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Copper Catcher
Administrator
USA
2092 Posts |
 Posted - 10/08/2009 : 08:48:21
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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 emphasise 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 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.
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Edited by - Nickelless on 10/08/2009 15:38:48 |
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dakota1955
1000+ Penny Miser Member
2212 Posts |
Posted - 10/08/2009 : 09:42:24
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| It is going to happen just a matter of when. |
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Copper Catcher
Administrator
USA
2092 Posts |
Posted - 10/08/2009 : 12:05:18
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| Exactly!! |
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jonflyfish
Penny Hoarding Member
USA
693 Posts |
Posted - 10/08/2009 : 14:34:36
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| Already happening |
The first panacea for a mismanaged nation is inflation of the currency; second is war. Both bring a temporary (and false) prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunities. |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 10/09/2009 : 21:42:49
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The federal reserve and the treasury say they want a stong dollar but they don't really. A weaker dollar will mean more exports and thus more employment at home. The Dow should climb with a weaker dollar too. It will be easy to get back to 14,000 with inflated dollars. Of course that will mean much more inflation at home, but what better way for a debt ridden nation to dig out of it then to pay it off in cheaper, but eaiser to get, dollars? Buy gold and sliver and hang on tightly to both cause the dollar is going down .........controlled or not. |
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Think positive. |
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Nickelless
Administrator
USA
5580 Posts |
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fb101
Administrator
USA
2856 Posts |
Posted - 10/09/2009 : 22:11:17
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If the UN doesn't want strong dollars, they're kind of shooting themselves in the foot, no?
Don't we cough up the majority of their funding?
Ha. Maybe we should start giving them Zimbabwe dollars. |
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Nickelless
Administrator
USA
5580 Posts |
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UN calls for new reserve currency
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