Archivo para octubre, 2009

10-9-09 Cada día … Un nuevo Huesped!

Posted in Uncategorized on octubre 3, 2009 by Ajmaknic




El ser humano es como una posada

en la que, cada mañana, recala un nuevo huésped.

Una alegría, una depresión, una mezquindad,

cada visita inesperada

nos abre una nueva posibilidad.

Recíbelos y atiéndelos a todos,

aunque sean una muchedumbre de pesares,

que te despojen violentamente

de todos tus muebles.

Trata a cada huésped con la misma bondad,

porque hasta el más insospechado de ellos

puede enseñarte algo nuevo.

Acoge con una sonrisa

los pensamientos oscuros, la vergüenza y la malicia,

e invítalos a entrar.

Da la bienvenida a cualquiera que llame a tu puerta,

porque todos han sido enviados

como guías desde el más allá.

Rumi, “La hospedería”


11-9-2009 La magia de las Torres Gemelas

Posted in Uncategorized on octubre 3, 2009 by Ajmaknic



"Hemos visto la obra de arte más sublime jamás realizada.
El hecho de que unos seres se preparen como locos para un solo acto durante años, lo ejecuten una vez, y mueran en la ejecución, hace que sea la mayor obra de arte jamás realizada. Comparado con esto los compositores no somos nada."

Karl Heinz Stockhausen

Sabiduria 100%: Sept 11 – Twin Towers Celebration .

Posted in Uncategorized on octubre 3, 2009 by Ajmaknic


Since the day we watched in horror
as the ultimate CATASTROPHE MOVIE
happened before our eyes. At no cost to any film
producer. FX, SPECIAL EFFECTS up
the wazoo. 3,000 extras KILLED.

never had a spectacle that came close.

What those ROMANS wouldn’t have given
to have had THAT happen and go out later
and eat pizza. "Was that bloody enough
for you darling?"

And BUSH AND CHENEY KNEW beforehand.
And needed it to swing the war into place
Get that oil. Colonize new regions.
distant countries. SEWING UP THEIR RESOURCES.
That’s the whole game.

War’s a tiny investment. CITIZENS pay for it anyway
especially if you give them a REASON. Something to
make their BLOOD BOIL!

Para que despierten! El Dolar no vale nada!: 9-9-9 Gold status in Planet Earth.

Posted in Uncategorized on octubre 3, 2009 by Ajmaknic


Hace varios años que insistimos en cuanto a la conveniencia de ahorrar en oro metálico ante la inminencia de la muerte del dólar.
Tan es así que muchos conocidos nuestros han hecho suya nuestra frase :
En realidad la historia del oro – o de la moneda en general – se puede dividir en dos grandes períodos :
Desde 4000 años antes de Cristo hasta 1971 de la era cristiana.
Y luego del 2008 de la era cristiana hacia el futuro posible.
Es decir que solo exixte un breve período de 37 años en que reinó LA MAYOR FALSEDAD Y ESTAFA DE TODA LA HISTORIA con el dólar papel sin respaldo ni convertibilidad al oro (ni a ningún otro bien real) tomado como BASE MONETARIA MUNDIAL de acuerdo a los acuerdos de Bretton Woods (1944) que fueron "borrados" por el codo de Richard Nixon en 1971.
El siguiente estudio es uno de los mejores que hemos encontrado sobre la situación del oro metálico en la actualidad.


The Reason for Gold’s Imminent Price Moon Shot? It’s a Simple Supply/Demand Story.


September 7 – Gold $995
Gold demand has been outpacing gold mine and scrap supply by more than 1,000 tonnes per year for the past decade … probably much more in some cases. The difference has been met by official bank selling and clandestine central bank lending … meaning bullion banks like JP Morgan Chase have been borrowing gold from central banks at extremely low interest rates and selling it into the physical market, using the proceeds for their internal operations, etc. As a result, the central banks have less than half of the 30,000 tonnes of gold they say they have, probably a lot less than half.
The unloading of central bank gold was not a fluke, but a coordinated effort, by a United States government-led Gold Cartel, to suppress the price of gold. This "scheme" was set in motion by Robert Rubin, as part of his role as Treasury Secretary, and was the essence of his "Strong Dollar Policy." In a brilliant maneuver at the time Rubin, as CEO of Goldman Sachs’ London operations, began borrowing gold from central banks in the late 1980’s for next to nothing interest rates (say 1%, compared to the prevailing rates of 8% to 12%) as CEO of Goldman Sachs’ London operations, and eventually carried those dealings forward to new heights as US Treasury Secretary.
Presidents Clinton, Bush and Obama all have influenced bullion banks and other central banks to mobilize gold to suit their own agendas. One of them has been to keep US interest rates unnaturally and artificially low. This is not conjecture on GATA’s part. Gibson’s Paradox was the observation that the rate of interest and the general level of prices were observed to be correlated. The term was first used by John Maynard Keynes in his 1930 work A Treatise on Money. In 1988 Lawrence Summers co-authored a paper in the Journal of Political Economy titled "Gibson’s Paradox and the Gold Standard." In essence he said there was a relationship between gold and interest rates … or, keep the price of gold down and US interest rates would also be kept down. Summers followed Rubin as Treasury Secretary and followed in his footsteps regarding US gold and his "Strong Dollar" policy.
The "conspiracy" to hold down the price of gold could not have been more obvious as long as ten years ago
The US Strong Dollar Policy did not stop at US shores. On May 7, 1999 Britain’s Gordon Brown, Chancellor of the Exchequer, announced in advance that England would sell 415 tonnes of its gold to the lowest bidders in the coming years in an auction format. This bizarre announcement stopped a rallying gold price in its tracks (for a couple of years) and was the SINGLE event over time which most attracted GATA’s brightest consultants and staunchest supporters. The "conspiracy" to hold down the price of gold could not have been more obvious as long as ten years ago. From my MIDAS commentary on May 6, 1999 the day BEFORE this critical gold sale announcement:
Deutsche Bank, Chase, Swiss Bank and Goldman Sachs were all there selling gold during today’s session and, when they had to, even throwing the kitchen sink at the bulls attack. Deutsche Bank has been especially aggressive and noticeable in their selling the past few days. We got word late this afternoon that their bullion desk is calling their clients saying that the gold market is stopping at $290.
Some day there will be books written about the surreptitious gold price manipulation scheme and what occurred during the decade following the BOE gold sale announcement (part of which might allude to how Gordon Brown sold his soul and country’s gold on the cheap to gain favor of the rich and powerful in his quest to become Prime Minister). However, the above was written only to set the framework for gold’s coming price explosion (SILVER’s too). P>
Fast forward 10 ½ years and the EXPLOSIVE gold scenario. This mention of gold demand and supply is not intended as in-depth analysis. Instead, it’s to focus on the major features which represent The Tipping Point in terms of reasons for MUCH higher gold prices which are right around the corner…
*Central banks have been sellers for the past decade+. However, they have now become net buyers, led by China and Russia, both top global gold producers. Thus, it is in their special interest to accumulate gold instead of depreciating dollars.
Russia has been following GATA for more than half this past decade as articulated by Oleg V. Mozhaiskov, the deputy chairman of the Bank of Russia, that country’s central bank, who stunned the attendees at the prestigious London Bullion Market Association in Moscow in June 2004 by mentioning the Gold Anti-Trust Action Committee, the only words he spoke in English. He stated:

They believe that with the assistance of a number of major financial institutions (they mention in particular the Bank for International Settlements, J.P. Morgan Chase, Citigroup, Deutsche Bank, and others), some senior officials have been manipulating the market since 1994. As a result, the price dropped below US$300 an ounce at a time when it should, if it had kept pace with inflation, have reached US$740-760."

It was no fluke that a year later in August 2005 Andrey Bykov, a key economic consultant to President Putin of Russia, attended our Gold Rush 21 conference in the Yukon’s Dawson City…

Andrey told me it was the finest conference he had ever attended. A steady, quiet price of gold exploded two days later, running up to $730 in the ensuing months.
On August 20, 2009 Russia revealed an increase in their gold holdings in July of 600,000 ounces, which now stand at 18l.3 million ounces.
As far as China goes, the GATA camp was first to reveal their gold accumulating activity which began in 2003. From my commentaries way back when…
September 19, 2003 – Gold $381.10 up $4.80 – Silver $5.25 up 2 cents

*The orders are emanating out of New Zealand and Australia. My source believes it is Asian money and most likely CHINESE!

December 23, 2003 – Gold $410.65 up 55 cents – Silver $5.71 up 2 cents

…As Café members have been made aware, the Eastern gold buyers have additional competition due to the enormous physical market buying by THE STALKER ("gold buying group"). Without getting into many details, I want to stress THE STALKER is real. My source’s good friend has attended a meeting with this "gold buying group," or his agent. I say "or" because THE STALKER is very secretive and does not want to be known publicly, even to the sellers from whom he is buying.
Both my source and I strongly believe the gold buying is of Chinese origin…

January 15, 2004 – Gold $408.30 down $13.10 – Silver $6.19 down 21 cents

…Good news! Just got off the phone with my STALKER source. There was an unscheduled phone conference this afternoon with THE STALKER’S US buyers. They have a NEW order for $800 million to $1.2 billion to be completed between now and March. 72 tonnes of new gold buying is nothing to sneeze at! The orders are still coming out of Australia and my source continues to believe they are for mainland China…

January 28, 2004 – Gold $414.60 up $4.90 – Silver $6.60 up 7 cents

While most conference presenters stressed the weak dollar as the most important gold factor, I stressed it was the surging physical market.
In that regard, I learned this morning THE STALKER (probably China) just completed the last bit of its $6.8 billion order. NOW, THE STALKER is working on its additional 800 million to $1.2 billion dollar gold order (brought to your attention recently). I might know more on this on Friday.

February 24, 2004 – Gold $403.90 up $5.70 – Silver $6.59 up 13 cents

We have confirmed the buyer is from the Far East, in all probability Chinese, and they still have $1.5 billion of gold to buy. We also know why they are buying. This is a big picture trade, not a short-term speculation. The gold they are accumulating is going into deep storage and not coming back into the market on rallies. The reason is these "Chinese" fear a complete debacle in fiat currencies in the next couple of years…

Now, fast forward to April 24, 2009…
GATA’s Credibility Soars On China Gold Buying News
GATA’s credibility took another leap forward this morning when China announced it has increased its gold reserves to 1,054 tonnes from 600 tonnes. For years and years and years GATA has claimed that the gold world establishment has failed to account for surreptitious gold lending operations by The Gold Cartel to suppress the price. For there to be greater gold supply hitting the market, there had to be greater demand to satisfy this undisclosed supply. As a result of Frank Veneroso’s brilliant supply/demand work in years past, we mentioned that one of the demand areas, that the likes of a GFMS was not accounting for, was China, and that someday their stealth buying would be reported. Voila…
China gold reserves apparently doubled
HONG KONG (MarketWatch) — China has added to its gold reserves and now holds 1,054 metric tons of the yellow metal, according to a Friday report by the Xinhua News Agency, which cited comment by Hu Xiaolian, head of the State Administration of Foreign Exchange. Hu said that China’s gold reserves had risen by 454 metric tons since 2003 and that the total was being reported to the International Monetary Fund as per the organization’s rules.
The next day a Café member reported that adding up the Chinese purchases, reported in late 2003 and very early in 2004 by the GATA camp, came to 510 tonnes … very close to the 454 tonnes reported in April. This purchase alone is more than what the Chinese government just announced (454 tonnes), and it was completed in Jan 2004 … and took five years to be officially announced.
Equally crucial to understanding the Chinese interest in gold, GATA has participated in three conference calls with the Chinese Investment Corporation in Beijing since April 2008. On this recent September 3rd Lawrence Williams reported the following in MineWeb…
Several reports are coming out of China that there is pressure on state-controlled organisations – notably the country’s main sovereign wealth fund, China Investment Corporation (CIC) to rapidly build investment in non-Chinese enterprises.


The Chinese became extremely aware of GATA’s findings and the reasons why the price of gold was going to soar
During my conversations with the Chinese it was apparent they were very concerned about ruffling feathers, yet were becoming extemley aware of GATA’s findings and the reasons why the price of gold was going to SOAR in the years ahead.
Subsequent to these conference calls with the Chinese, I learned this past month from TWO different sources they intended to buy hundreds of tonnes of gold per year for years to come, but intended to do so as discreetly as possible.
And then just the other day Ambrose Evans-Pritchard of The Telegraph in London came out with the following…
Ambrose Evans-Pritchard: Gold now enjoys the ‘Beijing put’

China has issued what amounts to the "Beijing Put" on gold. You can make a lot of money, but you really can’t lose….
I happened to see quite a bit of Cheng Siwei at the Ambrosetti Workshop, a gathering of politicians and global strategists at Lake Como, including a dinner at Villa d’Este last night at which he listened very attentively as a number of American guests tore President Obama’s economic and health policy to shreds.
Mr Cheng was until recently Vice-Chairman of the Communist Party’s Standing Committee, and is now a sort of economic ambassador for China around the world — a charming man, by the way, who left Hong Kong for mainland China in 1950 at the age of 16, as young idealist eager to serve the revolution. Sixty years later, he calls himself simply "a survivior".
What he said about US monetary policy and gold – this bit on the record – would appear to validate the long-held belief of gold bugs that China has fundamentally lost confidence in the US dollar and is going to shift to a partial gold standard through reserve accumulation.
He played down other metals such as copper, saying that they could not double as a proxy currency or store of wealth.
"Gold is definitely an alternative, but when we buy, the price goes up. We have to do it carefully so as not stimulate the market," he said.
In other words, China is buying the dips, and will continue to do so as a systematic policy. His comment captures exactly what observation of gold price action suggests is happening. Every time it looks as if the bullion market is going to buckle, some big force steps in from the unknown…

AND, not for nothing … China, who everyone knows thinks LONG TERM, has ENCOURAGED its citizens to buy gold and silver after having only legalized gold ownership for citizens in 2007 and silver ownership in 2009.
*In addition to the traditional sources of strong gold demand, such as India, which eats up much of the annual gold mine supply, a new mega buyer has entered the arena, huge investment buyers such as hedge funds and pension funds … the most notable being John Paulson of Paulson & Co and David Einhorn of Greenlight Capital.
Both have made extensive commitments to the physical gold arena, primarily through SPDR Gold Trust (GLD)…
17:07 FT discusses recent rally in gold
The FT notes that gold prices hit a six-month high on Thursday, approaching the $1K an ounce level for the fifth time in two years. The article cites traders who say that bullish technicals have triggered a jump in speculative flows into the precious metal. The FT also highlights some piggybacking on successful hedge funds such as Greenlight Capital and Paulson & Co., which have purchased gold this year following the massive monetary stimulus on the part of the world’s leading central banks.
*The crisis bid … When gold ran up during the financial crisis, much of that rise was attributed to a "crisis bid." Gold has now reached close to its historic highs without that bid, but one which is VERY likely to reappear this fall. At the moment the bullish gold sentiment is extremely low relative to the rise in the gold price, probably because of the super lift in the DOW … meaning GOLD is not on the general public’s radar screen. If I am right, this will all change in the weeks ahead. This new demand will put incredible strain on The Gold Cartel.
*Gold mine supply has been falling for years due to the controlled low gold prices relative to escalating mining costs … with an annual production of less than 2300 tonnes at the present time, which is not much considering demand is greater than 4,000 tonnes per year, perhaps a LOT greater.
*Scrap supply tends to increase on sharp price rises, as was the case earlier this year. However, it tends to dry up at those price levels once those buyers have sold and only picks up steam again when much higher new prices are achieved.
*Of much significance is a usual source of gold supply has dried up: official central bank selling. The European central banks were allowed to sell 500 tonnes per year, and then 400 tonnes per year, under back-to-back "Washington Agreements," which came into being in September of 1999 and 2004. However, their selling has been gradually drying up. Less than 150 tonnes have been sold this year and NOTHING of any note over the past six weeks. While fashionable to sell gold the past decade+, it is now seen as a sign of imprudence, especially as all these sales have been losers and the US is bent on "quantitative easing," and flooding the world with fiat dollars.
*This leaves the clandestine selling, and lending of gold by The Gold Cartel, which is The US government; various bullion banks like JP Morgan Chase; and other central banks like the Bank of England. The problem is The Gold Cartel is hitting the wall regarding tapping into available central bank supply. They are down to using either IMF or US gold to meet the increasing annual demand/supply deficit. This has put them under severe pressure as these gold sources are quickly depleting and cannot be sustained before President Obama’s term is over. (Yes, The Gold Cartel is pressuring the IMF to officially dump 400 tonnes of gold in the years ahead, but even if Congress approves the sale, the Chinese will likely take it all). The only questions are when, and how, does The Gold Cartel bite the bullet and let the price of gold rise sharply in order to allow "Sticker Shock" to slow down demand … in order to conserve whatever available gold supply the cartel has left. It is the ONLY way they can conserve some of their selling ammunition at this point, to prevent eventual financial market chaos. This is a reason gold has risen the past nine years DESPITE the presence of this Gold Cartel. But, now so many factors are going against them ALL AT ONCE! They CANNOT prevent the price of gold from rising to much higher levels and soon…eventually to $3,000 to $5,000 per ounce the way I see it.
At GATA’s African Gold Summit in Durban, South Africa on May 10, 2001 GATA consultant Frank Veneroso predicted The Gold Cartel would run out of available central bank supply in 7 to 10 years. Well, we are in the middle of that zone RIGHT NOW, with a confluence of factors all coming together, which ought to give us liftoff very shortly.
The Gold Cartel does not have enough available central bank gold left to ration growing demand at these price levels … not even close. It will take MUCH higher prices in the short term for them to even stay afloat!!! It will take $1500 gold to ration current demand, or clear the market, FOR STARTERS.
In addition to the very bullish demand/supply situation, there is another special factor which has recently crept into the gold arena…
GATA has long been concerned over dual ownership, or paper claims, over the same bullion. There has been a great deal of concern over this issue on certain ETF’s … especially the ones whose stewardship is led by bullion banks in The Gold Cartel, certain Mints/gold depositories, and in other bullion banks. This concern is suddenly spreading outside of The GATA camp….
*Recently, Greenlight Capital’s David Einhorn shifted his enormous physical gold holdings out of GLD to "bullion" ownership.
* Hong Kong is calling its gold home:
Hong Kong recalls gold reserves, touts high-security vault

In a challenge to London, Asian states invited to store bullion closer to home

By Chris Oliver, MarketWatch
HONG KONG (MarketWatch) — Hong Kong is pulling all its physical gold holdings from depositories in London, transferring them to a high-security depository newly built at the city’s airport, in a move that won praise from local traders Thursday….

*There has even been a hullabaloo of late about the status of Germany’s gold reserves. From a recent GATA missive sent out by GATA Treasury/Secretary Chris Powell:
Germany’s gold is in U.S. custody, Bundesbank confirms
International journalist Max Keiser has just posted a nine-minute documentary he has done about the British government’s gold sales that were begun in 1999 and now are disparaged as "Brown’s Bottom," after then-Chancellor, now-Prime Minister Gordon Brown, who decided upon the sales and remains unashamed that they marked the bottom of the gold market. Keiser’s documentary is based largely on an interview with Conservative Party opposition Member of Parliament Phillip Hammond, who is shadow chief secretary of the treasury and who remarks that the British gold sales seem to have been structured precisely to knock the price of gold down rather than to maximize the return to the British government. Hammond also wonders aloud whether "something other than achieving the best price" might have been the objective of the gold sales scheme.
But Keiser’s documentary may be sensational for getting an acknowledgement from the German central bank, the Bundesbank, that Germany’s gold reserves are actually in the custody of the United States. This is a detail the Bundesbank long has denied to others who have inquired and is potentially a matter of great controversy in Germany. It raises the question of whether the German gold reserves are actually intact at all or whether they have been used by the U.S. government as part of its long-time gold price suppression scheme or have been comingled and diminished with the gold reserves of other countries held in the United States.
While Keiser’s documentary does not identify the Bundesbank spokesman who confirmed the transfer of the German gold reserves to New York, it does provide the date and location of the confirmation: March 17, 2008, at Bundesbank headquarters in Frankfurt. The documentary shows that Keiser was there and got the interview.
After his interview at the Bundesbank, Keiser remarks: "The most fascinating thing I’ve heard is that all the gold in Germany is in New York." Indeed.
Keiser’s documentary is titled "Brown’s Bottom" and you can watch it at YouTube here:

An embarrassed US Treasury changed the nomenclature of all US gold to "Deep Storage Gold."
GATA has long claimed the 1700 tonnes of US gold reserves at West Point were swapped for Germany’s gold, which is why the US Treasury changed its nomenclature from "Gold Bullion Reserve" to "Custodial Gold" in 2000. The GATA camp caught this change and made a huge stink … so much that an embarrassed US Treasury changed the nomenclature of all US gold to "Deep Storage Gold."
There is too much smoke of late when it comes to concerns over gold ownership … from big league folks. Perhaps the biggest bombshell of all could eventually be from a massive melt-up due to the ramifications over this report and the huge gold derivatives positions held by JP Morgan Chase and others…
Beijing’s derivative default stance rattles banks

Mon Aug 31, 2009 7:42am EDT
* State-owned firms may default on commodity hedges – report
* Bankers dismayed, confused by report; seek more details
* Lawyers question legality of the move
* Traders suspect lurking losses may have prompted warning

By Eadie Chen and Chen Aizhu
BEIJING, Aug 31 (Reuters) – A report that Chinese state-owned companies will be allowed to walk away from loss-making commodity derivative trades provoked anger and dismay among investment bankers on Monday as they feared it may set a damaging precedent…

What makes GATA different is that we are the only activist organization in the gold industry … at least as far as anything that really counts. On December 18, 2008 I met with CFTC Commissioner Bart Chilton, and three others including their Senior Counsel, laying out GATA’s case in the process. Bart is unique in the bureaucratic world and a heckuva smart guy, but the bottom line is despite one on-going investigation in the silver market after another, due to the incredible concentrated short positions of a very few bullion banks, the CFTC does nothing and allows no public comment on this most critical issue re their hearings. Instead they muddle around about zip in the energy and grain markets.
GATA has been all over the manipulation of the gold/silver markets with the CFTC as long as Harry Markopolos tried to expose Madoff with the SEC … with a similar response. This lack of response to a decade of GATA’s efforts deserves serious media inquiry. THE PERFECT GOLD STORM
Add all this up and you have the recipe for the PERFECT GOLD STORM, one which will send The Gold Cartel reeling and the price of gold headed towards the moon.On January 31, 2009 GATA placed a $264,400 full-age color ad in the Wall Street journal titled, "Anybody Seen Our Gold?”

In this ad, we made the following statement:
"Gold’s recent price rise towards $900 shows the gold price suppression scheme is faltering. When it is widely understood how central banks have been suppressing gold, its price may rise to $3,000 or $5,000 or more."
It is only a matter of time and not so much time.
In addition to his role as GATA chairman, Bill Murphy has written about the gold market for the past 11 years at his financial market website,
He has also chaired three international gold conferences…
*The GATA African Gold Summit in Durban, South Africa on May 10, 2001.
*Gold Rush 21 in the Yukon’s Dawson City on August 8-10, 2005.
*GATA Goes To Washington in Arlington, Virginia on April 17-19, 2008.

He can be reached at or

La nueva moneda toma forma.

Posted in Uncategorized on octubre 3, 2009 by Ajmaknic

Nuestro corresponsal en Barcelona no envía lo siguiente :

09-09-09 Chau dólar .

Posted in Uncategorized on octubre 3, 2009 by Ajmaknic

UK Telegraph 9-9-9

UN wants new global currency to replace dollar

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.

By Edmund Conway, Economics Editor
Published: BST 09 Sep 2009

Comments |

A number of countries, including China and Russia, have suggested replacing the dollar as the world’s reserve currency

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.

Related Articles

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.


  • Every person who voted for BHO and that includes people who would have voted for him, have the " mark of the image of the beast". these people voted for him because they are spiritually dead. BHO is not a false prophet, he is "thee false prophet" and he will stick his hand from the rubble of the great United States of America and, point his finger to the Antichrist, leading the spiritually dead to receive the "Mark of the Beast". Those who prove their allegiance to the creators of the universe are about to become immortal. So lets pray for all those who hate America, Christians and the state of Israel, that they will come to the "saving knowledge of the truth" .So it is…

    on September 09, 2009
    at 09:13 AM
    Report this comment

  • Yes i can’t wait… the dollar as a world currency is a joke by far… move in Euro, let the Americans keep that waste of paper.
    AG Jenkins
  • on September 09, 2009
    at 08:15 AM
    Report this comment

    jay jay
    on September 09, 2009
    at 08:15 AM
    Report this comment

  • The un led us into this trap, it is a bankers plan. on paper we will all have to submit. We are the terrorists. the masonic founded state hood is now are demise, it is who we are. all along under god , is not the same god as our masionic leaders bow down to. He is amen, from egypt. Work hard in your mind , you will come alive, Jimi Hendrix, message to love/ message to the universe. Adonia’s eloheim is coming and is here and always has been!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    on September 09, 2009
    at 08:15 AM

  • AUDIT THE FED!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Write your reps . . . DEMAND they support Ron Pauls bill. . Or just continue being slaves
  • alex
    on September 09, 2009
    at 08:14 AM
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  • China has already outstripped the USA in almost every respect and is growing at 8-10% a year vs. 1-2% in the USA (if it’s lucky) and will be the world’s dominant economic power before 2020, so the whole world should switch to using a China-based currency (we can call it the "Chi", perhaps) right now to ease global trade. Abolish all currencies now, especially those like the US dollar which have become nothing more than untrustworthy Monopoly money.

    on September 09, 2009
    at 08:14 AM
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  • We already have a world currency.
    The world’s central banks hoard it.
    It’s called "gold".

    on September 09, 2009
    at 08:14 AM

  • Bretton Wood system has failed so miserably and yet now they are considering of returning to it again? CANT these people study the history and understand what went wrong? A true global reserve currency should be GOLD or any commodities which have quality of such. GOLD and SILVER have been the only money in which they are no liabilities to others and can function well in a free market. All Fiat Currency nonsense should stop here.

    on September 09, 2009
    at 08:14 AM

  • Lets say you own a country. And want a loan. Would you use collateral that comes with $12 TRILLION dollars of debt? Probably not.

    JC is right!

    OBAMA wants this and so does his administration. He plans on bankrupting the United States so he can move forward with his plans for a new currency and a new world order government. Who do you think would be the number one candidate to lead the New World Order? Who’s loved and admired around the world more than Barack Hussein Obama? Think about it for a minute. He’s part white, black, muslim, chrstian, radical, socialist, commie, kisses a$$er like, big gov, UN, global whining, invading private sectors, tax the rich, universal health care, carbon taxes, pro welfare state, no borders, no port security and can read off a teleprompter like no other…Yep, Mr. Barack Hussein Obama. Bill Clinton started it with Nafta, W. BUSH pushed for it (like no other) no borders security with AMNESTY and pushed for the Wow. Talk about fulfilling the Bible’s prophecy. It’s right in front of us – and we all know it. As long as the UK refuses to bow to the Euro – and America refuses to give up her dollar – there can be no global currency.. This confirmation, though, of the UN’s intentions is frightening!

  • bigskies
    on September 09, 2009
    at 07:08 AM
    Report this comment
  • Let me just say three things:
    When gold is at $5000.00 per ounce where do you think the dollar will be ?? The chinese do not want funny money. The only way out of the enormous debt burden we are being impaled with is though inflation. I think many people forget or did not live thru the 70’s. Fasten seat belts since that was just a appetizer.
  • Killing all the Jews would be a great start in fixing our financial problems. The Jews have been pillaging societies for way to long. Kill the Jews and solve the economic problems.

    on September 09, 2009
    at 07:01 AM

  • The dollar is finished as the world’s reserve currency just like GBP was finished at the end of the last century. Why should it be such a big deal, it will remain a very important trading currency, but not a reserve currency. This is good news indeed.
  • ipd
    on September 09, 2009
    at 07:01 AM

7-9-09 Bye bye dollar !

Posted in Uncategorized on octubre 3, 2009 by Ajmaknic

Chocolate por la noticia.
No mencionan el oro.

UN Says New Currency Is Needed to Fix Broken ‘Confidence Game’

By Jonathan Tirone
Sept. 7 (Bloomberg) — The dollar’s role in international trade should be reduced by establishing a new currency to protect emerging markets from the “confidence game” of financial speculation, the United Nations said.
UN countries should agree on the creation of a global reserve bank to issue the currency and to monitor the national exchange rates of its members, the Geneva-based UN Conference on Trade and Development said today in a report.
China, India, Brazil and Russia this year called for a replacement to the dollar as the main reserve currency after the financial crisis sparked by the collapse of the U.S. mortgage market led to the worst global recession since World War II. China, the world’s largest holder of dollar reserves, said a supranational currency such as the International Monetary Fund’s special drawing rights, or SDRs, may add stability.
“There’s a much better chance of achieving a stable pattern of exchange rates in a multilaterally-agreed framework for exchange-rate management,” Heiner Flassbeck, co-author of the report and a UNCTAD director, said in an interview from Geneva. “An initiative equivalent to Bretton Woods or the European Monetary System is needed.”
The 1944 Bretton Woods agreement created the modern global economic system and institutions including the IMF and World Bank.
Enhanced SDRs
While it would be desirable to strengthen SDRs, a unit of account based on a basket of currencies, it wouldn’t be enough to aid emerging markets most in need of liquidity, said Flassbeck, a former German deputy finance minister who worked in 1997-1998 with then U.S. Deputy Treasury Secretary Lawrence Summers to contain the Asian financial crisis.
Emerging-market countries are underrepresented at the IMF, hindering the effectiveness of enhanced SDR allocations, the UN said. An organization should be created to manage real exchange rates between countries measured by purchasing power and adjusted to inflation differentials and development levels, it said.
“The most important lesson of the global crisis is that financial markets don’t get prices right,” Flassbeck said. “Governments are being tempted by the resulting confidence game catering to financial-market participants who have shown they’re inept at assessing risk.”
The 45-year-old UN group, run by former World Trade Organization chief Supachai Panitchpakdi, “promotes integration of developing countries in the world economy,” according to its Web site. Emerging-market nations should consider restricting capital mobility until a new system is in place, the group said.
The world body began issuing warnings in 2006 about financial imbalances leading to a global recession.
The UN Trade and Development report is being held for release via print media until 6 p.m. London time.
To contact the reporters on this story: Jonathan Tirone in Vienna at
Last Updated: September 7, 2009 09:52 EDT