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UN wants new global currency to replace dollar

Published:

(exerpt from)  http://www.telegraph.co.uk/finance/currency/6152204/UN-wants-new-global-currency-to-replace-dollar.html

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.

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.

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.

"Replacing the dollar with an artificial currency would solve some of the problems related to the potential of countries running large deficits and would help stability," said Detlef Kotte, one of the report's authors. "But you will also need a system of managed exchange rates. Countries should keep real exchange rates [adjusted for inflation] stable. Central banks would have to intervene and if not they would have to be told to do so by a multilateral institution such as the International Monetary Fund."


(report) http://www.unctad.org/Templates/Webflyer.asp?intItemID=1397&docID=11867
(from page 123 of the report) http://www.unctad.org/en/docs/tdr2009ch4_en.pdf

A step that would go much further than the introduction
of a substitution account would be to enable
a new “Global Reserve Bank” or a reformed IMF
to issue an “artificial” reserve currency, such as the
“bancor” suggested by Keynes in his Bretton Woods
proposals for an International Clearing Union.  The
new global reserve system could be built on the existing
system of SDRs.

-----------------------------------

The report is a couple hundred pages and includes many other good & kind suggestions (many in the form of additional taxes and regulations.)

Is the conspiracy still a theory?

Entry #278

Comments

1.
JAP69Comment by JAP69 - September 11, 2009, 2:14 pm
The way things are going the only thing to have value is food for barter.

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