UN PREDICTS DOLLAR COLLAPSE IN 2009
FINANCIAL TIMES
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The current strength of the dollar is temporary and the US currency risks a hard landing in 2009, according to a team of United Nations economists who foresaw a year ago that a US downturn would bring the global economy to a near standstill.
In their annual report on the world economy published on Monday, the economists said the dollar’s sharp rebound this autumn had been driven mainly by a flight to the safety of the international reserve currency as the financial crisis spread beyond the US.
The overall trend remained a downward one, however, reflecting perceptions that the US debt position was approaching unsustainable levels. An accelerated fall of the dollar could bring new turmoil to financial markets.
“Investors might renew their flight to safety, though this time away from dollar-denominated assets, thereby forcing the US economy into a hard landing and pulling the global economy into a deeper recession,” the report said.
Publication of the annual survey by the UN’s Department of Economic and Social Affairs, its trade organisation Unctad and UN regional bodies, was brought forward by a month in the light of the financial crisis. It was launched in Doha to coincide with the UN-sponsored development financing conference in the Qatari capital.
The UN team said that, as the financial crisis spread beyond the US, there had been a massive shift of global financial assets into US Treasury bills, driving their yields almost to zero and pushing the dollar sharply higher. At the same time, however, the US’s external debt had risen to new heights that could provoke a dollar collapse.
The report recommends reform of the international reserve system away from almost exclusive reliance on the dollar and towards a globally backed multi-currency system.
Rob Vos, a Dutch economist who heads the UN’s policy and analysis division and who is responsible for the annual economic review, said the global economic pain could be eased if governments co-ordinated a spate of stimulus packages that were already under way.
“There has been a sea change in attitudes in favour of intervention and concerted action,” he told the Financial Times. He welcomed statements from US president-elect Barack Obama’s transition team in support of spending on infrastructure.
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- Will U.S. financial woes lead to new world order?
The current strength of the dollar is temporary and the US currency risks a hard landing in 2009, according to a team of United Nations economists who foresaw a year ago that a US downturn would bring the global economy to a near standstill.
In their annual report on the world economy published on Monday, the economists said the dollar’s sharp rebound this autumn had been driven mainly by a flight to the safety of the international reserve currency as the financial crisis spread beyond the US.
The overall trend remained a downward one, however, reflecting perceptions that the US debt position was approaching unsustainable levels. An accelerated fall of the dollar could bring new turmoil to financial markets.
“Investors might renew their flight to safety, though this time away from dollar-denominated assets, thereby forcing the US economy into a hard landing and pulling the global economy into a deeper recession,” the report said.
Publication of the annual survey by the UN’s Department of Economic and Social Affairs, its trade organisation Unctad and UN regional bodies, was brought forward by a month in the light of the financial crisis. It was launched in Doha to coincide with the UN-sponsored development financing conference in the Qatari capital.
The UN team said that, as the financial crisis spread beyond the US, there had been a massive shift of global financial assets into US Treasury bills, driving their yields almost to zero and pushing the dollar sharply higher. At the same time, however, the US’s external debt had risen to new heights that could provoke a dollar collapse.
The report recommends reform of the international reserve system away from almost exclusive reliance on the dollar and towards a globally backed multi-currency system.
Rob Vos, a Dutch economist who heads the UN’s policy and analysis division and who is responsible for the annual economic review, said the global economic pain could be eased if governments co-ordinated a spate of stimulus packages that were already under way.
“There has been a sea change in attitudes in favour of intervention and concerted action,” he told the Financial Times. He welcomed statements from US president-elect Barack Obama’s transition team in support of spending on infrastructure.
C'mon, guys...let's step back and really look at this stuff. No more credit cards, no more mortgage, no more tiny green pieces of fabric-paper. What happens when 8.5 trillion dollars just doesn't matter anymore? Isn't worth anything?
Not that I think it's worth much as it is, silly people and their silly IOU's. That's about what the dollar is now. Just an IOU.
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The good news is the dollar is still alive. The bad news is the value of dollar keep going down.
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first they said it will happen in 2008, then 2010, well 2008's gonna be gone by in a few days, when is the actual year of the collapse?
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just get me a good woman that wants to have a marriage
grow our own food
live in the country
pay 275 a month rent
and buy real silver for the next ten years
then when the depression is over
we will be rich with REAL MONEY
oh yeah and i am fourty two
raised four children alone for fourteen years
and love sex
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We all know SOMETHING is coming and that the worst may be yet to come.
If you want to learn how to PREPARE for and GAIN from it check out the site:
http://www.3w.prepareforandgainfrom.com
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I addition as far as the USA is conern debt currently stand at $9 tn or 65% of GDP. However, it is forecast to increase substantially Some argue National debt could soon pass 100%. This is because
Financial bailout for subprime debt. If house prices continue to fall, if mortgage defaults continue to rise; the legacy of toxic debt could leave the US treasury facing unprecedented losses as it tries to bale out the system.
Long term spending commitments on health care and pension will increase spending. Although, this has gained less publicity, in the long term, it could be more expensive than the current financial bailout. The Ageing population will increase the debt burden.
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Down with the beast!
I can't say i'd be sad over a complete crash of the banking system. The killing machine known as the UN might actually run into some problems! Debt ruins lives, and we are all debt slaves in one way or another.
Lets just hope they don't use this to push for the 1 world currency ( Amero )
Any system where you have to make a person poor to get rich is wrong. This whole system needs a revamp!
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Help edit Baike card
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Galbredan Arrakigh was a happy man, a father of one, a husband. His young boy, Dyluk Arrakigh, showed promise. His wife was a caring woman. The town of Kai Monas was a prosperous one. Galbredan's best friend, Valerok Gar, was the same way. But he had a son and two daughters, instead. And his home was all the larger for it. Shinobi, Alma, and Ashley were all happy children. Kai Monas was a happy town. Kai Monas was a town due on the road to hell. Not because anyone had done anything wrongs...because man must wage war...
House Rikkyu buggies rode through the town, shooting up the houses. House Arrakigh and Gar men-at-arms went to arms, a battle was fought. House Rikkyu won, blood filled the ground. Then House Rikkyu set the town of Kai Monas ablaze.
"Run." both Galbredan and Valerok said to their children-and those children were smart enough to run. They, unfortunately, couldn't think of any specific place to run.
Chapter One- Gone
Dyluk had taken his way, east, of the town. Gunshots still were to be heard about the town, sounds of buggies motors and explosions were heard as well. Dyluk had taken the path through the mountains. He intended to reach the summit of at least Mount Surabon by nightfall. So far he was doing well, but he had no food. He knew-as sad as it had to be- when the battle was over, he would HAVE to return home.
Shinobi had led his sisters into the paths through the grasslands. He had taken a few provisions, and a torch. He wished he had learned to use the wings on his back-but he was 'too young'. So, Shinobi decided that instead of being slow and vulnerable through the mountains, they be quick and stealthy through the grasslands to the forest. Shinobi knew that they wouldn't be returning home. He wondered if his sisters knew.
...Four Hours Later... 8:00 PM
Dyluk heard no more gunshots, the buggies had left fifteen minutes ago. It was safe, all looked safe from the perch atop Mount Surabon- except one torchlight that had been bothering him since nightfall. It at first ran from the town, then stopped, and in fifteen minutes, moved for the town. He ran much faster down the mountain than up it, and in an hour, he was within the town walls. He walked towards his home, and looked around. He packed his backpack with a set of clothing, some food, and then went to take a shower. He changed into new clothes, and almost felt as if nothing had happened. He believed it, too. Then he stepped into his parents room, to get a map, for a reason he had forgotten. Blood soaked the sheets of the bed-his mother laid on the bed, she had writhed in pain. A bullethole was a little off from her eye- another had fallen into her chest. Her stomach was just a big hole. Holes were in the wall, and blood marked those, too. Dyluk looked away for a moment, and then grabbed a map. He ran into his room, and looked around, for something he knew he was forgetting. He just didn't know what he was forgetting. He hoped he ran into his father, he hope
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