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United Nations Proposes a New "Global Currency"

Quote:

The United Nations would like the dollar, euro, yen, and other national currencies to be succeeded by a new "global currency."

That recommendation appears in a U.N. report released this week, which suggests the dollar's outsize role in international finance has ended -- and says that it's time to invent a successor currency that would be managed by a "Global Reserve Bank."

Countries could "agree to exchange their own currencies for the new currency, so that the global currency would be backed by a basket of currencies of all the members," says the 218-page report from the U.N. Conference on Trade and Development.

Keep in mind that this is a U.N. report written by bureaucrats without any actual legal ability to create the global equivalent of the Federal Reserve. Anyone who remembers how a U.N. agency once called for a global e-mail tax of one cent per 100 e-mail messages -- but didn't exactly get it -- can attest to that.

The U.N. report grew out of the financial problems that swept the world in the last year or two, which it diagnoses as arising from too much speculation in commodity markets, a bubble in stock markets and housing markets, and trade imbalances between countries like China and the United States. Its prescription? "More stringent financial regulation" and "diversification away from dollars" as part of a new system of constant exchange rates. (Supachai Panitchpakdi, UNCTAD's secretary-general, also wants "vigorous" global actions, including "managing" energy prices through taxes, to dramatically cut greenhouse gas emissions.)

The diversification-away-from-dollars idea is a close cousin to what the Chinese government has been saying recently. China, of course, can now claim the dubious honor of being the largest foreign holder of U.S. Treasurys worth a total of $776.4 billion as of June 2009. According to a U.S. government report from 2007, China was the top foreign owner of Freddie and Fannie bonds too.

One aspect of the U.N. report that stands out is that, in all of its 218 pages of analysis and charts, it doesn't seriously contemplate a new currency that's based on something other than paper money, which can be devalued as fast as governments can run their printing presses or add zeros to their banknotes. The two classic options are gold and silver -- which are resistant to governmental inflationary urges -- though I prefer economist David Friedman's suggestion of a bundle of commodities. Then again, returning to money that's backed by something tangible may not require the ongoing services of an entire U.N. bureaucracy.

source: http://www.cbsnews.com/blogs/2009/09...y5298305.shtml

never going to happen

Elizabeth , Bin Laden , Obama , are not gonna like this...

It's bound to happen. :) The UN have been planning this for many years.

many countries have been pushing for a new reserve currency, but i dont see that being a Global Dollar

I don't think it works... today's money, as we know it, are worthless in a sense of true value. The value is taken basing on the believe or trust to the country that prints them. Hence the high and low in foreign exchange (+trust, +value)

The US being the largest economy in the world established such image for the last few decades because quite frankly, people trust america and their "check" actually mean something and can be traded.

For UN to even establish such currency, they need to get major countries like G8 or maybe G20 to be willing to back for such new currency... which IRC, G8 or G20 never came up anything useful in their meetings.

YAY for PUBLICITY STUNT. If they want to do it they can do it easily.

this will happen when there is world peace, no single murder in the world, we have endless energy and pollution all but disappears.

ZOMG NWO!! 2012!! END IS NEAR =0

Quote:

Originally Posted by skyxx (Post 6587214)

YAY for PUBLICITY STUNT. If they want to do it they can do it easily.

Actually, it would be extremely difficult, and I'm doubtful if it's even possible yet.

Seems inevitable at some point though.

It should be called Gil or Zeny.

i would like to see rupees

UN = New World Order.

haha this shit aint gonna happen

Quote:

Originally Posted by raygunpk (Post 6587489)

It should be called Gil or Zeny.

i like the Zeny idea, and use it to purchase "Mighty Swords" from Japan

I hate to break it to you guys but in your lifetime you will see something like this happen.

It might not happen on a global scale right away but it's going to happen.

Everyone said the Euro and the EU wouldn't happen. Everyone said that Swiss and Panama banks would always be under the radar. The landscape is changing but it's not a bad thing per say.

the dollar bill is going to have a pic of hulk hogan, kevin nash, razor ramon and have NWO all over it

NOOOOOO. I like the sounding of a "ONE HUNDRED BILLION DOLLARS" and "THIS NOTE IS LEGAL TENDER" on the Zimbabwe note. Makes me laugh everytime.

Quote:

Originally Posted by urrh (Post 6587500)

i would like to see rupees

awesome

Quote:

Originally Posted by 6chr0nic4 (Post 6587463)

ZOMG NWO!!

http://farm2.static.flickr.com/1334/...48153a3ce8.jpg