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
Reuters
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.
Read More – http://www.reuters.com/article/idUSTRE65S40620100629?feedType=RSS&feedName=topNews
DONATE TO BIZPAC REVIEW
Please help us! If you are fed up with letting radical big tech execs, phony fact-checkers, tyrannical liberals and a lying mainstream media have unprecedented power over your news please consider making a donation to BPR to help us fight them. Now is the time. Truth has never been more critical!
[email protected]
The longest-tenured writer at BizPac Review, Tom grew up in Maryland before moving to Central Florida as a young teen. It is in the Sunshine State that he honed both his passion for politics and his writing skills.
- Study reveals the mind-blowing cost of illegal immigration. Taxpayers buckle up! - March 8, 2023
- Jon Stewart unleashes vulgar rant on Fox News, conservatives over private communications - March 8, 2023
- Loomer launches Twitter attack on ‘Jill DeSantis’: ‘Pretending to be the Kennedys’ - March 8, 2023
Comment
We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the ∨ icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.
