UN Says New Currency Is Needed to Fix Broken ‘Confidence Game’

Wall St Examiner ^ | 9/7/09

[FromLori]

The dollar’s role in international trade should be reduced by establishing a new currency to protect emerging markets from the “confidence game” of financial speculation, the United Nations said.

UN countries should agree on the creation of a global reserve bank to issue the currency and to monitor the national exchange rates of its members, the Geneva-based UN Conference on Trade and Development said today in a report.

China, India, Brazil and Russia this year called for a replacement to the dollar as the main reserve currency after the financial crisis sparked by the collapse of the U.S. mortgage market led to the worst global recession since World War II. China, the world’s largest holder of dollar reserves, said a supranational currency such as the International Monetary Fund’s special drawing rights, or SDRs, may add stability.

“There’s a much better chance of achieving a stable pattern of exchange rates in a multilaterally-agreed framework for exchange-rate management,” Heiner Flassbeck, co-author of the report and a UNCTAD director, said in an interview from Geneva. “An initiative equivalent to Bretton Woods or the European Monetary System is needed.”

[nj26]

Of course this proposal effectively hands control of the world’s economy to Putin and the Chinese Communists.

[TheZMan]

It’s odd. For those of us who pay attention to politics, economics, events around the world, and are even mildly mindful of the Bible... the end times sure seem to stretch out forever.

I guess in the grande scheme it’s meant to be. Still though... just hurry it up already =P

[Paleo Conservative]

How about a tin foil standard?

[Porterville]

This game seems more and more ridiculous.

[kcvl]

The UN can kiss my *ss along with Obama, et al. I'm sick of paying for everything just because some third world organization (& liberals fools) who wastes billions decide they need it.

[bitt]

Obama’s game plan all along?

[PGalt]

The UN can kiss my *ss along with Obama, et al. I'm sick of paying for everything just because some third world organization (& liberals fools) who wastes billions decide they need it.

BTTT!

[razorback-bert]

the “confidence game” of financial speculation,

I don't think that would stop Soros.

[Vendome]

Okay, let’s use Gelt as the new monetary system. You know the chocolate coins.

Yeah I know, we have more chocolate than anyone else in the world but look at it like this:

When everyone get fed up, they can ....

I am tired, I can’t even make that funny.

[DTogo]

TTA: Terran Trade Authority

[Texas Songwriter]

They have already printed the TERA.

[lbryce]

Talk about brazen temerity, chutzpah!! The quintessential illustration of chutzpah is when you murder your parents and then ask the judge for mercy because you're an orphan. The UN has always been a den of iniquity, where hypocrisy, duplicity reigns supreme. The UN's got the biggest confidence game going. Yes, the US dollar is too debased to be utilized anymore as the de rigueur global currency it was once but not debased enough to refuse the billions in US "no confidence" dollars it squanders so unconscionably. This sort of tactic is straight out of the Cold War strategy code book.

[FromLori]

Agree hope everyone will listen to this audio I posted last night

http://www.freerepublic.com/focus/f-news/2334378/posts