In a radical report, the UN Conference on Trade and Development (UNCTAD) has said the system of currencies and capital rules which binds the world economy is not working properly, and was largely responsible for the financial and economic crises.
It added that the present system, under which the dollar acts as the world’s reserve currency , should be subject to a wholesale reconsideration.
I think that, as a non-American, the most disturbing thing about this article are the comments that follow.
And who exactly would print, administer, and back this world currency so that it would have any value? Sounds like one of those grand “it would be great if somebody else would do it” schemes.
OK, right after we cancel GATT and NAFTA. I have wanted us to return to a hard currency anyway. This inflation thieving fiat currency has been a bad thing.
This is brilliant. If you were to ask everyone in the world, “What organization has the resources, high ethical standards, procedural and accounting safeguards, and proven fiscal discipline to manage a global currency?” we would all answer, “Why, the United Nations of course!”
[Comment deleted by Elf – Jeffersonian – please moderate your language – it is not necessary to get your point across]
Does anybody know what currency those great defenders of the proletariat like Fidel use in their numbered Swiss bank accounts? I remember hearing that Fidel has several billions salted away in his accounts. Gosh, isn’t it great how he can loot his economy and still provide free health care to all Cubans in such a fashion that legislators here in the U.S. want to emulate his success.