THE WORLD SENSES BLOOD IN THE WATER AND IT IS STARTING TO CIRCLE US

Shouldn't there be some sort of rule against piling on? What with the Arabs, French, Russians and Chinese moving to a market basket of currencies to replace the dollar as the reserve currency and this from the U.N., the dollar just can't catch a break. It has already lost 30% of its value over the last year. I can see the validity of the argument that the best way to use your dollars is to invest in precious metals or buy things that you will need in the future because its is seeming likely that a bunch of stuff will be unaffordable or unavailable in the near future. Scary times are ahead of us.

"The United Nations called on Tuesday for a new global reserve currency to end dollar supremacy which has allowed the United States the "privilege" of building a huge trade deficit.
"Important progress in managing imbalances can be made by reducing the reserve currency country?s 'privilege' to run external deficits in order to provide international liquidity," UN undersecretary-general for economic and social affairs, Sha Zukang, said.

Speaking at the annual meetings of the International Monetary Fund and World Bank in Istanbul, he said: "It is timely to emphasise that such a system also creates a more equitable method of sharing the seigniorage derived from providing global liquidity."

He said: "Greater use of a truly global reserve currency, such as the IMF?s special drawing rights (SDRs), enables the seigniorage gained to be deployed for development purposes," he said.

The SDRs are the asset used in IMF transactions and are based on a basket of four currencies -- the dollar, euro, yen and pound -- which is calculated daily.

China had called in March for a new dominant world reserve currency instead of the dollar, in a system within the framework of the Washington-based IMF."

Breibart