In a radical new report issued by the UN Conference on Trade and Development (UNCTAD), the system of currencies and capital that governs the world economy “is not working properly, and was largely responsible” for the financial and economic crises affecting the global market today. This is the first time a major multinational institution has posited such a suggestion.
China and Russia have both spoken out in the past regarding the removal of the US dollar from its place as the international standard monetary unit. However, the report suggests proposals that would encourage such surplus nations to stimulate their economies and cut their own imbalances; the present system has deficit nations such as the UK and US taking the main burden of readjustment.
Back in 1984 (a pivotal year of dark significance for Orwellian scholars), Iowa statesman and American political activist Donald Kimball wrote in his book The Money and the Power that “The real money of mankind has come to have certain true qualities. Those are that any money that will have any lasting worth to man’s economic existence must have the three essential qualities that are a store of value, a standard of measure and a medium of exchange. When money does not have, or ceases to retain, those three qualities it will no longer serve its true purpose.” Kimball warned that, with time, “the pure purpose of money became distorted.” As opposed being a unit of currency with precious metals in reserve to back its actual worth, a flippant fiat system was put in place, allowing the mass production of currency as needed, with no actual worth behind it. Remaining a deficit nation, all the while shouldering the financial burden for so many countries that are fiscally considered “surplus nations”, has cause the US to take the brunt of the economic discourse that has led to the worst global economic crisis in ages… and it only seems to be getting worse.
Nonetheless, modern conspiracy theorists may read this headline and suppose that measures to shift global currency standards are another step toward the ultimate goal: establishment of a one-world-government. Is there a vast international conspiracy at work here, or is the faltering American dollar’s present state a product of its use (or misuse) over the last several decades? What do you think?
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I say we switch to Galactic credits! 😛
The problem is that we have failed to successfully combine an old-fashioned economy based on material goods & products, with an economy of intangible wealth.
Take Google: one of the most important companies in the world, and it’s only going to get bigger. And what do they trade? Nothing, really; electrons moving from a computer terminal to another.
But obviously that is a shortsighted appraisal. For Google trades in the most valuable commodity the world has ever known: information.
And yet the irony is that information is very easy to disseminate, no matter how many firewalls or lockups you devise.
PS:Have you considered moving the ‘Login’ button to the top of the page? Commenting in this site is kind of a hurdle 😉