Monday, September 7, 2009

Dollar bashing

UN Says New Currency Is Needed to Fix Broken ‘Confidence Game’

Sept. 7 (Bloomberg) -- The dollar’s role in international trade should be reduced by establishing a new currency to protect emerging markets from the “confidence game” of financial speculation, the United Nations said. UN countries should agree on the creation of a global reserve bank to issue the currency and to monitor the national exchange rates of its members, the Geneva-based UN Conference on Trade and Development said today in a report.

Posted by flintster1994 @ 06:34 PM (815 views)
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7 thoughts on “Dollar bashing

  • Does this spell the end for Forex trading ?

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  • This is a nightmare becoming reality…

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  • Quote – “The most important lesson of the global crisis is that financial markets don’t get prices right,”

    So that’s the most important lesson? I’m sure there is a lot more to it than that. I’m sure if markets were truly free to adjust and correct, then the prices would be at some point be correct. Unfortunately continual manipulation and over reaction to any situation moves it further and further away.

    Who would ultimately have control over the new UN$ ?? Seems a recipe for disaster and control.

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  • Hmm sorry for my bad grammar, that last comment made more sense when I was thinking/typing it lol.

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  • How might the changeover work do you think?
    Would £100K, $NZ100K, $US100K be worth $UN100K? Or would an equivalent be calculated for each existing currency?

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  • @2

    The ‘SDR’ is going to replace the $ as the worlds reserve currency issued by Bank of International Settlements in Switzerland.

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  • Would anyone join a game of cards where the dealer could change the rules or increase and decease the stake at will? Erm, right.

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