China wants a global currency.

[coadie]

The US now has legislation to oppose changing our currency from the dollar. The Dems can't be trusted.

I guess we should ask walmart. Walmart is the customer. The say no so no it is.

If China doesn't want dollars, we can line up 20 other countries that make cheap consumer products.

http://bachmann.house.gov/News/Docum...umentID=115843

Watch the fed, treasury and Mr barney get tied in a knot.

[pelathais]

China seems to have been motivate by two concerns.

1st, the recent move by the Fed to print an additional $1 trillion+ dollars will cause inflationary pressures and devalue the dollar. The Chinese own trillions in Treasury notes (IOU's) whose value will decline. Here, we sold them an investment product (the T-Bills) and then after we took their payment we cut the value of those notes. That's kind of a raw way to treat a customer, IMHO.

2nd, the Chinese Yen is pegged to the dollar. The Chinese have done this to prevent other types of scenarios like the one above that might occur naturally in the market place with the business cycles. This pegging has hurt our balance of trade and is responsible for much the the massive trade imbalance that we currently have.

A "global currency" would only benefit those societies that like to micromanage the economic markets, ie: socialists. Just throwing the idea around however, can be a type of a weapon or pressure that can be used in other negotiations.