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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.
"It is a good moment to move to a shared reserve currency," he said.
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.
Numerous Countries Have Recently Dropped The Dollar as Their Reserve Currency
In the past couple of years, the following countries have stopped using the dollar as their reserve currency or have dropped their currency's peg against the dollar:
* Norway and some other Scandinavian countries
* Some Balkan countries
* Many East European currencies
Originally posted by questioningall
reply to post by burntheships
S and F for you Friend!!
WOW - do you know what that would do to the dollar?!
It will be "game over" for the dollar, and now there is more and more coming out, that I read everyday, about how China is easing their exposure to the dollar and how they are working on getting rid of their reserves!
If people don't pay attention and connect dots....... well.... I guess they will just be "shocked/surprised" when the dollar goes down to almost nothing and we "hyperinflate".
Originally posted by Nventual
What about the countries that don't use the Dollar?
At G20, Kremlin to Pitch New Currency
17 March 2009
By Ira Iosebashvili / The Moscow Times
The Kremlin published its priorities Monday for an upcoming meeting of the G20, calling for the creation of a supranational reserve currency to be issued by international institutions as part of a reform of the global financial system.
The International Monetary Fund should investigate the possible creation of a new reserve currency, widening the list of reserve currencies or using its already existing Special Drawing Rights, or SDRs, as a "superreserve currency accepted by the whole of the international community," the Kremlin said in a statement issued on its web site.
The SDR is an international reserve asset, created by the IMF in 1969 to supplement the existing official reserves of member countries.
The Kremlin has persistently criticized the dollar's status as the dominant global reserve currency and has lowered its own dollar holdings in the last few years. Both President Dmitry Medvedev and Prime Minister Vladimir Putin have repeatedly called for the ruble to be used as a regional reserve currency, although the idea has received little support outside of Russia.
Analysts said the new Kremlin proposal would elicit little excitement among the G20 members.
"This is all in the realm of fantasy," said Sergei Perminov, chief strategist at Rye, Man and Gore. "There was a situation that resembled what they are talking about. It was called the gold standard, and it ended very badly.
"Alternatives to the dollar are still hard to find," he said.
The Kremlin's call for a common currency is not the first in recent days. Speaking at an economic conference in Astana, Kazakhstan, last week, Kazakh President Nursultan Nazarbayev proposed a global currency called the "acmetal" -- a conflation of the words "acme" and "capital."
He also suggested that the Eurasian Economic Community, a loose group of five former Soviet republics including Kazakhstan and Russia, adopt a single noncash currency -- the yevraz -- to insulate itself from the global economic crisis. [...]
Originally posted by j2000
Of course I ended up with nothing but anti-USA comments
Originally posted by j2000
reply to post by Dermo
Well, from my angle. You all jumped into bed with us on risky investments, (your banks), now we are bailing them out 10's of billions at a time.
You guys through a fit on our stimulus for trying to make it US only.
Why do you need any of that?
If you don't need us, fine. You should really think about it.
The international bankers did all of this on the hard working backs of Americans
If you don't think so, then maybe you should think again while your on "Holiday", for 8 weeks this summer.
Most Americans just as soon go back several decades and keep it here.
I don't know why Western Europian countries have to bust our balls when China is the real problem.