Tuesday, September 08, 2009

UN wants new global currency to replace dollar

The New World Order's G-20 meets in Pittsburgh, PA - September 24-25, 2009
Pittsburgh, Pennsylvania will host the G-20 Summit September 24-25, 2009. President Obama will chair this meeting of leaders from countries around the world that represent 85 percent of the world’s economy. At the Pittsburgh G-20 Summit, leaders will review the progress made since the Washington and London Summits and discuss further actions to assure a sound and sustainable recovery from the global financial and economic crisis.

UN plans for new world monetary system have come too late

China's political elite alarmed by US money printing
"If they keep printing money to buy bonds it will lead to inflation, and after a year or two the dollar will fall hard. Most of our foreign reserves are in US bonds and this is very difficult to change, so we will diversify incremental reserves into euros, yen, and other currencies," he said.

Is this the death of the dollar?
First came a paper from Zhou Xiaochuan, the governor of the People's Bank of China (PBoC), a couple of months ago, positing the idea of introducing the special drawing right (SDR) – a kind of internal currency at the International Monetary Fund (IMF) – as an international reserve currency. These calls were then repeated, with more force, by the Russian president, Dmitry Medvedev, who last week declared that the world needed new reserve currencies in addition to the dollar.

China calls for the reign of the dollar to end
China has called for the eventual replacement of the dollar as the world’s reserve currency, in a sign of its growing concern about the dominant role played by the US in the global economy.

China may seek to diversify reserves, World Bank President Robert Zoellick says
The President of the World Bank has said that China may over time seek to diversify its vast foreign-exchange reserves but cautioned any change would not happen overnight.

World Bank President Robert Zoellick: CFR MEMBER, Bilderberger, former Trilateralist

2008 Council on Foreign Relations (CFR) Membership Roster

2008 Bilderberg List

Trilateral Commission List

No, for the worldly, in-a-state-of-denial, uninformed Christians, there's no New World Order global conspiracy – go back to sleep and wait for the Rapture, or the Concertina Wire.

Keep voting for the NWO Illuminati Establishment puppets that the Media and Vatican "front" organizations like National Right to "Life" [sic] tell you to vote for, like 33rd Degree Mason Bob Dole (1996), Masonic Skull and Bones member George W. Bush (2000), and CFR-member Fred Thompson and then CFR-member John McCain in 2008.

Watch and see if NRL's fellow Council on National Policy (CNP) Judas Goats like James Dobson (Focus on the Family) and Tony Perkins (FRC), et al. point the Christians in the direction of voting for 33rd Degree Mason, CFR-Member, Roman Catholic Newt Gingrich in 2012 (if we are still having elections) or pro-abort, pro-sodomite,false religionist [ Mormon ] Mitt Romney - perhaps even beginning at the Focus on the Family / FRC / NRL / Heritage Foundation, et al. un-Biblical, Ecumenical / Romanist, so-called "Voters Values Summit" in Washington, D.C. [
www.valuesvotersummit.org/ ] September 18-20, 2009.

Steve Lefemine
Columbia Christians for Life
September 8, 2009 / Revised September 9, 2009



UN wants new global currency to replace dollar

The dollar should be replaced with a global currency, the United Nations has said, proposing the biggest overhaul of the world's monetary system since the Second World War.

By Edmund Conway, Economics Editor
Published: 6:45PM BST 07 Sep 2009
[emphasis added]

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.

Although a number of countries, including China and Russia, have suggested replacing the dollar as the world's reserve currency, the UNCTAD report is the first time a major multinational institution has posited such a suggestion.

In essence, the report calls for a new Bretton Woods-style system of managed international exchange rates, meaning central banks would be forced to intervene and either support or push down their currencies depending on how the rest of the world economy is behaving.

The proposals would also imply that surplus nations such as China and Germany should stimulate their economies further in order to cut their own imbalances, rather than, as in the present system, deficit nations such as the UK and US having to take the main burden of readjustment.

"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 proposals, included in UNCTAD's annual Trade and Development Report, amount to the most radical suggestions for redesigning the global monetary system.

Although many economists have pointed out that the economic crisis owed more to the malfunctioning of the post-Bretton Woods system, until now no major institution, including the G20, has come up with an alternative.

Click here for a printable version of this report.

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