dreamdancer 0 #1 September 8, 2009 what we need is a new world currency - perhaps the eurodollar... QuoteThe system sketched out by the UN amounts to nothing less than the most radical overhaul of the world’s economic structures since Bretton Woods in 1944. It would effectively kill off the vast swathes of the financial system which thrive on currency arbitrage and trading. Many people (particularly after the crisis) would say this is no bad thing. The problem is that as interesting as this is, I fear the proposal has come too late (this time around). Unless there is a massive further dive in economic output next year (not to be ruled out), the political will to reform is likely to peter out, particularly as we seem to be in full “green shoots” season. Indeed, earlier today one of the report’s authors acknowledged to me that the window of opportunity for a change has now most probably passed. Detlef Kotte of UNCTAD said: “The momentum following this, the strongest recession in 80 years and the first of the globlised economy, has led to a rethinking of what were considered eternal principles. However, that momentum is getting lost. The G20 has not embarked on any such reforms. “The fear is that the international element of this casino will remain largely untouched. But there is an increased consciousness that future crises cannot be avoided unless there is an overhaul of the financial and monetary system. What is at least encouraging is that, should another crisis happen in the coming years, at least the work is now starting to be done to come up with a superior system with which to replace the existing, battered, misshapen mess that Bretton Woods evolved into over the past few decades.” http://blogs.telegraph.co.uk/finance/edmundconway/100000833/un-plans-for-new-world-monetary-system-have-come-too-late/stay away from moving propellers - they bite blue skies from thai sky adventures good solid response-provoking keyboarding Quote Share this post Link to post Share on other sites
shropshire 0 #2 September 8, 2009 Quote what we need is a new world currency - perhaps the euro dollar... (.)Y(.) Chivalry is not dead; it only sleeps for want of work to do. - Jerome K Jerome Quote Share this post Link to post Share on other sites
kelpdiver 2 #3 September 8, 2009 Quote Quote what we need is a new world currency - perhaps the euro dollar... Don't you mean the pound? If the Euro isn't good enough for the Brits, it's not good enough for the world. And the problem getting Eastern Europe onboard with the Euro suggests a problem putting all of Africa on such a currency. Quote Share this post Link to post Share on other sites
