Isn’t this an organization that we spend millions of dollars supporting?
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.
Looks to me like the fall of the American empire continues. Whoever’s currency is the default world reserve currency has an advantage over the others. It’s been different currencies throughout history, if I recall my schooling correctly. If enough nations get pissed off at America taking advantage of its position, some other country gets to be the world currency… and at this point, I’m betting on China.
Fiat currency is backed by the “full faith and credit” of the issuing country.
China? hahahahahahahahah.
Petro Dollar Credits would make more sense, or as stated====cows.
and when the rest of the world says we will only take Geary-Khamis if you want to buy that food those gadgets or that oil you’d better get over to the currency exchanger i guess we will just pick up our ball and go home because we didn’t get to make all the rules like before
if the world ran on renminbi instead of dollars we would be pretty keen on changing it to an international standard
YAAAAWWWWWWNNNN. Pointless story of the day.
The UN Produces a thousand silly ‘reports’ a year. No one reads them or cares. They don’t have any power. The UN can tell China to stop abusing prisoners, or tell the U.S. it’s currency shouldn’t be a world standard. It only works if the parties involved AGREE to it. It’s just a standards body, has and has no authority unless the parties involved all agree. YAWN.
Yeah, one world government…sure! Anyone see Saudi Arabia, China, Canada, Israel and Egypt AGREEING to use the same currency and adopt the same laws any time soon? LOL LOL LOL
#37 – pedro
Do you live in Venezuela? If yes, why aren’t you on the barricades to overthrow this commie bastard?
It’s inevitable, the US Dollar will be replaced as a key element in world trade. Then oil, gold and trade itself will be valued against another currency. The effect will be profound, for the USA. Foreign trade will not require the purchase of US dollars, drying up the endless supply of foreign states willing to buy leveraged treasury certificates.
Certainly makes sense. We gave up our manufacturing capacity to the world so we now have to depend on other countries to loan us money to buy their goods.
That worked just great when America had credit to burn. What now?
We can’t dictate much when we are dependent on rich countries in the world to sustain our spending by loaning U.S. more and more.
If the Chinese, OPEC Nations, EU, Russia all decide that their reserve currency should be backed by another currency, what can we do?
It’s not like we can make anything for ourselves or to offer goods in trade.
Do you think they trust our intellectual talents, think again. They see us as more of a con-artist, offering little to nothing of value. Between IRAQ and Wall-Street’s fiasco, USA has lost it’s creditability with the world.
What is that saying; Teach a country to manufacture and you feed that country for a lifetime. Except we taught countries to manufacture by off-shoring our capacity. Leaving ourselves starving and wanting.
Pisses me off that our elected politicians never saw this coming, or if they did, they ignored it while they where getting handsomely rich.
[What do you mean, “we?”
– ed.]
#41 – pedro
Fair share = 15 minutes?
# 43 Jägermeister,
“#41 – pedro”
Huh?? Me no get!
#44 – noname
The editors approved someone’s post and it screwed up the numbers. ¿Comprende?
The dollar is falling and has been for what? 9 years? To much paper backed by nothing and you end up with money that is worth what you get for it when you recycle which isn’t much and both parties have been working on that.
That is why a lot of people are investing in commodities.
@bobbo, not an economist.
You’ve made it painfully clear that you understand nothing about economics. Stop spouting your one world government bullshit.
The only 1 world money we should have is gold, the only reason gold isn’t the standard for a world currency is because governments all over the world have banned it’s use as money. The world is swimming in paper money, meanwhile gold is and has outperformed all currencies despite the fact that it isn’t officially money anywhere in the world. thats odd.
Any other fiat currency controlled by a central world bank would be horribly abused. How the hell can you possibly hold a world bank accountable? We are having a hell of a time holding the god damn federal reserve accountable. They’ve been running in secrecy “for our own good” and if you think a world bank would somehow be any better then you are foolishly naive.
Why does anyone think it would be a good idea to have a government monopoly on money.
AUDIT THE FED.
Allow any and all currencies to compete.
END THE FED.
??????
Profit.
# 45 Jägermeister,
Ja, jag tror jag förstår, kanske
Give it a century and maybe, maybe, things will change. In the meantime, this is the UN looking for an angle to tax the world. I suspect with Carbon Credits, they have already won that fight….
Oh boy…
First, “Isn’t this an organization that we spend millions of dollars supporting?” it is your share that you are supporting and in relation to other country, it was maxout to 22%, so in theory, you should be paying more, but since the U.N. doesn’t want to be controlled by anyone, they cap countribution.
Second, the US is always late in making his payment when they get the bill. I would rather have a “tennant” that pay every months than one who is late, break things up and ask for fixing it for themselves.
Third, about bob the clown who said using gold would not be fare because you would have a country making money by digging up something from the ground… well, I guess oil does not count.
Go back watching Fox News…
# 11 filosofixit said, “[Norwegians]…are the 5. biggest contributor to the UN… ” Well, I won’t argue with you but you need to argue with Wikipedia which says France is in 5th place and doesn’t mention Norway in the top ten.
Yes, the US owes money which it has mostly refused to pay for political reasons. But USA is STILL the major financial supporter of the UN. Personally, I’d like to see us paying even less. The UN is a corrupt drain on taxpayer money everywhere. I have worked for UNICEF, WHO, UNDP, UNHCR and I can tell you they are the worst bureaucrats in the world.
I certainly want them to control the world economy.
Short the USD Index, China is selling the USD.
The USD is going to get hammered over the next few years unless the Gov has the balls to crank up taxes or make huge spending cuts. I don’t see either happining. So they will inflate thier way out of the staggering debt load.
I have no issues with using something other than the US dollar as the main currency of the world.
The only people that would complain about using something else are US citizens just now waking up to the fact that they are fast becoming as relevant as the British Empire became after WWI. Back then the life’s blood was the Pound Sterling.
Cursor_
#48 – noname
Bra jobbat. 😉
Clearly the world community has lost confidence in the dollar. The fact that it’s the official currency for the oil market has exasperated the problem. People don’t want to pay more for their fuel and energy, just because some foreign nation has economic problems. For the nations outside the US the impression is that the current crisis is of US origin, and that they’re being dragged in. So yeah, sooner they insulate themselves from the US the better off they will be. So much the worse for a floundering US economy. Hmmmn, so much for the success of the model of greed.
considering the planned USD devaluation is underway, cant blame them.
the USD hit 76.xx a little while ago.
think about all those countries holding billions of T-Bills watching their $$ evaporate in front of their eyes..and the news administration’s actions prove that it will only get worse..
sure the UN is corrupt, but no more than our government is..
anyway, this is all part of the NWO plan anyway..so no big surprise.
-s
With Obama, Pelosi/Reid and the Fed driving the dollar off the cliff by printing money, I don’t blame people for wanting to get off the bus.
Obama called Bush’s need to raise the debt limit a “failure of leadership” and he was correct.
But now, Obama and the Democrats have gone insane with spending and debt.
# 23 bobbo, not an economist:
“Does it make sense to you that a here to fore dirt poor country with no resources, technology, or modern world skills should become rich because they dig something up out of the ground? Does that make sense to you?”
You mean like, for example, petroleum?
“Better to have wealth based on the number of cows you have. Food–real intrinsic value.”
I see no difference between the two. Whatever it is, it’s worth what you can sell it for: gold, cows, petroleum, cheap labor (laborers), expensive labor (doctors, scientists), washing machines, airplanes or computers, it’s all barter and trade. The difference is, the countries that export manufactured goods such as the washing machines, airplanes, computers and expensive labor benefit themselves economically more widely than those where the source of the wealth is just dug out of the ground (usually by foreign companies).
We’re all just stumbling around in the dark trying to figure this stuff out. Economics is not a science; it’s a descriptive discipline, like botany used to be before biochemistry came along.
Anyway, I think we should call it the “UNO!”
UNO! Pronounced YOU’-know.
The dollar was at one time based upon gold.
32 of those dollars would buy an ounce of gold from Fort Knox. But only if you were a foreign government. US citizens carried paper dollars around that were called silver certificates, before the godly group started putting their propaganda on them. Larger bills were federal reserve notes and represented gold.
Then a Frenchman named Degaulle whose country was in need of a few bucks, repaid the U.S. for saving his ass in WWII by exchanging his dollars for gold, which was then sold on the open market for the then current price of 108 dollars. After his bleeding of our gold reserves, the country stopped backing it’s money with gold. It helps to understand the why and how without the propaganda.