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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

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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.

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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
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  • 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
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    jay jay
    on September 09, 2009
    at 08:15 AM
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  • 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
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  • 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


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