The Wake Up Project

UNITED NATIONS, July 1 (UPI) -- A U.N. committee is the latest advocate of dumping the U.S. dollar in favor of a replacement currency though it doesn't say -- or know -- which to turn to. The dollar has been challenged as a global currency for a variety of reasons -- from populist grandstanding to polarized political critics of the United States seeking to go separate ways. Former Iraqi President Saddam Hussein opposed the dollar's use for the oil trade and Iran, before the eurozone crisis, wanted the dollar replaced by the European common currency for hydrocarbon transactions. The latest clamor for displacing the dollar as a global currency rose after the 2008 economic downturn which, the U.N. committee said, showed the U.S. currency was ill-equipped to defend international trade. The U.N. Department of Economic and Social Affairs, in a report, called the dollar an unreliable international currency that should be replaced by a more stable system. "The dollar has proved no...

by Larry Edelson on September 18, 2009 This week, we’ve examined three powerful forces now arrayed against the U.S. dollar … * President Obama and Fed Chief Bernanke are not only refusing to defend the dollar, they are intentionally causing its demise with out-of-control spending and money-printing. Their motives are clear: Gutting the greenback’s value is the ONLY way they can ever hope to service our massive debt. * Foreign governments, central banks, financial institutions and investors are slashing their dollar investments. In some cases, they are dumping dollars to insulate themselves from the greenback’s head-long plunge. And by doing so, they’re causing the dollar’s decline to accelerate. * The United Nations and the G-7 plus China, France, India, Russia, Brazil and others are already laying plans to replace the U.S. dollar as the world’s reserve currency — and by doing so, will crush what little international demand remains for the greenback and...