China’s central bank on Monday proposed replacing the US dollar as the international reserve currency with a new global system controlled by the International Monetary Fund.
In an essay posted on the People’s Bank of China’s website, Zhou Xiaochuan, the central bank’s governor, said the goal would be to create a reserve currency “that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies”.
China weighs paper gold against dollar as reserve currency
The world outgrew the gold standard decades ago. But a “paper gold” standard might be one way out of the global financial crisis. Zhou Xiaochuan, governor of China’s central bank, has proposed shifting the world from its dependence on the US dollar to a new reserve currency managed by the International Monetary Fund. The idea is good – if only China meant it.
By John Foley, breakingviews.com
Last Updated: 2:56PM GMT 24 Mar 2009
China Considers Paper Gold Instead Of Dollar
Hedge fund investors believe the industry will see even bigger withdrawals this year than last, when record levels of cash were pulled from the sector.
A survey of investors by Deutsche Bank found a third expect more than $200bn to be withdrawn, after a net $155bn was taken out last year, according to calculations by Chicago consultancy Hedge Fund Research.
Only a quarter of investors expect net inflows into the industry, and 82 per cent of the 1,000 surveyed said redemptions were the biggest issue hedge fund managers face.
Deutsche found that most investors expected more than a fifth of hedge funds to go out of business this year, following a record year for closures last year, when performance was its worst on record.
Fears Of Record Hedge Fund Withdrawals
Savers withdraw money as returns deteriorate
• Savings deposits fell by £100m in February, says BBA
• Mortgage approvals rise but remains subdued
Mortgage lending by banks has risen but remains low. Photograph: Graham Turner
Savers continued to withdraw money from bank accounts in February as falling interest rates made saving much less rewarding, according to the British Bankers' Association (BBA).
For the second month running the figures showed net outflows from the banks, with personal deposits falling by £73m after a drop of almost £200m in January.
During February, interest rates on savings accounts fell to a record low with instant access accounts paying an average of just 0.17% and some accounts offering 0% returns on savers' cash.
Savers Pull Money As Returns Deteriorate
Join the "Quiet Revolution"by Niki Raapana March 21, 2009 We sure hear a lot of talk about revolution these days. There's the Ron Paul Revolution, the Revolution Against Evolution, the Revolution of Change, the Internet Revolution, the Carbon Revolution, the Green Revolution, the Obama Revolution, the Alex Jones Revolution Against the New World Order, and the Jesus Revolution. It's too bad we don't hear more about the Quiet Revolution. This is the global-to-local policing revolution, and it's getting quietly stronger every day. "In the U.S. community policing originated as a "quiet revolution" seeking recognition in the 70s (Kelling, 1988; Greene, 1989) and has since become a tour de force to be reckoned with in the 90s. (Bayley and Sheering, 1997; Rosenbaum, 1994; Cordner, 1989). " Community Policing in China: Continuity and Change, by Kam C. Wong, 2000 http://www.polizei-newsletter.de/documents/Community_PolicinginChWong.pdf. Join The 'Quiet Revolution'
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