Author Topic: Prisonplanet article- #1 link in right hand column on Drudge [UN dumping $]  (Read 4576 times)

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Offline ericsnow

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Always good to see. BTW has went from the 775th most popular website in the US to the 727th in 2 weeks according to

Dollar Plunges After UN Call To Ditch Greenback
U.S. economy enters “total freefall” as double-dip recession looms

Paul Joseph Watson
Thursday, July 1, 2010

The dollar plunged today following a United Nations report which called for the greenback to be replaced as the global reserve currency by the International Monetary Fund’s special drawing rights (SDRs).

The dollar’s trend of moving inversely to the stock market has seemingly been snapped, with the Dow Jones falling over 100 points at one stage today. However, as soon as markets began to claw back losses, the greenback failed to follow suit, indicating that whichever way markets move, the dollar is in big trouble.

The UN report called for “abandoning the U.S. dollar as the main global reserve currency, saying it has been unable to safeguard value,” according to Reuters.

“A new global reserve system could be created, one that no longer relies on the United States dollar as the single major reserve currency,” stated the report, adding that this new system should not be based on a basket of currencies, but on IMF-controlled SDR’s.

Following globalist moves to restore confidence in the single currency euro in the aftermath of the Bilderberg and G20 meetings, the concern has shifted from sovereign debt issues of countries like Greece and Spain, to the worsening state of the U.S. economy and the risk of a double-dip recession.

In the immediate aftermath of the 2010 Bilderberg meeting in Spain, at which globalists resolved to save the euro from collapse in an effort to restore confidence in their ultimate goal of a global single currency, the euro began to make a recovery and today rose against the dollar by over 1.5 per cent.

A cascade of negative U.S. economic data was released today, with job figures turning sour once again.

“Jobless claims were a disaster, coming in at 472k, on expectations of 455k,” reports Zero Hedge. “The economy has now entered the “total freefall” area”.

The dollar is being targeted for destruction because the financial terrorists who caused the economic collapse in the first place want to exploit the crisis in order to institute a new global currency issued by a global central bank.

In May, IMF chief Dominique Strauss-Kahn told elitists in Zurich Switzerland that the introduction of a global currency backed by a global central bank would act as the “lender of last resort” in the event of a severe economic crisis, another lurch towards fascist centralization of power in pursuit of a system of global governance.

As Gerald Celente explains in the clip below, all major currencies are doomed in the long term, which is why many European countries are beginning moves to revert back to their pre-euro denominations.

Offline Dig

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Re: Prisonplanet article- #1 link in right hand column on Drudge
« Reply #1 on: July 01, 2010, 11:49:08 pm »
Rothschild's Reuters decides to pick up the story after Paul scooped them (actually Rothschild was trying to hide this shit)...

UN report calls for world to ditch dollar, migrate to new global currency
By Reuters
Thursday, July 1st, 2010 -- 10:14 pm

A new United Nations report released on Tuesday calls for abandoning the U.S. dollar as the main global reserve currency, saying it has been unable to safeguard value.

But several European officials attending a high-level meeting of the U.N. Economic and Social Council countered by saying that the market, not politicians, would determine what currencies countries would keep on hand for reserves.

"The dollar has proved not to be a stable store of value, which is a requisite for a stable reserve currency," the U.N. World Economic and Social Survey 2010 said.

The report says that developing countries have been hit by the U.S. dollar's loss of value in recent years.

"Motivated in part by needs for self-insurance against volatility in commodity markets and capital flows, many developing countries accumulated vast amounts of such (U.S. dollar) reserves during the 2000s," it said.

The report supports replacing the dollar with the International Monetary Fund's special drawing rights (SDRs), an international reserve asset that is used as a unit of payment on IMF loans and is made up of a basket of currencies.

"A new global reserve system could be created, one that no longer relies on the United States dollar as the single major reserve currency," the U.N. report said.

The report said a new reserve system "must not be based on a single currency or even multiple national currencies but instead, should permit the emission of international liquidity -- such as SDRs -- to create a more stable global financial system."

"Such emissions of international liquidity could also underpin the financing of investment in long-term sustainable development," it said.


Jomo Kwame Sundaram, a Malaysian economist and the U.N. assistant secretary general for economic development, told a news conference that "there's going to be resistance" to the idea.

"In the whole post-war period, we've essentially had a dollar-based system," he said, adding that the gradual emission of SDRs could help countries phase out the dollar.

Nobel Prize-winning economist Joseph Stiglitz, who previously chaired a U.N. expert commission that considered ways of overhauling the global financial system, has advocated the creation of a new reserve currency system, possibly based on SDRs.

Russia and China have also supported the idea.

But Paavo Vayrynen, Finland's Foreign Trade and Development Minister, told reporters that he doubted it was possible "to make any political or administrative decisions how to formulate the currency system in the world."

"It is based on the markets," he said. "I believe that the economic players in the market are going to have the decisive influence on that issue."

European Union development commissioner Andris Piebalgs said it would be a bad idea to dictate what the reserve currency should be.

"It is markets that decide," he said. "Any intervention would just create additional challenges and make things even less predictable."
All eyes are opened, or opening, to the rights of man. The general spread of the light of science has already laid open to every view the palpable truth, that the mass of mankind has not been born with saddles on their backs, nor a favored few booted and spurred, ready to ride them legitimately

Offline America2

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Gerald Celente said that whether or not they call a bank holiday, they will find a way to devalue the dollar.

When Celente mentioned bank holiday, it got me thinking - maybe, just MAYBE they may call one BEFORE they strike Iran in the near future?(whenever that is - Bob Chapman mentioned early this year that the elite do plan to call a bank holiday sometime this year)

I mean, let's say, they call a week-long or so bank holiday, then a week later, out of the blue when the country seems rather peaceful or so still, they call for a devaluation of a dollar, an NAU/OWG + new currency...the country will riot.

However - if, let's say, they call a bank holiday a few days before they strike Iran...that way, a strike on Iran will skyrocket oil prices(among other things), and then this "oil spill" among other things is still going on, next thing we know, the masses are "begging" for a solution, and will end up forgetting that this bank holiday happened, and VOILA!

No, I'm not trying to give anyone ideas, but when Celente mentioned that a bank holiday before devaluation is possible, it reminded me that Chapman said there would be one this year, and it got me thinking. Yeah - if anything, NOW is the time to start withdrawing your money and stocking up on essentials(if you haven't already).

BTW - being an Accountant, I take CPE courses to fulfill my yearly CPE hours - guess what, I got something in the mail over an annual meeting for a weekend for CPE opportunities, and some guy from Chase bank will be a guest speaker. This is no joke - it said on the mail brochure that he's going to explain how our current economy *will get better*. Color us surprised that it's someone from JP Morgan Chase that will *explain it away*.