Wednesday, June 30, 2010

UN calls for scraping dollar

A UN report released on Tuesday calls for abandoning the US dollar as the main global reserve currency to achieve greater stability in the world financial system.
"The dollar has proved not to be a stable store of value, which is a requisite for a stable reserve currency," said the World Economic and Social Survey 2010.
The use of the dollar for international trade came under increasing scrutiny when the US economy fell into recession.  LINK...
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HMMM, I wonder what currency they will use to replace the U.S. dollar?  BK