UN to produce bullion coins as world currency

December 24th, 2009

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,”

US Fed spokesperson Patrick Paulsen acknowledged that there could be some strong reaction in the US to the global currency, and that it would “…be viewed as a step toward a New World Order. But those same people have probably lost patience with the money-changers as well.”

He clarified that he would “…nonetheless anticipate that the western currencies will continue to depreciate, given Asia’s ascendancy in trade and manufacturing, to find their own value and enable their economies to compete. This is a UN perogrative we cannot and should not control, it’s returning to what we had with Bretton-Woods.”

The UN decided to provide a “public option” savings currency, whereby currency mints will be licensed to mint two kinds of bullion coins the size of the 1€ coin – the Uno (silver ~$5) and the Oro (gold, ~$500). The names were adopted from the book “The Humanist”, which foresees the UN being better funded by 2015 via its licensing fees, expected to be 10-15%.

The coins have a marker chemical in them that enables their authentication and processing by modified retail ATM and exchange machines in Europe, which will be distributed globally. Any licensee, public or private, can produce such bullion coinage under contract. The United Nations is doing no more than what most countries do already, except that the value of its coins will reflect their bullion weight.

Armand Dufour of the European Bank welcomes their introduction. “People have enough Fiat currency options, government and banks cannot intrude on bullion coins – they will have their own inviolable value.”

He does have one concern, however. “If we see a dismounting from the US dollar, as is inevitable in the main view, there will be a strong move to the Oro, which may drive its price up to the point where governments will not allow its circulation; they will try to isolate it.”

“That’s when the fun begins.” he said.

Source: Before It’s News

13 Responses to “UN to produce bullion coins as world currency”

  1. billy joe jim bob Says:

    You can’t eat’em.

  2. Attitude_Check Says:

    BJJB,

    So true. I like the taste a good FRN with my coffe in the morning – nothing better.

  3. SWCroaker Says:

    A real Jim-Bob would likely say “Get ‘er done!” or “To da Moon!” or “Da 3 B’s baby: beans bullion & bullets!”.

    Bankers & economists say junk like “You can’t eat them”.

    Given recent history, I put my trust in the wisdom of rednecks, not in the self-important (and self-preserving) pomp of money-lenders.

  4. Bamboo Says:

    This story is beyond stupid, the frigging UN has a 30 billion budget with 27% of it’s funding coming from the US.
    Get out of here with this crap.

  5. Gsus Says:

    How does your current, paper or cheap metal, currency taste? Just keep holding on to that monopoly money and see how much food you can buy with it in a few years.
    Even your retarded cousin, Billy Bob Jim Joe, won’t sell you a loaf of bread when you offer him those toiletpaper, local, currency.
    But hey, glad there are so much more of you m****s, keeps the price of gold and silver low till the s**t really hits the fan. I’ll have enough of that worthless gold and silver to buy me the food i like. Might even have some champagne to go with it…

  6. Jochmo Says:

    When you report such outlandish proposals as this, please provide all the necessary links to the sources of such proposals so that their veracity can be checked out; otherwise, they lack any credibility.
    Neither of the links provided to the “United Nations” and the “UNCTAD Report” give any support to the alleged announcement.

  7. liberty Says:

    I agree. Where is the link to this UN announcement? Not that a post by “Anonymous” with no proof isn’t absolutely 100% credible, but a tiny bit of evidence might not be out of line.

  8. Survival Time Says:

    Oh Swell!

    Is this like a kid’s game ‘do-over’ What makes them think it’s going to turn out any better? It’s more of the same..just a stall tactic to realize what we already know…. it isn’t going to WORK! It will fail just like every other monetary system in history!

    I’d say, get ready for the ‘change’ because it’s going to cause alot of panic but ultimately it’s going to fail just like their other attempts to monetize things world-wide.

  9. Dave Says:

    Notice that the people who whine “you can’t eat gold!” are the ones who only wished that they could afford to buy it!
    By the way,you can always trade gold for: food,alcohol,guns,medicine,ammunition,marijuana,women and everything else under the sun.
    It has been that way for the last 5,000 years,it will be that way 5,000 more.

  10. KingofthePaupers Says:

    “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.”
    Jct: Only the gold and silver bullion brokers win! But given the UNILETS Millennium Declaration C6 for a time-based currency to restructure the global financial architecture, these silver and yellow rock advocates are sure a step or two backward on the evolutionary ladder.

  11. TranceAm Says:

    As WRH stated:

    “Translation: A global version of the same banking system that just wrecked every nation using it will make everything all better!”

    So what is next, if the global fiat version crashes? A Universal one?

    Now where did all the wealth end up, that was frauded away by means of the fiat money? Because someone ended up with the real wealth, of the type that does not evaporate at the end of the game, when at a lot of money is in circulation, that is even in the total amount almost worthless.

    Someone bought valuable things in the time that the money still had value. There you go, Sherlock.

  12. rkem Says:

    The UNCTAD Report was published March 19, 2009 – a year ago.
    http://tinyurl.com/yje86sn

    Old news ho hum.

  13. Caryl Jacobs Gabe Says:

    This makes me think of those “Cash for Gold” commercials. Send in that gold bar you have under your bed and we’ll send you back a check for $5!

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