The UN Conference on Trade and Development (UNCTAD) has quite correctly said that the system of currencies and capital rules, which binds the world economy, is not working properly.
UNCTAD blame this systemic failure for the financial and economic crises.
Additionally, UNCTAD have called for a new global currency that replaces the Dollar as a reserve currency.
Given the recent shenanigans in Washington, where the politicians played chicken with the Dollar and the world financial system, it is hardly surprising that the calls for abandoning the Dollar as the global reserve currency are becoming louder. Countries do not want to be held hostage again by the antics of those on Capitol Hill.
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