UN Panel Says World Should Ditch Dollar! US is Already Broke

B

blackascoal

The Force is With Me
The beginning of the end for the USD. More people are openly dissing the USD. Reuters reports :

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.

Persaud, chairman of consultants Intelligence Capital and a former currency chief at JPMorgan, said the recommendation would be one of a number delivered to the United Nations on March 25 by the U.N. Commission of Experts on International Financial Reform.

“It is a good moment to move to a shared reserve currency,” he said. Central banks hold their reserves in a variety of currencies and gold, but the dollar has dominated as the most convincing store of value — though its rate has wavered in recent years as the United States ran up huge twin budget and external deficits.

Some analysts said news of the U.N. panel’s recommendation extended dollar losses because it fed into concerns about the future of the greenback as the main global reserve currency, raising the chances of central bank sales of dollar holdings.

more at link --
http://socioecohistory.wordpress.co...d-should-ditch-dollar-us-is-already-bankrupt/
 
blackascoal said:
Who should determine that?

Israel?

The US?

Are you of the belief that the world isn't already considering ditching the dollar .. or did the UN just make this up?
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nobody should determine it. it's a currency. if countries wish to forego it and not use it, fine. It's no different than if the USA were to say 'we now forego the peso'. But we shouldn't let an outside body of full of other nations ambassadors determine that nobody should use the dollar, euro, peso, or indian beads.
 
SmarterThanYou said:
nobody should determine it. it's a currency. if countries wish to forego it and not use it, fine. It's no different than if the USA were to say 'we now forego the peso'. But we shouldn't let an outside body of full of other nations ambassadors determine that nobody should use the dollar, euro, peso, or indian beads.
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That is exactly what's happening.

Countries looking to ditch the dollar and balance their portfolios are doing just that .. which has been going on for some time.

The UN isn't forcing anyone to do anything.

In the long run, this may actually help the dollar .. which is badly in need of help.

The American Century was brought to an end by right-wing America. THAT"S who you should be complaining about. The UN didn't do it.
 
blackascoal said:
The American Century was brought to an end by right-wing America. THAT"S who you should be complaining about. The UN didn't do it.
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Dude, the American Century was brought down by a concerted team effort of Democrats and Republicans. No 'left wing' or 'right wing' shit is responsible for this economic mess we're in. The UN may not have done it, but that certainly doesn't mean they can or should fix it.
 
That would be the first step to a one-world currency ran by the UN. It seems more like a power grab than anything else. And the US, however bad we are, are in better shape than most.
 
I remember Milton Freidman talking about the only way the world would ever ditch the dollar would be if we crated major inflation, with all the money creation going on if velocity gets back to normal that may happen.
 
SmarterThanYou said:
Dude, the American Century was brought down by a concerted team effort of Democrats and Republicans. No 'left wing' or 'right wing' shit is responsible for this economic mess we're in. The UN may not have done it, but that certainly doesn't mean they can or should fix it.
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The right-wing was at the helm of this Titanic and the last eight years is what has done us in.

Not that I'm unaware of your propensity to defend the right-wing or your obvious hate of democrats.
 
blackascoal said:
The right-wing was at the helm of this Titanic and the last eight years is what has done us in.

Not that I'm unaware of your propensity to defend the right-wing or your obvious hate of democrats.
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now you're the one showing a disconnect with reality. It should be obvious to all here that I hate both the left AND right wing.
 
Considering that the us led world finiancial fiasco will cost the world tens of trillions of dollars.

I can't see why they would not keep on letting us be the leader?

Myopic fools.
 
AssHatZombie said:
There's no plan for a one world currency. That's crazy talk, jew-hater!
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All hail the Universo. Its symbol will be an O (as in world) with two slashmarks running through it. We will call them Uni's for short.

This will all come, naturally, sometime after the US has switched over to the Amero...
 
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