UN calls for new reserve currency

[WatchManUSA]

..and so it begins in earnest - that fall of the USA...

We are fast approaching the complete loss of value of our currency.  That will see to it that our life’s savings will only be what the World allows us to have.

From Breitbart.com 10/06/09

UN calls for new reserve currency

The United Nations called on Tuesday for a new global reserve currency to end dollar supremacy which has allowed the United States the "privilege" of building a huge trade deficit.

"Important progress in managing imbalances can be made by reducing the reserve currency country?s 'privilege' to run external deficits in order to provide international liquidity," UN undersecretary-general for economic and social affairs, Sha Zukang, said.
Speaking at the annual meetings of the International Monetary Fund and World Bank in Istanbul, he said: "It is timely to emphasize that such a system also creates a more equitable method of sharing the seigniorage derived from providing global liquidity."

He said: "Greater use of a truly global reserve currency, such as the IMF’s special drawing rights (SDRs), enables the seigniorage (the difference between the face value of a coin and the cost of producing, distributing and retiring it from circulation) gained to be deployed for development purposes," he said.

The SDRs are the asset used in IMF transactions and are based on a basket of four currencies -- the dollar, euro, yen and pound -- which is calculated daily.

China had called in March for a new dominant world reserve currency instead of the dollar, in a system within the framework of the Washington-based IMF.

[twyacht]

The Russians also "mentioned" this late last year.

How's this for a headline:

USA Calls For A NEW Location For The UN.

Let Hugo Chavez or Tehran host these appeasing, impotent, spineless, diplomatic weasels...

IMHO, they can go to Darfur and shove those Blue Helmets up,......nevermind..

[tombogan03884]

The Russians also "mentioned" this late last year.

How's this for a headline:

USA Calls For A NEW Location For The UN.

Let Hugo Chavez or Tehran host these appeasing, impotent, spineless, diplomatic weasels...

IMHO, they can go to Darfur and shove those Blue Helmets up,......nevermind..

Tell us how you REALLY feel TW. Pussyfooting around the subject will just give you Ulcers.  


                      F-CK THE UN

[Sgt Z Squad]

Well our illustrious Congress has printed so much in greenbacks that it's value is only as good as toilet paper. Well, maybe Cuba will be looking to acquire our greenbacks with their TP shortage.

[Rastus]

Well our illustrious Congress has printed so much in greenbacks that it's value is only as good as toilet paper. Well, maybe Cuba will be looking to acquire our greenbacks with their TP shortage.

Ditto.

And the worst of it starts next year when the vote buying begins.  The corporate buyout to keep the bigwigs in Mercedes and caviar occurred this year...because they are important people that were disadvantaged.  The strategy to buy votes which spends even more money occurs next year to keep the liberal fascists in charge.  We'll see more erosion of value in the dollar next year.

The last few days silver and gold prices have gone up.  I think they are poised to some additional increase.

What will happen...I don't know.  I just know the economy we've had is failing...it may resuscitate...I don't know.  If it does, that's the best solution.  If it doesn't, then there will be a different economy on "the other side".  Being invested in a currency, i.e. a bank account, stuffed matress, anything with our currency, will be a loser if the economy fails and is replaced by BHO's ilk's desires.  Anyway, if it does fail having anything in dollars will evaporate and you'll need something that will have value on "the other side".  Only something real, as opposed to a concept (faith based currency), can be counted on to carry anything significant across the gap to the other side.

[Sponsor]

[tombogan03884]

Gold / silver, Food, Energy, Ammo, or the ability to produce any of those items

[fightingquaker13]

Sad thing is, you can't really blame them. Granted the Chinese and Russians and even the EU have their own agendas, and none of them include having a dominant US. But we put ourselves in this position. You can't blame BO for it either. You can't tank a currency in a year. It takes decades, and we've been doing it. Honestly if you were to plan on how to screw up the US economy, we've checked every box.
Massive deficeit spending, check
Exporting our industrial base over seas, check
Having a negative balance of trade, check
Underfunding our education system so we don't have the best educated workers in the world who can't be replaced with folks in India, check
Failing to adopt the metric system which makes it harder to export everything from socket wrenches to kitchenware, check
Allowing ourselves to be the sole global policeman and not insisting the UN or another organization do their share of the heavy lifting, thus pissing away trillions, check
Would you invest in dollars right now? We have been living beyond our means for way too long, and putting it on the visa. Skimping on investments and binging on spending. The bill has come due.To paraphrase Lincoln, we need not fear an external enemy, we will be the instruments of our own destruction.
FQ13

[WatchManUSA]

You can't blame BO for it either. You can't tank a currency in a year.

FQ, you are right that many have contributed to this situation but Obama has put the “peddle-to-the-metal” on the deficit even without healthcare.

As of September 30, 2009, the national debt was $11.7 trillion.  FQ, that would be the total from all past administrations.  That is more than $38,000 for every American citizen.

However, the federal budget passed by Congress earlier this year will add more than $9 to $13 trillion over the next 10 years WITHOUT ObamaCare!

[twyacht]

We went off the gold standard during FDR I believe, and the creation and status of the Federal Reserve Bank, led to a progressive "system" that slowl y gave us what we have today.

BHO just puts it on the fast track .

[Pathfinder]

We went off the gold standard during FDR I believe, and the creation and status of the Federal Reserve Bank, led to a progressive "system" that slowl y gave us what we have today.

BHO just puts it on the fast track the final nails in the coffin - quickly, before he can be stopped!

Corrected it.