Tags: un | global | currency | dollar

U.N. Wants Global Currency to Replace Dollar

Wednesday, 09 Sep 2009 09:54 AM

By Dan Weil

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

Add the United Nations to a list that includes China and Russia in calling for an alternative to the dollar as the world’s sole reserve currency.

A United Nations panel has recommended a multilateral currency regime instead.

A report from the U.N. conference on Trade and Development also called for managed currency rates as opposed to free floating ones.

"A viable solution to the exchange-rate problem would be a system of managed flexible exchange rates targeting a rate that is consistent with a sustainable current-account position,” the report said, according to The Wall Street Journal.

“But since the exchange rate is a variable that involves more than one currency, there is a much better chance of achieving a stable pattern of exchange rates in a multilaterally agreed framework for exchange-rate management."

The U.N. report points out that the dollar’s current role absolves the U.S. of having to make necessary policy adjustments.

“Thus, the dominance of the dollar as the main means of international payments also played an important role in the build-up of the global imbalances in the run-up to the financial crisis."

Nobel laureate economist Joseph Stiglitz argues that the dollar is indeed in trouble.

“Higher deficits spark market concerns over future inflation; concerns of inflation contribute to a weaker dollar; and both come together to undermine the greenback’s role as a reliable store of value around the world,” he wrote in The Atlanta Journal Constitution.

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Obamacare Architect Gruber Loses Second Consulting Job

Friday, 21 Nov 2014 22:39 PM

Obamacare architect Jonathan Gruber, who publicly boasted about the healthcare law’s "lack of transparency" and credited . . .

Obama's Immigration Speech Gets Most Viewers on Univision

Friday, 21 Nov 2014 20:00 PM

As the lead-in to the Latin Grammys, President Barack Obama's speech announcing his sweeping immigration reforms reached . . .

Jimmy Carter Lashes Back at 'Warmonger' McCain

Friday, 21 Nov 2014 19:35 PM

Former president Jimmy Carter considers it a compliment that Arizona Republican Sen. John McCain thinks Barack Obama is  . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved