Skip to comments.UN calls for new reserve currency
Posted on 10/06/2009 10:32:16 AM PDT by djf
ISTANBUL The United Nations called on Tuesday for a new global reserve currency to end dollar supremacy which has allowed the United States the "privilege" of building a huge trade deficit.
"Important progress in managing imbalances can be made by reducing the reserve currency country?s 'privilege' to run external deficits in order to provide international liquidity," UN undersecretary-general for economic and social affairs, Sha Zukang, said.
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No shooting. But I call for the UN to move its headquarters to Caracas.
Seigniorage as a tax
Seigniorage can be seen as a form of tax levied on the holders of a currency and as such a redistribution of real resources to the issuer.
I'll 2nd that.
How about they try the Zimbabwe Dollar and see how that works out for them!
This is war on the USA.
This is not about the reserve currency, this is about attacking the USA. This would be done even if the Obama-idiots were not in charge.
I think Obama likes both ideas.
A reserve currency is supposed to be stable and backed by a country that can be relied upon to fulfill its obligations. Would you trust any other country that is running up debt like the U.S. is today? Would you put your faith in a country lead by the likes of BHO?
Sorry (really, and truly sorry), but the U.S. is doing this to itself.
Please see what I wrote on this thread:
Dear United Nations:
Go f##k yourselves.
If the dollar isn’t good enough, we will gladly stop forcing them on you.
Out of all the industries, I would say that the financials are the only ones that come close to lawyers, double-speak wise.
I read alot of financial blogs, and practically every day you hear stuff like “The increase in demand was reduced on Tuesday...” and then you sit there scratching your head thinking WTF did they really say??????
>> “Important progress in managing imbalances can be made by reducing the reserve currency country?s ‘privilege’ to run external deficits in order to provide international liquidity,” UN undersecretary-general for economic and social affairs, Sha Zukang, said.
You don’t think the CHINESE undersecretary-general might have a hidden agenda there... do you?
Nah. They’re UN diplomats; their track record of integrity is unassailable. How could I even think that.
I second that motion. De-fund their sorry tails. Time to create a league of democracies or just work with individual allies and be done with the dictators’ debating society and money pit. Why pay for a bunch of tin horns and parasites to conspire to bleed off the fruit of our toil and enterprise?
Also, we need to DRILL BABY DRILL and move to become at least energy neutral (create as much as we use - buying and selling OK).
“...new global reserve currency...”
Such as ... gold?
A world currency war......and a inept president, god help us.
Well, lets be honest here.
IF the US had a balanced budget, or better yet, a surplus
AND interest rates were higher
AND the US hadn’t pretty much gutted it’s manufacturing sector
AND the total M3 was heading down
THEN it might be a good investment for foreigners to buy Tbills and bonds.
We have a huge deficit.
Interest rates are near zero.
The job numbers keep getting worse.
Government just keeps spending way more than it takes in, it’s basically manufacturing money.
I’m just calling it like I see it...
Any and all members of the UN can freely start using the Chicoms Yuan. I do believe if they choose to use it they may be a bit nervous regardling the absolute opacity that is the Chicom banking system. Just sayin. I really don’t want foriegners using dollars if they prefer to use euros, yuans, marks, francs, etc. Pick you poision folks, just don’t complain when you’ve been biten.
Soybeans... gold... cotton... who knows?
Like it or not, it’s gonna happen.
>> IF &etc THEN it might be a good investment for foreigners to buy Tbills and bonds. BUT...
I hear you, FRiend... yet Treasuries, particulary short term treasuries, are oversubscribed.
Why is that?
F&^% the UN.
But is not the Federal reserve able to bid it up to wherever they want? They’ve been doing alot of the buying...
>> [The Fed has] been doing alot of the buying...
Not at the short end. *That* money is coming from somewhere else. Where? And why?
I don’t know much about the intricacies and shenanigans they are up to.
Remember, these guys can make David Copperfield look like a piker!!
I just try to watch the fundamentals.
>> I just try to watch the fundamentals.
Not meaning to belabor the point, but what happens with Treasuries IS one of the “fundamentals”, IMO.
Like you, I’m just trying to make sense of it all. Without much success, I’m sorry to report.
I'd go one further, it is a war on the sovereignty of America. An attempt to pull us into a one world governance.
The cabal(s) that are behind all this known damn well that our nations constitution MUST be destroyed through any means possible if a one world currency and governance is to take place.
In short, American nationalism and world dominance must be destroyed.
Well, any time they sell a Treasury, doesn’t that basically mean they spent more than they had and have to fund the shortfall?
That’s about as fundamental as I can see it, and it’s not good not matter what the rate is...
But maybe I’m wrong, wouldn’t be the first time!
>> Thats about as fundamental as I can see it, and its not good not matter what the rate is...
There are two somewhat separate issues here.
One, “Do investors view treasuries as a safe investment? If so, why?”. My posts have been speaking to only this issue.
Two, “Does the US borrow too damn much money?” I would have to agree with you and say, “Hell YES it borrows too much”.
If we defund the UN, and stop all aid to other countries immediately (military or otherwise) we ought to be able to fix our financial problems pretty quickly.
Well, except for that health care thingie...
Congress is hell bent on giving away money it doesn’t even have.
That’s what gets them re-elected...
I’ll third it.
That’s true...but...if we suddenly stopped giving dollars to the UN, they’d probably change their tune.
Why? We are on the same level with them now. OStalin is planning to remake the USA in the image of old Soviet Union, Cuba, present North Korea and Venezuela.
I think congress needs to get a little more deadlocked about payments to the UN.
And they are doing this because they know we have a loser and a wimp for a prez.
Get the liberals out of power NOW!!!
Screw the new world order.
SDR’s. been in existence since bretton woods. it’s a done deal.
The enemy is not just those outside this country.
We have plenty of Americans that hate America.