U.N. Panel Says World Should Ditch The Dollar As World Reserve Currency!!!

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posted on Mar, 19 2009 @ 09:58 AM
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As the United States has ran up huge twin budget and external deficits...the major world players are looking to replace the dollar as the world reserve currency in favor of a shared basket of currencies, adding to pressure on the U.S. dollar....


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.

www.reuters.com...

Just last week we heard that KAZAKH President Nursultan Nazarbayev had won backing for his plan for a single world currency from an intellectual architect of the euro currency, Nobel-prize winner Professor Robert Mundell!

www.theaustralian.news.com.au...

This is moving at a rather rapid pace...how many of us said this could never or would never happen?



[edit on 19-3-2009 by burntheships]




posted on Mar, 19 2009 @ 10:06 AM
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What about the countries that don't use the Dollar?



posted on Mar, 19 2009 @ 10:08 AM
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reply to post by burntheships
 


Interesting that people here have been suggesting this for months now and here we are hearing that it will be recommended to the UN Commission on 25th March. What, if any, could the consequences be for the dollar?


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.



posted on Mar, 19 2009 @ 10:19 AM
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Ron Paul explains how this could come about, what it means for
The United States of America...





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:
* China
* Japan
* Kuwait
* Syria
* Iran
* Libya
* Russia
* Malaysia
* Brazil
* Argentina
* Switzerland
* Norway and some other Scandinavian countries
* Some Balkan countries
* Many East European currencies
georgewashington.blogspot.com...

[edit on 19-3-2009 by burntheships]



posted on Mar, 19 2009 @ 10:26 AM
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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".



posted on Mar, 19 2009 @ 10:38 AM
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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".



Yes, the already weak dollar would be completely destroyed. People in America will be starving because it would take $15 to buy a loaf of bread... and they will BEG for a new currency. Even the ones who know the evils of the new currency will be begging... Stomachs are very powerful motivators.

[edit on 19-3-2009 by sliceNodice]



posted on Mar, 19 2009 @ 10:41 AM
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reply to post by sliceNodice
 



Yes a growling stomach...very effective. This perhaps is one of the ways that we can "never waste a good crisis" as Rham and Hillary have been heard saying recently...


www.abovetopsecret.com...'



posted on Mar, 19 2009 @ 10:49 AM
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Worst part about it is the rich will be in a position to protect themselves while the middle class will loose it all. The savings of everyone will be wiped out because those were in dollars and not in the new currency. A good thing though is all our debt will be in the old currency so We might see a relief if they change currencies.



posted on Mar, 19 2009 @ 11:03 AM
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Originally posted by Nventual
What about the countries that don't use the Dollar?




All countries are forced to use the Dollar as the world reserve currency for international trade and for the Petro Dollar recycling system since the most unfair Bretton Wood agreement.

[edit on 19-3-2009 by Chevalerous]



posted on Mar, 19 2009 @ 11:17 AM
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Moscow too has been making more & louder noise, about USD hegemony

see: www.themoscowtimes.com...

~SNIP~

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. [...]



or how about the 'Khaleeji' ., see: www.marketoracle.co.uk...


There's just too much antagonism brewing around the world...the global crises all stem from the unrestrained predatory capitalism that oozed out from the USAs protected former Investment Banks..
& the global community knows that just the superfical name change to 'Bank Holding Corporation', does not make the firm all squeeky-clean..

as the multi trillion in bailouts---with no end in sight, attests.



posted on Mar, 19 2009 @ 11:27 AM
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This was already on a thread earlier this morning.

www.abovetopsecret.com...

Of course I ended up with nothing but anti-USA comments



posted on Mar, 19 2009 @ 11:29 AM
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reply to post by questioningall
 


What I really love, is that we fund the UN with the most money.

DUMP THEM!



posted on Mar, 19 2009 @ 11:42 AM
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reply to post by j2000
 


The New World Order is another very pertinent angle on this...in your thread perhaps outlilne the major conspiratorial aspects.



posted on Mar, 19 2009 @ 11:59 AM
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Originally posted by j2000
Of course I ended up with nothing but anti-USA comments


Thats because you started the thread with nothing but anti 'rest of the world' comments.. what did you think was going to happen



posted on Mar, 19 2009 @ 11:59 AM
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reply to post by burntheships
 


My thread is trash. I mis-read the story and thought is was a push for one world money. I made a post explaining that, but I guess non-americans are having fun trying a little american bashing on it. Keep this one going!



posted on Mar, 19 2009 @ 12:06 PM
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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.

Why should we if in the end we are going to get dumped?

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.



posted on Mar, 19 2009 @ 12:44 PM
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I agree China is the real problem. Them and the biulderbergs!



posted on Mar, 19 2009 @ 12:53 PM
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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.


The US is not bailing out foreign banks!

Yes, a lot of the US bailout money is going to foreign banks through debts owed or replacement for toxic assets sold/bought by US banks that claimed bailout money but this is the bank paying off its debts to keep its rating in order to be able to get loans in future.

Most EU countries have already bailed out their banks that succumbed to toxic assets.

The US banks are the ones sitting on the biggest amount of toxic assets.. thats why they are getting so much money. Property prices didn't collapse overall in the EU.. therefore not as many toxic assets.. hence, not as much bailout money needed.



You guys through a fit on our stimulus for trying to make it US only.
Why do you need any of that?


WTO.. a deal is a deal.. You take the good with the bad.
If the US is doesn't need the EU, why doesn't it just go ahead with the protectionism?? Simple.. because the US needs the EU and cant handle the backlash that would occur.
If the EU decided out of nowhere to do the same thing.. the US would also try get it to stop.

Also, you are hardly turning your back on open capitalism in favour of 'Actual' socialism in the form of protectionism.. your not a communist are you
(Had to throw that in there.. some American dude said something like that to me before)


If you don't need us, fine. You should really think about it.


I never said that.. The US always has a place in our hearts.

My point was that there is no need to go around slating the World for trying to move away from US dominance because of US plundering... its a simple, true point.


The international bankers did all of this on the hard working backs of Americans


Welcome to the club.. we got that deal since the middle ages.


If you don't think so, then maybe you should think again while your on "Holiday", for 8 weeks this summer.


I work for myself for 70 hours a week, 50 weeks of the year and even if I was on a 40hour week with long holidays and earning more than someone in the same position in your country.. who's the sucker there? Thats just obvious jealousy and a pretty stupid comment to make tbh.


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.


We're not bustin your balls.. your country is just not used to other economies having a say in its matters.. its obvious you don't like it but you will have to get used to it.

The US used its dominance over other half the worlds countries since WW2..

The EU is a bigger economy and has leverage over the US so the US has to listen and in many cases do what its told...

dont take it to heart..

its called a bi-polar global economy..

soon to be tri polar when China is big enough..

You lot will be really pissed off all the time when China starts making demands.

So will we for that matter.. Can you imagine how much bitching the French are going to do when China starts pushing its weight around
At least you wont have to listen to that



posted on Mar, 19 2009 @ 01:13 PM
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reply to post by Dermo
 


Good! lets call a truce between our two countries, at least on this board.

The French? I had to listen to that everyday when I had an engineer working for me on a green card.

Have fun with that...........



posted on Mar, 19 2009 @ 01:16 PM
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I think if this crisis has taught us anything it's that we shouldn't put all our eggs in one basket...

A combination of currencies seems like a good idea to me. We're a global economy now, we need to stop relying on one country's currency for our well being.

I don't typically buy in to the whole gloom and doom of global issues that typically saturate this board; I think that there are too many power players in too many industries and locations for it to be possible to have some kind of unified shadow conspiracy to destroy civilization. If there comes a day when people riot over food on US soil, I am 100% positive that every other country in the world will be in as dire or worse situation.

The EU isn't dead and currency wise I hear it's doing pretty well right now. I don't see how an expanded model of this would hurt us. Plus, the article says (unless I misunderstood) removing the dollar as the dominant reserve would benefit the US in policy decisions.

I tend to agree with Dermo on the China bit; however, I personally believe China is on the fast track to implosion. They refuse to implement decent pollution control, the deserts in the country are expanding at about 3 km a year, and their 1.2 billion people are going to start feeling the effects of a "Western diet" and aforementioned pollution pretty quickly. When their people don't want to be slave laborers, they have no natural resources, and their healthcare costs completely gobble their GDP...

You think the US is belligerent and the EU is whiny? We made a baby of China, and when he hits puberty and realizes he's screwed, it ain't gonna be pretty.





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