Wilduck--- GCR ooohh yeah !

WildDuck: If you had unlimited and unfettered power and were above all laws for generations, how hard would you fight to stop from losing that power, that is what the hill climbing herbivore was talking about, and the closer you get to losing it all forever would you not pull out all the stops to delay and then after that what’s left oh yeah …. GCR.

GCR ain't never gonna happen.

I would like to learn your reasoning or knowledge for the GCR not to happen.

Much appreciated in advance

mm

Well let's start with the fact that BASEL III does not require asset based currencies. That is pure invention of the gurus. It only sets out voluntary standards for accounting of assets by commercial banks. Standards that the individual nations can adopt in whole or modify as desired. The Federal Reserve for example, elected to make the standards more stringent, while some of the European countries have to my understanding made them less so.

What about the Chinese? Well what about them? They are no economic juggernaut, in fact, they have serious economic problems themselves, and are more dependent upon the US than the US is on them. Oh, I know, they own the US. Wrong! In fact, most of US debt is owned domestically, about 67%. China owns more than any other foreign country, but still is only about 8%, with Japan second at about 7%.

White hats, ancients, cabal, aliens ... some guru's wet dream maybe, but definitely not real, and not worth my time.

• Hong Kong: $121.9 billion (0.9 percent)
  
• Caribbean banking centers: $148.3 (1 percent)
  
• Taiwan: $153.4 billion (1.1 percent)
  
• Brazil: $211.4 billion (1.5 percent)
  
• Oil exporting countries: $229.8 billion (1.6 percent)
  
• Mutual funds: $300.5 billion (2 percent)
  
• Commercial banks: $301.8 billion (2.1 percent)
  
• State, local and federal retirement funds: $320.9 billion (2.2 percent)
  
• Money market mutual funds: $337.7 billion (2.4 percent)
  
• United Kingdom: $346.5 billion (2.4 percent)
  
• Private pension funds: $504.7 billion (3.5 percent)
  
• State and local governments: $506.1 billion (3.5 percent)
  
• Japan: $912.4 billion (6.4 percent)
  
• U.S. households: $959.4 billion (6.6 percent)
  
• China: $1.16 trillion (8 percent)
  
• The U.S. Treasury: $1.63 trillion (11.3 percent)
  
• Social Security trust fund: $2.67 trillion (19 percent)
  

So America owes foreigners about $4.5 trillion in debt. But America owes America $9.8 trillion.

@mannymanin925 wrote:I would like to learn your reasoning or knowledge for the GCR not to happen.

Much appreciated in advance

mm

My reasoning is common sense.  If anything like the alleged GCR were to actually happen, it would put the whole world into utter financial chaos.  Back when the gooroos first made up this GCR story it was all based on the alleged fact that the Basel III accords required asset backed currency.  As I and others here have stated many times, Basel III has NOTHING to do with the valuation of national currencies and there is not a single mention anywhere about asset backed currency.

To help fill out this fantasy, some of the gooroos came up with a story that there was a software called Babylon II which was capable of valuing all the currencies based on a country's assets and resources.  Somehow, this fantastic software has escaped the notice of the entire financial software industry and is known only to certain gooroos.  Pure lies.


Supposedly, the GCR will be implemented by the IMF, but the IMF has no such power or authority, they are strictly advisory.

I remember recently one of the gooroos posted something about a speech made by CL of the IMF and how if you changed a few words you would see she was really talking about the GCR.  Give me a break, if I can change words in people's speeches, I can make them say anything.

Because this is all fantasy, they can keep making up excuses as to why it doesn't happen, for years.

Yep ... pretty much ... as a side note, there actually is software called Babylon, it's a translation program by an Israeli company. I had the trial software on my computer but decided it was too expensive for what it did.

Practically all currencies either float or are pegged to (and backed by) currencies that float.  This means all of these currencies "Reset" every single day, via the market.  How's the GCR supposed to happen?  Someone one day just announces that the market is wrong and they've decided that the rates are something else?  It makes no sense whatsoever.

Not to mention the utter chaos it would cause business, wholesalers, retails, etc...  Basically anyone engaged in foreign trade.