Sunday, September 20, 2009

Another step toward one world currency... The UN weighs in against the US Dollar.

I guess it was only a matter of time. Various nations worldwide, led by Russia and China, have been loudly calling for a replacement of the US dollar as the de facto world reserve currency, and calling for a new global currency to replace it. We even showed here how Russian president unveiled a "future world currency" that would replace the US dollar. Now the United Nations itself has thrown it's support for a new global currency.

It would seem like its not a question of if it's going to happen, but when.
What we're seeing is just another step in the undermining of American power, and the introduction of the New World Order/One World Government.

News article: UN: Dollar Doesn’t Make Sense
September 18, 2009 - 4:25 PM | by: David Lee Miller

Who doesn’t like the US dollar? The United Nations, that’s who. This is the same United Nations that gets the bulk of its funding from Uncle Sam.

In a recent report a UN agency, the United Nations Conference on Trade and Development (UNCTAD) proposed replacing the dollar as the standard for global transactions with a new form of worldwide currency.

For decades the greenback has been used to price virtually all commodities. Since the end of the Second World War almost all countries have US dollar backed securities on reserve.

If the UN gets it’s way, all that could change.

Analyst Nile Gardiner of the Heritage foundation says the UN plan “would be a huge blow to American strategic power.”

In addition to a loss of prestige the US economy could suffer if dollars flood world markets.

According to Gardiner the UN plan is a “direct assault by the UN on American global power” from an organization with a “long track record of anti-Americanism.”

The principal author of the UN report, UNCTAD’s Chief Economist, Henier Flassbeck denies any anti-American sentiment, and calls Gardiner’s criticism “ridiculous.” According to Flassbeck demand for the US dollar is “irrational.” He argues the creation of an alternative financial instrument would provide more stability during times of economic upheaval. The new financial instrument proposed in his report would be pegged to a basket of different currencies to minimize what he called any “huge monetary shock.”

This is not the first time replacing the dollar as a global reserve currency has been put forth. China, Russia and other countries have discussed similar ideas. But as the US deficit grows and confidence in the dollar wanes, some analysts say the idea of a new world currency could be gaining momentum.

Full article here.

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