Since we are a globally oriented nation.....the needs of the many -- world-wide -- outweigh the needs of the few....which would be, the United States.

http://www.telegraph.co.uk/finance/currency/6152204/UN-wants-new-global-currency-to-replace-dollar.html



Although a number of countries, including China and Russia, have suggested replacing the dollar as the world's reserve currency, the UNCTAD report is the first time a major multinational institution has posted such a suggestion.

In essence, the report calls for a new Bretton Woods-style system of managed international exchange rates, meaning central banks would be forced to intervene and either support or push down their currencies depending on how the rest of the world economy is behaving.

The proposals would also imply that surplus nations such as China and Germany should stimulate their economies further in order to cut their own imbalances, rather than, as in the present system, deficit nations such as the UK and US having to take the main burden of readjustment.

"Replacing the dollar with an artificial currency would solve some of the problems related to the potential of countries running large deficits and would help stability," said Detlef Kotte, one of the report's authors. "But you will also need a system of managed exchange rates. Countries should keep real exchange rates [adjusted for inflation] stable. Central banks would have to intervene and if not they would have to be told to do so by a multilateral institution such as the International Monetary Fund."

The proposals, included in UNCTAD's annual Trade and Development Report , amount to the most radical suggestions for redesigning the global monetary system.

Although many economists have pointed out that the economic crisis owed more to the malfunctioning of the post-Bretton Woods system, until now no major institution, including the G20 , has come up with an alternative.

Wasnt that what the Euro was supposed to do, IT didnt work so well even though its holding strong in the market as of now.


Edit:
My bet is U.S will follow The UN in this As per the U.S dollar seems to be weak, But not for at least another 5 years when our Econ might be a little more stable agian.

The US may not have much voice in decisions made by the UN unless we were to drop out.

I don't see the US Economy coming back.

We offer nothing when it comes to producing anything for the world market. Anything we had to offer has been outsourced and mostly to the countries we are most heavily indebted to.

So it's just a coincidence that Obama has been appointed/elected to head the UN Security Council??

and now this story is now getting legs?

It won't happen.

I am curious as to your reasoning?

care to elaborate?

It would trash the economy further in the US. And if the euro was any example, there are countries whose economy was devestated do to joining the convertion... plus would put a lot of banks and accounts and business related jobs out of business eventually.

and you think that isn't part of the plan?

have you read the Cloward-Piven Strategy?

in order for the one-world currency to become a reality, all you have described (and more) as road blocks are in fact just check points..

Your headline is a little misleading. It implies a One World Currency (very Marxist). This article simply says that the world is detaching from the shoddy dollar standard (due to increasing inflation/possible hyperinflation and extreme debt) in favor of a different standard. If they choose gold or some other commodity, I would accept that myself!

I don't prescribe much into conspiracy theories.

Nobody ever said we would do this willingly... China has been looking for a way to force this on us for many months now.

The USD being the world standard helps us more than anything because it provides the best safe havens for investment. We trade on our market and on the world market in the USD. In order for other nations to trade, they must first trade for USD, then for the commodities. Therein lies our strength in the efficiency.

We lose that world currency standard, we lose our economic clout very soon thereafter. Costs and regulation in our nation have forced the outsourcing of many goods in order to be competitive and we really manufacture very little. The world needs our innovation but not much else. Innovation is not often protected on a world scale.

It would trash the economy further in the US. And if the euro was any example, there are countries whose economy was devestated do to joining the convertion... plus would put a lot of banks and accounts and business related jobs out of business eventually.

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actually it would take us out of this depression . the rest of the world base there money on ours . that means they have our money in there banks to guaranty there money . so to re-base theres on someones else's money would mean they need to spend there base and of course the only place to spend it is here . which puts us and another 50 million mexicans to work .

Far from the truth. Ever hear the concept of a flooded market? How about hyperinflation?

Right now, a world currency is the worst thing that can possibly happen to us. If it happens, we're toast.

You don't spend investments, you trade them. If the currency changes and all of a sudden people want to get rid of their USD-based investments, you now have an overly saturated market. Overly saturated markets cause hyperinflation and a deterioration of the value of that currency. Our buying power would plummet essentially overnight if they do not set a direct transfer rate (i.e. $100 USD = $100 worldo) that does not change and the remaining USD are removed from circulation.

if the market is left to exchange our dollars for the world currency, we will fail. This is why China is pressing for it. They know this and are more than willing to take the $1T hit if it means they will be the top dog in the pack. This is also why they buy more and more of our debt. The more they hold, the more power they have. Once they hold enough, there will be a new world currency and we won't be able to do a damn thing about it.


Just an FYI, the USD as the base for world trade does not mean that other banks use our money to guarantee their own, it just means that our money is the standard for world trade in commodities like oil, gold, and gemstones. They do hold our money but that is for investment purposes, not a guarantee of their own monetary systems.

Imagine the European dollar in America. No more faces of George Washington, Abraham Lincoln, Jackson, or Franklin circulating in the economy.

I don't think the American people will want that, but at this rate, it looks like the majority won't do much about it either if it happens.

For me it doesn't matter. I am European and as long as that dollar or euro dollar pays for the item I am buying then it will work for me.

Have fun discussing this until your face turns blue. The biggest and most powerful banks in the world will come to a conclusion to this anyway.