UN wants new global currency to replace dollar

[Chris_]

UN wants new global currency to replace dollar

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.

No doubt Uncle Zer0 will support this.   

Can we just kick the UN out now?  Please?

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[Chump]

Our enemies are beginning to discover that if they can just hold their noses and cooperate with one another for a bit, they can systematically pull the proverbial rug out from underneath us.

Witness Russia's calls for a new pegging currency.

Witness China and Japan pegging to one another's.

Witness China, Japan, and Russia shifting their exports and imports of both finished goods and raw materials.

They are all realizing that it's the fat ****ing American, eating more than he produces and buying it all on "credit," for decades, that's at the crux of most of our financial crisis.

Better to kill off the fat ****ing American before he drags everyone else down.

[franksolich]

Would this mean the primitives too lazy to work would get social services, or social security disability, in Argentine pesos now?

[AllosaursRus]

I know, I know! Bam Bam will just stop ouir financing the ghetto that is the UN, all of their programs that rely on US dollars, and bring them to their knees, right?

[NHSparky]

Time to turn the UN Building into low-rent housing.