UN wants new global currency to replace dollar

**Jason** · 10-06-2009, 09:24 AM

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.

It added that the present system, under which the dollar acts as the world's reserve currency , should be subject to a wholesale reconsideration.

Although a number of countries, including China and Russia, have suggested replacing the dollar as the world's reserve currency, the UNCTAD report is the first time a major multinational institution has posited such a suggestion.

In essence, the report calls for a new Bretton Woods-style system of managed international exchange rates, meaning central banks would be forced to intervene and either support or push down their currencies depending on how the rest of the world economy is behaving.

http://www.telegraph.co.uk/finance/c...ce-dollar.html

**djaburg** · 10-06-2009, 09:50 AM

And people still listen to the UN why?

**Canaanabolaanan** · 10-06-2009, 02:05 PM

Lol, there are a lot of crazies that responded to that article.

So, in a more serious discussion, what are the pros and cons of such a proposal? This appeared to be one pro:

"The proposals would also imply that surplus nations such as China and Germany should stimulate their economies further in order to cut their own imbalances, rather than, as in the present system, deficit nations such as the UK and US having to take the main burden of readjustment. "

**simpswr** · 10-06-2009, 02:40 PM

International Oil transactons used to be denominated in British Pounds . . At that time the USD/BP was 2.60 dollers per pound. This eventually bankrupted the Pound to the point that in the mid 80"s it was near parity . . 1 to 1.

I am not at all sure changeing the currency again is a bad thing

**djaburg** · 10-06-2009, 03:28 PM

Gotta love the UN, about as productive as Jesse Jackson. Only show up in a disaster to point the fingers at everyone that's supposed to be helping.

**simpswr** · 10-06-2009, 03:49 PM

I greee . . but this time it just could be a good thing . .

Either way, it will not be the UN that makes the change . . it woiuld be OPEC and other Oil exporters. Right now, it doesw not seem to be a high priority for them

10-06-2009, 09:24 AM	#1 (permalink)
Jason Faugh a ballagh Join Date: Dec 2001 Location: Pasco, FL Posts: 8,477 OS: Windows Vista My System Blog Entries: 2	UN wants new global currency to replace dollar 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. It added that the present system, under which the dollar acts as the world's reserve currency , should be subject to a wholesale reconsideration. Although a number of countries, including China and Russia, have suggested replacing the dollar as the world's reserve currency, the UNCTAD report is the first time a major multinational institution has posited such a suggestion. In essence, the report calls for a new Bretton Woods-style system of managed international exchange rates, meaning central banks would be forced to intervene and either support or push down their currencies depending on how the rest of the world economy is behaving. http://www.telegraph.co.uk/finance/c...ce-dollar.html __________________ Posting Tips \| Advice for New People \| Common Fixes \| Agus na damnaithe fágtha gan focal Glaoigh ormsa i measc na naomh

10-06-2009, 09:50 AM	#2 (permalink)
djaburg TSF Enthusiast Join Date: May 2008 Posts: 1,321 OS: XP SP3/Vista/7 Server 2K/2K3/2K8	Re: UN wants new global currency to replace dollar And people still listen to the UN why? __________________ Computers make it easier to do a lot of things, but most of the things they make it easier to do don't need to be done. The inherent vice of capitalism is the uneven division of blessings, while the inherent virtue of socialism is the equal division of misery.

10-06-2009, 02:05 PM	#3 (permalink)
Canaanabolaanan TSF Enthusiast Join Date: Dec 2008 Posts: 564 OS: XP Pro SP3	Re: UN wants new global currency to replace dollar Lol, there are a lot of crazies that responded to that article. So, in a more serious discussion, what are the pros and cons of such a proposal? This appeared to be one pro: "The proposals would also imply that surplus nations such as China and Germany should stimulate their economies further in order to cut their own imbalances, rather than, as in the present system, deficit nations such as the UK and US having to take the main burden of readjustment. "

10-06-2009, 02:40 PM	#4 (permalink)
simpswr Moderator Hardware Team Join Date: May 2007 Location: Houston, Texas Posts: 12,274 OS: XP, Vista, Win 7	Re: UN wants new global currency to replace dollar International Oil transactons used to be denominated in British Pounds . . At that time the USD/BP was 2.60 dollers per pound. This eventually bankrupted the Pound to the point that in the mid 80"s it was near parity . . 1 to 1. I am not at all sure changeing the currency again is a bad thing __________________ Rich MemTest86 \| BenchTest \| Virus/Trojan/Spyware Help How to post a Screen Shot \| PC running slow?

10-06-2009, 03:28 PM	#5 (permalink)
djaburg TSF Enthusiast Join Date: May 2008 Posts: 1,321 OS: XP SP3/Vista/7 Server 2K/2K3/2K8	Re: UN wants new global currency to replace dollar Gotta love the UN, about as productive as Jesse Jackson. Only show up in a disaster to point the fingers at everyone that's supposed to be helping. __________________ Computers make it easier to do a lot of things, but most of the things they make it easier to do don't need to be done. The inherent vice of capitalism is the uneven division of blessings, while the inherent virtue of socialism is the equal division of misery.

10-06-2009, 03:49 PM	#6 (permalink)
simpswr Moderator Hardware Team Join Date: May 2007 Location: Houston, Texas Posts: 12,274 OS: XP, Vista, Win 7	Re: UN wants new global currency to replace dollar I greee . . but this time it just could be a good thing . . Either way, it will not be the UN that makes the change . . it woiuld be OPEC and other Oil exporters. Right now, it doesw not seem to be a high priority for them __________________ Rich MemTest86 \| BenchTest \| Virus/Trojan/Spyware Help How to post a Screen Shot \| PC running slow? Last edited by simpswr; 10-06-2009 at 03:51 PM.