The United Nations (UN), which has no reservations when it comes to accepting the huge percentage of its operating budget that comes from the United States in U.S. dollars, and which protests vigorously and vocally when America is late in handing over those dollars, has come up with a plan to replace the dollar with a new â€œglobal currency.â€
the UN is warning the global economic meltdown should prompt a major regulatory overhaul and the advent of a new global currency to replace the US dollar as the world standard.
To her credit, Goodman made no mention of replacing the US Government as well, but she did provide us with a glimpse of how the UN views the world financial crises–it is, in a nutshell, entirely the fault of the United States.
Speaking to a nearly empty auditorium, Heiner Flassbeck, the director of the United Nations Conference on Trade and Development (UNCTAD), said the dollarâ€™s preeminence worsens existing imbalances and further burdens debt-ridden countries.
Heiner Flassbeck: The world, as everybody knows, is in deep economic crisis, and there is no clear signal that the world can go out very quickly. And secondly, what is the second message is that, in terms of financial regulation, not much has been achieved …Â Thereâ€™s a much better chance of achieving a stable pattern of exchange rates in a multilaterally-agreed framework for exchange-rate management.
What Herr Direktor is saying is that the creation of a de facto world currency that would replace the dollar would lead to stability in world markets and a stabilization in lending rates.
This idea has strong support among those communist and socialist countries with a strong tradition of central planning.Â China, India, Brazil, Cuba, Venezuela, Bolivia and Russia have all called for the replacement of the dollar as the main reserve currency, becoming even more vocal about it after the financial crisis began last year. The UN has been refining the idea for a long time.
So is there anything wrong with the UN proposal? Plenty, but letâ€™s focus on two very troublesome things in particular:
1.Â Â Â Â Â The globalists at the UN (and in Russia, China, etc.) may be OK with centralized control, but having a global organization issuing a global currency, ultimately concentrating more power into fewer hands, is not how weâ€™re used to doing things here.
2.Â Â Â Â Â The globalists will have the power to dictate monetary policy to every country without being accountable to anyone. It is not comforting to contemplate having the UN, which handles its own finances so irresponsibly — remember the Oil-for-Food corruption scandalÂ — calling the financial shots for the entire world.
Goodman and her fellow leftists at Democracy Now! withheld comment on the UN proposal, but itâ€™s probably safe to assume they would be OK with the idea (especially if the new currency had Che Guevaraâ€™s picture on it). As for the rest of us, weâ€™ll keep our greenbacks, thank you.