What price the Parthenon?

Source: SPPI Blog

by Dennis Ambler

The Euro, the creation of a European monetary union, was always to be a tool for moving the countries of the EU towards a closer political union, and ultimately an EU state, to take its place in the UN system, as a regional member of a global government. The EU unelected Socialist Commissars were so desperate for this to happen, that the stringent rules they imposed in terms of national deficit at the time of joining, were paid scant regard and national accounts were fudged to enable countries to join. This was only storing up trouble and now the reckoning has arrived. The French are proposing a 30 year roll over of the Greek debts, so the interest payments would still be made, but the Greek people and their descendants will be working to pay the bankers for their destruction.

I wonder what assets the Greeks will be forced to sell?

What price the Parthenon?

Soros wants a move to an International system of support for sovereign debt and is constantly talking down the dollar in favour of IMF SDR’s. The trouble is, as the article says, when Soros speaks people listen and Geithner and Obama have been ambiguous regarding the dollar.

20 July 2010 ? Changing The Engine Of The Global Economy ? The Next UN Strategy

http://scienceandpublicpolicy.org/originals/changing_global_economy_engine.html

“The comments on June 29th 2010, from President Barack Obama and Treasury Secretary Timothy Geithner about the position of the US as a long time driver of the World Economy were, by an amazing co-incidence, reported on the same day as a Press Release from the United Nations Department of Economic and Social Affairs, which stated that ?The US dollar is an unreliable international currency and should be replaced by a more stable system?.

Not everyone agrees with Soros:

Chinese Yuan Rises from the Euro’s Ashes Mike Tyrone Friday May 13th
Wolfgang Koester, the chief executive officer of Fireapps Inc, discusses the volatility in global currency markets and who the winners and losers will be in the next decade. Suprisingly, Koester believes the US dollar is still strong and opposes claims by George Soros, chairman and founder of Soros Fund Management, that the US dollar is no longer the main reserve currency.

“The number one thing is when you’re looking at it, the US dollar is still it,” Koester says. With all of the structural problems Europe is having right now, he feels that China isn’t ready yet either, although the yuan is making the most moves toward being the main reserve currency.

Goldman Sachs Group Inc. and Morgan Stanley both agreed to launch private-equity funds denominated in China currency this week. These two big corporations hope to expand their presence in the world’s largest country with this move. On Thursday, Goldman signed a deal with the Beijing government to start a yuan-denominated fund and hopes to raise 5 billion yuan ($770 million).