From G20 Leaders (of China, Russia, etc.):

"The key to solving the crisis lies in creating a new [resource-based, non-fiat] international reserve currency!"

Need / want to look this up?  Good luck finding anything mentioned in the 'Free' American Press.

@Xeno: Where does it say it's resource based?

@Blind Guardian: it goes both ways. There are plenty of cases of decentralization leading to instability.

Xeno, you are just plain stupid... China and co calling for a new currnecy is not supporting your ideas... they are in fact debunking them...

As to them, they are just pushing their weight around cause they can..

what is dead cannot die.

Also Xeno, i googled "the petro" and the first story i got on it was not that Russia was going to go to a resource based economy, but that they were going to push their ruble to be able to be used to buy oil instead of only the US dollar. Thus Russia is not putting forward a new currency that is based on petro-credits, but instead jsut trying to get people to use rubles to buy oil. Thus it is still using the current finacial system...

In fact that is all these other nations are pushing for, a move away from using th US dollar as the international currency of choice to someone elses, probably either the Euro, Ruble or Yuan.

You know you really should understand things like this before you try and use them as argument for your shitty and stupid system...

I can't think of a worse resource on which to tender a currency.  Idiotic.

http://www.google.com/hostednews/ap/article/ALeqM5i6_iHdAHpT1bTNgqUvqlFYnDnUwAD978TSMO0

"Chavez to seek Arab backing for `petro-currency'

Mar 31, 2009

DOHA, Qatar (AP)

You_Fool, you can't read, can you?

"a new currency backed by the resources of major oil producing countries"

Chavez to seek Arab backing for `petro-currency', Mar 31, 2009, Associated (Free) Press: http://www.google.com/hostednews/ap/article/ALeqM5i6_iHdAHpT1bTNgqUvqlFYnDnUwAD978TSMO0

> You_Fool wrote:

> are you that stupid? It isn't based on it, it is that they want a new currency to buy oil in...

Lol.  Pwnage

Anyway, back to the resource-based economy notion - it shouldn't be merely through a currency based on one resource like Chavez is proposing, but one based on all resources, or, rather, many different currencies, each one based on a different resource.  You can have a different 'currency' for every grade of every kind of resource, all of it 'digital', and thus just as easily traded as other currencies are traded, but these ones would be backed by actual, substantial resources, which you could redeem for the equivalent grade, kind, and amount of resources the 'currency' represents.  It would be a series of non-fiat, supranational, resource-based 'credits' that anyone anywhere could use.

When will it be implemented?  Soon.  Very, very soon.  So start stockpiling your 'resources'.  Maybe even start your own local resource bank (warehouse).

Why not, You_Fool, pray tell?

/sigh

because you are an idiot Xeno who has no understanding of how a finacial system works and thus your idea is pointless, idiotic and for some reason worth a tag point... somehow that devalues tag points everywhere...

> xeno syndicated wrote:

> Lol

I have heard no sound reason (that I haven't adequately rebutted) why the resource-based system I have proposed wouldn't work.

Um... have you been reading these forums?

I'm calling a callenge against you: If I can find two arguments that I made that you did not answer, you must abdicate from this position, and actually start going paragraph by paragraph in your answers, as I have.  Nothing serious.  Just a challenge of your credibility.

Rules:
1: No editting old posts by either of us after right now.
2: When each of us copies and pastes part of the page, cite the page number in the thread.
3: Arguments can't logically be answered before they are presented, so no bringing prior posts to answer more recent posts.  If, however, you believe I have cheated by pulling up an argument that I had already said and had been answered (example, if I made a post that said X, you rebut it with Y, then I reiterate X, and you ignore me), you may copy the prior instance of that argument made to show that I had already made said argument, then highlight your response to that argument.

Do you accept?

"I'm calling a callenge against you: If I can find two arguments that I made that you did not answer,"

Read my post carefully: "I have heard no sound reason (that I haven't adequately rebutted) why the resource-based system I have proposed wouldn't work."

That is, out of the very few arguments that were sound, I rebutted them.  You can find posts / arguments (if you could call them that) that I didn't respond to BECAUSE they were unsound, or the person insulted me and I happened to be ignoring them at the time.

But go ahead and read through the posts.  You'll find that I have addressed any and all honest, well-thought-out, sound arguments against my proposal.

I don't bother responding to unsound arguments.