U.N. Panel Says World Should Ditch Dollar
//informationclearinghouse.info/article22275.htm / Jeremy Gaunt, European Investment Corres
23-Mar-2009 (one comment)

U.N. Panel Ways World Should Ditch Dollar

By Jeremy Gaunt, European Investment Correspondent

March 21, 2009 "Reuters" March 18, 2009 -- 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.

Central banks hold their reserves in a variety of currencies and gold, but the dollar has dominated as the most convincing store of value -- though its rate has wavered in recent years as the United States ran up huge twin budget and external deficits.

Some analysts said news of the U.N. panel's recommendation extended dollar losses becau... >>>

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Farhad Kashani

Smhb, you made it very

by Farhad Kashani on

Smhb, you made it very clear that nothing will satisfy your irrational, blind and sick hatred of this country, which streams from your enviousness to the greatness of this country and your subscription to the outdated and inhumane anti U.S leftist ideology, less than the fall of this country. Guess what, you’ll be waiting a long time. Your dream will never come true. The world supports the U.S. mark my word, remember the whole world said “We are all Americans” the very day after 9/11??? Well, if you forgot, remember it again!


The stances you take against a country that gave you so much is a disgrace to all Iranians.


All non- Iranians reading this, please note that people like him are a tiny minority among us. We want nothing but the prosperity of this country. We are friends of the U.S as we see it a reflection of our great civilization.