Thursday, March 19, 2009
Joel Rosenberg on his weblog today:
“A U.N. panel will next week recommend that the world ditch the dollar as its reserve currency in favor of a shared basket of currencies, a member of the panel said on Wednesday, adding to pressure on the dollar,” reports a Reuters story this morning. “Currency specialist Avinash Persaud, a member of the panel of experts, told a Reuters Funds Summit in Luxembourg that the proposal was to create something like the old Ecu, or European currency unit, that was a hard-traded, weighted basket. Persaud, chairman of consultants Intelligence Capital and a former currency chief at JPMorgan, said the recommendation would be one of a number delivered to the United Nations on March 25 by the U.N. Commission of Experts on International Financial Reform. ‘It is a good moment to move to a shared reserve currency,’ he said.”The story comes just a day after the Moscow Times reported that Russian leaders are coming to the G20 summit of world leaders in London on April 2nd prepared to call for moving to a new single common currency.
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