IMF considering loonie as reserve currency


Locutus
#1
The International Monetary Fund said it’s considering classifying the Australian and the Canadian dollars as reserve currencies.


The two “are to be considered for inclusion” separately in the IMF’s “Currency Composition of Official Foreign-Exchange Reserves” data, the Washington-based lender said in a report published on Nov. 14. They’ve previously been included in an “other currencies” category in the COFER reports.


here


Canadian dollar: IMF considers loonie as reserve currency | News | Financial Post (external - login to view)
 
Nuggler
#2
..........What do they use on reserves at present ?


 
Praxius
#3
Quote: Originally Posted by NugglerView Post

..........What do they use on reserves at present ?


An I.O.U. note *ba'dum'tish*
 
petros
#4
Quote: Originally Posted by NugglerView Post

..........What do they use on reserves at present ?


US and Euro
 
taxslave
+1
#5  Top Rated Post
Quote: Originally Posted by petrosView Post

US and Euro

The two with the most difficulties. Figures.
 
petros
#6
Quote: Originally Posted by taxslaveView Post

The two with the most difficulties. Figures.

Exactly.
 
darkbeaver
#7
Ah yes the geniuses at the IMF. They are delusional mega carpet bagging maggots. The reserve currency will be Chinese and most of that will be backed by hard assets like gold and silver instead of the western luke warm urine.
 
petros
#8
They already devalue the RMB 6:1. China has resources we don't and we need. If we become a reserve currency we are no longer pegged to the fading greenback. It also means we can put gold and silver back into circulation in coinage and other countries can use the loonie as their currency which means they have to buy it first.
 
L Gilbert
+1
#9
Quote:

The International Monetary Fund said it’s considering classifying the Australian and the Canadian dollars as reserve currencies.

lol WTF is the point if the only things backing currencies are paper and the binaries that computers run on and the memory that currencies USED to be backed by sensible things?
 
petros
#10
Quote: Originally Posted by L GilbertView Post

lol WTF is the point if the only things backing currencies are paper and the binaries that computers run on and the memory that currencies USED to be backed by sensible things?

Ours is backed by having 9,970,610 sq km of resources.

If Canadians knew how rich they really are...
 
coldstream
#11
Everything the IMF does comes with conditions. It is one of the three witches of monetarist, free market investment cartel that controls the world economy, along with the WTO and World Bank.. and it is facing the brink as its policies and those of its sisters has led to a collapse in production and explosion of debt world wide. It is looking for credibilty now, as it is engulfed with failure. Canada would be well advised to steer clear of this supposed honour.. it hides a dark agenda.
Last edited by coldstream; Nov 20th, 2012 at 02:19 PM..
 
petros
#12
Quote:

Everything the IMF does comes with conditions

National and Provincial Parks for collateral is my favourite. Too bad we lost Banff, Jasper, Kootenay and Yoho Nationals and Mount Robson, Mount Assiniboine and Hamber provincial parks to defaulting.
 
L Gilbert
#13
Quote: Originally Posted by petrosView Post

Ours is backed by having 9,970,610 sq km of resources.

Funny. It used to be backed by gold. And it'd be a lot better if the raw stuff was converted to value added stuff.

Quote:

If Canadians knew how rich they really are...

Too bad guvmints, economies, and market speculation messes with it.
 
petros
#14
Quote: Originally Posted by L GilbertView Post

Funny. It used to be backed by gold. And it'd be a lot better if the raw stuff was converted to value added stuff.

Too bad guvmints, economies, and market speculation messes with it.

Now it's backed by every mineral under the sun. I wonder if uranium coins would be a hit?

If they didn't, we'd be Commie.
 
L Gilbert
+1
#15
Quote: Originally Posted by petrosView Post

Now it's backed by every mineral under the sun.

And what causes the fluctuations in that? Mostly a pile of hot air called market speculation.
Quote:

I wonder if uranium coins would be a hit?

Too freakin heavy.

Quote:

If they didn't, we'd be Commie.

So all the people that existed before stock markets and gov'ts were communist? lmao
 
Spade
#16
The trouble with Canadian money is coppers ain't copper, silver ain't silver, and paper ain't paper. And, our Mint ain't no mint; it's concrete and glass!
 
petros
#17
Quote: Originally Posted by L GilbertView Post

And what causes the fluctuations in that? Mostly a pile of hot air called market speculation. Too freakin heavy.


So all the people that existed before stock markets and gov'ts were communist? lmao

Demand/supply causes majority of fluctuation, yeah, although not much different than gold and people before stock markets were peasants.
 
Cliffy
#18
Quote: Originally Posted by SpadeView Post

The trouble with Canadian money is coppers ain't copper, silver ain't silver, and paper ain't paper. And, our Mint ain't no mint; it's concrete and glass!

Yup, we live in a fantasy world where nothing is as it seems or what we are told.
 
petros
#19
Quote: Originally Posted by SpadeView Post

The trouble with Canadian money is coppers ain't copper, silver ain't silver, and paper ain't paper. And, our Mint ain't no mint; it's concrete and glass!

Spearmint or peppermint? Both grow wild on the prairie.
 
Cliffy
#20
Quote: Originally Posted by petrosView Post

Demand/supply causes majority of fluctuation, yeah, although not much different than gold and people before stock markets were peasants.

Stock markets are based on speculation: the wet dream of those addicted to living in a fantasy world.
 
petros
#21
Quote: Originally Posted by CliffyView Post

Stock markets are based on speculation: the wet dream of those addicted to living in a fantasy world.

Noooo commodity market is speculative based on supply and demand when it comes to what backs money.

If the Chicago market fell the same way the NY markets did, we'd all be starving or dead.
 
Cliffy
#22
Quote: Originally Posted by petrosView Post

Noooo commodity market is speculative based on supply and demand when it comes to what backs money.

If the Chicago market fell the same way the NY markets did, we'd all be starving or dead.

Not me. I know how to feed myself in the real world.
 
petros
#23
Quote: Originally Posted by CliffyView Post

Not me. I know how to feed myself in the real world.

Even when in competition with everyone around you?
 
L Gilbert
#24
Quote: Originally Posted by petrosView Post

Demand/supply causes majority of fluctuation, yeah,

Nope. Market speculation is speculative. It is what people THINK things will be. It's a gamble.
Quote:

... although not much different than gold and people before stock markets were peasants.

Again, nope. You can't do as much with hot air as you can with Au or U.
 
Cliffy
#25
Quote: Originally Posted by petrosView Post

Even when in competition with everyone around you?

Very few people know how to survive in the bush, know their edible and medicinal plants or which will kill them. This area is a veritable smorgasbord of unharvested food. People will starve out of ignorance but not before they kill each other trying to stave off the inevitable.
 
L Gilbert
+1
#26
Quote: Originally Posted by CliffyView Post

Very few people know how to survive in the bush, know their edible and medicinal plants or which will kill them. This area is a veritable smorgasbord of unharvested food. People will starve out of ignorance but not before they kill each other trying to stave off the inevitable.

Most people would starve if they had to grow and hunt for their own food.
 
petros
#27
Quote: Originally Posted by L GilbertView Post

Nope. Market speculation is speculative. It is what people THINK things will be. It's a gamble. Again, nope. You can't do as much with hot air as you can with Au or U.

If the supply isn't there and you speculate low or the supply is there but the money isn't from speculating too high? Supply and demand have to balance. They just don't wing it.

Quote: Originally Posted by CliffyView Post

Very few people know how to survive in the bush, know their edible and medicinal plants or which will kill them. This area is a veritable smorgasbord of unharvested food. People will starve out of ignorance but not before they kill each other trying to stave off the inevitable.

There are people who hunt and gather and there are those who hunt and gather those who hunt and gather.
 
Cliffy
#28
Quote: Originally Posted by L GilbertView Post

Most people would starve if they had to grow and hunt for their own food.

That is why I would never live in a city. A few years ago we had a three day blackout. The grocery store was empty within 24 hours as people panic bought everything in it. If the blackout lasted two weeks, Nakusp would have been a ghost town.
 
L Gilbert
#29
Quote: Originally Posted by petrosView Post

If the supply isn't there and you speculate low or the supply is there but the money isn't from speculating too high? Supply and demand have to balance. They just don't wing it.

It's still just guessing, educated or not. Things used to be valued according to how useful they were as tools, food, etc. not how much they could be worth to sell or buy.


Quote:

There are people who hunt and gather and there are those who hunt and gather those who hunt and gather.

I agree. So?
 
petros
#30
So good luck!
 

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