U.N. panel says world should ditch dollar

[Bindare_Dundat]

http://www.reuters.com/article/newsOne/idUSTRE52H2CY20090318

LUXEMBOURG (Reuters) - A U.N. panel will next week recommend that the world ditch the dollar as its reserve currency in favor of a shared basket of currencies, a member of the panel said on Wednesday, adding to pressure on the dollar.

Currency specialist Avinash Persaud, a member of the panel of experts, told a Reuters Funds Summit in Luxembourg that the proposal was to create something like the old Ecu, or European currency unit, that was a hard-traded, weighted basket.

Persaud, chairman of consultants Intelligence Capital and a former currency chief at JPMorgan, said the recommendation would be one of a number delivered to the United Nations on March 25 by the U.N. Commission of Experts on International Financial Reform.

"It is a good moment to move to a shared reserve currency," he said.

Central banks hold their reserves in a variety of currencies and gold, but the dollar has dominated as the most convincing store of value -- though its rate has wavered in recent years as the United States ran up huge twin budget and external deficits.

Some analysts said news of the U.N. panel's recommendation extended dollar losses because it fed into concerns about the future of the greenback as the main global reserve currency, raising the chances of central bank sales of dollar holdings.

"Speculation that major central banks would begin rebalancing their FX reserves has risen since the intensification of the dollar's slide between 2002 and mid-2008," CMC Markets said in a note.

Russia is also planning to propose the creation of a new reserve currency, to be issued by international financial institutions, at the April G20 meeting, according to the text of its proposals published on Monday.

It has significantly reduced the dollar's share in its own reserves in recent years.

[Ganuvanx]

Any possibility of this happening will result in an unbelievable devaluation and eventual collapse of the US dollar. Hold on tight, the ride is picking up speed right on que.

[SAMSON123]

That would be an IMMEDIATE collapse of what is left of the US economy and would be the nail in the coffin for america.
THE END IS NEAR!!!!

[MuscleMcMannus]

We will go to war before that happens.  War with China/Russia/Iran is on the horizon.  HH6 better lock and load!!!! LMAO! 

http://www.globalresearch.ca/index.php?context=va&aid=12809

[Eric2]

Fuck the United Nations. Go back to the gold standard, no more hand outs. No more pussies!! If you cannot provide with out taking from others then rot. Fuck socialism and commies!!!!!!!!!Die fuckers Die!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[Bindare_Dundat]

Fuck the United Nations. Go back to the gold standard, no more hand outs. No more pussies!! If you cannot provide with out taking from others then rot. Fuck socialism and commies!!!!!!!!!Die fuckers Die!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Thats it bro! Get angry!!!!!!!! Yeah! Yeah Charlie! YYEEEEEAAAAHHHHHHHHH!!!!!!!!!!!!!!!

Finally some life on getbig!

[SAMSON123]

We will go to war before that happens.  War with China/Russia/Iran is on the horizon.  HH6 better lock and load!!!! LMAO! 

http://www.globalresearch.ca/index.php?context=va&aid=12809

You honestly believe america can fight a WWIII??? america is struggling with Iraq which really doesn't have an army...same with Afghanistan. I think you think to HIGHLY of american military. As it stands america really doesn't know what Russia has, or China or even Europe has militarily. Most of the changes (economic) coming into place are European orchestrated. What most nations are looking for at this junction is STABILITY. america offers none of that. The dollar has and is falling faster that an asteroid on a collision course with earth. Ben Bernanke printing TRILLIONS of dollars and decreasing the value of the dollar even more has turned the once RESERVE currency into no more than the paper it is printed on. Europe is fast on the rise, just like China and even Russia the last thing they want is americas volatility. So just as countries were dumping the dollar for the EURO...now they will OFFICIALLY dump the dollar for another currency, which during the time a decision of which country's dollar will be the new standard, they will use a basket of currencies and gold. America will soon be out of the picture all together.

[MuscleMcMannus]

America won't have a choice.  We are still the world's superpower no matter what I believe as far as our foreign policy.  China and Russia wouldn't stand a chance right now in a war with us.  Now if they banded together and that included Iran and Pakistan then yes we'd have a huge problem.  Our military has been planning for these scenarious for decades bro.  They are not as assbackwards as you and I seem to make them out to be. 

[240 is Back]

IMO they'll find a happy medium to devalue us a bit, and up their value a bit.  You know, where actual value lies.  Love or hate the dollar, it is still the basis for the world.

they can't drop the buck.  we have 800+ bases full of guys would would suddenly have no paycheck and a whole lotta motive to fire a lot of missiles into a lot of countries.  What would HH6 and ten million guys just like him, do if their paychecks stopped and some a-hole country told them to leave?  hahaha they'd wreck a lotta places!

USA is the guy with a machine gun who sleeps on your couch.  He keeps borrowing money, and you keep giving it to him, as evicting him involves a nice firefight.

[Bindare_Dundat]

MOSCOW, March 19 (Reuters) - China and other emerging nations back Russia's call for a discussion on how to replace the dollar as the world's primary reserve currency, a senior Russian government source said on Thursday. Russia has proposed the creation of a new reserve currency, to be issued by international financial institutions, among other measures in the text of its proposals to the April G20 summit published last Monday.

Calls for a rethink of the dollar's status as world's sole benchmark currency come amid concerns about its long-term value as the U.S. Federal Reserve moved to pump more than a trillion dollars of new cash into the ailing economy late Wednesday.

Russia met representatives of China, India and Brazil ahead of the G20 finance ministers meeting last week, as the big emerging powers seek to up their influence on decision-making globally. Their first ever joint communique did not mention a new currency but the source said the issue was discussed.

http://market-ticker.org/archives/88...sequences.html

[SAMSON123]

America won't have a choice.  We are still the world's superpower no matter what I believe as far as our foreign policy.  China and Russia wouldn't stand a chance right now in a war with us.  Now if they banded together and that included Iran and Pakistan then yes we'd have a huge problem.  Are military has been planning for these scenarious for decades bro.  They are not as assbackwards as you and I seem to make them out to be. 

America is NO SUPER ANYTHING AT THIS POINT. Do you think you would launch any type of missile and these nations will not respond in kind??? The thinking of you americans is MORBID to say the least. China can handle america alone, Russia can handle amrica alone and Europe can handle america alone. You fail to realize these nations are already floating just off shore america with nuclear subs, they have missiles pointed at america even though they call themselves allies and let us not forget the financial bomb they all hold over americas head. As scary as americans are all it would take is a few missiles hitting a couple of major cities and it would be over. Look at how americans fell apart at 911. Imagine waking to news that New York, Chicago, Los Angeles, San Francisco, Dallas, Houston, Atlanta etc were no more than embers and TENS OF MILLIONS ARE DEAD....with millions more expected to die from nuclear fallout.Since these countries also know where americas nuclear missiles are they would definitely make sure there were ground zero shots fired at the silos, satellites shot down and military bases and ships crippled. WWIII would not be a pretty site and no one would be a victor...

[MuscleMcMannus]

America is NO SUPER ANYTHING AT THIS POINT. Do you think you would launch any type of missile and these nations will not respond in kind??? The thinking of you americans is MORBID to say the least. China can handle america alone, Russia can handle amrica alone and Europe can handle america alone. You fail to realize these nations are already floating just off shore america with nuclear subs, they have missiles pointed at america even though they call themselves allies and let us not forget the financial bomb they all hold over americas head. As scary as americans are all it would take is a few missiles hitting a couple of major cities and it would be over. Look at how americans fell apart at 911. Imagine waking to news that New York, Chicago, Los Angeles, San Francisco, Dallas, Houston, Atlanta etc were no more than embers and TENS OF MILLIONS ARE DEAD....with millions more expected to die from nuclear fallout.Since these countries also know where americas nuclear missiles are they would definitely make sure there were ground zero shots fired at the silos, satellites shot down and military bases and ships crippled. WWIII would not be a pretty site and no one would be a victor...

Oh brother!  Look I'm no fan of our government and foreign policy that's for sure.  But You have no clue what you are talking about.  We know where just about every nuclear submarine is located in the world.  Russia's military is falling apart.  Their nuclear arsenal is deteriorating.  Their Air Force is a joke and 50% of their fighter jets can't even fly.  The only thing China has going for it is it's electric submarines.  Their Navy and Air Force is a joke compared to ours.  Plus we do have a missile defense system that would probably shoot down half of all nuclear missiles being shot towards our country let alone the ability to scramble fighter jets within seconds.  Dude our military has been preparing, planning, and practicing for these scenarios for DECADES!  I'm sure the Pentagon has a much better grasp on the capabilities of China and Russia than you do. 

[SAMSON123]

Oh brother!  Look I'm no fan of our government and foreign policy that's for sure.  But You have no clue what you are talking about.  We know where just about every nuclear submarine is located in the world.  Russia's military is falling apart.  Their nuclear arsenal is deteriorating.  Their Air Force is a joke and 50% of their fighter jets can't even fly.  The only thing China has going for it is it's electric submarines.  Their Navy and Air Force is a joke compared to ours.  Plus we do have a missile defense system that would probably shoot down half of all nuclear missiles being shot towards our country let alone the ability to scramble fighter jets within seconds.  Dude our military has been preparing, planning, and practicing for these scenarios for DECADES!  I'm sure the Pentagon has a much better grasp on the capabilities of China and Russia than you do. 

OH BROTHER...america does not have a missile defense system...where have you been. China recently displayed their new submarines which are RADAR PROOF. While america was doing a military exercise in the Pacific, Chinese submarines surfaced right in their midst and scared the shit out of them...the subs DID NOT EVEN SHOW ON RADAR, SONAR or ANY OTHER TRACKING SYSTEM. Scramble fighter jets in seconds???...you mean like on 911!!. america may know where their missiles are located, but they also know where americas missiles are located as well as ships and subs. Now is america willing to allow itself to be blow to smithereens in an attempt to try and save its dollar? Does that make even a little intelligent sense? At the end of the battle america would be DEAD anyway and money would be of no concern to anyone possibly alive.

[Eric2]

You honestly believe america can fight a WWIII??? america is struggling with Iraq which really doesn't have an army...same with Afghanistan. I think you think to HIGHLY of american military. As it stands america really doesn't know what Russia has, or China or even Europe has militarily. Most of the changes (economic) coming into place are European orchestrated. What most nations are looking for at this junction is STABILITY. america offers none of that. The dollar has and is falling faster that an asteroid on a collision course with earth. Ben Bernanke printing TRILLIONS of dollars and decreasing the value of the dollar even more has turned the once RESERVE currency into no more than the paper it is printed on. Europe is fast on the rise, just like China and even Russia the last thing they want is americas volatility. So just as countries were dumping the dollar for the EURO...now they will OFFICIALLY dump the dollar for another currency, which during the time a decision of which country's dollar will be the new standard, they will use a basket of currencies and gold. America will soon be out of the picture all together.

  I would hate to see a WWIII. It would be an all out masacre, tens upon tens of millions would perish, maybe more.
  Do not under estimate the U.S military however. You cannot compare what is going on in Iraq with an actual all out war. What is going on in Iraq is being dictated by political policy NOT BY FIELD COMMANDERS.
Having served in the Marine Corps I can attest to what our military is capable of.
   Make no mistake, if our nation was under full attack and our military was allowed for full all out controle of all battle strategy much like WWII, and the people where united in the effort........fucking look out.
   There is a massive difference when a nation of people are fighting for their way of life vs. a nation of men fighting because they are told to do so.

[240 is Back]

   Make no mistake, if our nation was under full attack and our military was allowed for full all out controle of all battle strategy much like WWII, and the people where united in the effort........fucking look out.

haha yes, this is why I don't worry that CHI/RUS would ever push for an outright US collapse... they know we have 800+ bases loaded with weapons and pissed off men who would sent the worst parting shot they coudl possibly imagine.

They want us to quit printing money, as the whole world's money supply is based on the buck and we're messing with them.  Bush got us into this hole with his war spending, then everyone sold their stocks - cashed out - in 2007, hence the recession we see at the end of ever recent modern presidency.

In the long run, we'll be fine.  CHI and RUS will see more influence, but let's face it, the man with the gun makes the rules, and we could destory their nations on the way out, and they know it.

[SAMSON123]

  I would hate to see a WWIII. It would be an all out masacre, tens upon tens of millions would perish, maybe more.
  Do not under estimate the U.S military however. You cannot compare what is going on in Iraq with an actual all out war. What is going on in Iraq is being dictated by political policy NOT BY FIELD COMMANDERS.
Having served in the Marine Corps I can attest to what our military is capable of.
   Make no mistake, if our nation was under full attack and our military was allowed for full all out controle of all battle strategy much like WWII, and the people where united in the effort........fucking look out.
   There is a massive difference when a nation of people are fighting for their way of life vs. a nation of men fighting because they are told to do so.

Hate to bust your bubble, but america entered WWII after most of the battle was over. Even then it still took, america, france, england, russia and various other nations just to stop the Germans. Germany is NOT a large nation by no means, with Japan it took the newly created nuclear bombs to stop it. What do you think the Russians have and the Chinese have now? Just the man power alone in China is enough to overwhelm any nation(s) let alone the fact that they have nuclear missiles. Russia is sitting on 40,000 nuclear bombs and still making them. you think they won't launch a thousand of them at america at once? if they felt in any way that they were about to perish, would they not take down america completely with them? Russia and China are building missile sites in Cuba, Venezuela and various other Central and South American countries...you think those missile will be there for show? They are surrounding america knowing full well that soon they will take it down.

There is a movie called THE DAY AFTER....EVERYBODY NEEDS TO WATCH THAT MOVIE...Whoever produced it gave an excellent example of what would happen to nations involved in nuclear combat. While it focuses on america, it strongly suggest what you see happening in america is also happening in Russia as both nations have launched large scale nuclear strikes against one another...Not a pretty site. Don't think for a moment that you will survive or that any semblance of life as you once knew it would be even REMOTELY THE SAME. Death would either be instant or a drawn out event...but it would be death nonetheless in the end...

[Andy Griffin]

Hate to bust your bubble, but america entered WWII after most of the battle was over. Even then it still took, america, france, england, russia and various other nations just to stop the Germans. Germany is NOT a large nation by no means, with Japan it took the newly created nuclear bombs to stop it. What do you think the Russians have and the Chinese have now? Just the man power alone in China is enough to overwhelm any nation(s) let alone the fact that they have nuclear missiles. Russia is sitting on 40,000 nuclear bombs and still making them. you think they won't launch a thousand of them at america at once? if they felt in any way that they were about to perish, would they not take down america completely with them? Russia and China are building missile sites in Cuba, Venezuela and various other Central and South American countries...you think those missile will be there for show? They are surrounding america knowing full well that soon they will take it down.

There is a movie called THE DAY AFTER....EVERYBODY NEEDS TO WATCH THAT MOVIE...Whoever produced it gave an excellent example of what would happen to nations involved in nuclear combat. While it focuses on america, it strongly suggest what you see happening in america is also happening in Russia as both nations have launched large scale nuclear strikes against one another...Not a pretty site. Don't think for a moment that you will survive or that any semblance of life as you once knew it would be even REMOTELY THE SAME. Death would either be instant or a drawn out event...but it would be death nonetheless in the end...

I just hope the President isn't reading this brilliant analysis.  The nation might lose hope.   

[Eric2]

Hate to bust your bubble, but america entered WWII after most of the battle was over. Even then it still took, america, france, england, russia and various other nations just to stop the Germans. Germany is NOT a large nation by no means, with Japan it took the newly created nuclear bombs to stop it. What do you think the Russians have and the Chinese have now? Just the man power alone in China is enough to overwhelm any nation(s) let alone the fact that they have nuclear missiles. Russia is sitting on 40,000 nuclear bombs and still making them. you think they won't launch a thousand of them at america at once? if they felt in any way that they were about to perish, would they not take down america completely with them? Russia and China are building missile sites in Cuba, Venezuela and various other Central and South American countries...you think those missile will be there for show? They are surrounding america knowing full well that soon they will take it down.

There is a movie called THE DAY AFTER....EVERYBODY NEEDS TO WATCH THAT MOVIE...Whoever produced it gave an excellent example of what would happen to nations involved in nuclear combat. While it focuses on america, it strongly suggest what you see happening in america is also happening in Russia as both nations have launched large scale nuclear strikes against one another...Not a pretty site. Don't think for a moment that you will survive or that any semblance of life as you once knew it would be even REMOTELY THE SAME. Death would either be instant or a drawn out event...but it would be death nonetheless in the end...

    No bubble to burst.
  WWII started in 1939.................... ........America entered in 1941. The war ended in 1945.......many many millions died from 1941 to 1945. Get your facts straight, the U.S saved Great Britain from collapse, the U.S saved France. The U.S saved China, and the Phillipines from Japan. Yes many other countries fought and fought hard and well. Take the U.S away from the equation and the war would have ended entirely different. Everyone talks about China and its masses of population. Ever wonder why they have never invaded another country much like these little bastard nations?

[thelamefalsehood]

Hate to bust your bubble, but america entered WWII after most of the battle was over. Even then it still took, america, france, england, russia and various other nations just to stop the Germans. Germany is NOT a large nation by no means, with Japan it took the newly created nuclear bombs to stop it. What do you think the Russians have and the Chinese have now? Just the man power alone in China is enough to overwhelm any nation(s) let alone the fact that they have nuclear missiles. Russia is sitting on 40,000 nuclear bombs and still making them. you think they won't launch a thousand of them at america at once? if they felt in any way that they were about to perish, would they not take down america completely with them? Russia and China are building missile sites in Cuba, Venezuela and various other Central and South American countries...you think those missile will be there for show? They are surrounding america knowing full well that soon they will take it down.

There is a movie called THE DAY AFTER....EVERYBODY NEEDS TO WATCH THAT MOVIE...Whoever produced it gave an excellent example of what would happen to nations involved in nuclear combat. While it focuses on america, it strongly suggest what you see happening in america is also happening in Russia as both nations have launched large scale nuclear strikes against one another...Not a pretty site. Don't think for a moment that you will survive or that any semblance of life as you once knew it would be even REMOTELY THE SAME. Death would either be instant or a drawn out event...but it would be death nonetheless in the end...

Seriously, with so much doom and gloom, and no hope in sight, why do you even hang around? I read your posts and you seem way off balance dude. Seriously, get some counseling, get laid or something. FFS you need help....

[headhuntersix]

OH BROTHER...america does not have a missile defense system...where have you been. China recently displayed their new submarines which are RADAR PROOF. While america was doing a military exercise in the Pacific, Chinese submarines surfaced right in their midst and scared the shit out of them...the subs DID NOT EVEN SHOW ON RADAR, SONAR or ANY OTHER TRACKING SYSTEM. Scramble fighter jets in seconds???...you mean like on 911!!. america may know where their missiles are located, but they also know where americas missiles are located as well as ships and subs. Now is america willing to allow itself to be blow to smithereens in an attempt to try and save its dollar? Does that make even a little intelligent sense? At the end of the battle america would be DEAD anyway and money would be of no concern to anyone possibly alive.

China can't even invade Taiwan. They did mange to surface a diesel eletric sub inside a carrier battle group. U realize a CVN group covers hundreds of square miles right? If u think we can't track chinese subs ur an idiot. They are more difficult to track then nukes, but we're the best sub hunters in the world. China has a tiny blue water navy. and russia....they limped into georgia idiot..christ u have no idea. Everthing muscles has said is true....the last thing anybody wants is a total war with the US.Oh and we don't use RADAR ON SUBS SAMSON...U USES SONAR. But thanks for playing.