UN Calls for New Global Currency in Place of Greenback
By Larry Doyle on September 11, 2009 at 11:01 AM in Economy, Global Finance, Inflation, Sense on Cents (Larry Doyle blog)
What drove the U.S. dollar dramatically lower yesterday? How about a communique from none other than the United Nations Conference on Trade and Development. UNCTAD recently released a statement in which it proclaims:
Given the prevailing major shortcomings in the international financial and monetary system, UNCTAD draws attention to some elements of reform of the international financial architecture, which is long overdue. These include effective capital account management, strengthening the role of special drawing rights (LD’s highlight), and a multilaterally agreed framework for exchange rate management. These reforms imply a fundamental rethinking of global financial governance to stabilize trade and financial relations by reducing the potential for gains from speculative capital flows. This will reduce the likelihood of similar crises in the future and help create a stable macroeconomic environment conducive to growth and smooth structural change in developing countries.
I purposely highlight the UN’s desire to strengthen the role of special drawing rights. In layman’s terms, that means the UN wants to promote the currency of the IMF at the expense of the U.S. dollar.
When BRIC nations promote a move away from the U.S. dollar, one may view it as the competitive nature of international trade. When an entity such as the United Nations is also promoting a move away from the U.S. dollar as the international reserve currency, we are embarking on an entirely new slope along our economic landscape.
The fact that we have heard little to nothing from our power base in Washington leads me to believe that Obama, Geithner, Bernanke, Summers, et al are comfortable with a decline in the value of our currency.
In my opinion, that comfort can be a very dangerous long term maneuver. How so? Economic growth requires capital. If investors deem our currency to be weakening, the capital will flow elsewhere . . . and elements of our quality of life may go right along with it.
LD
(Release: November 13)
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I see Soros behind this. He is known for devaluation of currancies and destabilization of nations. I imagine there will be confiscation of gold and silver soon. Devalue the currancy and then take precious metal. Has been done before. In the good old USA.
The problem with most American patriots is we are not vicious. They are. We need take lessons from them. Glenn Beck has to have a security guard. Does Olgerman?
tzada,
Bingo! You can bet George Soros is behind this. You can also include Tim Geithner and Henry Kissinger as well.
Here’s an excellent article explaining the big money behind Tim Geithner and how it could relate to our present financial situation:
http://www.aim.org/aim-column/the-big-money-behind-geithner/
Thanks for the link and you are correct about those others.
Larry,
I am a clueless idiot when it comes to international finance. You use abbreviations that mean nothing to me–IMF (I can guess: “International Monetary Fund” perhaps?) for BRIC (now that one is beyond me–BRIC as opposed to CONCRETE? Who knows).
I am not criticizing you so much as I am my own ignorance about these things.
I know just that what you’re reporting makes me feel embarrassed about the state of things in our country that I was once so proud of.
And bfore you all jump on me as a reverse MO, I am still quite proud of the American ideals and principals. I am just not proud of the fact that our current administration does not seem to hold to them.
Diana:
“Jargonitis” is a disease of all professions, we sure do have it in the tech world, no need to be embarrassed if you don’t have the secret decoder ring.
Brazil, Russia, India, China = BRIC
and I think LD is firing on all cylinders on this one: this looks like the start of a concerted attack on the dollar we’ve all been worried about.
Diana…I shoudl be more explicit. Yes, the IMF is the International Monetary Fund.
BRIC is Brazil, Russia, India, and China….
I always maintain there are NO bad questions.
I can think of only one: “Are you still here?”
In the 30’s americans held gold because gold was money. Not so today. Gold has not been legal tender for a long time. Folks don’t use it as a natural part of their daily lives. It ain’t there to be confiscated. The devaluation was after the precious metal was confiscated. Now the fed devalues whatever income you might have on a daily basis through inflation. So if you have a 1933 double eagle don’t turn it in and don’t talk about it.
I didn’t see this story in my newspapers but it seems like very bad news that portends a new view of the USA that is not in our favor. The rest of the world lays a lot of the blame for the current economic situation at our feet.
Why is it that conspiracy news of 4 years ago is today’s mainstream news?
Too true MrX. People that were warning about us this for years were dismissed as “tin foil hatters” and “conspiracy theorists”.
Funny how much of what these people warned us about, not just this, is now coming true. I need to go make my foil chapeau.
Because our crackerjack reporters are all AWOL.
missing in action
This is pretty alarming. Is there no one to stop Soros?
I wonder what the Clintons found out that made them part ways with Soros. Remember Soros endorsed 0fraudo over Hillary early on.
catherine,
Did you, per chance, read the article I linked to tzada above?
In it, Kissinger speaks about obama being the perfect politician to bring in the “New World Order”. I’m certain both Soros and Kissinger knew that they could not fool Hillary into betraying our country, as they knew they would with obama.
correct; the powers-that-be knew that Ozero was someone that they could “do business with.” without a doubt, that is why so many of them got behind Obama early.
[...] Continued here: UN Calls for New Global Currency in Place of Greenback [...]
This makes me want to scream. I’m not a Luddite, but why is all “progess” considered a good thing?
It shouldn’t be, since “progress” is subjective.
This is from 2004. However we need to learn from past mistakes, to avoid dangers of the future.
Every legend has an echo of the truth, every mystery holds a whisper of a myth and sometimes conspiracy is true. We live in the age of all of these.
The Gold Confiscation Issue:
History And Future Predictions
http://www.gold-eagle.com/editorials_04/willis112804.html
I read about this last night. The part I don’t understand is why the euro is at 1.45 today since the euro is already an established trade currency and I don’t believe the euro will be safe from an assault on it as well.
But, I did read this in forex:
This could be happening as it’s estimated that the US consumer data will be much worse than expected, reaching the worst results in the last six months.
LD, I read Joseph Stiglitz’ op ed, “New world monetary system inevitable.” Stiglitz worked in the Clinton WH as did Brent Snowcroft. Snowcroft is hawking his new book calling for global governance. And then there’s Peter Schiff’s new book & his groupies are claiming the U.S. has already issued “gold backed dollars”, that’s a hustle I find to be raw b.s. Cap gains on actual bullion is currently set at 28% compared to other cap gains still mercifully set at 15%. I’m clueless…in 2011 when cap gains goes up to 20% let’s see what rate is assigned to bullion, if it goes above 28%, we’re probably going to get cleaned out. No safe havens allowed. Remember during the campaign when Obama kept talking about Sacrifice? That’s when he wasn’t talking about hope & change.
Check out Obama’s boy, Cass Sunstein’s “2nd Bill of Rights.” Maybe the progressives are running some kind of C.O.I.N. op on us….ha ha he he
If anyone has about 2 hours to watch a free film on line that may (or may not) relate to this thread (I think it does)it’s called “Zeitgeist: Addendum” by Peter Joseph, check it out. It starts off like a typical ultra conservative expose/critique of the Fed, then envelopes into a dialogue with some guy who claims he’s retired a CIA agent/analyst(?). He goes on about how the U.S. and the IMF have a long history of seducing weaker countries with predatory loans, thereby turning them into debt ridden vassal states, a situation of subordination from which they cannot escape. The film alleges if the countries in question refuse the predatory loans the US launches a military attack. Ultimately it advocates the end of all monetary systems and wishes to replace them with benevolent technology to bring about a world utopia. OK, it only tangentially relates to this thread. Yes, it’s weird. Yes, it drags in parts. I suspect it’s pure propaganda. But for who???
LD since that Wolfiwitz was canned from the IMF the “BRIC” have been looking for ways to subvert the US dollar as a means to diluting the US influence. Beside it will make the wars in Iraq, Afghanistan and the US more expensive, very similar to the 1930’s and Germany in some ways.
This Un report is the “Diplomatic” effort of the same thread. I have a solution though, we could forclose on the UN. Hell do it before they raze and remodel the place.
CNBC will be replaying “Banking with Geithner”, a town hall style interview with our Treasury Sec. Sunday Sept 13 11AM-noon, Monday Sept 14 10-11AM, & Tues Sept 15 1-2pm. By all means do not tune in late because right in the beginning he’s all empathetic with us suckers who lived within our means, both individuals and businesses, did not incur debt, saved and tried to invest wisely. The Elf even says we have a right to be angry!!! But guess what? We’re the chumps that are going to pay this bill and Timmy wants it paid ASAP. 11 Trillion ASAP, he doesn’t want to burden the kids with the debt. Remember 11 Trillion doesn’t include the unwinding of the derivatives market and all those lovely “innovative products” created out of algorisms & thin air! I watched it the other night and it left me in a funk. Oh don’t forget all these loan modifications he’s hawking are almost exclusively being funded by the tax payers. Don’t fall for the myth that the banks are eating a big chunk of the modifications, their just kicking back a little TARP money.
CNBC will be replaying “Banking with Geithner”, a town hall style interview with Timmy the Elf Sunday Sept 13 11AM-noon, Monday Set 14 10AM-11AM & Tues Set 15 1-2pm. Don’t tune in late because right in the beginning he gets all empathetic & says the people & businesses that lived within their means and saved and invested have a right to be angry because we’re the suckers that are going to pay back the 11 Trillion & ASAP because sweet little Timmy doesn’t want to burden the children. Watch it!
When I left Europe after 12 years, the Euro was only a banking currency. If I dealt with it, it was inter-bank, the actual paper and coins were not in use.
When it actually came to fruition, we, meaning the US, were actually OK regarding exchange rates, and our costs regarding all of our activities in Europe.
I believe the rates was somewhere around .82/.85 to the dollar.
It has, of course, fluctuated. However, within the last few years, the Euro has been at points that have almost doubled our costs. And, our costs at the best of rates, are horrendus.
I am only guessing, because too lazy to check, that our costs are currently somewhere around 70 to 80 percent higher than 2002. Such increases have to play hell with budgets, yet we never hear anything about currency impacts.
I say all this to say, that I, and a certain circle of friends, consider currency matters to be deadly serious. It was, and is our belief, though it was never discussed, that of all the brash statements and utterances of defiance that Saddam made, the ones that he made regarding trying to convert oil trading to Euros sealed his fate.
There was no way the Bush admin. could allow that to happen.
It will be very interesting to see how this UN thing plays out. Perhaps Obama is the key for those that wish to facilitate such. Nothing does, or can, surprise me about Oabama.
When I listed the dates & times of CNBC replaying “Banking with Geithner” I took the schedule off their web page. Sorry it didn’t replay today, maybe tomorrow or maybe not as they appear to have scrubbed it from their web page.