UN wants new global currency to replace dollar
Just in case you haven’t been paying attention, the Telegraph spells it out for you. And, naturally, a global currency is necessary in order to construct a world state (or, as internationalists like to couch it, of facilitating ‘international governance’.) Creating a world currency subject to constant regulatory manipulation will deliver the one ring, the unity of power into the hands of the global bankers. We will all be bound together by its reach and extent – which is why it is so important to resist this. The shovels are already in the ground – Timothy Geithner is urging a new international monetary reserve accord, and Canada and Britain have recently boosted their contributions to international banks. (Yes – nations give away money, your money, to finance these institutions.)
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Edmund Conway, The Telegraph
September 7, 2009
The dollar should be replaced with a global currency, the United Nations has said, proposing the biggest overhaul of the world’s monetary system since the Second World War.
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. [Ed. Note: Granted, if you're talking about Keynesian economics. But, no, they want more of the same.]
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.
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.”
The proposals, included in UNCTAD’s annual Trade and Development Report , amount to the most radical suggestions for redesigning the global monetary system.
Although many economists have pointed out that the economic crisis owed more to the malfunctioning of the post-Bretton Woods system, until now no major institution, including the G20 , has come up with an alternative.
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