September 8. 2009

U.S. First Family the Obamas

The U.S. economy is worsening again. According to reports, the economy continues to lose jobs at a rapid rate and the U.S. government continues to print up too much money, which threatens the value of the dollar, creating prime conditions for inflation.

Overspending has positioned the nation to face a longer economic downturn, as there is no such thing as free money when it comes to a world government. That money has to be recouped somehow or it will create serious problems on the national balance sheet.

The United Nations is also pondering the idea of a one world currency, which I dislike. It will not solve the world's financial woes, only devalue some nations' money.

UN wants new global currency to replace dollar

Published: 6:45PM BST 07 Sep 2009 - The dollar should be replaced with a global currency, the United Nations has said, proposing the biggest overhaul of the world's monetary system since the Second World War.

Crumpled dollar bill - UN wants new global currency to replace dollar
A number of countries, including China and Russia, have suggested replacing the dollar as the world's reserve currency

In a radical report, the UN Conference on Trade and Development (UNCTAD) has said the system of currencies and capital rules which binds the world economy is not working properly, and was largely responsible for the financial and economic crises.

It added that the present system, under which the dollar acts as the world's reserve currency , should be subject to a wholesale reconsideration.

Although a number of countries, including China and Russia, have suggested replacing the dollar as the world's reserve currency, the UNCTAD report is the first time a major multinational institution has posited such a suggestion...

http://www.telegraph.co.uk