0
   

UN calls for scraping dollar

 
 
Reply Tue 29 Jun, 2010 11:54 pm
UN calls for scraping dollar

Wed, 30 Jun 2010

A UN report released on Tuesday calls for abandoning the US dollar as the main global reserve currency to achieve greater stability in the world financial system.

"The dollar has proved not to be a stable store of value, which is a requisite for a stable reserve currency," said the World Economic and Social Survey 2010.

The use of the dollar for international trade came under increasing scrutiny when the US economy fell into recession.

The report said a new global reserve system should be created, which "must not be based on a single currency or even multiple national currencies." Instead, the report advocates using assistance from the International Monetary Fund to create a standardized international system for liquidity transfer.

The report added that developing countries have been hit hard by the US dollar's loss of value in recent years.

"Motivated in part by needs for self-insurance against volatility in commodity markets and capital flows, many developing countries accumulated vast amounts of such (US dollar) reserves during the 2000s," it said.

Nobel Prize-winning economist Joseph Stiglitz, who previously chaired a UN expert commission that considered ways of overhauling the global financial system, has advocated the creation of a new reserve currency system.

Russia and China have also supported the idea.

AS/MMA

http://www.presstv.ir/detail.aspx?id=132688&sectionid=3510213
  • Topic Stats
  • Top Replies
  • Link to this Topic
Type: Discussion • Score: 0 • Views: 782 • Replies: 2
No top replies

 
contrex
 
  1  
Reply Wed 30 Jun, 2010 12:50 pm
Way to leave out "...as as the main global reserve currency" from your title. Many big economies are switching from using the USD as a reserve currency.

Also "scrapping" has two letter 't's.
contrex
 
  1  
Reply Wed 30 Jun, 2010 03:31 pm
@contrex,
contrex wrote:
Also "scrapping" has two letter 't's.


That's two letter 'p's Embarrassed
0 Replies
 
 

Related Topics

Obama '08? - Discussion by sozobe
Let's get rid of the Electoral College - Discussion by Robert Gentel
McCain's VP: - Discussion by Cycloptichorn
Food Stamp Turkeys - Discussion by H2O MAN
The 2008 Democrat Convention - Discussion by Lash
McCain is blowing his election chances. - Discussion by McGentrix
Snowdon is a dummy - Discussion by cicerone imposter
TEA PARTY TO AMERICA: NOW WHAT?! - Discussion by farmerman
 
  1. Forums
  2. » UN calls for scraping dollar
Copyright © 2024 MadLab, LLC :: Terms of Service :: Privacy Policy :: Page generated in 0.03 seconds on 12/24/2024 at 10:00:55