Solving The Problem Of Instability In International Financial Relations
Viola, The Kingdom
Of The Anti-Christ Has The Answer
...And deceiveth them that dwell on the earth by the means of those miracles which he had power to do in the sight of the beast; saying to them that dwell on the earth, that they should make an image to the beast, which had the wound by a sword, and did live. And he had power to give life unto the image of the beast, that the image of the beast should both speak, and cause that as many as would not worship the image of the beast should be killed. And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name (the final global electronic currency). Here is wisdom. Let him that hath understanding count the number of the beast: for it is the number of a man; and his number is Six hundred threescore and six (Rev. 13:14-18).
UN Wants New Global Currency To Replace Dollar
Sept. 7, 2009
UN wants new global currency to replace dollar
By Edmund Conway, Economics Editor
http://www.telegraph.co.uk/finance/currency/6152204/UN-wants-new-global-currency-to-replace-dollar.html
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. 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. In essence, the report calls for a new Bretton Woods-style system of managed international exchange rates, meaning central banks would be forced to intervene and either support or push down their currencies depending on how the rest of the world economy is behaving. The proposals would also imply that surplus nations such as China and Germany should stimulate their economies further in order to cut their own imbalances, rather than, as in the present system, deficit nations such as the UK and US having to take the main burden of readjustment.
"Replacing the dollar with an artificial currency would solve some of the problems related to the potential of countries running large deficits and would help stability," said Detlef Kotte, one of the report's authors. "But you will also need a system of managed exchange rates. Countries should keep real exchange rates [adjusted for inflation] stable. Central banks would have to intervene and if not they would have to be told to do so by a multilateral institution such as the International Monetary Fund." The proposals, included in UNCTAD's annual Trade and Development Report , amount to the most radical suggestions for redesigning the global monetary system. Although many economists have pointed out that the economic crisis owed more to the malfunctioning of the post-Bretton Woods system, until now no major institution, including the G20 , has come up with an alternative.
Page 114 ¶6 Of UNCTAD's Report
At http://www.unctad.org/en/docs/tdr2009ch4_en.pdf
Section D addresses the issue of the reform of the current international reserve system, which has received greater attention in the context of the crisis: The role of the dollar as the main reserve currency has been called into question, partly because it is believed to require a current-account deficit in the United States, and also because the dollar has significantly lost value. Reflections about an alternative reserve system are often linked to the question of how to provide more adequate international liquidity to developing and emerging-market economies. But equally if not more important for solving the problem of instability in international financial relations, is the need for appropriate reform of the multilateral system of exchange-rate determination.
Page 121, Section D, Part 1.
Disadvantages Of The current System
Another issue that has received renewed attention in the discussion about necessary reforms of the international monetary and financial system is the role of the United States dollar as the main international reserve currency. The current international monetary system, with flexible exchange rates between the major currencies, the dollar as the main international reserve currency, and free international capital flows, has failed to achieve the smooth adjustment of payments imbalances. This is the conclusion reached by the Commission of Experts of the President of the United Nations General Assembly on Reforms of the International Monetary and Financial System (also known as the Stiglitz Commission) (UNPGA, 2009).
Moreover, an economy whose currency is used as a reserve currency is not under the same compulsion as others to undertake the necessary macroeconomic or exchange-rate adjustments to avoid continuing current-account deficits. Thus, the role of the dollar as the main means of international payments has also played an important role in the build-up of the global imbalances in the run-up to the financial crisis(the actual problem was and is US officials do not enforce the law already on the books because the International bankers tell these globalist politicians what to do in order to engineer their new global kingdom of the anti-Christ and his one world money system.)
A step that would go much further than the introduction of a substitution account would be to enable a new “Global Reserve Bank” or a reformed IMF to issue an “artificial” reserve currency, such as the “bancor” suggested by Keynes in his Bretton Woods proposals for an International Clearing Union. The new global reserve system could be built on the existing system of SDRs (Akyüz, 2009). One possibility is for countries to 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. But other variants are also discussed in the Commission’s report. The new system could contain penalties against countries that maintain deficits, and equally against countries that maintain surpluses. A variable charge would be levied depending on the size of the surpluses or deficits.
...And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name. Here is wisdom. Let him that hath understanding count the number of the beast: for it is the number of a man; and his number is Six hundred threescore and six (Rev. 13:17-18).
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