Monday, September 7, 2009

New Global Monetary System Update

UN Says New Currency is Needed to Fix Broken 'Confidence Game'

"Sept. 7 (Bloomberg) -- The dollar’s role in international trade should be reduced by establishing a new currency to protect emerging markets from the “confidence game” of financial speculation, the United Nations said.

UN countries should agree on the creation of a global reserve bank to issue the currency and to monitor the national exchange rates of its members, the Geneva-based UN Conference on Trade and Development said today in a report."

Continue reading Bloomberg article...

If you really want to punish yourself here is the 200p UNCTAD report to read.(Anything that opens with a quote from Keynes, and is book-ish in scope, is going to be a brutal trudge; unless of course you've already downed the Kool-Aid)