Spiritual Forum

UN calls for global reserve bank and currency.

Posted by Barron on September 12, 2009 at 9:21am in Enviroment, Earth & Animals
UN calls for global reserve bank and currency. Fiat money that ruined the world's economies now will be internationalized, expanded, and made permanent. Bloomberg 2009"UN Says New Currency Is Needed to Fix Broken ‘Confidence Game’By Jonathan TironeSept. 7 (Bloomberg) -- The dollar’s role in international trade should be reduced by establishing a new currency to protect emerging markets from the “confidence game” of financial speculation, the United Nations said.UN countries should agree on the creation of a global reserve bank to issue the currency and to monitor the national exchange rates of its members, the Geneva-based UN Conference on Trade and Development said today in a report.China, India, Brazil and Russia this year called for a replacement to the dollar as the main reserve currency after the financial crisis sparked by the collapse of the U.S. mortgage market led to the worst global recession since World War II. China, the world’s largest holder of dollar reserves, said a supranational currency such as the International Monetary Fund’s special drawing rights, or SDRs, may add stability.“There’s a much better chance of achieving a stable pattern of exchange rates in a multilaterally-agreed framework for exchange-rate management,” Heiner Flassbeck, co-author of the report and a UNCTAD director, said in an interview from Geneva. “An initiative equivalent to Bretton Woods or the European Monetary System is needed.”The 1944 Bretton Woods agreement created the modern global economic system and institutions including the IMF and World Bank.Enhanced SDRsWhile it would be desirable to strengthen SDRs, a unit of account based on a basket of currencies, it wouldn’t be enough to aid emerging markets most in need of liquidity, said Flassbeck, a former German deputy finance minister who worked in 1997-1998 with then U.S. Deputy Treasury Secretary Lawrence Summers to contain the Asian financial crisis.Emerging-market countries are underrepresented at the IMF, hindering the effectiveness of enhanced SDR allocations, the UN said. An organization should be created to manage real exchange rates between countries measured by purchasing power and adjusted to inflation differentials and development levels, it said.“The most important lesson of the global crisis is that financial markets don’t get prices right,” Flassbeck said. “Governments are being tempted by the resulting confidence game catering to financial-market participants who have shown they’re inept at assessing risk.”The 45-year-old UN group, run by former World Trade Organization chief Supachai Panitchpakdi, “promotes integration of developing countries in the world economy,” according to its Web site. Emerging-market nations should consider restricting capital mobility until a new system is in place, the group said.The world body began issuing warnings in 2006 about financial imbalances leading to a global recession.The UN Trade and Development report is being held for release via print media until 6 p.m. London time. "
Views: 5

You need to be a member of Ashtar Command - Spiritual Community to add comments!

Join Ashtar Command - Spiritual Community

Email me when people reply –
Follow

Latest Discussion

Most Popular Discussion

Topics by Tags

Monthly Archives

Latest Activity

AlternateEarth posted a blog post
Giant Foot Prints in the Snow
Believe it or not there have been many Bigfoot sightings in NJ.  These pics really don't show the distance in between the prints. I would say 3 feet.  
See More
1 hour ago
Drekx Omega commented on Drekx Omega's blog post Greta Thunberg's Alarmist Tactics Suit Elite Agendas
"Net zero madness destroying Scottish oil and gas industries....My advice to the people of Aberdeen is to stop voting in the zealots, who treat net zero, like some kind of religion...

https://www.youtube.com/watch?v=RU1KDrEIe14"
2 hours ago
Drekx Omega commented on Drekx Omega's blog post The Fate of the Nazi Breakaway Civilisation, After 1945
"The secret battle of 1947... Admiral Richard E. Byrd ordered his task force of one aircraft carrier, submarines and 4,700 battle-hardened marines, to "pack up, we are leaving now..!!" After he realised the advanced technological nature, of the…"
5 hours ago
AlternateEarth left a comment on Comment Wall
"Clinical Insanity! Nurse Urges Colleagues To Poison, Harm ICE Agents & Doctor Posts Location Of Hotel Housing Immigration Officials
https://www.infowars.com/posts/clinical-insanity-nurse-urges-collea..."
5 hours ago
AlternateEarth posted a blog post
Massive secret freshwater reservoir off U.S. East Coast could supply NYC for 800 years
  Researchers have confirmed the existence of a colossal freshwater aquifer beneath the Atlantic Ocean off the northeastern U.S. coast—potentially the largest ever discovered—holding enough water to supply a city like New York for 800 years. The…
See More
7 hours ago
rev.joshua skirvin posted a blog post
The 12D Creators: Artificial Intelligence & Your Shift; Channel: Daniel Scranton | Source.
 We are The Creators. We are twelfth-dimensional collective of nonphysical beings and we are here to help.We know that there are many things about living your lives there on planet Earth that you can get frightened of or anxious about. And we know…
See More
16 hours ago
rev.joshua skirvin posted a blog post
The End of Consciousness Slavery; By Natalia Alba | Source.
 Beloved Ones,We have reached the end of an Era as we step into one of the most significant passages of this Seeding Year, with Neptune, the Planet of Dreams, Intuition, and Spirituality, leaving Pisces entering Aries for nearly 14 years, ending a…
See More
16 hours ago
Justin89636 commented on AlternateEarth's blog post A War Has Erupted On The Streets Of America, And It Is Going To End With Martial Law In Major U.S. Cities
"Sadly we still have morons over here who believe ICE is evil. Some folks are never going too wake up. To much Mainstream Media and not enough outdoors for those people."
21 hours ago
More…

New Blog Posts