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“United Nations Proposes New”
by CBS News.com   
September 12th, 2009
(AP)

The United Nations would like the dollar, euro, yen, and other national currencies to be succeeded by a new "global currency."

That recommendation appears in a U.N. report released this week, which suggests the dollar's outsize role in international finance has ended -- and says that it's time to invent a successor currency that would be managed by a "Global Reserve Bank."

Countries could "agree to exchange their own currencies for the new currency, so that the global currency would be backed by a basket of currencies of all the members," says the 218-page report from the U.N. Conference on Trade and Development.

The U.N. report grew out of the financial problems that swept the world in the last year or two, which it diagnoses as arising from too much speculation in commodity markets, a bubble in stock markets and housing markets, and trade imbalances between countries like China and the United States. Its prescription? "More stringent financial regulation" and "diversification away from dollars" as part of a new system of constant exchange rates. (Supachai Panitchpakdi, UNCTAD's secretary-general, also wants "vigorous" global actions, including "managing" energy prices through taxes, to dramatically cut greenhouse gas emissions.)

Art's Comments.....Global Government is coming like a freight train coming down the track, nothing is going to stop it.

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