The dollar should be replaced with a global currency, the United Nations has said, proposing the biggest overhaul of the world’s monetary system since the Second World War.
In a radical report, the UN Conference on Trade and Development (UNCTAD) has said the system of currencies and capital rules which binds the world economy is not working properly, and was largely responsible for the financial and economic crises.
It added that the present system, under which the dollar acts as the world’s reserve currency, should be subject to a wholesale reconsideration.
Although a number of countries, including China and Russia, have suggested replacing the dollar as the world’s reserve currency, the UNCTAD report is the first time a major multinational institution has posited such a suggestion.
In essence, the report calls for a new Bretton Woods-style system of managed international exchange rates, meaning central banks would be forced to intervene and either support or push down their currencies depending on how the rest of the world economy is behaving.
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Notes:
I disagree with this idea for two reasons:
1. Any idea that the UN comes up with has to be bad for first world countries (you’ll find it in the fine print).
2. I’m worried about investments that people have: ie; homes, pension plans, stocks, etc although I have no clue as to why I feel that way. Perhaps its gut instinct or maybe it’s that movie I’m running in my sidebar that is influencing me. I don’t know.
People often worry about the UN having too much political control, but this would be 10x worse. He who controls the flow of dollars dictates the conversation that determines political control. The good news is that this is unlikely to happen because nations tend to be interested in giving up their dollar only when they know it is economically advantageous. This is often done voluntarily (e.g. the use of US Dollar in Latin America). There’s simply no way the US is going to give up their dollar, nor will the Europeans give up the Euro (unless of course the world currency is regulated from European offices). China Yuans and Russian roubles are in the dumps so what do they have to lose?
I agree Jack that the UN has yet to come up with a good idea.
This would allow the UN to destroy the USA and in doing so destroy the shrinking freedoms that have left, without having to initially use force of arms. That would come later as western societies encountered civil wars and possibly struck out at those working to destroy them.
I’ve read some fictional scenarios where UN troops were brought to America (read Canada as well) to do tasks that our militaries and police would likely refuse to do, ie:
house to house searches for firearms, rooting out dissension and resistance. UN forces from countries like; Libya, Iran, China, Pakistan, Zimbabwe, Cuba, Venezuela and numerous other “progressive” countries would love to kick down doors and beat people in the name of socialist freedom. Especially white western and Christian people.
I just hope that Obama is stupid enough to embrace this idea as that may save America from it actually happening.
mid island mike
A gun in every home Mike. Every second person a well trained soldier.
My view — “Good luck with that one.”
A gun in every home? Somalia, Afghanistan, Iraq ….
False sense of security at best. If you have guns, the baddies will get bazookas. Or crop-dusting planes.
BTW Mike, since Toronto is +40% Asian does that mean we won’t have any problems? Very unlikely such an offensive would be mounted just for the sake of colonial backlash. The UN hasn’t exactly been looking out for the little guy over the past 50 years.
“Ahah” — you fell right into it.
There is a better way. Arrest all the Bilderbergers and put them in the slammer until trial for conspiracy. If they sit there for five years who cares? Maybe we can create a new space for them at Gitmo and they and Al Qada can trade notes.
Another thought. The US should nationalize and audit the US Federal Reserve. Then they would know who stole their money.
Just thinking.
What about using gold as an international currency?
Gold was the standard at one time, UV. I don’t know who changed it or why.
Maybe someone out there can explain what happened.
Really short and lame version:
Both the US and UK suspended gold payment on dollar notes during wartime to finance their efforts. The UK did not return to the Gold standard because they’d have had to declare bankruptcy. At the same time, the US realized that much wealth could be had adjusting interest rates for paper money backed by absolutely nothing other than their word (the basis of present-day monetary policy).
The Gold standard won’t come back very soon because having a gold requirement:
1) Implicitly transfers the real wealth to nations with lots of Gold
2) Could ironically cause a very unstable currency, as gold-owning nations would rush to mine as much gold as they could to gain wealth, causing the values of the dollar to decrease and inflation to spiral
3) No more monetary policy means America could no longer devalue its currency and would have to pay back money with gold that isn’t available. Hence USA goes bankrupt.
Wikipedia has a very summary description, Jack…
http://en.wikipedia.org/wiki/Gold_standard
Notice the name “Keynes” as an opponent to using a gold standard…
Thanks, people. I’m not a “Bilderberger” so I will stay out of this discussion.
It’s far beyond my pay grade.
Well, I’m hording all my Canadian Tire money just in case.
Re #7.
Jack, worldwide trade has grown to such large levels that it has out-paced the ability of gold to be the standard…there is just not enough gold in the world to support those levels of transactions.
It would be in the best interests of the USA to invite the UN to find another place to call home, and another sugar daddy to finance them. The US is sure not getting good value for their investment.
mid island mike
See below
A gun in every home? Somalia, Afghanistan, Iraq ….
What about Switzerland?
http://tiny.cc/9J6wZ
… thus providing a more scientific set of evidence that gun ownership has little or nothing to do with the amount of civilian violence incurred or whether a population can fend off an invading force. Switzerland, of course, has no hostile neighbours and no insurgencies.
Can anyone confirm this? The supply of gold as the standard is approx. at 1.5 CENTS to every dollar. Which renders the U.S. dollar virtually VALUELESS. The UN is the main monetary interruptus, imo. Yes, it shooted by booted out by N. American nationals, because I think it’s plan, close to succeeding, is to destroy nationalism, hence individualism and even democracy itself. The dollar’s on life support with only Canada to bolster it with our rising dollar, always now in an upward mode. I could be wrong. Brian S. you could evaluate this much better than myself, or even Bruce above.