"China calls for new global currency, adds pressure for overhaul of financial order"
By JOE McDONALD | AP Business Writer 7:37 AM EDT, March 24, 2009 http://www.courant.com/business/nati...,3112807.story
Of particular interest in this piece is this quote:
Here are a couple of quotes about the topic that may be of interest (from this site: http://www.forcingchange.org/one_wor...thout_endnotes"A super-sovereign reserve currency managed by a global institution could be used to both create and control global liquidity," Zhou wrote. "This will significantly reduce the risks of a future crisis and enhance crisis management capability."
“A global economy requires a global currency.”
— Paul Volcker, former Chair of the US Federal Reserve.
“The control of money and credit strikes at the very heart of national sovereignty.”
— A.W. Clausen, President of Bank of America, in a response to the suggestion of a global central bank. [Clausen later became the President of the World Bank].
“Once a nation parts with control of its currency and credit, it matters not who makes that nation’s laws.”
— W.L. Mackenzie King, [former Prime Minister of Canada].
"In a May, 2007 lecture, Mundell related, “International monetary reform usual becomes possible only in response to a felt need and the threat of a global crisis.”
This Nobel Prize winner also pointed his finger to the possible trigger event, saying that the “global crisis would have to involve the dollar,” and that a world currency should be viewed as “a contingency” to a global dollar disaster."
With a similar crisis in mind, Benn Steil offers what appears to be an altruistic solution. In order to avert the crisis, all that nations need to do is relinquish sovereignty before the problem become insurmountable...
“Governments must let go of the fatal notion that nationhood requires them to make and control the money used in their territory. National currencies and global markets simply do not mix; together they make a deadly brew of currency crisis and geopolitical tension and create ready pretexts for damaging protectionism.”