UN wants to replace dollar

[Max]

The UN wants to replace the dollar and come up with a world currency. This is a direct result of out of control spending in the US and the worlds concern that the reserves many countries keep in the dollar could become worthless. If they do this it would take years to come about but the trillions being held by foreign countries if put back on the market would ruin what little value the dollar has. Just another effect of Obama smoking the US gold mastercard he was given.

http://moneynews.newsmax.com/streettalk/un_global_currency_dollar/2009/09/09/257841.html

[coolbreeze]

The UN wants to replace the dollar and come up with a world currency. This is a direct result of out of control spending in the US and the worlds concern that the reserves many countries keep in the dollar could become worthless. If they do this it would take years to come about but the trillions being held by foreign countries if put back on the market would ruin what little value the dollar has. Just another effect of Obama smoking the US gold mastercard he was given.

http://moneynews.newsmax.com/streettalk/un_global_currency_dollar/2009/09/09/257841.html

If they fast track it with the blessing of the US, they could do it in less then two years.

[Max]

They can't get the US blessing, it would ruin the savings of just about every US citizen because as those trillions just held in reserve by other countries that cost us nothing for them to hold hit the market the dollar would fall like a rock in a shallow pond.

[nelson]

Much of the world resents US prosperity, basks in our difficult times, and cheers at our downfall. We've all seen it - I have witnessed it up close. That portion of the world would like nothing better than to seize this opportunity to remove what is perceived to be an economic prominence; the fact that our currency is the world currency.

That said, US currency and the US consumer market are still too valuable to permit their total ruin. Entire national economies depend upon aid from our taxpayers; various industries are largely driven by US consumers. The formation of a new world currency would, as Max says, result in the slow but steady release of trillions of US dollars back into global circulation as holders move to transition to the new currency. Because we are ill prepared for such an event -- because our currency is fiat just like everyone else's, and we have been just as irresponsible with it as everyone else has with theirs -- this release would devalue the US currency to the point of inadequacy on the global market. And this would destroy the power of US consumers to drive various international industries, and of US taxpayers to subsidize economies of other nations.

Therefore, I don't see it happening anytime soon. There will be much talk about this however, especially from our more open enemies (namely Russia and China). But I think there is still little desire from the rest of the world to look their gift horse in the mouth. At least not until we have been completely squandered.

[coolbreeze]

Much of the world resents US prosperity, basks in our difficult times, and cheers at our downfall. We've all seen it - I have witnessed it up close. That portion of the world would like nothing better than to seize this opportunity to remove what is perceived to be an economic prominence; the fact that our currency is the world currency.

That said, US currency and the US consumer market are still too valuable to permit their total ruin. Entire national economies depend upon aid from our taxpayers; various industries are largely driven by US consumers. The formation of a new world currency would, as Max says, result in the slow but steady release of trillions of US dollars back into global circulation as holders move to transition to the new currency. Because we are ill prepared for such an event -- because our currency is fiat just like everyone else's, and we have been just as irresponsible with it as everyone else has with theirs -- this release would devalue the US currency to the point of inadequacy on the global market. And this would destroy the power of US consumers to drive various international industries, and of US taxpayers to subsidize economies of other nations.

Therefore, I don't see it happening anytime soon. There will be much talk about this however, especially from our more open enemies (namely Russia and China). But I think there is still little desire from the rest of the world to look their gift horse in the mouth. At least not until we have been completely squandered.

Nelson, I agree with everything you said, but what about that one thorn in the side? That America implodes its own currency by creating out of thin air too much of it and devalues it to shit. China's probably more concerned about that then we are as we keep printing trillions and we still don't know where a shitload of it is even going.

Just a thought.

[nelson]

I agree Coolbreeze, it's happening - we are forced to print, so our currency will continue its devaluation. We're already accustomed to the Pound and Euro being stronger than the USD.

Over the medium term, I think we run the risk of hyperinflation. South American economies absolutely tanked from this, and although it may never happen here to the degree it happened in Argentina, I still think it is possible to some extent. Especially if foreign investors stop buying our debt.

[coolbreeze]

I agree Coolbreeze, it's happening - we are forced to print, so our currency will continue its devaluation. We're already accustomed to the Pound and Euro being stronger than the USD.

Over the medium term, I think we run the risk of hyperinflation. South American economies absolutely tanked from this, and although it may never happen here to the degree it happened in Argentina, I still think it is possible to some extent. Especially if foreign investors stop buying our debt.

Will the dollar's seemingly endless strength of the past calm the foreign fears of it's corruption in the present?

World financial markets got taken in by the greed, corruption and fraud on Wall street. They got burned, and then they didn't have to take a big hit. "We the People" were stolen from to bail them out. A large majority of Americans demanded NO WAY on the bailouts. Congress took our money anyway and sent it around the world to Chine, Dubai, the UK, etc. (but that's another story. I just get wound up sometimes when I'm reminded of it)

Will the World Financial markets continue to trust the greed, corruption and fraud on Wall street? That's the the zillion dollar question. If not, a "New World Currency" will be coming soon to your government owned bank!