U.S. Dollar Will Get 'Utterly Destroyed' and Become 'Virtually Worthless'

Dollar Will Be Utterly Destroyed: Global Currency, New World Order

November 7, 2009

Infowars - The dollar will get “utterly destroyed” and become “virtually worthless”, said Damon Vickers, chief investment officer of Nine Points Capital Partners. Due to the huge wage disparities between the United States and emerging markets like China, Vickers said that may resolve itself in some type of a global currency crisis.

“If the global currency crisis unfolds, then inevitably you get an alignment of a global world government. A new global currency and a new world order, so we may be moving towards that,” he said.

G20 to Seek Progress on World Growth Scheme

November 3, 2009

Reuters - Group of 20 financial leaders will seek to firm up a plan to rebalance the world economy when they meet this week, looking to beat out how to set national policy goals and make sure everyone keeps to them, officials said on Monday.

Sources from the group of rich and developing nations said that talks were unlikely to deal formally with the charged issue of exchange rates, a major focus of interest for financial markets at the meeting in St. Andrews, Scotland.

Leaders of the group agreed at a summit in Pittsburgh in September to come up with policy outlines to ensure a healthier, more sustainable pattern of growth that would head off a recurrence of the last year's economic turmoil...

The G20 meeting follows Federal Reserve, European Central Bank and Bank of England meetings this week and a mass of conflicting signals on recovery of the world's major economies.

The Fed, ECB and BoE have all slashed interest rates to historic lows and pumped liquidity into their economies in a bid to temper recession and attention is now turning to when and how fast they will withdraw stimulus.

Some European, particularly French, officials have complained in the run up to the meeting that the strength of the euro against the dollar is hurting the euro zone economy.

Japanese officials have also said they may become concerned about the strength of the yen and Canada's Prime Minister Jim Flaherty said on Monday that he expected there would be "some discussion" about currencies.

But several G20 sources, speaking to Reuters on condition of anonymity, indicated there would not be serious talks this weekend about individual exchange rates.

"It won't be a major topic. But it may be discussed in the broader context of the global economy," one source said.

The G20 will not agree to issue a strong message on exchange rates unless the dollar weakens more sharply from current levels, the source added.

The communique issued by a September summit of G20 leaders in Pittsburgh included a vague call for "market oriented exchange rates that reflect underlying economic fundamentals," but it did not make more specific references to currencies.