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Dalsuh
Penny Hoarding Member
USA
757 Posts |
 Posted - 12/17/2009 : 23:23:53
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Wednesday, 16th December 2009 (450 views)
The United Nations (UN) has licensed the minting of gold bullion coins bearing its logo to provide a "public option" world savings currency.
According to the Vancouver Examiner, Oro gold coins are hoped to contribute to making the UN better funded by 2015, with revenue rising by ten to 15 per cent.
The coins are set to be produced in Europe and then distributed globally, with any licensee able to produce such bullion under contract.
Armand Dufour of the European Bank says that he welcomes the introduction of the gold coins.
However, he goes on to add that there is a danger that if the US dollar weakens, there will be a strong move towards the Oro.
In turn this could potentially drive the value of the coin up to a level where international governments will not allow it to be circulated.
UN coins were previously made purely for commemoration in the 1970s, but they hold no monetary value.
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Neckro
1000+ Penny Miser Member
Saudi Arabia
2080 Posts |
Posted - 12/17/2009 : 23:28:43
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| I'd buy a few, to help welcome our global overlords. |
Trolling is an art. |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 12/18/2009 : 02:10:28
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I am kind of doubting this story. The site posted references an Examiner.com story. Examiner is a citizen journalism site that pays based on page views and has little to no editorial oversight. I could not find anything in the mainstream media. Maybe others can - I did not look exhaustively.
Google Search came up with this:
UN to produce bullion coins as world currency
14 Dec 2009 ... The announcement by the United Nations this week that it will license the minting of silver and gold bullion coins bearing the UN logo ... coins the size of the 1€ coin - the Uno (silver ~$5) and the Oro (gold, ~$500). ...
You must be logged in to see this link. - Cached
But the page is now down. Cached page says this:
UN to produce bullion coins as world currency
December 15, 7:38 PMVancouver Humanism ExaminerDwight Jones
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World currency coin handed out by Russian Pres. Medvedev at G8 meeting.
Royal Mint of Belgium
The announcement by the United Nations this week that it will license the minting of silver and gold bullion coins bearing the UN logo may be the button that launches metal prices into orbit.
In its wide-ranging report this fall, the UN Conference on Trade and Development (UNCTAD) stated that the system of currencies and international banking practices within today’s economies were inadequate, and responsible for the present economic crisis. The report advocates that the present monetary system, wherein the dollar acts as the global reserve currency be re-examined “with urgency”.
The UNCTAD Report was the first time a major multinational institution had forwarded such a suggestion or measure, although a number of countries, including Russia and Brazil have supported replacing the dollar as the world's reserve currency. China's central bank chief Zhou Xiaochuan has mentioned that the dollar could become a basket of currencies instead.
The UN commission dismissed such a widening, saying a multiple-country system "may be equally unstable, and not transparent."
The panel is seeking more monetary balance for developing countries, and a means for them to retain their reserves and domestic savings independent of foreign agencies and arrangements.
Panel Chair US economist Joseph Stiglitz, a Nobel economics laureate, has made plain that there was "a growing consensus that there are problems with the dollar reserve system. Developing countries are lending the United States trillions dollars at almost zero interest rates when they have huge needs themselves," Stiglitz stated.
"It's indicative of the nature of the problem. It's a net transfer, in a sense, to the United States, a form of foreign aid."
A report contributor, Detlef Koffe, concluded that "Replacing the dollar with a bullion currency would solve some of the problems related to the potential of countries running large deficits and would help stability,"
US Fed spokesperson Patrick Paulsen acknowledged that there could be some strong reaction in the US to the global currency, and that it would “…be viewed as a step toward a New World Order. But those same people have probably lost patience with the money-changers as well.”
He clarified that he would “…nonetheless anticipate that the western currencies will continue to depreciate, given Asia’s ascendancy in trade and manufacturing, to find their own value and enable their economies to compete. This is a UN perogrative we cannot and should not control, it’s returning to what we had with Bretton-Woods.”
The UN decided to provide a “public option” savings currency, whereby currency mints will be licensed to mint two kinds of bullion coins the size of the 1€ coin - the Uno (silver ~$5) and the Oro (gold, ~$500). The names were adopted from the book “The Humanist”, which foresees the UN being better funded by 2015 via its licensing fees, expected to be 10-15%.
The coins have a marker chemical in them that enables their authentication and processing by modified retail ATM and exchange machines in Europe, which will be distributed globally. Any licensee, public or private, can produce such bullion coinage under contract. The United Nations is doing no more than what most countries do already, except that the value of its coins will reflect their bullion weight.
Armand Dufour of the European Bank welcomes their introduction. “People have enough Fiat currency options, government and banks cannot intrude on bullion coins – they will have their own inviolable value.”
He does have one concern, however. “If we see a dismounting from the US dollar, as is inevitable in the main view, there will be a strong move to the Oro, which may drive its price up to the point where governments will not allow its circulation; they will try to isolate it.”
“That’s when the fun begins.” he said. |
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
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Dalsuh
Penny Hoarding Member
USA
757 Posts |
Posted - 12/18/2009 : 03:21:46
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quote:
Originally posted by jadedragon
I am kind of doubting this story. The site posted references an Examiner.com story. Examiner is a citizen journalism site that pays based on page views and has little to no editorial oversight. I could not find anything in the mainstream media. Maybe others can - I did not look exhaustively.
Yes, coinflation had a link to this article on Examiner yesterday. But when I clicked on the link, it was down. I also asked prophet google about UN gold yesterday but it only had the same link to the Examiner which was not working.
I finally found this link today. |
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dakota1955
1000+ Penny Miser Member
2212 Posts |
Posted - 12/18/2009 : 11:44:07
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| More products should mean more sales with should mean higher price for gold. |
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Silverguy23
Penny Sorter Member
USA
62 Posts |
Posted - 12/18/2009 : 22:16:19
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| I'm with you on this one Dalsuh I think there is more to this than meets the eye. |
Silver Bugs.... Keep Stackin'! |
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keys
Penny Collector Member
383 Posts |
Posted - 12/26/2009 : 16:41:36
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A similar story is on Commodityonline.com
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I change with the times-
but like silver coins found in your change
I stay the same.
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The United States of America started out as the new Republic of Rome.
Will The United States of America end up as the New Imperial Rome? |
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Gold coins to bear the UN logo
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