Will Diving Dollar Force Acceptance of 'Amero' Currency?



By Victor Thorn

FINANCIAL EXPERTS ARE SPEAKING loud and clear. "The dollar is a doomed currency, thanks to Washington," well-known investor Jim Rogers said on Nov. 25. Peter Schiff, president of Euro Pacific Capital and adviser for Ron Paul's 2008 GOP primary campaign, took it one step further.

"This is just not a financial crisis. This is an economic collapse. Our entire phony economy is collapsing around us. There is nothing the government can do to stop it. They should just get out of the way and let it happen."

David Tobin of Mission Capital Advisers agrees, stating on November 24, "The banking system is bankrupt."

Economic problems couldn't be more evident. Shockwaves from a burst housing bubble still linger, Detroit's auto industry is on the verge of collapse, Wall Street investors have lost over $23 trillion in the past few months, socialist-style bailouts became the trend in 2008, while the dollar's value is plummeting once again. As a result, William Engdahl of Global Research reported on December 15, "In November, U.S. companies cut jobs at the fastest rate in 34 years. Some $1.9 million U.S. jobs have vanished so far in 2008."




Could this situation deteriorate to such an extent that Americans will actually beg for a new currency to replace the dollar? If globalist planners have their way, such a collapse is precisely what they're trying to orchestrate.

On Nov. 27, Unfit for Command author Jerome Corsi wrote about billionaire investor Stephen Jarislowsky, who recently told the Canadian House of Commons, "Canada and the United States should both abandon their national dollar currencies and move to a regional North American currency as soon as possible." Jarislowsky continued, "We have to really start thinking of the model of a continental currency. The idea would be a European Union-type setup with a North American central bank that would issue the new currency and sit over the Bank of Canada and the Federal Reserve in the United States."

This new currency has popularly been called the "amero." It was first officially proposed in 1999 by Canadian economist Herbert Grubel, who is a senior member of the "free-trade" oriented Fraser Institute and author of The Case for the Amero. His view on the erosion of national borders is apparent: "Sovereignty is not infinitely valuable."

In March, 2005, the U.S. came one step closer to this reality when President Bush, Mexico's Vicente Fox, and Canadian Prime Minister Paul Martin met in Waco, Tex. to announce their plans for a Security and Prosperity Partnership (SSP)—step one in the creation of a North American Union. With illegal immigration virtually unimpeded and threats of false-flag terrorism ever present, the recipe for disaster looms large.

Ben Steil, director of international economics at the Council on Foreign Relations, wrote an article in the May/June 2007 issue of Foreign Affairs entitled The End of National Currency. His primary thesis was unambiguous.

"National currencies and global markets simply do not mix. In order to globalize safely, countries should abandon monetary nationalism and abolish unwanted currencies."

Setting the stage for such a move are two recent events of monumental importance. First, Bloomberg reported on Dec. 15 that "U.S. policy makers are flooding the world with an extra $8.5 trillion."

John Taylor, chairman of New York's FX Concepts Inc., observed, "The dollar will go to new lows as the U.S. attacks its currency."

These are strong words, prompting many to warn of the second variable, Weimar-style hyperinflation, especially since the Fed is now virtually giving money away for free.

In mid-December, the Fed cut its funds rate to 0.25%, leading Michael Feroli of JP Morgan Chase to predict that the central bank will "cut the overnight lending rate to zero in January, and hold it there throughout the year."

To make matters even more perilous, no one knows where all the money under our government's Troubled Asset Relief Program (TARP) is going. According to conservative commentator Saundra McDavid on December 22, "The Associated Press contacted 21 banks which received over $1 billion of federal bailout money, and none of them were able or willing to disclose the use of the funds."

Or, as JP Morgan spokesman Thomas Kelly so arrogantly put it, "We've lent some of it. We've not lent some of it. We have not disclosed that to the public. We're declining to."

Considering our fiscal climate, could we be teetering on the edge of financial Armageddon? Robert Pastore thinks so. Known as "Father of the North American Union," he's spent years planning a merger between Canada, Mexico, and the U.S. Chillingly, in an October 2006 speech, he declared, "A 9-11 crisis might be just the type of catastrophe needed to overcome governmental inertia in advancing the type of economic integration necessary to form a North American community."

He added, "In a fiscal 9-11 crisis triggered by a dollar collapse, the amero might then look reasonable."

With economic collapse, chaos would ensue; a scenario not deemed unlikely by Igor Panarin, a professor at Russia's Ministry of Foreign Affairs. On November 24, he announced that the U.S. could potentially split into six separate regions following a financial crisis.

"The dollar isn't secured by anything. The country's foreign debt has grown like an avalanche. This is a pyramid which has to collapse." He also anticipates that moves are underway to "replace the dollar with a common amero currency as a new monetary unit."

Is this where Barack Obama enters the picture? Since his mantra for the past two years has been change, publisher Bob Chapman of The International Forecaster fits the final piece to the puzzle. "Creating the amero will be presented to the American public as the administration's solution for dollar recovery."

To do so, could an emergency be declared where the U.S. is reorganized under some form of Chapter 11 bankruptcy, with the entire banking industry nationalized, including the Federal Reserve?

In an Oct. 7 column, documentary filmmaker Patrick Henningsen considered the possibility. "The dollar will become basically worthless after the exchange for the Amero, and will have little international value. If you understand who owns the Fed, you will know that U.S. dollars are essentially printed by the same private institutions who print the euro. The amero is about expanding this bank's operation out of Mexico and Canada, essentially allowing European central banks (and their U.S. Federal Reserve "franchise") to gain complete control over the entire money supply of North America. The amero will simply bring us one step closer to a global currency; and one step closer to a global government."

One can't help but be reminded of Vice President Joe Biden's words at an Oct. 19 Seattle fundraiser: "Mark my words. It will not be six months before the world tests Barack Obama like they did John Kennedy. We're going to have an international crisis, a generated crisis, to test the mettle of this guy. And he's going to need help because it's not going to be apparent initially; it's not going to be apparent that we're right."

Was he referring to suspending the Constitution, then instituting the amero? Tragically, we're only one major event away from finding out.

Victor Thorn is a hard-hitting researcher, journalist and the author of many books on 9-11 and the New World Order. These include 9-11 Evil: The Israeli Role in 9-11 and Phantom Flight 93.

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(Issue # 3, January 19, 2009)
 


 

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Time will tell, man, time will tell

I have to call BS on this, but its a small BS, I agree that its considered by many to be the solution ... however this is the small ... very small speed bump on this road.
All other countries are also getting creamed. I think we'll see a massive print of the $ but not much else. Hyperinflation is not a real threat any more. It may have been 2-3 months ago, not now. Now its deflation all the way. Its to be solved by printing $. Here is the added tidbit of info.

"TIC reports this morming that net foreign purchases of our bonds were -56 Billion..." Yes negative 56 billion.
Let's see, we need a minimum of about +$60B, our friends sold $56B, someone had better load more paper into the printing press...cause this month's a tad short."

Can you say no one wants our bonds ...

Now of course creating the amero will make everything denominated in the $ worthless, and it will be the ultimate way to shaft all external investors. It will also shaft all americans. It will turn into a cuba style currency system. That is a poor solution if there is inflation. Deflation (tommorow you can buy more than you did today - AKA falling gas $, commodity $, house $ If amero is introduced in this state, I think it may start out being worth more than the dollar, but the average US household is drowning in debt, all of which is in dollars. I rapidly see no activty to buy amero giving up dollars, cos they will have to pay their debts back in $.

Of course if the dollar were to become worthless, promptly anyone with debt will fell instantly richer, and any one with dollar denominated assets will feel broke. AKA retirees and savers will get killed and spenders get rewarded. And that is exactly what was happening all these years.

I think inflation is the answer, I think there will be massive printing of bigger and bigger bills.

Cool.
Buddha.

Also one more thing about Peter Schiff - Or 2-3 more things.

He is a very astute economist, no question about that. He also is a fund manager who is trying to drum up business by selling his fund. He calls for panic on the dollar side, stocks side and what not and is heavily vested in gold, emerging markets and was heavily into euro and Yen. He may be blind to the problems there, some of which are worse than in the US. So I would like consider him another Bernie Madoff unless he actually manages to keep the game up far longer than the down turn is. I'd wait 10 years to see if it pans out.

He also has coined a new term "stag-deflation" Google it. The problem with that is not that its not likely to happen or that its far fetched etc etc, the problem with that is ... its a given with deflation and its pretty much included in deflation on a large scale. Its just a word he's made up that is designed to create panic and make him look like a genius.

Sorta like "GS500-air cooled" like there was any water cooled GS500's.

Cool.
Buddha.

with out debt i don't think any country, let alone canada, would want to saddle their money with it.  canada has a balanced budget and thus does not have the debt of the US.  it would be like accepting a 200 point drop in your credit rating ....they just would not do it.  there is nothing in it for the Canadian.  maybe Mexico would lol.

From the outside looking in the dollar looks pretty safe. All the big currencies are on the slide. The thing that amazes me is that nearly all the developed countries are financing bailouts with money that they simply don't have. They can print it or borrow it. I was amazed last week when an issue of UK govt bonds was fully subscribed. Traditionally the banks and financial institutions bought govt bonds but seeing as we are giving/lending/buying into the banks with the proceeds that aint likely. The only places this cash can be coming from is those countries where we have been spending, perhaps rather wildly over many years. The oil-rich states and China, perhaps India too. Given the state of play in the middle East it is hard to see Iran buying western govt bonds, similarly I would think that Iraq would prefer to spend it on rebuilding the fabric of the country so the Saudis, Kuwaitis and a smattering of Emirate feifdoms must own a big chunk of us along with China.
The producers need to sell oil, we use it, we spend our cash on manufactured goods, break the chain and nobody is eating. Perhaps we need a "Worldo" currency, perhaps not, at least not for a very long time. There is no doubt that common currencies do involve a loss of sovergnty and can cause regional problems, there are also benefits. For instance Iceland and Ireland are in very similar positions but Iceland is suffering much more, not just because of an over inflated financial sector pro rata to the rest of the economy but because Ireland is a "Euro" country and Iceland is not.

One thing is for sure, quick decisions particularly in times of difficulty are often poorly thought through and end up paving the road to Hell with good intent. I don't see an "Amero" looming but who knows, some time in the future things may be different but if you follow the "Euro" example referendums or elections would need to be fought on the issue so I don't think you need worry too much.

Incidently, a lot of people in UK are thinking we should have joined the Euro a few years ago as it is holding up better than the pound but when the ECB in Frankfurt finally gets on the "cut interest rates" bandwaggon maybe it will tilt the other way.

like i said canada has run a balanced budget for around 20 years now and so far they are doing ok.   as for america it just baffles me that we cut taxes when our dept is so out of control it can not realistically be repaid.  the only reason banks and other institutions continue to let us get away with this huge deficit is that it would crush the world economy to address it.  so here we are at the foot of another great depression driven by greed.

so canada is having no problems whatsoever. cool

Oh UK managed a sale on all the issued debt so far. Maybe we will drop into the amero. I was basing the fact that we wont go amero on the fact that most big currencies (and the pound is a large part of that) are dropping like a rock. Saudi and china are indexed to the $ so they are going down with the ship, and hence I thought status quo is great for the USD.

Cool.
Buddha.

Been a problem decades in teh making unfortunately

so it's back to cowrie shells then is it? ........or barter...

i doubt it. govt would havea hard time taxing it lol

Cow chips ? I'll gladly pay them 25-50% or even more in taxes right off the source ... 
Cool.
Buddha.

doubt it, i think they wanna tax cow flatulence or something, shaZam! if tehy taxed flatulence. id be a broke ass mofo