making a comeback!!:stunned: