United Nations: US$ should NOT be world reserve currency

[Melensdad]

The UN is basically saying the US Dollar needs to be replaced with a new international currency. Simply put the US$ is too unstable and nations that hold it as a reserve are losing their butts, especially Asian nations.

Might be a good time to invest in items that are not held in US currency.

Here is an excerpt:

New York (CNN) -- The dollar is an unreliable international currency and should be replaced by a more stable system, the United Nations Department of Economic and Social Affairs said in a report released Tuesday.

The use of the dollar for international trade came under increasing scrutiny when the U.S. economy fell into recession. "The dollar has proved not to be a stable store of value, which is a requisite for a stable reserve currency," the report said.

Many countries, in Asia in particular, have been building up massive dollar reserves. As a result, those countries' currencies have become undervalued, decreasing their ability to import goods from abroad.

Rest of the story is below.....

Dollar should be replaced as international standard, U.N. report says - CNN.com

 

[loboloco]

In a way, I agree. Holding any single nations currency as a world reserve is asking for trouble. Maybe all nations should go to a gold and radium standard? You ain't got gold or radium you can't buy.