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U.N. says scrap dollar as main global reserve currency

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  • U.N. says scrap dollar as main global reserve currency

    http://caffertyfile.blogs.cnn.com/20...erve-currency/

    This is what you get when you refuse to curb your debt.

    The United Nations says it's time to scrap the dollar as the main global reserve currency. The U.S. dollar has for years been the currency of choice in troubled times - a safe haven when uncertainty arises.

    But a new report by the U.N. suggests the dollar has become unreliable and needs to be replaced with a more stable system.

    Many countries - especially in Asia - have been building up massive dollar reserves. But because the dollar has begun to fluctuate much more recently, these countries' currencies have become undervalued - which makes it harder for them to import goods.

    The UN is backing a proposal which would replace the dollar with a basket of currencies. The report says a new reserve system should not be based on a single currency in order to create more stability in the global financial system.

    Russia and China have already said they support creating a new reserve currency system... as does the International Monetary Fund.

    But not everyone is so sure this is such a good idea. Some European officials suggest it should be the market, not politicians, which determines which currencies countries buy for reserves.

    There's been increased debate about using the dollar for international trade ever since the U.S. economy slumped into a recession.

    Unless and until something definitive is done about our $13 trillion dollar national debt and skyrocketing federal deficits, the future of the almighty greenback is very much in doubt.

  • Michael T
    replied
    Re: U.N. says scrap dollar as main global reserve currency

    NEW WORLD ORDER

    Leave a comment:


  • RobertoJ
    replied
    Re: U.N. says scrap dollar as main global reserve currency

    call me what you want, I see the hand of George Soros on this one and right on target with Obama supporting his "globalization" scheme.....

    Leave a comment:


  • clag39
    replied
    Re: U.N. says scrap dollar as main global reserve currency

    i see, the UN wants to make it easier to make counterfit money !!!

    Leave a comment:

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