TELEGRAPH - UN wants new global currency to replace Dollar

inspector_monkfish

In a radical report, the UN Conference on Trade and Development (UNCTAD) has said the system of currencies and capital rules which binds the world economy is not working properly, and was largely responsible for the financial and economic crises.

http://www.telegraph.co.uk/finance/currency/6152204/UN-wants-new-global-currency-to-replace-dollar.html

mr_fishbulb

Strange that China is so keen to rock the boat and debase the dollar since they are the largest holder of US treasury bonds - http://www.treas.gov/tic/mfh.txt

PasturesNew

Nations and currencies rise and fall. We all know of the Incas, the Romans. Australia and the US weren't "discovered" until recently. We forget that big things change because we're here such a short time.

inspector_monkfish

07:46 08Sep09 GBP/USD: Buoyed by Greenback Weakness, UN Wants USD Replacement


London, September 8.

Cable has risen to an intra-day peak of 1.6411 in early European trade, as the greenback suffers on the back of a UN report"s call for the replacement of the USD with a global currency. "Replacing the USD with an artificial currency would solve some of the problems related to the potential of countries running large deficits and would help stability", according to Detlef Kotte, one of the authors of the UN report (Daily Telegraph, B5). 1.6364 was today"s Asian session top.

inspector_monkfish

PasturesNew wrote: »

Nations and currencies rise and fall. We all know of the Incas, the Romans. Australia and the US weren't "discovered" until recently. We forget that big things change because we'ere here such a short time.

wooooah dude.... thats some deeeep !!!!!! man !!

lostinrates

inspector_monkfish wrote: »

and was largely responsible for the financial and economic crises.
/QUOTE]

Wasn't it also largely responsible that it hasn't been worse for us according to many arguements? That We were able to relatively quickly and independently QE, etc mking adjustments to suit us?

I'd love not to be dealing with exchange rates, I really would, but it seems that currencies are effected by more than economics (politics, events etc). How would a global currency serve, for example, a country at peace when two other countries with no special relationship, declared war?

purch

the system of currencies and capital rules which binds the world economy is not working properly, and was largely responsible for the financial and economic crises.

Yes, that is patently obvious, but as yet no one has come up with a workable and acceptable to all, reserve currency system that could possibly replace the flawed model we have now.