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| Economy |
| Dollar Plunges After UN Call To Ditch Greenback |
| 2010-07-03 |
| The dollar plunged today following a United Nations report which called for the greenback to be replaced as the global reserve currency by the International Monetary Fund’s special drawing rights (SDRs). The dollar’s trend of moving inversely to the stock market has seemingly been snapped, with the Dow Jones falling over 100 points at one stage today. However, as soon as markets began to claw back losses, the greenback failed to follow suit, indicating that whichever way markets move, the dollar is in big trouble. The UN report called for “abandoning the U.S. dollar as the main global reserve currency, saying it has been unable to safeguard value,” according to Reuters. “A new global reserve system could be created, one that no longer relies on the United States dollar as the single major reserve currency,” stated the report, adding that this new system should not be based on a basket of currencies, but on IMF-controlled SDR’s. Following globalist moves to restore confidence in the single currency euro in the aftermath of the Bilderberg and G20 meetings, the concern has shifted from sovereign debt issues of countries like Greece and Spain, to the worsening state of the U.S. economy and the risk of a double-dip recession. In the immediate aftermath of the 2010 Bilderberg meeting in Spain, at which globalists resolved to save the euro from collapse in an effort to restore confidence in their ultimate goal of a global single currency, the euro began to make a recovery and today rose against the dollar by over 1.5 per cent. A cascade of negative U.S. economic data was released today, with job figures turning sour once again. “Jobless claims were a disaster, coming in at 472k, on expectations of 455k,” reports Zero Hedge. “The economy has now entered the “total freefall” area”. The dollar is being targeted for destruction because the financial terrorists who caused the economic collapse in the first place want to exploit the crisis in order to institute a new global currency issued by a global central bank. In May, IMF chief Dominique Strauss-Kahn told elitists in Zurich Switzerland that the introduction of a global currency backed by a global central bank would act as the “lender of last resort” in the event of a severe economic crisis, another lurch towards fascist centralization of power in pursuit of a system of global governance. Globalization itself is treason, it represents a takeover of the economy by offshore private interests. The implementation of global governance and a new global currency by these same criminals will be funded by the carbon tax that governments of major western nations are now trying to ram through, with Obama exploiting the BP oil spill for this very purpose. As Gerald Celente explains in the clip below, all major currencies are doomed in the long term, which is why many European countries are beginning moves to revert back to their pre-euro denominations. Alex Jones has been warning about the collapse of the dollar and its replacement with a global currency controlled by the new world order and funded through the carbon tax for years. The subject was covered in his recent films The Obama Deception and Fall of The Republic, both of which can be viewed in high-quality at Prison Planet.tv or purchased on DVD from the Infowars shop. |
| Posted by:gorb |
| #13 The day that the international drug cartels start refusing payment in dollars is the day that I worry about the status of the dollar. |
| Posted by: Shieldwolf 2010-07-03 18:51 |
| #12 Whiskey, sexy, fish-hooks and pencaillin |
| Posted by: Shipman 2010-07-03 17:10 |
| #11 I'm NOT a Goldbug, I think there's lot LESS than meets the eye here. Picture a disaster situation (Goldbugs claim universal liquidity) and some schmuck wants to buy half a cow for one small gold coin? The hell with him. I have no way of telling if the coin is even real, or a copy that's either plated, 14Karat or just not gold at all, My cow has value, the coin is a pretty and worthless Bauble, same with other Hoarders things like diamonds, I have no way to tell if that shiny rock is real or glass, the hell with you. Now I HAVE heard of worthwhile things that will have value, guns, ammo, such like that, now I DO have reloading equipment for all practical calibers, no.25 or 50 Cal but every thing else, now that's got trading value. |
| Posted by: Redneck Jim 2010-07-03 16:41 |
| #10 The UN report called for "abandoning the U.S. dollar as the main global reserve currency, saying it has been unable to safeguard value," according to Reuters. Looks like the UN have jumped on the gold-bug wagon. The buggies have been saying the same thing for years. From the Reuters link in the article: The report said a new reserve system "must not be based on a single currency or even multiple national currencies but instead, should permit the emission of international liquidity -- such as SDRs -- to create a more stable global financial system." "Such emissions of international liquidity could also underpin the financing of investment in long-term sustainable development," it said. Well I've got to admit that I've had a few Heineken's (well maybe more than a few) and as a consequence of said consumption there has been a degree of emissions of international liquidity down the dunny. Maybe if they are going to monetize it, I should bottle it. Probably make a fortune. |
| Posted by: tipper 2010-07-03 15:01 |
| #9 I know, maybe we should pay the UN in Zimbabwe dollars. |
| Posted by: crosspatch 2010-07-03 14:28 |
| #8 I'm putting all my greenbacks into Rupees or roofies i haven't decided yet. |
| Posted by: chris 2010-07-03 12:44 |
| #7 Just as the Euro is falling apart? Seems unlikely people would want to throw together another currency just now. |
| Posted by: rjschwarz 2010-07-03 12:15 |
| #6 I suggest that all the millions spent on the uncompensated healthcare and education for illegal aliens be deducted from UN dues and apportioned to the affected states. |
| Posted by: Glomock Tojo6610 2010-07-03 11:05 |
| #5 How about the US quit the UN and stop giving them all those greenbacks |
| Posted by: chris 2010-07-03 10:30 |
| #4 These pronouncements are for the benefit of George Soros and his little playmates, not for countries with functioning economies. I would say these pronouncements come from people with a flawed concept of economics - people like Ahmedinejad, Chavez and Mahathir - who believe that reserve currency status is a boon rather than a burden. |
| Posted by: Zhang Fei 2010-07-03 09:54 |
| #3 Piffle. When another currency is safer than the US dollar, international trade will automatically migrate there. After all, it used to be the British pound that was the standard. The U.N. doesn't have enough funds flowing through to make a difference, nor do the countries that would automatically follow a U.N. recommendation of this nature. So then, my dear friends at the U.N., pray tell us which currency is safer at the moment, and big enough to handle the quantity of international transactions: the British pound, the Euro, China's yuan, Japan's yen? These pronouncements are for the benefit of George Soros and his little playmates, not for countries with functioning economies. |
| Posted by: trailing wife 2010-07-03 09:31 |
| #2 While the tone is rather wacky, they get the basic points right. SDRs are currently just an accounting convention. The only thing you can do with an SDR is exchange it for a real currency. To turn into a real currency and enable it to be used for reserves, requires tax or other revenues, and carbon trading, until derailed, was to be the first UN revenue stream, ie global tax. Although they have lots of other proposals, tax on airline tickets, etc. |
| Posted by: phil_b 2010-07-03 08:43 |
| #1 Globalization itself is treason, it represents a takeover of the economy by offshore private interests. The implementation of global governance and a new global currency by these same criminals will be funded by the carbon tax that governments of major western nations are now trying to ram through, with Obama exploiting the BP oil spill for this very purpose. There, took awhile, but they got there. Altho Martian MI-6 are the real problem. |
| Posted by: Shipman 2010-07-03 07:35 |