United Nations Proposes new "global currency"

The United Nations would like the dollar, euro, yen, and other currencies to be succeeded by a "global currency."

In a U.N report released last week, a recommendation appeared which suggests the dollar's role in finance as over and says it's time to invent a new currency managed by a "Global Reserve Bank." These issues came to light in a 218-page report from the U.N. Conference on Trade and Development. The diversification away from the dollar idea is a close cousin to what the Chinese government has been saying recently. Zhou Xiaochuan is the governor of China's central bank. He sees the present world financial system as fragile and has proposed a new currency be introduced. His system includes the U.S. dollar, yen, euro and sterling.

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