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June 30th, 2010
06:00 PM ET

U.N. says scrap dollar as main global reserve currency

FROM CNN's Jack Cafferty:

Here's another very troubling sign about where we are these days:

The United Nations says it's time to scrap the dollar as the main global reserve currency. The U.S. dollar has for years been the currency of choice in troubled times - a safe haven when uncertainty arises.

But a new report by the U.N. suggests the dollar has become unreliable and needs to be replaced with a more stable system.

Many countries - especially in Asia - have been building up massive dollar reserves. But because the dollar has begun to fluctuate much more recently, these countries' currencies have become undervalued - which makes it harder for them to import goods.

The UN is backing a proposal which would replace the dollar with a basket of currencies. The report says a new reserve system should not be based on a single currency in order to create more stability in the global financial system.

Russia and China have already said they support creating a new reserve currency system... as does the International Monetary Fund.

But not everyone is so sure this is such a good idea. Some European officials suggest it should be the market, not politicians, which determines which currencies countries buy for reserves.

There's been increased debate about using the dollar for international trade ever since the U.S. economy slumped into a recession.

Unless and until something definitive is done about our $13 trillion dollar national debt and skyrocketing federal deficits, the future of the almighty greenback is very much in doubt.

Here’s my question to you: What does it mean if the U.N. says the dollar should be scrapped as the main global reserve currency?

Interested to know which ones made it on air?

Jamie in Arizona writes:
No, you cannot reform immigration without sealing the border. I live in Phoenix, Arizona. Sealing the border needs to be the FIRST thing done, then we can iron out guest worker programs, etc. I do not believe it would be fair to give amnesty to those who cut in front of people who respect our borders.

Annie in Allentown, Pennsylvania writes:
My first question is: How does true border security require comprehensive immigration reform? How do they plan to implement their amnesty? Do you really think illegal immigrants will come forward and pay taxes, go to the back of the line, and so on? I don't think so. It will just be more words on paper to appease the American people. I hope we're smarter this time in not believing a word they say.

Gary in Akron, Ohio writes:
It would be a real change if the politicians in D.C. would for once serve the citizens who elected them. It's clear to anyone with a brain that we need to concentrate on border security first, deportation of illegal immigrants back to their own countries, passing stiff penalties for those employers who hire Illegal workers and then, and only then talk about some sort of immigration reform. All the polls are crystal clear that this is what American citizens want. JUST DO IT!

Ray in Georgia writes:
The president needs to tell the illegals here that they will not get amnesty, loud and clear. That is already the message of the U.S. citizens. If amnesty is granted to the illegals this time, there will be 20 million more who will want amnesty 20 years from now… Those who want to be U.S. citizens already have a path to citizenship. It is already in place. If that law needs to be adjusted then bring it before the people so it can be examined for modification if needed. But NO AMENSTY, period.

Michael writes:
"But these days what most Americans want doesn't seem to matter." So true. It is a sad state of affairs and shows the complete lack of personal integrity of our elected officials. They are our proxies, not our masters. So sad, so sad.


Filed under: United States • US Economy
soundoff (83 Responses)
  1. Ed

    The value of the dollar will go down. For good or bad with less of a demand for the dollar it will go down.

    June 30, 2010 at 4:22 pm |
  2. Jim S

    No. In my view Jack, this is an obvious move for a global currency to fit the global economy and would signal the end of the United States. I'm not smart enough to know the full ramifications of such an action, but something deep inside tells me it would be a disaster for the United States. JMO

    June 30, 2010 at 4:24 pm |
  3. Remo, from beautiful downtown Pflugerville Texas

    It means our "All Mighty Dollar", isn't so mighty anymore. We're outsourced ourselves into a second rate economy. Our capitalist ideas tanked and we only have ourselves to blame. Greed isn't apparently good. It appears to have broken the dollar in the eyes of the world.

    June 30, 2010 at 4:31 pm |
  4. Gary H. Boyd

    It means they think we're going in the financial tank. Simple as that.

    Gary in Scottsdale, Arizona

    June 30, 2010 at 4:31 pm |
  5. Gregory Tripp, Mechanicsburg, PA

    For you and me in the span of our franchised lives it probably means very little. It won't change the price of a cheeseburger and fries so, like most people, we won't notice any difference. In the BIG picture though, it means that the global movers and shakers (the people who really matter) are going to make it harder for their new world order to smell as American as apple pie. They'll probably stick to the dollar though, because it's easy to work with and China has billions of them.

    June 30, 2010 at 4:44 pm |
  6. Gerry

    The U.N. is a paper tiger. Our currency is still the strongest currency in the world and will remain that way. The U.N. objective is to create a global currency like the Euro that will prop up all the third world countries. What a horror story that would be. Look at the condition of the Euro now with Greece as bankrupt as the City of Los Angeles and refusing to implement the changes necessary to survive. I am sure that the Brits wish they were double jointed so they could kick their own butts for adopting the Euro.

    Gerry
    Ash Fork, Az.

    June 30, 2010 at 4:47 pm |
  7. Dave, Brooklyn, NY

    I think the UN should be scrapped, it is even more worthless than our dollar. That aside, what we need to do to help straighten out our problems is to go back to the gold standard, that (and the Fed) were our biggest mistakes and the point at which we started our downhill slide. There’s a reason it’s called “The Gold Standard.”

    June 30, 2010 at 4:54 pm |
  8. Stephen from Florida

    I personally feel that the UN should replace the US dollar as the world's major reserve currency. Though, not a good example, Iran has replaced the US dollar with the euro. The US dollar is not as worth as much as it used to be, but there are different ways that the US can make the currency worth more. The thing is one nation's currency should not be the only one used and that multiple currencies(US$, C$, British Pound, Euro, etc.) should be used. US economic imperialism is going to come to a crashing halt sooner or later.

    June 30, 2010 at 4:57 pm |
  9. Tom, Avon, Me, The Heart of Democracy

    It means they are facing reality. Something we should have done when Bush was driving our economy into the ditch.

    June 30, 2010 at 4:59 pm |
  10. chris brown st augustine fl

    this does not surprise me at all. the dollar is not worth spit because of our debt also because every country in the world is trying to take us over financially.money is not worth much but the natural resources are and the government is handing it to them. amazing that we pay them to take care of this country and they take care of the rest of the world. until we get back to old ways we have nothing to bargain with enforce the trade laws and they will all will want our money
    loyal disgruntled American

    June 30, 2010 at 5:01 pm |
  11. Lance, Ridgecrest, Ca

    Jack, it means the same thing the American people are saying, the country and the world no longer regard the U.S. as the world power it has been in the past. The rest of the world sees the U.S. becoming a 3rd world debtor nation which is rapidly becoming too risky to invest in, or rely on to lead the global market. Sad truth is, they are right. Another $5-10T of debt is going cause our economy to be completely insolvent, and I don't see the Democrats doing anything to stop the deficit from increasing. November is literally our last chance to avoid national collapse, and there are way too many welfare votes out there for common sense to really make a difference.

    June 30, 2010 at 5:04 pm |
  12. Paul from Phoenix

    Jack,

    It means our debt is at dangerous, unsustainable levels. Hopefully, Congress will acknowledge this and do something about it. I'm not holding my breath...

    June 30, 2010 at 5:04 pm |
  13. Wm in TX

    Jack,

    Time to buy: gold, silver, platinum, real estate, Swiss francs?

    In what currencies are rich banking their fortunes? What are they investing in other than first class art?

    June 30, 2010 at 5:05 pm |
  14. Jeff In Minnesota

    The truth hurts. When you spend money you do not have, it eventually comes home to roost. The rest of the world cannot be hamstrung by a relying on a single monetary system. It makes sense to use a basket of currencies versus just one.

    June 30, 2010 at 5:05 pm |
  15. Jeff in Houston

    I'm not so sure this is a negative thing. The UN is a basket (case) organization, why not a basket of currencies?

    June 30, 2010 at 5:07 pm |
  16. Judy - California

    I don't think the cold war is over just yet. Russia and China have been very busy stealing our technology and who knows what else for years, and have profited mightily. I agree with those who say it should be the market and not politicians who make this decision. This is very dangerous for the US, especially now with the economic slump. That said, I feel we have brought this on ourselves. We are like the grasshopper who played his fiddle and danced instead of working hard and saving as the chinese have done. Paying down the deficit looks good on paper, but we cannot risk allowing our economy to tank in the process. I don't think anyone knows the answers to this.

    June 30, 2010 at 5:08 pm |
  17. Alex in Gig Harbor, WA

    And replace it with what? The Euro is sliding faster than the dollar thanks to Greece and the other dominoes are coming close to falling in more weak Euro Zone countries. Germany can't bail all of them out to save irresponsible French banks who loaned money to those who could not pay. (Sound familiar?)

    June 30, 2010 at 5:10 pm |
  18. honest john in vermont

    It means that other countries see how weak and vulnurable our economy is and many UN countries would be very happy to take advantage of it. Our President and Congress should be making a strong American Economy the # 1 Priority and they are not. In the Great tradition of Herbert Hoover they want to cut spending which will return us back to 1932.

    June 30, 2010 at 5:10 pm |
  19. Michael Bindner, Alexandria, VA

    It means China is getting nervous. A market basket of currencies is a bit problematic unless it is based on a market basket of goods in each currency, which could stabilize the whole system and make gaming it harder to do.

    June 30, 2010 at 5:11 pm |
  20. Ben, NH

    It means that the Bretton Woods agreement was a mistake from day one. Everyone should be dumping paper dollars and putting their money into commodities like gold, silver – heck, even actual paper! – because at least it's value can't be destroyed by irresponsible governments.

    June 30, 2010 at 5:14 pm |
  21. andyz

    It means they're ready to move the U.N. out of New York.

    June 30, 2010 at 5:15 pm |
  22. Scott Stodden

    The question is if they scrap the dollar what will they replace it with? This is very scary and to me religously it means that its the sign of the end times, what next are we going to have bar codes tattooed on hand or something! Let's try to get this together and work to get our debt under control and become the country we once was! Thanks alot to former President George W Bush for all the turmoil you have done to make our country struggle we salute you you jackass!

    Scott Stodden (Freeport,Illinois)

    June 30, 2010 at 5:15 pm |
  23. Terry in Chandler, AZ

    I've wondered for a few years why the U.S. dollar is used as global the currency reserve rather than a combined currency. Wise investors do not place all their investment money in a single fund or stock. It makes no sense. Sorta like the 'place all your money in one basket' philosophy.

    June 30, 2010 at 5:18 pm |
  24. Allen in Hartwell GA

    June 30th, 2010 3:21 pm ET
    Your comment is awaiting moderation.

    It means that a lot of countries are tired of having to buy dollars. Personally I'm not sure whether this would be good or bad. As long as they have to buy dollars our currency remains stronger, but this is a false strength, and hurts our exports while making imports cheaper. Both result in less work for Americans.

    June 30, 2010 at 5:18 pm |
  25. Smith in Oregon

    Time for President Obama and the Democratic lawmakers to remove the Bush-Cheney taxbreaks for the ultra-wealthy and cut the projected defect to less than 1/2 what it is.

    With the withdrawal and wind-down on both foreign wars in Iraq and Afghanistan, America should be able to recoup the remaining budget defect which the Pentagon is funneling from the American taxpayers for it's war's and the Trillions that are needed to support those wars.

    June 30, 2010 at 5:21 pm |
  26. Ralph Spyer

    Once they took the dollar of the gold standard the almighty greenback has been in the RED and we can:t blame the Greeks

    June 30, 2010 at 5:25 pm |
  27. Ralph - Corpus Christi, Texas

    It means the dollar is perceived as having about as much worth as the money in an old Parker Brothers monopoly set.

    June 30, 2010 at 5:26 pm |
  28. DEBORAH BALLWEG

    It means they want us to stop funding them. Now, that's a good plan.

    June 30, 2010 at 5:27 pm |
  29. David S. Asheville NC

    Jack, It means, as always, the UN is trying to break Americas back. The American dollar does not need to be controlled by the UN. This global economy crap has gone to far. I think it would adversely affect Americans savings and investments.
    The reason for massive dollar reserves in other countries is our government failed to impose high enough import taxes so that American products would be the wise shoppers lowest price choice . Therefore, American citizens have not been buying USA Made Products.

    David S.

    June 30, 2010 at 5:32 pm |
  30. Monica

    what does it mean? simple, one world order

    June 30, 2010 at 5:39 pm |
  31. Anthony from New Jersey-correction

    Jack, it will never happen. We invented capitalism and any change from the dollar will result in a world-wide cataclysm. The United Nations is, once again, expressing the futility of its existence. They don't have a clue so why should we worry now? When we suffer a glitch, the world goes into convulsions. They wouldn't know how to continue without the Linus security blanket of America.

    June 30, 2010 at 5:40 pm |
  32. Allen-Minnesota

    What next one world government ? The day we let the U N make the most powerful nation on earth take a backseat is the day we start
    down a road we don't want to follow.

    June 30, 2010 at 5:43 pm |
  33. hank-green valley, arizona

    With our rapidly, out of control increasing debt, the American dollar is
    not much of an example of stability. We must get our financial "ducks in
    a row" if we want to be a paragon of "the global financial ROCK". In my
    opinion, the current American Dream in rapidly becoming a nightmare!!!
    Like your book says Jack, "Now or Never", the old phrase, "It's never too
    late to try" may be losing it's meaning!!

    June 30, 2010 at 5:44 pm |
  34. Richard Fairview, Texas

    It means it is time to do away with reserve currency. It ihasoutlived it's usefulness. America will do alright as long as we continue to feed the rest of the world. I mean come on Jack people have to eat and that is the one commodity we have an abundance of. Our problem is not so much what currency will be used in the world market unless that currency becomes oil. There is a good likelihood that is what will happen in the next 20 or so years as it becomes depleted.

    June 30, 2010 at 5:46 pm |
  35. Nick

    Jaaack-

    It means that our leaders treated it like funny-money and have no idea how many commas are on the checks they write. No responsibility or accountability = immense amounts of debt for generations to come. If I'm 10k in debt, should I buy a boat for 50k? No but the govt doesn't understand fiscal discipline.

    Pretty soon the bank (China) is going to collect on its debt. After that, we'll have no greenbacks, just wetbacks who get free healthcare.

    June 30, 2010 at 5:47 pm |
  36. Dee in Woodstock GA

    It means we are all in deep trouble!

    June 30, 2010 at 5:47 pm |
  37. Jon Hart

    Understandable, its a really ugly and boring bill... the global reserve currency has to have some flash and sass to it... like Canadian money.. a candidate perhaps?

    June 30, 2010 at 5:48 pm |
  38. Arnold Mi

    It means we have too many millionaires and billionaires that have funneled all of our consumer spending into tax deferred investment accounts and this has caused the government to over borrow to keep the economy from tanking and with the global economy that originates at wall street much of our money disappears over seas.

    When the consumers do not have money to spend, the economy begins contracting. The government then has to borrow by selling bonds and printing money that they can not back. As people begin to loose their jobs, the tax revenues paid by working Americans dwindle into entitlement programs and the deficits skyrocket.

    There are many other factors that contribute to our backwards economy that I do not have time to explain, but the current policies of privatization and capitalism are leading down the path to third world status.

    June 30, 2010 at 5:51 pm |
  39. Gigi Oregon

    It says to me the world is looking at the United States and saying will those people ever grow up. Canada seams to manage a stable government and immigration population. We are sort of like the spoiled Rich kid of the block that doesn't like to share. Not even with his own siblings. When we behave badly we don't make many friends or develop trust.

    June 30, 2010 at 5:56 pm |
  40. Bob in NC

    It means that Obama won't listen. With the euro diving and the uncertainty of all other global tender – nothing will happen in the near future, and the dollar will remain the reserve currency for the short term. With Obama borrowing and spending like a college kid with dad's credit card, that will change before 2012 – a new currency will be created by Russia, China and the third world to take its place. ...and to answer what I think you're asking – the dollar will collapse with very ugly consequences for America.

    June 30, 2010 at 6:03 pm |
  41. NM in TX

    Jack,
    With our government in such deep debt why would any country or person bet their money that they will be repaid if they lend the US money.

    When we inflate our way out of this debt crisis our dollar will be so devalued we will all cry at the price of a gallon of gas, a gallon of milk or an electric bill. Your health care will not be affordable.

    Our corporations' greed exceeds that of the most corrupt dictators of the world. We too will celebrate as the former Belgium Congo is doing now if we last another 50 years. Congolese citizens live on less than 2 dollars a day.

    June 30, 2010 at 6:07 pm |
  42. Birddog in Mississippi

    Scott Brown and the Republicans just added 20 billion dollars to our debt. Rather than having Hedge Funds and large financial institutions pay into a fund to wind them down if it is ever necessary again, Brown insisted in conference that that money come out of TARP and FDIC funds. In other words, we'll be paying for it rather than the guys making billions of dollars a year. Thanks Senator Brown, way to stay true to those Republican principles of sticking it to the little guy.

    June 30, 2010 at 6:09 pm |
  43. Conor in Chicago

    It means that the UN actually thinks the United States won't start WWIII to retain Dollar Supremecy as it's own economic well being depends on it. To me that is the scariest thing about this.

    June 30, 2010 at 6:10 pm |
  44. frankie

    Maybe we should consider having national health insurance so our industries could compete fairly with industries in other countries?

    June 30, 2010 at 6:14 pm |
  45. William

    Jack.................let's scrap the U. N. and keep the dollar!!!!!!!!!

    Bill
    Florida

    June 30, 2010 at 6:15 pm |
  46. Cord3ro

    the new world order is coming into view

    June 30, 2010 at 6:15 pm |
  47. Michael H. in Albuquerque, NM

    For a century the world has been dependent on the U.S. to buy their products. And, we kept the world economy afloat doing that. If they expect to sell us any more products they will have to take our money. That's just the way it works, Frenchy.
    Apparently, you can't replace the Dollar with the Euro, because that currency is falling apart. You can't replace it with the Chinese Yuan, because that system is rigged and they don't buy your products, just our treasury bills. If the Dollar goes down the T-Bills go down with it. So, the U.N. is just blowing smoke.

    June 30, 2010 at 6:15 pm |
  48. Jim Terry

    Well they dont seem to wanna scrap the greenback when it comes time to pay everyone at the UN. Maybe its time we scarpped the UN!

    June 30, 2010 at 6:16 pm |
  49. Robert

    What,if the Governments had to they would line their pockets with goats,Does not matter if its paper money or rocks or goats they will line their pockets,Big greedy corp runs the world.

    June 30, 2010 at 6:16 pm |
  50. Nick, Burnaby BC Canada

    Jack,

    I think this is a great idea. I'm not an economist, I'm not even very smart, but like stock brokers tell you to diversify your portfolio, maybe it's time we diversify our global currency. Perhaps some form of currency that's an amalgate of all the G20 or G100 currencies would be the most stable, or possibly even go back to the gold standard.

    June 30, 2010 at 6:16 pm |
  51. Pancho

    Well Cafferty ,

    I think the problem with UN is that , US has taken up trillion and trillion dollar worth of debt. Just like a bank does not wants to take a client who is not in good standing , you can understand how the UN feels about taking IOU's from US in dollar

    But on second thought even Euro is in bad shape , perhaps we should deal with gold & diamonds in a sack

    Please let us know how can the dollar make a come back

    Thank you

    June 30, 2010 at 6:17 pm |
  52. Mike in Phoenix

    I am guessing they would like the Euro.

    June 30, 2010 at 6:17 pm |
  53. Ken in NC

    It means that if we don't straighten up and fly right, at the rate we are going in this country we will all soon be trading and paying for everything with chickens and other animal pelts.

    June 30, 2010 at 6:17 pm |
  54. Partha

    Jack,
    Please tell them to wait until I have had converted all of my dollars into other meaningful currencies...couple of moths, please!!

    Partha Dutta
    Lexington, KY

    June 30, 2010 at 6:17 pm |
  55. Hana S from Mass

    Only $ bills!
    Look what happened to the Euro, after regretting I haven't stocked up on time.
    Go Green!

    June 30, 2010 at 6:18 pm |
  56. MIke in TX

    If the UN doesn't like the dollar anymore Jack let's see how they will do with replacing 22% of their budget with currency from another country. Russia and China would love to have their currencies as the base. Maybe throw in a few pesos as well. Let's see how far their money would go for the UN's needs in replacing our $600 million. The UN has now become like so many countries that in history openly don't like us and keep their hands out for our money.

    June 30, 2010 at 6:19 pm |
  57. Karen

    If the greenback is so unreliable then the US should just withdraw from the UN and stop giving it to other countries.
    Karen from Chicago

    June 30, 2010 at 6:19 pm |
  58. Benny Holdren

    The U.N has been trying to stick it to the United States for years,and this is another way for them to do it..So the U.S needs to throw them
    out of New York.

    June 30, 2010 at 6:19 pm |
  59. Ray

    Jack:

    If that is truly their desire, then I think that the UN should be moved to someplace like Lagos, Nigeria, or Beijing. It would allow us to save the expenses of all of those diplomatic people who will not pay their parking fines and all of the other burdens that come with housing the UN. NYC would be a more comfortable and easier to get around place without the UN. So perhaps it is time if we change the currencies.

    June 30, 2010 at 6:19 pm |
  60. Ralph Myers

    I say lets scrap the U.N., I think the U.S. quit the U.N. and quit paying for it and see what they say then.

    June 30, 2010 at 6:20 pm |
  61. Adam in New Orleans

    It means that the US financial empire would be over. There are historical precidents that date clearly back to the Romans. Petrodollars by the Federal Reserve and Bank of England after Brentton Woods was abolished, which allowed Dollars to fluctuate. Kissenger was a key architect of this. Think X currency to Dollars to oil. This improverished many smaller nations and made the United States economy strong.

    As I undestand it, Saddam Hussein was moving to take Iraq off the Petrodollar and go to the Petro-Euro. We attacked and one of our first acts was to shore up the Dollar. Think Dollars to something else to oil. Overnight, this will CRUSH the US Economy.

    The risk of a world war has not escalated materially!!!

    June 30, 2010 at 6:20 pm |
  62. Rick - Colorado

    This is something that has its roots in many decades of govt mismanagement. We have had massive deficits and certain administrations worked to keep the dollar artificially low so as to increase exports. All of these tricks, that were beneficial in the short term, have come back to haunt us. The USA is no longer the sole economic power of the world and we must work with the other economies of the world. We can no longer afford to do it alone.

    June 30, 2010 at 6:20 pm |
  63. Alvin

    Jack wait to see the anti Obama twist you put on this. I'm all for the common man's opinion but I wonder how many of the people who's letters you read actually understand concepts like monetary reserves. The reality is that the UN's opinion means very little. I know that, you know that , but I guess we can just pretend this is a relevant question that adds to economic discourse.

    June 30, 2010 at 6:20 pm |
  64. Brett (Philadelphia, PA)

    It simply means that the world is waking up to our dire political situation. For decades, our government has been too embedded in their separate ideologies to figure out how to balance a budget. While Washington bickers about whether a conservative or liberal strategy is more fitting, the debt piles up and the dollar becomes less stable. Not to say we haven't contributed to this issue. While legislators should be held accountable for their actions, we as Americans are too quick to pull the plug on a politician if they have different views on just one of a variety of issues. This causes politicians to play the "safe" card with their votes in the house and senate, contributing to our inability to accomplish anything. As the amount of registered independents grow, eventually we will become free thinkers instead of allowing party lines to define our train of thought. The question is, will it be too late?

    June 30, 2010 at 6:20 pm |
  65. TY

    Can you say New World Order. And the U.S. will NOT be of any significance. The time of the U.S. as the world leader both economically and militarily is over. Now I'm just as patriotic as the next guy but I'm a firm and stout believer in the Word of God and the prophecies stated therein talk about China, Russia, Iran, and other nations, but it does not even mention America. Coincidence? I think not! And whether you believe it or not is irrelevant- the Word of God is still TRUE. Just sit back and watch as the U.S. falls and becomes irrelevant. I'm moving to China...

    June 30, 2010 at 6:21 pm |
  66. john T,

    world war 3.

    June 30, 2010 at 6:21 pm |
  67. Steve D

    It means the jig is up. The almighty buck that is being created by printing presses and backed by a country that no longer makes anything of value. Our debt is beyond belief and derivatives and leveraged trading has sucked all of the value out of Americans pocket and put them in the vaults of the obscenely rich and greedy. In less than 5 years our entire GNP will be needed just to pay the interest on the debt. Its time to abolish the federal reserve and go back on a gold based economy that is if we really have any gold left or we're just holding the paper stuff thats as worthless as our currency. Ron Paul had it right and those of us that don't have our heads in the sand knew it.

    June 30, 2010 at 6:21 pm |
  68. Cathy from California

    WOW! Scary. This sounds too much like UN is taking us towards a "One-World Government". I am pretty sure this is discribed in the bible, Revolations. We know how that story ends.,, NOT GOOD.

    June 30, 2010 at 6:21 pm |
  69. Bob in Florida

    Jack; There IS a world currency.....it is called GOLD and Silver. It has always been and will ALWAYS BE the common currency around the world. The Fed, the World Monetary fund, banks and financial institutions TRY to play the dollar against the yen against the Mark against the Won against the Rubie so they can "cash in" on the fluxuations THEY THEMSELVES CREATE. Then they try to criticize those fluxuations AS IF some other entity or force is doing the manipulation.

    Inflation of currencies is the way the ultra wealthy make money (or wealth) from NOTHING and this manipulation hurts the buying power of everyone else in the world, thus keeping the vast majority poor or nearly poor.

    June 30, 2010 at 6:21 pm |
  70. Dan in TN

    Reeks of world government. What's next...elimination of trading in currencies? One global currency? Countries should decide where they place their reserves. Leave it alone...it ain't broke.

    June 30, 2010 at 6:21 pm |
  71. Thomas Ball

    Hello Jack.

    The United States Should re-institute the Gold or Silver Standard.

    Ronald Regan trippled the National Debt during the Arms Race with the Soviet Union from 1981-1989.

    Now our currency is as worthless as the German Deuchmark in Pre-Nazi Germany. Until we have a President or a Congress who have the courage to defie the likes of Goldman Sachs our country will continue to fall apart.

    June 30, 2010 at 6:22 pm |
  72. edward michelee

    even with the us debt, thne dollor is stgill the most stable currency.

    June 30, 2010 at 6:22 pm |
  73. James in Idaho

    Jack, it means the pronouncements of the Bush administration have proven to be Ironic.

    June 30, 2010 at 6:22 pm |
  74. Faustin Katanga

    Jack, issue of dollars can be resolve by adopting my originally country's currency which is Republique Democratique of Congo so the world can be in dark misery once for all, then you people you can start talking about my people's misery which it has been imposed by you American because of our resources.

    June 30, 2010 at 6:23 pm |
  75. Benita, Camden, SC

    Can you say" One step closer to New World Order"?

    June 30, 2010 at 6:23 pm |
  76. Bernard

    In the long run, the dollar will come back stronger than ever as Obama is now passing reforms that will correct the financial cancer that his predecessor caused.

    June 30, 2010 at 6:23 pm |
  77. Thomas Ont, Canada

    If the dollar is scrapped it is going to have a large affect on trade. It will open the door to stronger currencies to have more pull when it comes to trade deallings.

    June 30, 2010 at 6:24 pm |
  78. Lyn

    I means that the dollar isn't worth anything, thanks to the Bush administration.
    He spent like a drunken sailor, started two wars that he didn't pay for, gave tax cuts "only" to the rich, helped out the big banks, paid company's to send jobs overseas, helped out big oil, Insurance and Pharmasutical company's.
    Need I say anymore about why our dollar is worth nothing?
    This happened under Bush's watch so don't blame this on Obama.

    June 30, 2010 at 6:24 pm |
  79. Claudia, Houston, Tx

    The U.N. knows we don't have enough gold to back our dollar and the gold we're holding doesn't belong to us.

    June 30, 2010 at 6:24 pm |
  80. Mike Oklahoma City

    It means that they want something more stable like say Monopoly money. We have been trying to ignore our economy based on B.S. for too long and it has caught up to us. We need to actually produce something again or get used to bartering for goods with Peso's.

    June 30, 2010 at 6:25 pm |
  81. Josh

    As long as Goldman-Sachs, I mean the Federal Reserve Bank is involved, yes it should be changed. America should cut out the middleman, bring back the greenback.

    Polk County, FL

    June 30, 2010 at 6:25 pm |
  82. Bruce McDaniel

    When it comes to the greenbacks, our debt is like credit cards ,and when we our not able to pay that big ol number ,then your gold and silver will be worth a lot more than it is now.Good luck My fellow Americans

    June 30, 2010 at 6:39 pm |
  83. Steven

    I agree with the UN's decision to replace the US dollar with a basket of strong stable currencies. Having a basket of currencies is like diversifying a stock portfolio, it lowers risk. The fact that many countries financial state went down because of the US recession is again like investing everything in one stock. The UN is right to lower global risk by suggesting a diversified reserve currency.

    Best Regards,

    Steve (Montreal)

    June 30, 2010 at 6:39 pm |