Community | September 07, 2009 | 30 comments

United Nations conference calls for new global currency

source: http://rawstory.com/08/news/2009/09/07/united-nations-calls-for-new-world-currency/

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RFIDemocracy
The United Nations Conference on Trade and Development said in a report published Monday that the U.S. dollar should be replaced as the world’s standard reserve currency, giving rise to a new global currency managed by an as-yet undetermined financial regulatory organization.

Heiner Flassbeck, director of the conference, told Bloomberg News that changes needed in the world’s financial systems rival the scope of the Bretton Woods or European Monetary System agreements.

The Bretton Woods agreement established in 1944 the International Monetary Fund and World Bank, following allied victory in World War II.
“[The] dominance of the dollar as the main means of international payments [has] played an important role in the build-up of the global imbalances in the run-up to the financial crisis,” the report says. “Another disadvantage of the current international reserve system is that it imposes a greater adjustment burden on deficit countries (except if it is a country issuing a reserve currency) than on surplus countries.”

The UN adds: “Such a multilateral system would tackle the problem of destabilizing capital flows at its source. It would remove a major incentive for speculation and ensure that monetary factors do not stand in the way of achieving a level playing field for international trade. It would also get rid of debt traps and counterproductive conditionality. The last point is perhaps the most important one: countries facing strong depreciation pressure would automatically receive the required assistance once a sustainable level of the exchange rate had been reached in the form of swap agreements or direct intervention by the counterparty.”

The move should not be surprising to observers of global economics, as a U.N. panel of currency experts came to the same conclusion in March, according to Reuters.

The conference specifically emphasizes the enhancement of the International Monetary Fund’s “special drawing right” (SDR), which may serve as the “supranational” currency.

World-wide shake-up
The past year has seen a dramatic shake-up in oversight and management of the U.S. and global economies.

For months, Russia and China have been calling for a new world reserve currency.

Russia, for its part, supports replacing the dollar on the world stage, suggesting the Chinese yuan may be the quickest path to diversified reserves.

“There is a need to make the IMF a true representative of the world’s leading economies. It’s not there right now,” said Russian finance minister Alexei Kudrin in June, noting that China had a lower representation quota than Switzerland or Belgium.

Kudrin also said he did not expect to see any new monetary unions rise, although the Gulf states agreed in May to use Saudi Arabia as a base for a pending “monetary union” and new central banking authority.

The issue of IMF reform should therefore be raised “in earnest, in a bold way,” Kudrin said, adding countries should be “represented in proportion to the strength of these economies and their role in the world economy.”

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30 comments // United Nations conference calls for new global currency

  • locutus
  • RFIDemocracy
  • hombre76
    • 0
      hombre76  

    • You know diobolical44 even in George Orwell's 1984 (and frankly any other scary story of one world totalitarianism) the governance of the oppressed is perpetuated by the Ignorance and or lack of education of the masses. There are many problems that could be remedied by a one world currency let alone a whole world working toward a common goal. If your concern is Totalitarianism then the only true defence is what it has always been education for every one, this empowers individuals to understand and exercise their freedoms. As these Freedoms are not granted to someone, but are inherent and the only ones capable of defending them is each individual armed with knowledge of said freedom and educated in how to defend them both legally or with force as is dictated by each given situation. This is were you should focus your attention as it is most educated peoples opinion that a one world system of Laws and Individual rights is the only real future for the human race. Especially in light of the importance of moving our species beyond or own world.

    • 2 years ago
  • diabolical44
  • J_Jammer
    • 0
      J_Jammer [removed]  
    • hombre76:

      Nothing is worse than someone nitpicking on small things like that (as if the writer wasn't close enough....not like he said J.K Rowling), spelling or grammar. Anything to distract from the message beings said.....

    • 2 years ago
  • spacemikey
    • 0
      spacemikey [removed]  
    • hombre76:

      Well there's;

      http://en.wikipedia.org/wiki/Nineteen_Eighty-Four

      and,

      http://en.wikipedia.org/wiki/George_Orwell

      those to are pretty closely related....
      now if you add this one;

      http://en.wikipedia.org/wiki/H_G_Wells

      to the mix, I see the similarities it just doesn't seem to fit..... But I think I get what you mean...

      I totally disagree, I don't believe that most educated peoples opinion is a one world system is the only real future. Now it may be the opinion of a few, and Hilary Clinton can get bent too. I'm just saying that one will go over like a fart in a space suit (i should know). It's not the best or only option for a "real future".

      Yeah let's just completely infiltrate, and convert every indigenous culture and "modernize" them while raping their actual culture... News flash... the natives we destroyed here, had a few things going on better than there European oppressors. Obesity was unheard of, extramarital affairs unheard of, capitalism unheard of, let's see I can't remember a single homosexual native (which like it or not, homosexuality isn't the natural order), hmmm... They didn't have housing, food, or poverty issues to contend with. So what could a pretentious "one world system" have to offer??? SHIT? no wait that's what we already have.....

    • 2 years ago
  • diabolical44
  • fun_size
    • 0
      fun_size  

    • Having a single world currency is bound to happen eventually. Why not now? It will certainly simplify globalized trade which is a bonus.

    • 2 years ago
  • asherp
  • samthesixth
  • RFIDemocracy
  • J_Jammer
  • diabolical44
  • J_Jammer
    • 0
      J_Jammer [removed]  
    • J_Jammer:

      Couldn't be any worse than having separate ones.

      Anyway having one currency doesn't mean having one government. It just means that there won't be this unnecessary difference in how hard someone in India works compared to how hard someone in Arizona works.

    • 2 years ago
  • hombre76
  • J_Jammer
  • J_Jammer
  • RFIDemocracy
  • hombre76
    • 0
      hombre76  
    • J_Jammer:

      @ J_Jammer I seem to have mistaken you for anouther poster on here with the handle jjammer so my post was a little less cordial than I would have made it had I not made the mistake. sorry I came off a little flipant.

    • 2 years ago
  • samthesixth
    • 0
      samthesixth  

    • Given that more than 50% of the UN's operating budget comes from the US, the UN has no real say on establishing its own currency. The US should stop paying dues to this truth hating organization, send it packing for Switzerland, and sell the land in NYC that it sits on.

    • 2 years ago
  • RFIDemocracy
  • spacemikey
  • fun_size
  • locutus
  • T5vZZ
    • 0
      T5vZZ  
    • spacemikey:

      ive always liked the idea. but only with the consent that the system were delegated like contracting. food service and agriculture would be a trades craft rather than a deplorable industry. folks would in a sense go into service of the community, maybe with room and board to shore up funds for construction or just the rehabilitation of existing structures. the tax or percentage of goods any business produces are levied for those in service. being in service to your neighbors and loved ones carries more value than social work currently musters with no bureaucracy, and less risk with the ideological fallacies that come with militaristic obedience. i tend to sanctify pioneering/rural/third world life standards though. there would still be taxation of goods, but with the town/city/state legislatures as a distributor and auditor. transaction would nullified, and servitude to any self allocation would be the highest burden to face... and we would ride on unicorns. scientist want funding? grow a sustainable crop with little environmental degradation. school council needs new books? the students can visit elderly people/clean the bedpans. no clue what the federal institutions would do though, hopefully concentrate on diplomacy and denouncing unicorn subsidies. also, monorails!

    • 2 years ago
  • RFIDemocracy
  • spacemikey
    • 0
      spacemikey [removed]  
    • spacemikey:

      Nice responses.... Seems that due to the fact that in the rural area I live there are still farmers markets, auctions, flea markets and the like; the ideal isn't that hard to obtain. I even know of a doctor (in the United States of America) who was willing to trade surgery for fresh goat meat. Now laugh all you want, but the doctor has plenty of happy patients, and I know that particular patient and he's quite happy with the results. So why, given all the ways to get around money would one want to use it? I mean yeah I generally still pay the electric bill with cash, everything doesn't have to cost money. And the more you avoid using it, the less dependent you are on a failed system, and less subject you are to unwanted, or needed taxes.

      Our grandchildren will be paying off our debt (well actually mine won't, they simply won't be dependent on money {I'll teach them better}). I see no need to pass on a debt, or the mentality of being in debt to further generations....

      So short of of monorails and unicorns... yes quite... Be wise look around everyone isn't participating in society just as the powers that be see fit (even the powers that be aren't). No were not all gonna participate, and I'm not going to encourage a broken unfair system, that won't be "magically" fixed by a one world currency.... Nor fixed politicians from either side of the spectrum, that are only catering to their Swiss bank accounts ...

      Barter..... Yes I Can.....

    • 2 years ago
  • ProjectBat
  • ayashe
    • 0
      ayashe  

    • I don't know if this is true, but the UN is also trying to get hentai censored and banned so I'm not too happy with them right now. They need to be put in their place, especially if they're siding with China.

    • 2 years ago
  • RFIDemocracy
    • 0
      RFIDemocracy  
    • ayashe:

      This has been brewing for some time.
      I sympathize with your sentiment but, the US can hardly expect to maintain the greenback as the global benchmark if it is virtually worthless, can it? What was once backed by gold is now backed by promises and bluster, China is very wealthy, thanks to conservative ideology.
      They are also very powerful militarily, possibly even rivaling the US. All the manufacturing technologies and capacity they have obtained has probably given them a massive strategic advantage.
      not to be defeatist but, what is anyone going to do about it?

      Frankly, I don't see the USS as much of a military threat to China since she is getting her ass kicked in every single conflict without exception and is not only on the verge of bankruptcy but owes China a pile for, ironically, war funding.
      This is what happens when conservatives are permitted to play with the controls.
      They are not fit to govern and this is the result of multiiple decades of conservative rule.
      To be honest, I think the Democratic Party really sucks bad and, since 2006 they have had every opportunity to prove me wrong and failed miserably at every turn.
      But the Republicans govern as if their utmost desire is to tank America, starting with the middle class.

    • 2 years ago
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