08
Sep
09

UN wants new global currency to replace dollar

By Edmund Conway

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.

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Editor’s note: This just appears to be a larger, more controlled version of what already exists. Any currency that is not back by a commodity is subject to manipulation for the benefit of the issuing institution. It is interesting that the UN is taking a position on this topic, which is a strong signal that the dollar is headed for further crises.

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