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U.S. dollar could ‘collapse’: UN

Posted By admin On May 27, 2011 @ 3:29 am In Money Watch | Comments Disabled

Patrick Worsnip,
Reuters [1]
May 27, 2011

UNITED NATIONS – The United Nations warned on Wednesday of a possible crisis of confidence in, and even a “collapse” of, the U.S. dollar if its value against other currencies continued to decline.

In a mid-year review of the world economy, the UN economic division said such a development, stemming from the falling value of foreign dollar holdings, would imperil the global financial system.

The report, an update of the UN “World Economic Situation and Prospects 2011” report first issued in December, noted that the dollar exchange rate against a basket of other key currencies had reached its lowest level since the 1970s.

This trend, it said, had recently been driven in part by interest rate differentials between the United States and other major economies and growing concern about the sustainability of the U.S. public debt, half of which is held by foreigners.

“As a result, further (expected) losses of the book value of the vast foreign reserve holdings could trigger a crisis of confidence in the reserve currency, which would put the entire global financial system at risk,” it said.

Full article here [1]

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U.S. dollar could collapse: UN  260310banner2 [3]

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URLs in this post:

[1] Reuters: http://www.globalnews.ca/world/dollar+could+collapse/4839011/story.html#ixzz1NUSQMMJr

[2] Stock up with Fresh Food that lasts with eFoodsDirect (AD): http://www.efoodsdirect.com/

[3] Image: http://purewaterfreedom.com/

[4] Collapse of the Greenback? Will the Dollar get an “Arab Oil Shock”?: http://www.prisonplanet.com/collapse-of-the-greenback-will-the-dollar-get-an-%e2%80%9carab-oil-shock%e2%80%9d.html

[5] U.N. panel says world should ditch dollar: http://www.prisonplanet.com/un-panel-says-world-should-ditch-dollar.html

[6] A Dollar Collapse? No Way – The U.S. Dollar Rocks! (Propaganda): http://www.prisonplanet.com/a-dollar-collapse-no-way-%e2%80%93-the-u-s-dollar-rocks-propaganda.html

[7] Hussman: Bernanke’s Quantitative Easing Is About To Trigger A Collapse In The US Dollar: http://www.prisonplanet.com/hussman-bernankes-quantitative-easing-is-about-to-trigger-a-collapse-in-the-us-dollar.html

[8] Medvedev Pushes Ruble Reserve Currency to Cut Dollar Dominance: http://www.prisonplanet.com/medvedev-pushes-ruble-reserve-currency-to-cut-dollar-dominance.html

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