New UN Report Urges World to Ditch US Dollar as Reserve Currency

Stacy Summary: UN report urges ditching dollar as reserve currency and replacing with something like SDR, with no gold included in basket. Here is the full report, still reading it but they seem to slam globalization as well in section 5.

73 comments on “New UN Report Urges World to Ditch US Dollar as Reserve Currency
  1. frances snoot says:

    The UN slams globalization outside the context of their privileged index:

    “The most feasible reform in this regard may be to broaden existing SDR arrangements which, over time, could gradually evolve into a new and widely accepted international reserve currency. Such a gradual transition would be more broadly acceptable politically besides being less disruptive. Monetary authorities could deposit part of their official reserves in a special account at the IMF denominated in SDR. This would help promote a greater role for SDR as a reserve currency and more effective reserve management at the global level, as it would allow central banks to diversify out of dollars without causing sharp exchange-rate swings.

    International policy coordination among the IMF, governments, banks and non-financial firms is necessary to reach a certain critical mass for the development of a deep and liquid SDR market attractive for central bank reserves. Moreover, the feasibility of the SDR as a reserve currency would require a settlement system between the SDR and national currencies to make the unit an acceptable means of payment that facilitates the direct exchange of SDR claims, not only into dollars, but into all participating currencies.

    In addition to their potential role as the eventual centre of a new reserve currency arrangement, SDR could also become a source for development finance. By pooling their reserves, countries could reduce their own needs for holding reserves and free up resources for domestic investment. The reserve pool could also be used to leverage resources for development financing (e.g., by issuing SDR-denominated bonds).”

    http://www.un.org/en/development/desa/usg/statements/international-monetary-committee.shtml

    Development financing through UN appropriated funding as seen in Clinton’s involvement in Haiti through World Bank development arms.

    A new type of globalization strictly privileged for UN functionaries (aka world bank elites).

  2. Brandon Sanks says:

    It wouldn’t work without gold, it never has. The system since 1971 hasn’t worked and neither would this UN coup. I say get rid of this relic regime called the UN. What is the purpose of it?

  3. frances snoot says:

    The IMF offered sdr-denominated bonds, but only to those with access to the sdr unit. That unit is at the heart of globalization as seen through the G20 auspices.

  4. frances snoot says:

    What is the purpose of it?

    http://www.youtube.com/watch?v=X2Q1DKwPViQ

  5. snoop diddy says:

    It might be too early for gold as far as they’re concerned but that’s where the trend is and will continue to be with any new completely backed fiat SDR just a foot in the door as far as moving the power centre away from the USD.

    Anyway, thanks for posting @Stacy, something to have a good read of so I off I go…

  6. gachann says:

    what would be the ramifications for Gold? And isn’t this a virtual currency that they are proposing? At any rate the mere challenge to dollar supremacy is quite revolutionary as a topic for conversation. The rest of it I haven’t a clue about since there are no less than a couple dozen variables involved and i am just not that intelligent to comprehend the hows and whys.

  7. Rex Kramer says:

    French public debt has soared to 80.3 percent of its gross domestic product in the first quarter of 2010, invoking the specter of a Greek-style financial breakdown.
    Full story here: http://www.presstv.ir/detail.aspx?id=132810&sectionid=351020603

  8. gachann says:

    Stacy or anyone tell me what will happen to the price of Gold if they try and introduce SDRs this fall without gold backing?

  9. MirrorMirror says:

    Anna Chapman video before ‘Russian spy’ charges

    http://www.youtube.com/watch?v=Os8vg8vEM5k

  10. F. Beard says:

    Anna Chapman video before ‘Russian spy’ charges MirrorMirror

    Free Anna Chapman!

    Now, where is that Russian Bride magazine?

  11. alister says:

    To context this amalgamation of opinions one must at least examine the basic biographies of its authors

  12. MirrorMirror says:

    Time to shut down the US Federal Reserve?


    Like a mad aunt, the Fed is slowly losing its marbles.

    Kartik Athreya, senior economist for the Richmond Fed, has written a paper condemning economic bloggers as chronically stupid and a threat to public order


    …The 20th Century was a horrible litany of absurd experiments and atrocities committed by intellectuals, or by elite groupings that claimed a higher knowledge. Simple folk usually have enough common sense to avoid the worst errors. Sometimes they need to take very stern action to stop intellectuals leading us to ruin….

    elite groupings that claimed a higher knowledge.

    … who think they’re doing G*d’s work !
    ;-)

  13. F. Beard says:

    To context this amalgamation of opinions one must at least examine the basic biographies of its authors alister

    Does that mean the Queen of England has an opinion worth listening to? By that standard many of the Hebrew Prophets were nobodies. Truth is where truth is and is no respecter of persons.

    Too bad for you Mac, but the English class system has little traction in the US.

  14. alister says:

    ps – are you open society employees?

  15. MirrorMirror says:

    Ex-MI5 agent: Russian spy ring story pure propaganda

    Moscow and Washington say they hope FBI arrests of alleged Russian agents will not affect relations between the two. The controversy comes just after a meeting between the U.S. and Russian Presidents. Former MI5 officer Annie Mashon says an inside game among U.S. intelligence agencies could be behind the timing of these arrests.

    http://www.youtube.com/watch?v=mxbPHgkSAxA

  16. F. Beard says:

    ps – are you open society employees? alister

    Never heard of it. Are you a Brit?

  17. F. Beard says:

    Former MI5 officer Annie Mashon says an inside game among U.S. intelligence agencies could be behind the timing of these arrests. Mirror^2

    Pathetic and not worth the life of a naive Russian girl.

  18. MirrorMirror says:

    More on Annie Machon … and Blair !!

    http://keeptonyblairforpm.wordpress.com/2009/07/20/the-desperately-sad-situation-of-ex-spy-david-shayler/

    I’m in Düsseldorf quite often … may keep an eye out for her.

  19. paganrongs says:

    looks like you were right all along, Snoot

  20. Happy Dick says:

    off topic … BP workers may face very shortened lifespans from chemical exposure. Listen to this short vid.

    http://www.youtube.com/watch?v=eRrbqBEGxiw&feature=player_embedded

  21. Happy Dick says:

    fyi … diet affects chance of developing oldtimers desease.

    http://www.naturalnews.com/029095_Alzheimers_olive_oil.html

  22. Dedo says:

    @Frances,…..It’s amazing how most folk rely on the talking heads, to confirm something you’ve been explaining for,…hmmm ,…zzzzzzzzz
    a long, long,..long time,………: )

  23. Danny says:

    I thought no-one could out-shout “shouty” Max Keiser. Oh, boy, a view into the madhouse.
    http://www.youtube.com/watch?v=-CzcuynjX1Y&feature=player_embedded

  24. Happy Dick says:

    @frances

    The IMF has the ability to hold the world under the pressure of accepting the SDR. Do the have the power to carry through with this ultra end-all global currency. I see massive enslavement of people.

    Civilization is measured on how well we treat our animals, and the way they are raised and slaughtered in a factory like cookie cutter format,does not bode well for humanity. Think I read this from Ghandi some time ago.

    The IMF aligned with the UN is setting up the ranch for efficient harvesting.

  25. frances snoot says:

    @Dedo:
    Here are some professional regurgitators that WON’T put you to sleep!

    http://www.wunderkabinett.co.uk/damndata/index.php?/archives/2007/10/C3.html

  26. frances snoot says:

    “The IMF has the ability to hold the world under the pressure of accepting the SDR. Do the have the power to carry through with this ultra end-all global currency”

    But Mousie, thou are no thy-lane,
    In proving foresight may be vain:
    The best laid schemes o’ Mice an’ Men,
    Gang aft agley,
    An’ lea’e us nought but grief an’ pain,
    For promis’d joy!

    http://www.electricscotland.com/burns/mouse.html

    http://www.merriam-webster.com/netdict/askew

  27. frances snoot says:

    @Paygonewrong:

    That air Steller ain’t right bout nothin’. She’z touched-in-the-head, thinkin’ this-n-that-n somesuch. Ain’t nothin’ but poet-tree.

    Cleetus CFA

    Y’all needin’ to know somethang, just ask! I done wrote the book on knowin’ thangs.

  28. frances snoot says:

    @Happy:

    “I’m truly sorry man’s dominion Has broken Nature’s social union, An’ justifies that ill opinion Which makes thee startle”–Burns.

  29. frances snoot says:

    Ain’t airybodee gonna ask me noth-ung?

  30. alister says:

    alex jones is a project to create and or accentuate division in american society. it’s leaders don’t want an unmanageable, chaotic society drowned in fear. alex jones is a huge distraction

  31. F. Beard says:

    Ain’t airybodee gonna ask me noth-ung? frances snoot

    Why is there anything?

  32. alister says:

    ps @ F . Beard

    i have no understanding of what you mean, i was speaking about the listed authors of the report

  33. frances snoot says:

    @FBeered:

    I do say “Frances Snoot” but it be me that asked.

    Cleetus with a C

  34. F. Beard says:

    “i have no understanding of what you mean, i was speaking about the listed authors of the report” Alister

    My apologies then. Sorry.

  35. F. Beard says:

    I do say “Frances Snoot” but it be me that asked.

    Cleetus with a C Cleetus

    Sorry Cleetus. I done messed up.

  36. doomandbloom says:

    more conspiracy news…..looks like they were delayed in implementing a single currency…

    http://www.illuminati-news.com/pdf/DialogueWithHiddenHand-WesPenre.pdf

    “Unless any unforeseen disruptions delay it’s announcement, there will be a new currency by the end of 2008 / early 2009, along with a new Union of nations. January has been spoken of in some circles, as the latest, though there are plans underway which could even bring this to fruition much
    earlier than initially hoped for. It depends upon the results of other upcoming events as to how this will play out. I am not high enough up the Hierarchy to know the intimate details of the dates and times that far in advance. There is a ‘tree system’ in which such knowledge is passed down, as and when it becomes ‘need to know’. I would be considered to be a “Regional” leader. Above me, are National and International”

  37. ronron says:

    so the un has put this out for consumption. they talking there book? is that a curve in the road up ahead? gold getting away on them? anybody in europe gonna oppose this? @Snoot. a few questions.

  38. MirrorMirror says:

    UK : £5 note-only cash machines may aid debt management

    http://www.moneydebtandcredit.com/iva-news-article/5-note-only-cash-machines-may-aid-debt-management-577.aspx

    Rather ironic, that Germany installs Gold-Coin machines instead !
    ;-)

  39. frances snoot says:

    Look carefully at Obama’s speeches for clues, ronron. That bit about flexible exchange rates was a give-a-way that the time is arriving for the shtf.

    Obama is the oracle: a bird in the tree.

  40. MirrorMirror says:

    It just gets better ….

    McChrystal Affair Proves Why U.S. Needs Draft

    http://www.globe-democrat.com/news/2010/jun/29/shields-mcchrystal-affair-proves-why-us-needs-draf/

    … NOT !

  41. ronron says:

    anyway, who has veto rights within the UN.

  42. ronron says:

    @Snoot. right but if the US does not veto this, the cat’s out of the bag.

  43. frances snoot says:

    @ronron:
    The vote isn’t happening, ronron. The sdr-system is operational; the dollar-system is superfluous to the function of primary profit. They merely snap the whip.

  44. Happy Dick says:

    @frances

    some mice will survive, hard times are commin

    Thou saw the fields laid bare an’ wast,
    An’ weary Winter comin fast,
    An’ cozie here, beneath the blast,
    Thou thought to dwell,
    Till crash! the cruel coulter past
    Out thro’ thy cell.

  45. MepK says:

    In the ADK mountains on a little camping trip… Had to drive 20 miles to get cell reception and check messages. So just wanted to say hi. We picked up Alex jones on the shortwave radio here. Was the first tine my husband heard him and he was terrified by AJ. Lol.

  46. Happy Dick says:

    @frances … the December winds are cold and sharp, you see spring commin or not?

  47. ronron says:

    @Snoot. how can it get anymore criminal than it is now? is there not a place to far?

  48. frances snoot says:

    http://www.mlahanas.de/Greeks/Mythology/RM/PersephoneLeighton1.jpg

    Always lingers
    In the mind
    Whispers anguished
    Hope sublime.

  49. Happy Dick says:

    @ronron .. how can it get anymore criminal

    Ya really! The system treats us like an animal “pigs on the wing”

    http://en.wikipedia.org/wiki/File:PinkFloydPig_Animals.jpg

  50. frances snoot says:

    ronron:
    It grows more efficient.

  51. nama rama says:

    “It grows more efficient”

    shiver.

  52. Historical Fact says:

    Why give credence to anything the UN says. Seriously… they’re an organization composed largely of non-democratic nations.

    The idea of the UN is a good one, but it’s a miserable failure in practice. We need a council of democratic nations.

  53. Mother Earth says:

    It seems to me Germany is spearheading a China friendly strategy that is bearing fruit in our country as well..

    The Dollar reserve currency is a myth in the process of being busted..Any new reserv currency must have some real bartering power, it has to keep people alive. As this is a problem for all currencies under the currend energy squeeze any new one (methinks) can’t be fiat. It has to be oil or gas or energy production capacity, this is what the e-companies expect as they build the new smartgrid banking structure..

    @Snoot

    Like the king asked the jewish rabbiin the old testament..Explain the dream I had yesterday (and like the king I won’t tell you what I dreamt)..

  54. Gordo says:

    the UN is pretty much powerless if certain powers decide not to go along

    the US for one example?

  55. Did anyone else notice that the NA markets started tanking as soon as Gary Cohn of Goldmung Sucks started speaking at the AIG/GS hearing???

    :twisted:

  56. flicks says:

    Don’t know if anyone has posted this :-

    http://www.bbc.co.uk/blogs/thereporters/robertpeston/2010/06/crackdown_on_hedge_fund_pay.html

    Hopefully they will all piss off from London

  57. MrGAB4444 says:

    good work, YOUR ON A ROLLL!!!!!, NO SLEEP!
    SAVE US !

  58. GGees says:

    The UN is run by the veto powers

  59. GGees says:

    Whatever reserve currency is issued if its debt based then nothing changes. If it requires interest payments then nothing changes, if its owners are private then nothing changes—we still screwed

  60. GGees says:

    Economists sees the environment as a subsystem of the economy, rather than the other way around. In other words, economists are trained to believe that natural resources come from “markets” rather than the “environment”. The corollary is that “man-made capital” can substitute for “natural capital”. But the First Law of thermodynamics tells us there is no “creation” — there is no such thing as “man-made capital”. Thus, ALL capital is “natural capital”, and the economy is 100% dependent on the “environment” for everything.

    We so fcked up lol

  61. GGees says:

    ENERGY IS the capacity to do work (no energy = no work). Thus, the global economy is 100 percent dependent on energy — it always has been, and it always will be.

  62. GGees says:

    Economic students are taught that banks “create” money every time they make a loan, and that the economy is powered by money instead of energy. The juxtaposition of these two data (the first is true, the second is false) leads even Nobel Prize-winning economists to conclude they have discovered a perpetual-motion machine!

  63. GGees says:

    And finally;

    “The problem is, of course, that not only is economics bankrupt but it has always been nothing more than politics in disguise … economics is a form of brain damage.”
    — Hazel Henderson

  64. GGees says:

    That about does it for SDRs and any other BS money system

  65. Check out this chart that is being debated at the AIG/GS hearing
    http://www.fcic.gov/hearings/pdfs/2010-0630-chart-derivatives-counterparties.pdf

    The GS boyz are trying to say these MASSIVE deals weren’t as risky as the paltry $23Bn deal with AIG

    :lol:

  66. frances snoot says:

    You forgot to mention the tidy exchange rate profits made by the monetary authorities, Geez. Don’t you think they manipulate exchange and then pay the press to cover the difference?

    That is the heart of the ponzi: control of exchange through a global trade indexed monopoly (at present the sdr index)- they shared a bit by allowing us viable currencies.

    The dollar just helped things along.

  67. frances snoot says:

    As long as the monetary authorities (as represented by the G20) maintain that global trade hegemony, the game is their own.

    Why the absolute lack of attention on global trade or exchange rates? These two areas are under the most attention of the G20 at present.

    Why the stories about ‘honest money’ and ‘sovereignty’?

    Because it serves the purpose of the monetary authorities at present.

    That is why Obama’s inclusion of the “necessity of flexible exchange regimes” (aka China) was so damned noticable (in his letter to the G20-copyright to Reuters-hahaha).

    It stood out like a red flag.

  68. frances snoot says:

    The thesis is not gold: the antithesis in not sdrs. The two work in tandem to bring into operation the multilateral exchange system. Gold keeps liquidity of domestic currencies static. SDRs are expanding for global trade liquidity.

    The thesis is freedom of the individual; the antithesis is authoritarian capitalism. There is no synthesis: only death.

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