Friday, March 20, 2009

UN Panel to Recommend Moving Away from Dollar as World Reserve Currency

A United Nations panel of experts will recommend ditching the dollar as the sole reserve currency in favor of a basket of currencies. The Commission of Experts on International Financial Reform.will make a number of proposals to the United Nations next Wednesday, March 25. A Reuters story said:

Russia is also planning to propose the creation of a new reserve currency, to be issued by international financial institutions, at the April G20 meeting, according to the text of its proposals published on Monday. It has significantly reduced the dollar's share in its own reserves in recent years.

Guess who just visited Vladimir Putin? Was it former cabinet members? Could it be representatives of the Council on Foreign Relations? Maybe corporate board members and international business consultants? How about private equity underwriters and their close friends? The answer is all of the above, including James A. Baker, III, Henry Kissinger, William Perry and other American dignitaries. Corporacrats are on the move.