Article

2010-07-03 Economy

Dollar Plunges After UN Call To Ditch Greenback

Archived material is restricted to Rantburg regulars and members. If you need access email fred.pruitt=at=gmail.com with your nick to be added to the members list. There is no charge to join Rantburg as a member.

Posted by gorb 2010-07-03 04:33|| || Front Page|| [11129 views ] Top

#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|| 2010-07-03 07:35|| Front Page Top

#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|| 2010-07-03 08:43|| Front Page Top

#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|| 2010-07-03 09:31|| Front Page Top

#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|| http://timurileng.blogspot.com 2010-07-03 09:54|| Front Page Top

#5 How about the US quit the UN and stop giving them all those greenbacks

Posted by chris 2010-07-03 10:30|| 2010-07-03 10:30|| Front Page Top

#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|| 2010-07-03 11:05|| Front Page Top

#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|| 2010-07-03 12:15|| Front Page Top

#8 I'm putting all my greenbacks into Rupees or roofies i haven't decided yet.

Posted by chris 2010-07-03 12:44|| 2010-07-03 12:44|| Front Page Top

#9 I know, maybe we should pay the UN in Zimbabwe dollars.

Posted by crosspatch 2010-07-03 14:28|| 2010-07-03 14:28|| Front Page Top

#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|| 2010-07-03 15:01|| Front Page Top

#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|| 2010-07-03 16:41|| Front Page Top

#12 Whiskey, sexy, fish-hooks and pencaillin

Posted by Shipman 2010-07-03 17:10|| 2010-07-03 17:10|| Front Page Top

#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|| 2010-07-03 18:51|| Front Page Top

23:43 49 Pan
23:41 chris
23:36 chris
23:24 chris
23:24 KBK
23:18 TEX
23:13 abu do you love
22:25 Eric Jablow
21:59 American Delight
21:56 Laura Lynn Hardy
21:55 Laura Lynn Hardy
21:53 Laura Lynn Hardy
21:51 Laura Lynn Hardy
21:47 Frank G
21:35 Pappy
21:20 lotp
21:10 gorb
21:05 Goodluck
20:53 gorb
20:45 3dc
20:39 Secret Asian Man
20:37 Deacon Blues
20:37 Barbara Skolaut
20:27 Secret Asian Man