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.
Whoever controls this “super currency” controls the world. And that will be a small cabal of private international banks (such as J.P. Morgan) and their minions and behind the scenes powerful international money men.
While the profligate spending of the Fed in response to the crises of our own making coupled with the increasingly global nature of the economy warrants consideration of alternative schemes, the fact of the matter is that the United States’s economy is still the driving force for the world’s wealth. Some people should be careful for what they ask. They may end up cutting off their nose to smite their face.