(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.
But several European officials attending a high-level meeting of the U.N. Economic and Social Council countered by saying that the market, not politicians, would determine what currencies countries would keep on hand for reserves.
"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 U.S. dollar's loss of value in recent years.
the politicians and the FED are destroying American savings. they even careless if they're destroying the rest of the world who are holding the dollars.
ReplyDeleteMarkets will rally again now. Crisis over.
ReplyDeletemarkets will crash further now, hopefully so, so we can get on with rebuilding this failed country
ReplyDeleteIt's over, economy crashing, depression coming, mass suffering culminating in the world ending in 2012.
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ReplyDeleteSo now I am thinking about where my thoughts were many years ago before I was unfairly put into a guv system of human destruction. Does this system really help mankind? I think it is legalized murder and so many brainwashed zombies are clapping their hands at everyone including themselves getting crushed under the killing mentality. It is so subtle, until you see your own family hoping you die next then you may not realize that you are slated for a downfall. R said he was in a Downward Spiral and that he saw no way out of it and he had accomplished all he could given his circumstances. I was his friend and I would have encouraged him to fight on, yet no one was able to give him the message. You see the corruption has reached that deep. No one is there to help you anymore, not even your own family. I had a family member tell me it was fair if one of their own kids was homeless because they deserve it and it was not their responsibility to care. Why create another human being if it is not your responsibility to help them their whole life you are on this planet?
News from the Cold war , gold wars and Spy V. Spy!
ReplyDeleteThe Russian President recently threatened the world US Dollar Hegemony with his claimed ability to make the Russian Ruble a world currency too . He is known to have once openly ,boastfuly ,flashed around a Gold coin as an "example", at an international meeting !
Now, a whole ring of Russian spies ,(skilled in using the usual invisible inks, secret park “drop offs” and other traditional tricks of the espionage art ,as can be seen in Spy v Spy comics)The spies were also found also to be using modern high tech - using secret encryption CODES on their Email- sent to their Russian "handlers" In Moscow itself .
All this has been revealed by the FBI /CIA /Homeland security and suchlike heros.
The spies were even reported to have been burying money in the backyard of their house!
The heroic American agents quicky(after 10 years of Covert observations) rounded up the gang and rushed the foreign Agents into a court in order to show that , even though they may have proved useless in stopping Government terrorism on 9/11 they could still be relied on to vigilantly protect American hedge funds commercial secrets and all other secrets of casino capitalism and the paper "gold" markets.
The spies sneaky, devious ,“modus operandi” was skillfully disguising themselves as business men and women living ordinary lives in suburbia working undercover for years . But,what attracted FBI attention, was they were said to have been inordinately interested in Gold and the gold market –price suppression- and probably also “the commercial secrets” of the un-audited Fed Banks ability of endless printing ‘money out of fresh air” to bail out bankrupt capitalist corporations.
And the ability to exchange these counterfeit dollars for real things from the rest of the world.
This is Trillion dollar secret Financial espionage , of the kind that gets to the very secret heart of the Ponzi Americas financial system-manipulating gold price markets - and printing money with ,so far, little open or offical inflation .
At the risk to U.S. national security ,even though it has not been revealed in court as its still a state secret , vital for the publics confidence in the American financial system , I can reveal here as an exclusive scoop on “The Coming depression” website , the real purpose of burying ‘money” was that they were testing out some top secret American technology secrets in actual practice .
Technology stolen from Fort Knox itself
How to make gold coated Tungsten bars!
This was part a devious cold war style plot to “back” their own threatened “gold” Ruble with Tungsten in competition with American currency.
Dimwitted Russians of course, could never have enough brains to invent this process themselves and just like with the atomic bomb secrets, they are reduced to using undercover spies to steal American innovations and inventions.
In this case , American Alchemy, financial technology at the highest “top secret” classified level.
Turning tungsten into gold and observing how Ben turns paper into an endless supply of American dollars!
The stolen from Fort Knox, tungsten gold money bar technology process, was what they were really testing out in their backyard burials of ‘money”. To make sure that , after a period of time ,the tungsten bars they themselves made ,would resist oxidization , or other signs of visible physical decay .So that even after months of burial they would still appear shiny and bright, Just like "real" gold in fort knox,after they were dug up again.
But the FBI is ever vigilant in protecting American freedoms and technologies from international financial fraudsters ,even if it does not worry about the homegrown ones.
10.14
ReplyDeleteThis "rebuilding" ,you imagine will be very simple for those that think hopefully, that the stock market is the real ecomomy.
"Recovery" while all the accumalated past debts are being paid for by more government debt creation is bullshit.
But, actualy "rebuilding" even the great Ponzi prosperity again ,will be difficult when the ony industry left ,is the miltary industrial complex.A deficit creating , wealth desroying industry to be paid for out of future tax revenues.
To create other new productive wealth creating industries ,requires investing new wealth as capital .
This new invested wealth/ capital will be hard to find as it will be only the bit left over after the existing bondholders collect their pound of future fleshfor their past investments.They include all the Treasury bondholders 40% held by foreigners and all the still "marked to market fantasies " 'assets" that the Fed has agreed to accept the losses on, including Fannie and Freddie mortgages.
The financial sector is in the morgue, only propped up by taxpayer bailouts and subsidies.
Existing debt obligations made in the past are a dead weight hanging on the neck of living americans and future generations as debt.
The economic crisis is a normal cleansing crisis for the Great Ponzi ,requiring destruction of all fictionaly overvalued capital ,now unable to collect its future promised dividends and interests.
Capital that has lost its future incomes is no capital ,only dead paper worth nothing and its past valuation ,based on expected P/E profit multiples is meaningless.
If you wish to restart capitalism with a fair chance ,a full cleansing ,a clearing of the books will perhaps require a jubilee Year.
Otherwise look forward to many years of depression as the government has to pay of its bailout debts to capital with reduced future tax revenues to do so.
Expect deflation ,followed by hyperinflation ,depression for years , as the extent of the debt obligations to be paid off is so huge ,they are probably unpayable anyway .
So after years of Austerity it will all end in default anyway.
Capital is an unforgiving God .
Nothing new here, economy collapsing, country collapsing, dollar collapsing, new war to kill millions....TSHF has arrived, July, August...will be the beginning of the end.
ReplyDeleteEverything is falling apart. I still wonder what the banks are going to do with all the houses people can't pay for? Those who can't pay a mortgage anymore should stand their ground and refuse to leave. And I'm not talking about speculators or those who bought places they couldn't afford. I know a lot of regular working folks who lost jobs and now can't make ends meet. There is nowhere for these people to go except a tent city.
ReplyDeleteopen your eyes,do not be a lamb lead to the slaughter,read your bible, learn the signs,repent,and pray.the end is near.the mark of the beast can be found in everything that you buy its called [a bar code]666.do not be afraid the messiah will return to stop satans plot.keep the faith,fight the good fight.watch,fight,and pray,but most of all WATCH!!!-neo
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