Editor’s Note – American exceptionalism takes another hit…curious just how aggressively the Obama administration will defend the US Dollar.
I do have a suggestion; Since the United Nations has lost confidence in our currency, let’s withdraw the $597,472,000 we now contribute to U.N. operations, which accounts for 22% of the overall budget.
Nah, that would make too much sense…
Hat Tip – Linda O’Keefe
UN: Abandon US Dollar as Global Reserve Currency
A new United Nations report released on Tuesday calls for abandoning the U.S. dollar as the main global reserve currency, saying it has been unable to safeguard value.
“The dollar has proved not to be a stable store of value, which is a requisite for a stable reserve currency,” the U.N. World Economic and Social Survey 2010 said.
The report says that developing countries have been hit by the loss of value of the U.S. dollar in recent years.
“Motivated in part by needs for self-insurance against volatility in commodity markets and capital flows, many developing countries accumulated vast amounts of such (U.S. dollar) reserves during the 2000s,” it said.
The report supports replacing the dollar with the International Monetary Fund’s special drawing rights (SDRs), an international reserve asset that is used as a unit of payment on IMF loans and is made up of a basket of currencies.
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