UN To Produce One World Currency

December 25, 2009

Current.com

The announcement by the United Nations this week that it will license the minting of silver and gold bullion coins bearing the UN logo may be the button that launches metal prices into orbit.

In its wide-ranging report this fall, the UN Conference on Trade and Development (UNCTAD) stated that the system of currencies and international banking practices within today’s economies were inadequate, and responsible for the present economic crisis. The report advocates that the present monetary system, wherein the dollar acts as the global reserve currency be re-examined “with urgency”.

The UNCTAD Report was the first time a major multinational institution had forwarded such a suggestion or measure, although a number of countries, including Russia and Brazil have supported replacing the dollar as the world’s reserve currency. China’s central bank chief Zhou Xiaochuan has mentioned that the dollar could become a basket of currencies instead.

The UN commission dismissed such a widening, saying a multiple-country system “may be equally unstable, and not transparent.”

The panel is seeking more monetary balance for developing countries, and a means for them to retain their reserves and domestic savings independent of foreign agencies and arrangements.

Panel Chair US economist Joseph Stiglitz, a Nobel economics laureate, has made plain that there was “a growing consensus that there are problems with the dollar reserve system. Developing countries are lending the United States trillions dollars at almost zero interest rates when they have huge needs themselves,” Stiglitz stated.

“It’s indicative of the nature of the problem. It’s a net transfer, in a sense, to the United States, a form of foreign aid.”

A report contributor, Detlef Koffe, concluded that “Replacing the dollar with a bullion currency would solve some of the problems related to the potential of countries running large deficits and would help stability,”

Click here for the full report.

Buy Gold Without Dealer Markups

October 18, 2009

DailyWealth.com

By Brian Hunt

For the past few thousand years, gold has seen a lot of competitors try to become the “ultimate form of real money.” Folks have used everything from cigarettes to butter, stones, livestock, salt, and seashells to store their wealth and trade for goods.

But when crisis hits… when wars break out… when bank runs grip a nation… when it’s really time to just “grab the money and run,” humans keep coming back to gold as the ultimate form of money.

Gold beats the competition so easily for six reasons …

1) Gold is easily transported. Land is a good store of wealth, but you can’t take it with you if you have to get out of Dodge.

2) Gold is divisible. If I owe both Peter and Paul and I have just one piece of gold, I can split it in half.

3) Gold does not rust or crumble. As just mentioned, folks have used cattle as money, but cows don’t survive long in a locked vault.

4) Gold is consistent all over the world. I’ll accept the pure gold you mined in China just as easily as I’ll accept the pure gold you mined in South Africa.

5) Gold has intrinsic value. Gold has wonderful conductivity, it’s super malleable, and it doesn’t break down… so it has lots of industrial uses. Seashells lose big on this one.

6) Gold cannot be created by the government. People who saw their wealth disappear in the great inflation of the 1970s know that holding lots of paper money can be disastrous.

Most of the “requirements of money” were laid down by Aristotle over 2,000 years ago. The great investor Doug Casey is the world’s best at reminding us why gold is still the ultimate form of real money.

And now that America is inflating its money supply in an attempt to pay for all kinds of wars, mortgage bailouts, social programs, infrastructure buildouts, and green-energy boondoggles, it’s vital to own a chunk of real wealth.

To protect your wealth from the government, I recommend you buy physical gold. The problem is, physical gold is in short supply and prices are at ripoff levels. I called two dealers recently and both said they were out of stock. They told me they could get gold bullion for me, but I’d have to pay a large premium over the gold price to buy it… as much as 13%.

Would you give me $1 for 87 cents? Probably not. And you shouldn’t give it to a gold dealer either.

That’s why I’ve written this report, so I can show you several ways to eliminate big dealer markups and get more gold for your paper dollars. Let’s begin…

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