UN wants new global currency to replace dollar: Telegraph

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UN wants new global currency to replace dollar: Telegraph


It's about time they realise you can't have a properly functioning world economy without a world currency.

M. Spector M. Spector's picture

Where are the thread-title police when you need them?

Maysie Maysie's picture

Sleeping, like normal people.


Machjo!!! Do Not Make Thread Titles With URL Links!!!!


My apologies.


Anyway, it does seem that there is increasing talk of major reforms here. What would this mean for Canada?


GEAB: Global Systemic Crisis


"Now as summer 2009 comes to a close, and as the three rogue waves start impacting the global economy hard (unemployment (6), bankruptcies(7) and monetary shocks (8), the time to mend the system or to prepare for a soft transition towards a new global system, is over (9) The first signs of a major decoupling (10) are beginning to appear:

the rest of the world is rapidly moving away from the Dollar zone.."


Really shoddy journalism by the Telegraph. "The UN" has said nothing. Rather, the annual review written by the staff of the independent UN Commission on Trade and Development is referenced, a report that [i]discusses[/i] the idea. And in fact, it simply repeats some of the proposals recently made by the Stiglitz Commission, headed by a former World Bank and Clinton administration official, that highlights the disadvantages in the US dollar acting as the de facto global reserve currency. The commission suggested (and the G20 in some ways agreed at its recent London meeting) to more use of Special Drawing Rights. There is also some talk of going back to Keynes' idea of a full global reserve currency (as opposed to the SDR's which are not intended to replace existing currencies). And that currency, almost certainly, would be a convenience for accounting, not anything actually spent by people. (In other words, the Telegraph is fearmongering about Euro-linked world government fantasies, base don no real evidence of any sort.) The UNCTAD report certainly points to some of the problems in the world economy resting too heavily on dollar reserves and the dangers in deregulation, and there seems to be a tone of feeling that the Bretton Woods system was better than the free-for-all that successive US Treasuries have imposed on the rest of us.