Scrap dollar as sole reserve currency: U.N. report

Source: Reuters

A new United Nations report released on Tuesday calls for abandoning the U.S. dollar as the main global reserve currency, saying it has been unable to safeguard value.

But several European officials attending a high-level meeting of the U.N. Economic and Social Council countered by saying that the market, not politicians, would determine what currencies countries would keep on hand for reserves.

"The dollar has proved not to be a stable store of value, which is a requisite for a stable reserve currency," the U.N. World Economic and Social Survey 2010 said.

The report says that developing countries have been hit by the U.S. dollar's loss of value in recent years.

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Pah!

Esp since the Euro is proving to have the lifespan of the fat comic relief on Saturday Night Live.

Junior pursued a weak dollar policy his whole eight years.

at the moment the dollar is at its strongest point in over 5 years against a basket of major currencies.....

plus god forbid their is another great recession; there would be no way to seriously devalue your currency and you would probably be a huge liquidity trap

The dollar is the only thing going up right now as equities, real estate, assets in general are liquidated. Flight to safety and the dollar is still it.

missed a payment-

making a payment is simply printing more dollars. Not exactly hard to miss.

to give up being the Santa of the world. Time for others to step up and bail out all the other failing countries. We have given away trillions over the past 50 years so that more people could live better. Sometimes in our best interests, sometimes not...we did it anyway.

Let us look closely to see who steps up to assume the load while we attempt to put our own finances back in order.

Just as the Dow was going to 40,000 and US housing prices were never going to decline. The dollar is to safety as
offshore drilling to energy supply. I can already picture the title of the book describing the events to follow as
surely as day follows night - "The Last Bubble'. What are you going to do with all your dollars then?