UN says, “End the Fed!”?

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In a recent report, the United Nations wants to END THE FED!

The dollar-based reserve system is increasingly challenged

In the discussion about necessary reforms of the international monetary and financial system, the problem of the United States dollar serving as the main international reserve asset has received renewed attention. Central banks, motivated by the desire to reduce exchange-rate risk in a world of financial and currency instability, have been increasingly diversifying their reserve holdings into other currencies, in particular the Euro…
Moreover, an economy whose currency is used as a reserve currency is not under the same obligation as others to make the necessary macroeconomic or exchange-rate adjustments for avoiding continuing current account deficits. Thus, the dominance of the dollar as the main means of international payments also played an important role in the build-up of the global imbalances in the run-up to the financial crisis.

That’s right, the UN wants to END THE FED…but not for the reasons you and I want to END THE FED. The UN wants to create a new global fiat currency, not a system of competitive commodity-based currencies.

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