U.N. panel says world should ditch dollar

Discussion in 'Economics' started by power, Mar 19, 2009.

  1. power


    LUXEMBOURG (Reuters) - A U.N. panel will next week recommend that the world ditch the dollar as its reserve currency in favor of a shared basket of currencies, a member of the panel said on Wednesday, adding to pressure on the dollar.

    Currency specialist Avinash Persaud, a member of the panel of experts, told a Reuters Funds Summit in Luxembourg that the proposal was to create something like the old Ecu, or European currency unit, that was a hard-traded, weighted basket.

  2. and in related news the US threatened to nuke the entire world if it dares bail on the almighty USD
  3. ess1096


    I have about as much respect for what the UN thinks as I have for the steaming, stinky shit I just took. The UN is an anti-American useless leach and should be abolished at best or thrown out of the USA at least. But that's just me. :)
  4. power


    I agree, USA will start World War III. They have the most powerful army.
  5. Lucrum


    Oh it's not just you, it's me too.
  6. clacy


    99.9% of the time, I would suggest doing the exact opposite of what the UN says. They might be the biggest contrarian indicator out there.
  7. Come on, you're being unfair! The UN is a collective brain trust of all the governments on the planet! All the good that is done by all of our governments, collected in one place with their unified wisdom and selfless desire to bring harmony, peace and stability to the world.

    Yeah, that's the ticket.
  8. gangof4


    what he said.

    well, except for that steaming shit thing- you might want to get that checked out.
  9. Sounds like Global currency to me. NWO in full effect.

    Dollar devaluation soon to come.
  10. power


    MOSCOW, March 19 (Reuters):

    China and other emerging nations back Russia's call for a discussion on how to replace the dollar as the world's primary reserve currency, a senior Russian government source said on Thursday. Russia has proposed the creation of a new reserve currency, to be issued by international financial institutions, among other measures in the text of its proposals to the April G20 summit published last Monday.

    Calls for a rethink of the dollar's status as world's sole benchmark currency come amid concerns about its long-term value as the U.S. Federal Reserve moved to pump more than a trillion dollars of new cash into the ailing economy late Wednesday.

    Russia met representatives of China, India and Brazil ahead of the G20 finance ministers meeting last week, as the big emerging powers seek to up their influence on decisionmaking globally. Their first ever joint communique did not mention a new currency but the source said the issue was discussed.

    "They (China) did not formally put forward their position for the G20 summit but unofficially they had distributed their paper regarding the same ideas (the need for the new currency)," the source told Reuters, speaking on condition of anonymity.

    The source said the Chinese paper envisaged the International Monetary Fund's Special Drawing Rights (SDRs) being first assigned a role of a clearing currency on some transactions and then gradually becoming the main global reserve currency. "They said that the role of reserve currency should be given to SDR," the source said.

    A U.N. panel of experts is also looking at using expanded SDRs, originally created by the International Monetary Fund in 1969, but now used mainly as an accounting unit within similar organisations as a new reserve currency instead of the dollar.

    #10     Mar 19, 2009