Neutering our national defense is nothing compared to this. Obama can be so proud.
UN Calls for New Reserve Currency
Word is out. Level the economic playing field by getting rid of the dollar that favors the US in world financial matters. Obama must be wringing his little socialist, one-world equality hands with glee with this one.
“Chinese financial sources believe President Barack Obama is too busy fixing the US economy to concentrate on the extraordinary implications of the transition from the dollar in nine years' time. The current deadline for the currency transition is 2018.”
"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.
Wheeee…all of the Beatles’ and Rolling Stones drug-induced song lyrics are coming true now that the liberal buzz-heads from the 60s drug culture are advising the President.
And I wouldn’t blame the Arabs for this. It is our own consumptive, spendthrift, socially and financially irresponsible habits that are to blame. Let’s spend our way out of recession. Yeah, right, Bush and Obama and Congress. They are all spineless fools. They feel a need to keep the masses happy, despite the long-term consequences. And as long as we, the masses are happy, they stay in power and we all go down together.
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