Bloomberg reports that a key division of the United Nations wants a global currency (presumably under the contrrol of the U.N.). Somehow, we are supposed to believe that a global monopoly central bank will produce better monetary policy than national monopoly central banks. That is theoretically possible, to be sure. After all, the Italians are better off with the euro than they were with the lira, but that is because the Germans dominate the European Central Bank. One can only imagine what sort of kleptocrats would be in charge of a “global reserve bank.” Moreover, since the same bureaucracy also is promoting restrictions on capital mobility, there is good reason to suspect they are either clueless or malignant. Bloomberg reports:
The dollar’s role in international trade should be reduced by establishing a new currency to protect emerging markets from the “confidence game” of financial speculation, the United Nations said. UN countries should agree on the creation of a global reserve bank to issue the currency and to monitor the national exchange rates of its members, the Geneva-based UN Conference on Trade and Development said today in a report. China, India, Brazil and Russia this year called for a replacement to the dollar as the main reserve currency after the financial crisis sparked by the collapse of the U.S. mortgage market led to the worst global recession since World War II. …“The most important lesson of the global crisis is that financial markets don’t get prices right,” [German Deputy Finance Minister] Flassbeck said. “Governments are being tempted by the resulting confidence game catering to financial-market participants who have shown they’re inept at assessing risk.” The 45-year-old UN group, run by former World Trade Organization chief Supachai Panitchpakdi, “promotes integration of developing countries in the world economy,” according to its Web site. Emerging-market nations should consider restricting capital mobility until a new system is in place, the group said.
[…] (global warming and gun control, for instance, as well as the Internet, the War on Drugs, monetary policy, and taxpayer-financed birth control), the UN inevitably urges more power and control for […]
[…] in policy (global warming and gun control, for instance, as well as the Internet, the War on Drugs, monetary policy, and taxpayer-financed birth control), the UN inevitably urges more power and control for […]
[…] in policy (global warming and gun control, for instance, as well as the Internet, the War on Drugs, monetary policy, and taxpayer-financed birth control), the U.N. inevitably urges more power and control for […]
[…] But when I read about the UN’s efforts for gun control, global taxation, UN-imposed taxes, a world currency, the Law of the Sea Treaty, tax harmonization, restrictions on American sovereignty, and […]
[…] White’s video shows how we can improve monetary policy, but let’s also be aware that there are proposals that would lead to even worse monetary policy. Rate this:Share this:PrintEmailFacebookTwitterMoredeliciousDiggFarkLinkedInRedditStumbleUponLike […]
[…] Supporters of individual liberty and national sovereignty have been skeptical of the United Nations, and with good reason. With the support of statists such as George Soros, the U.N. pushes for crazy ideas such as global taxation and global currency. […]
[…] by biggovernment on Mar.01, 2012, under BigGovernment Supporters of individual liberty and national sovereignty have been skeptical of the United Nations, and with good reason. With the support of statists such as George Soros, the U.N. pushes for crazy ideas such as global taxation and global currency. […]
[…] Supporters of individual liberty and national sovereignty have been skeptical of the United Nations, and with good reason. With the support of statists such as George Soros, the U.N. pushes for crazy ideas such as global taxation and global currency. […]
[…] Dan Mitchell of Cato reports that the OECD has produced a study that claims to show that poverty is worse in America than it is in Greece, Hungary, Portugal and Turkey (emphasis is mine). Supporters of individual liberty and national sovereignty have been skeptical of the United Nations, and with good reason. With the support of statists such as George Soros, the UN pushes for crazy ideas such as global taxation and global currency. […]
[…] Supporters of individual liberty and national sovereignty have been skeptical of the United Nations, and with good reason. With the support of statists such as George Soros, the U.N. pushes for crazy ideas such as global taxation and global currency. […]
[…] Supporters of individual liberty and national sovereignty have been skeptical of the United Nations, and with good reason. With the support of statists such as George Soros, the U.N. pushes for crazy ideas such as global taxation and global currency. […]