U.N. panel says world should ditch dollar »
Posted By jovial 7 months, 3 weeks ago in Business & Finance
LUXEMBOURG - 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.
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jovial
Grew up In Brooklyn. Joined the Navy in 1976 stayed in 10 years. Aircraft Electronics tech. Worked for Major Govt. contractor then settled in California ...
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nostalgia7 months, 2 weeks ago
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Everyone is focusing on the AIG bonuses and ignoring what the Fed announced the other day and Geithner the other week
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The value of the dollar is being destroyed right in front of our faces
When the Federal Reserve met in January they voted on buying long term Treasury bonds
The vote was 1-9 against
This week they announced that they are going to buy $300 billion in long term Treasury bonds
Vote 10-0 for
This is in addition to $750 billion of mortgage-backed securities this year, raising its total purchase commitment for those securities to $1.25 trillion.
Where is the Fed going to get over $1 trillion - Treasury will print it, give it to the Fed and the Fed will buy long term Treasury bills and mortgage backed securities
Our money is going to be worthless
Inflation will be out of sight
And how many of you paid attention to Geithner's new bank rescue program?
It includes a plan to generate about $1 trillion in new consumer lending and to eliminate up to $1 trillion of banks’ bad assets.
Then the Obama budget - $3.55 trillion
It isn't just going to be the UN calling for ditching the dollar
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dissent7 months, 3 weeks ago
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wo there cowboy!
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the article is talking about the ditching of the dollar as world reserve currency in the same way the british pound was ditched as world reserve currency at bretton woods. if you want to talk one world monetary system it happened then and has been in place for 65 years now. the one world monetary system is us! the difference is this time it's not cloaked in secrecy by scheming bankers as it was back then, which means it will probably fail.
and yes jovial it does spell trouble for us because whatever currency/currencies are established for global trade, should it come to that, it will probably mean having to actually earn it/them through trade to buy things rather than just printing it for consumption as we've done for the last 3-4 decades. looks like the party's over.... that could be tuff -
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HMMace7 months, 3 weeks ago
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IF THIS COUNTRY (USA) HAD ANY LUCK AT ALL---A HURRICANE
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WOULD BLOW THE U N BUILDING DOWN..AND WE COULD GET
RID OF THESE PEOPLE...
THE UNITED NATIONS IS MADE UP LARGELY OF TERRORIST
COUNTRYS..
" UNITED NATIONS" IS THE BIGGEST MISNOMER OF ALL TIME...
"UNITED CROOKS" IS MORE LIKE IT..
JUST REMEMBER--THAT RUSSIA IS IN IT--THAT SAYS IT ALL..
THE UNITED STATES GIVES THE UNITED NATIONS
CREDIBILITY THAT IT DOES NOT DESERVE... -
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