UN Wants to Stabilize Global Economy With One World Currency

This is old, but still interesting, and updated....

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Susanne Posel
Occupy Corporatism
May 18, 2012

The UN Conference on Trade and Development (UNCTAD) is proposing that the current system of world currencies and capital rules that govern the world’s economy need to be altered in order to stabilize our economic crisis.

The US dollar is the global reserve currency which means all other currencies used for trade must be transferred to their equivalent in US dollars before use as currency on the global markets.

UNCTAD issued a report which is the UN’s answer to this problem. They contend that a Bretton Woods – esque system of universal exchange would allow the central banks to intervene with support or downgrading of currencies already in use.

China, India and Russia and other members of the BRICs non-aligned nations are already using gold with equivalency of their fiat currency to trade amongst themselves for goods and services. This action is greatly affecting the US dollar as the global reserve currency.

UNCTAD wants to see those non-aligned nations, considered surplus nations, cut their imbalances, thereby taking the financial burden off of the UK and US as upholding the global reserve currency.

One way that is proposed by the report is to replace the global reserve currency with a global monetary system.

“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 American monetary policy has grossly distorted the global economy. The Federal Reserve’s restart called “quantitative easing” is simply a fancy way of saying the Fed will print fiat without precious metals to back it up. This effectively makes the money worthless, yet it is this fiat that is used to purchase government bonds.

Countries like China say that this practice forces their currencies to inflate because of fake foreign capital flooding into the global markets.

A great part of the world’s trade (as foreign-exchange transactions and reserves) are conducted in US dollars.

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Last Edited by CitizenPerth™ on 04/10/2014 08:04 AM