London stock trader urges move to 'amero'

[Soldier4Christ]

London stock trader urges move to 'amero' 
Says many unaware of plan to replace dollar with N. American currency

In an interview with CNBC, a vice president for a prominent London investment firm yesterday urged a move away from the dollar to the "amero," a coming North American currency, he said, that "will have a big impact on everybody's life, in Canada, the U.S. and Mexico."

Steve Previs, a vice president at Jefferies International Ltd., explained the Amero "is the proposed new currency for the North American Community which is being developed right now between Canada, the U.S. and Mexico."

The aim, he said, according to a transcript provided by CNBC to WND, is to make a "borderless community, much like the European Union, with the U.S. dollar, the Canadian dollar and the Mexican peso being replaced by the amero."

Previs told the television audience many Canadians are "upset" about the amero. Most Americans outside of Texas largely are unaware of the amero or the plans to integrate North America, Previs observed, claiming many are just "putting their head in the sand" over the plans.

CNBC asked Previs whether he thought NAFTA was "working and doing enough."

He replied: "Until it created a lot of illegal immigrants coming across the border. I don't know. You get the pros and cons on NAFTA. For some people it is a good thing, and for other people it has been a disaster."

The speculation on the future of a new North American currency came amid a major U.S. dollar sell-off worldwide that began last week.

Yesterday, the dollar also reached new multi-month low against the euro, breaking through the $1.30 per euro technical high that had held since April 2005.

At the same time, the Chinese central bank set the yuan at 7.0402 per dollar, the highest level since Beijing established a new currency exchange system in 2005 that severed China's previous policy of tying the value of the yuan to the U.S. dollar.

Many analysts worldwide attributed the dramatic fall in the value of the U.S. dollar at least partially to China's announcement last week that it would seek to diversify its foreign exchange currency holdings away from the U.S. dollar. China recently has crossed the threshold of holding $1 trillion in U.S. dollar foreign-exchange reserves, surpassing Japan as the largest holder in the world.

Barry Ritholtz, chief market strategist for Ritholtz Research & Analytics in New York City, in a phone interview with WND, characterized today's downward move of the dollar as "wackage," a new word he coined to convey that the dollar is being "whacked" in this current market movement.

Ritholtz told WND that yesterday's downward move "was a major market correction that points to the risk of subsequent downside to the dollar."

Asked whether he would characterize the dollar's downside move as signaling a possible collapse, Mr Ritholtz told WND, "Not yet."

Ritholtz pointed out market professionals had long looked at a dollar collapse as a "low probability event," but the recent fall suggests "the probabilities have increased of a major dollar correction, or even of a collapse."

U.S. trade imbalances with China have hit a record $228 billion this year, largely reflecting a surging flow of containers from China with retail goods headed for the U.S. mass market.

Secretary of Commerce Carlos Gutierrez is in Bejing leading a trade delegation of more than two dozen U.S. business executives.

"The future should be focused on exporting to China," Guiterrez told reporters in Bejing, noting that this year, U.S. exports to China are up 34 percent on a year-to-year basis, surpassing last year's gain of 20 percent.

One way to improve the U.S. trade imbalance may be to ease up on restrictions of exporting high-tech products and allowing technology transfers to China, a move likely to be politically charged in the U.S.

The decline in value of the dollar will also make U.S. exports more attractive and Chinese exports to the U.S. more expensive.

In February 2007, a virtually unprecedented top-level U.S. economic mission is scheduled to travel to China. Included in the mission are Treasury Secretary Henry Paulson, Jr., Secretary of Commerce Carlos Gutierrez and Federal Reserve Chairman Ben Bernanke.

Previs declined to be interviewed for this article, telling WND in an e-mail he did not want to be quoted directly in any article that may express a political point of view.

[Soldier4Christ]

I keep hearing more and more about this movement and it is coming from various sources in the media now as well as numerous politicians. President Bush has said that it isn't going to happen ( at least not on his watch). If this is true and not just another conspiracy theory then it looks like we are definitely moving closer to a one world government.

[Soldier4Christ]

Economist longs for creation of amero 
Wants a new Canadian dollar pegged to U.S. currency

Herbert Grubel – the Canadian economist who developed the concept of a North American currency comparable to the euro – laments that politics prevents the U.S. from agreeing to the creation of the amero right now.

In an op-ed piece entitled "Fix the Loonie" in Canada's National Post, Grubel expresses concern about the current relative strength of the Canadian dollar, or "loonie," in comparison to the weakening U.S. dollar.

The strength of the loonie, now trading more than par ($1.02) to the U.S. dollar, has caused Canada's exports to be more expensive in the U.S. market.

About 85 percent of all Canadian exports are headed to the U.S. and a more expensive loonie threatens to harm the Canadian export market.

Grubel wrote that Canada "has a bad case of the dreaded Dutch disease, which is named after the problems that developed in the 1960s when the Netherlands sold natural gas that had been discovered on its coast."

The resulting increase in Dutch exports caused a strong appreciation of exchange rates which in turn caused the loss of Dutch manufacturers' ability to compete abroad with their imports.

Grubel noted in Europe the problem was solved when the euro eliminated national currencies, forcing all countries to operate under interest rates set by the European Central Bank.

"The analogous creation of the amero is not possible without the unlikely co-operation of the United States," said Grubel, an economics professor emeritus at Simon Fraser University in British Columbia.

Instead, Grubel called upon Canada to create a new Canadian dollar to replace the loonie. The new currency could be valued at par with the U.S. dollar, with the possibility that the Bank of Canada might peg the new Canadian dollar to $0.90 on the U.S. dollar.

"The public would readily use the new Canadian and the U.S. dollars interchangeably and enjoy savings in the conversion of one currency into the other," he wrote. "The present exchange risk premium on Canadian interest rates would be eliminated completely."

WND has previously reported Stephen Jarislowski, a billionaire money manager and investor, called on the Canadian House of Commons' finance committee in November to create a peg on the U.S. dollar that would allow the Bank of Canada to adjust the Canadian dollar in a 5 percent plus or minus range, based on the fluctuation in value of the U.S. dollar.

Jarislowski further argued Canada and the United States both should abandon their national dollar currencies and move to a regional North American currency as soon as possible.

Grubel and Jarislowski's arguments belie an article published in the Boston Globe Nov. 25 arguing the call for the amero to become the new North American regional currency was "purely theoretical."

The loonie became slang for the Canadian dollar when the common loon appeared on the back of the dollar coin that replaced the bill in 1987.

[Barbara]

Wow, Pastor Roger!

I read on cuttingedge:

"The American dollar is planned to decline so a world currency - or perhaps a regional currency like the Amero - can be established. Just before all Americans lose every dollar asset they own, some brillian economist will step forward to propose a switch to a regional or global currency! Americans will breathe a sigh of relief, as they realize that the switch to a new currency will preserve their monetary assets and their way of life.

In order to avert the crisis, all nations need to do is relinquish sovereignty before the problem becomes insurmountable."

These days are feeling very 'Biblical', aren't they?

Thanks for that new article!

[Soldier4Christ]

Americans will breathe a sigh of relief, as they realize that the switch to a new currency will preserve their monetary assets and their way of life.

Unfortunately "the way of life" will be a false one.

These days are feeling very 'Biblical', aren't they?

Yes, I do believe that we are seeing Biblical prophecy fulfilled before our very eyes.

Thanks for that new article!

You're most welcome.

[Barbara]

Yes, our way of life is changing so quickly. Our only hope is getting closer to our LORD and Savior, Jesus Christ, and following His ways.

I also agree, we're seeing Bible prophecy lived out right before our very eyes .... and most of the world sleeps. That's why it's so important that you're publishing these facts and articles. Hopefully, more will be made aware of what is happening!!