U.N. panel says world should ditch dollar(Reuters)

LUXEMBOURG (Reuters) - A U.N. panel will next week recommend that the world ditch the dollar as its reserve currency in favor of a shared basket of currencies, a member of the panel said on Wednesday, adding to pressure on the dollar.

Currency specialist Avinash Persaud, a member of the panel of experts, told a Reuters Funds Summit in Luxembourg that the proposal was to create something like the old Ecu, or European currency unit, that was a hard-traded, weighted basket.

Persaud, chairman of consultants Intelligence Capital and a former currency chief at JPMorgan, said the recommendation would be one of a number delivered to the United Nations on March 25 by the U.N. Commission of Experts on International Financial Reform.

"It is a good moment to move to a shared reserve currency," he said.

http://www.reuters.com/article/newsOne/idUSTRE52H2CY20090318

Not related to the Treasury's decision to print trillions more in currency, I'm sure... :eyes:

the rest of the world outside of those two entities will go along with it.

I'd appreciate it if someone would explain what could happen to the $ dummies...like me.

and I think the Euro is falling now?

Gold?

I try to avoid playing any of the capitalistic games --- I'm dumb!

prez shit-for-brains decided to attack Iraq.

They'll never know what hit them! :rofl:

wonder if they are next. Nukes and all that you know.

Seriously, watching TIC data and how important petrodollar recycling is and all this is gonna be interesting. There is a school of thought that said a year ago that oil at $100 was the optimum, so as the sovereigns could support our spending.

We shall see.

:dem:

-Laelth

...should we be hoarding something else...Gold? Donuts? Sea shells?

Cause we are all going to be fucked.

I find a quarter and I hoard it like a squirrel gathering nuts for the winter.

Now, the dollar is going to be worth crap on a shingle.

I can't keep up with the evildoers and their plot to destroy us all.

I do have 100 bags of Hershey kisses in my basement though.

Pretty necklaces and everyone has a fair shot at getting some!