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.