Tuesday, September 8, 2009
UN Attacks Capitalism
Frustrated with the Fed's monetary policy, the UN has announced their disdain for the United States' free market system. Because the dollar is the primary international reserve asset, they wish to reform the system so that there is a new fiat currency for all nations to use to make international payments. The motivation behind this action is that attacking the issue of climate change will require a more international coordination, which the proposed system could provide.
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Although establishing the "SDR's" may weaken the dollar in the world economy, I think this is a good idea, or at least one to be considered. Although the dollar is still stronger than the Yen and many other currencies, today 1 USD is worth only .68 Euro. The Euro is becoming the most powerful currency in the world, and it might be time for a change regarding global monetary policy.
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