UN TO PRODUCE BULLION COINS AS WORLD CURRENCY
The announcement by the United Nationsthis 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, ~$500). The names were adopted from the book “The Humanist”, which foresees the UN being better funded by 2015 via its licensing fees, expected to be 10-15%.
The coins have a marker chemical in them that enables their authentication and processing by modified retail ATM and exchange machines in Europe, which will be distributed globally. Any licensee, public or private, can produce such bullion coinage under contract. The United Nations is doing no more than what most countries do already, except that the value of its coins will reflect their bullion weight.
Armand Dufour of the European Bank welcomes their introduction. “People have enough Fiat currency options, government and banks cannot intrude on bullion coins – they will have their own inviolable value.”
He does have one concern, however. “If we see a dismounting from the US dollar, as is inevitable in the main view, there will be a strong move to the Oro, which may drive its price up to the point where governments will not allow its circulation; they will try to isolate it.”
“That’s when the fun begins.” he said.
RH [7 Jan 2010]: The above article is most likely a hoax, probably to test and float a trial balloon.
1. For more articles on 'UN to produce bullion coins', here are Google search results: http://www.google.com.sg/search?q=UN+bullion+coins&ie=utf-8&oe=utf-8&aq=t&rls=org.mozilla:en-GB:official&client=firefox-a
2. This is a brilliant idea and so timely at this stage in history that it will surely work, but I think there are some reservations.
3. For example, the intention of the UN seems to displace the US$ and all other current major reserve currencies with the Uno [silver ~US$5] and the Oro [gold ~US$500] which will happen inevitably as only 18% of those surveyed recently believe the US$ will still be the main reserve currency by 2025.
4. Having the silver and gold metals in the coins themselves make them intrinsically valuable but I believe that THERE IS NOT ENOUGH METALS FOR THE WORLD's NEEDS FOR A MAJOR RESERVE CURRENCY. I believe that there is now far more US$ held by central banks, companies and individuals -- which proves it serves a reserve, banking, financial and trading needs -- that nothing else exists at the moment to even come close.
5. One solution may be to create a semi-fiat, semi-bullion Uno and Oro. In other words, simply have the Uno and Oro be nominally worth several times more than their metals contents. The Uno has about ~US$5 worth of silver. Why not give it a face value of say, ~US$20? About 4 times more than its silver content? And the Oro, say, ~US$2,000? This way, the UN will issue enough fiat money to fund itself and all its agencies most of whom are doing God's work in eradicating hunger, poverty, disease, and improve education, help for the disadvantaged and handicapped, etc, all God's works. If the UN is rich enough from this semi-fiat, semi-bullion currency, it can even begin to solve planetary problems that no single nation or group of nations even want to fund, such as global warming, pollution, destruction of forests and habitats, endangered species, clean water, ecological and natural disasters, etc and etc.
6. Of course, as a semi-fiat currency, the Uno and Oro can be any [reasonable] value the UN chooses and I have suggested 4x value of the metal contents. But it can be more, eventually. At about 4x value, most central banks, companies and individuals will probably still prefer the Uno and Oro to all the other fiat currencies, which are backed by nothing. At the very least, in worst case scenarios, you have 1/4 or 25% the value of your money in metals, even if hyperinflation occurs. The UN may want to issue more coins in a range of convenient values.
7. However, for the Uno and Oro [and maybe other new UN coins], to be used conveniently, they must be practical and be very, very close to the ubiquity of the US$ today. The US$ has developed into the world's main trading and financial currency and it cannot be dethroned easily without huge disruptions and upsets in the world trading and financial systems. But it is well on the way to being replaced since no fiat currency has ever lasted more than 40-50 years. So, if the UN semi-fiat currency wants to replace the US$, it will take too long, too much effort and cause too much disruptions . Why not join the US$ instead? Make the Uno, Oro and other new UN semi-fiat currency EXACTLY EQUAL to US$. For example, the Uno can be worth exactly US$20 and the Oro exactly US$2,000, with other new UN currency issued as demand for practical usage requirements dictate. Thus the UN semi-fiat currency will be exactly equivalent to the US$ and fluctuate exactly as the US$ fluctuates. This means that the Uno, Oro and other UN monies can be used interchangeably with the current US$. For example, I buy a thumb drive priced at US$15 and I pay with one Uno, so I receive US$5 in US dollar bills as change. Thus, the UN$ and US$ currencies become interchangeable.
8. There is the small issue of creating a general name for the Uno, Oro and other UN currencies in general. I have used UN$ in para 7 above but a more accurate term is "US$ EQUIVALENT" or US$E or US$e or US$= or simply, Equi or equi [pronounced "ikwi"]. Since the coins are small in physical size, we cannot stamp many words on them, so maybe we can simply stamp "~1/4 au" and "~1/4 ag" since au and ag are the universally used scientific names for gold and silver. Or, better still, "~25% au" and "~25% ag" since the % notation is far more flexible and lends itself to any number from 1 to 100.. We must use the 'approximate' symbol "~" because the value of the US$ fluctuates and so thus the equi or US$e, namely the UN$. "What are you paying with?" reply "I'm paying with equis." The coins are too small for wordy text so the denomination of each coin can be simply stamped "=US$20", "=US$2,000", etc, using the "=" sign as a symbol for the equi or "equivalent". In time, we can even shorten the name of the UN coin as "=20" or "=2,000", using the "=" sign just as we use the $ sign or the euro symbol today.
9. Like all currencies, there is some risk of counterfeiting the equi. The UN should use every technology to make counterfeiting impossible or difficult. It can also use Interpol and all its member nations investigative and police resources to stamp out counterfeiters. Since the UN belongs to the whole planet, the world and every nation on earth, and it is doing God's work already and can do much more with the equi, a meeting can be called for the UN General Assembly to endorse the equi, work out the details of its ownership and rules of usage by the UN and its agencies as well as legislate international laws to stamp out any counterfeiting. The equi belongs to the world, every nation, and will be used to fund God's works and maybe even bail out countries that run into temporary financial troubles, so it is in the interest of every country to keep the equi safe and protected from counterfeiting.
10. The equi may seem a strange new idea or concept but is just a tiny step from established current central bank practices. Many central banks peg their currencies to the US$ at a fixed rate of exchange so when the US$ fluctuates up or down, their pegged currency follows similarly. For example, the HK$ is pegged at HK$7.80 to the US$. Thus an equi is simply a currency that pegs at 1:1 to the US$, that is, having the same exact value. Many central banks are considering dropping their pegs to the US$. They may find it better to equi-lise their currency to the US$ instead. All central banks keep vast amounts of US$, usually in the form of US [US$] treasuries, mostly to deter and to block currency speculators from bringing down their currency in speculative attacks. These treasuries are unproductive. One way to make them more useful is to create a use for them and equi-lising them is a good way. For example, suppose China, Japan, Russia, etc, etc, issue 1 equi for every US$2 they have in US$ treasuries. Thus their equis will be backed by twice the amount in US treasuries. A small fine print on their equis can state this. Another way to state this is to name ther equis, not "equis", which is a general term, but "trequis", as in "tr-equis" or "treasuries-backed equis" [pronounced "trek kwis" and not "tri kwis" because this sounds too like and may be confused for equis on Bloomberg and other spoken descriptions]. Thus, trequis are backed 2:1 by US treasuries and are as desirable as au or ag backed equis. Trequis issued by central banks thus become money and can be used for all trades requiring US$, including oil, commodities and other trades denominated in US$. At the same time, central banks will still hold their original US treasuries to ward off speculators attacks on their currency, as well as for other uses. A good short form for trequis would be tr=1 [for 1 trequi] and if it is necessary to state which central bank issued a particular tr=, the internet short form for countries could be used, such as .cn for China, .hk for HongKong, etc, thus tr=150.cn and tr=45.hk, etc. The "gulfo" new currency of the petro-countries of Saudi Arabia, Kuwait, Bahrain, and Qatar, initially, with more countries to join this monetary union later, may well want to consider making the "gulfo" the very first EQUI: http://www.google.com.sg/search?q=Saudi+Arabia%2C+Kuwait%2C+Bahrain%2C+and+Qatar+gulfo&ie=utf-8&oe=utf-8&aq=t&rls=org.mozilla:en-GB:official&client=firefox-a
11. Another tiny step from established current large banks and other corporations practices: Most large banks and corporations issue notes and bonds, often even in US$. If these banks and corporations issue bonds and notes having the smallest unit as US$1, then effectively, these will be equis. Larger units would then be say, US$1,000, US$10,000, US$100,000, etc, which would actually be =1,000, =10,000, =100,000, etc. Issuing their notes and bonds this way, as equis, means that instead of having to find buyers for them, then exchanging these notes and bonds for cash before using these cash for business, instead, the banks and corporations can directly print their equis and use them for business directly, as cash, without having to sell them for cash first. Their counterparties will be happy to receive equis because these are direct US$ and just as safe or unsafe as normal notes and bonds, ie, it all depends on the creditworthiness of the issuing bank and corporation, like all notes and bonds. Thus, the business world will probably issue the first equis, since they are clearest headed about their self interests and less deterred by American displeasure.
12. The Age of the Equi has arrived and with it, the solutions to much of the world's troubles, both financial and otherwise.
RH: ME ON VIDEO DESCRIBING lky lhl wks NUMEROUS ELECTION RIGGINGS:
MY ACQUAINTANCE, MR DAVID DUCLOS, A FORMER POLICE INSPECTOR, AND HIS LAWYER FRIEND, EYEWITNESSED LEE KUAN YEW RIGGING THE 1997 CHENG SAN GRC ELECTION. READ MORE AT MY BLOG ENTITLED "I CAME, I SAW, I SOLVED IT" :
MY ONLINE POLICE REPORT ON LKY LHL WKS CHEATING ELECTIONS:
THE MOST COMPLETE RUBBISHING OF LEEconomics EVER:
[ALSO AT THE ABOVE BLOG, LIE KUAN YEW's LIES, CORRUPTION, WRONGFUL JAILING, TORTURE AND BEATING TO DEATH OF INNOCENT POLITICAL PRISONERS LIKE MR CHAN HOCK HUA]
READ ALSO MARTYN SEE's INTERVIEW WITH ME AT:
FOR QUICK, IRREVERENT REASONS WHY LIE KY DESERVES A NOBEL:
MY ARCHIVE OF WORKS AT:
PHOTOS OF LIE KY SCRATCHING MY WIFE's NEW CAR:
NOT GUILTY BUT TORTURED, DEGRADED 15 YEARS FOR PUBLICITY, FUN
WHY SINGAPORE HAS NO ECONOMY
My other blog is http://i-came-i-saw-i-wrote-it.blogspot.com/ which is an archive of my works.......... Robert Ho REQUEST FOR STATEMENTS at http://roberthorequestforstatements.blogspot.com/2011/01/robert-ho-request-for-statements.html
- ▼ 2010 (20)
- ► 2009 (28)
- "A Video RH on LKY LHL WKS cheating elections + PoBoB and CCTV Ideas"
- "HOW Y O U CAN PROVE THE SINGAPORE GOVT RIGS ELECTIONS"
- "LIE KY LHL WKS repeatedly cheating elections"
- "LKY LHL WKS election riggings emailed to almost entire govt"
- "Police Report LEE KY LHL WKS cheating elections"
- "PROOF LEE KUAN YEW RIGGED CHENG SAN GRC ELECTION"
- a. MY SWORN AFFIDAVIT OF 16 JULY 2010
- b. EXHIBIT: This post is now Exhibit for Affidavit 16.07.2010: US UK SG govts falsified my son's exam grades again
- c. Several years' jail for false Affidavit
- d. Evil is its own reason
- e. 3rd Email on Intention To Sue HM Govt and PM
- FilmMaker Martyn SEE interviews Cyber Dissident Robert HO
- I have uncovered another HDB scam: SERS
- ICONOCLASSING Pt 1 SINGAPORE GDP MYTHS
- Iconoclassing Pt 2
- ICONOCLASSING Pt 3 or RH Zero Sum Game Theory
- Idea Invention of Portable Ramps for Wheelchairs
- Idea: 5 Stages of Ideology
- Idea: Airport Naming Convention to reduce runway accidents
- Idea: Alphabetising the Chinese language
- Idea: Bespoke software clothes to change the way the world dresses
- Idea: Drive-on Flashing Red system
- Idea: equis to transform world
- Idea: Google as a survey tool
- Idea: HDB community roster CCTV recordings
- Idea: Made FOR China business strategy
- Idea: PC usb medical devices and softwares for medical diagnoses
- Idea: Personal Display Screen [PDS]
- Idea: Recorded readings to the blind
- Idea: RFID Ring as personal identifier
- Idea: Russia can sell Electricity instead of Gas
- Idea: Treasure Hunt games on Google Earth
- Idea: What if America never was?
- Idea: Why China should place Confucius above the Rule of Law
- Idea: A preliminary sketch of the new world
- Idea: Blind Users Interface
- Idea: Halting knife attacks on students in China
- Idea: HIV Register + Hua Tuo SMS diagnosis
- Idea: Influencing the Chinese tourist wave usage of local and US$
- Idea: Low Rations Propellor Disabling etc Strategies to defeat pirates hijacking of ships for ransom
- Idea: New Mandarin script : sinograms + pinyin
- Idea: Random thoughts on World Govt
- Idea: Towards a 7/7 economy and New Communes
- Idea: YouTube News on demand
- Ideas: Creating a Cycling CityState
- Ideas: Improving air travel
- Ideas: Solving BP oil leaks disasters
- Ideas: H1N1.. bird flu.. foot and mouth solutions
- Ideas: Inertia Theory and Similarising Effect Theory
- LIE KY + U.S. STENCH EVEN FOREVER CANNOT STANCH
- LIE KY scratched my car S$2800 to repair
- LKY LHL PAP building Singapore military to "contain China" for US interests
- Math+Science types inferior to Lit+Lang types
- My comment and promise in The Online Citizen [TOC]
- No reply to my complaint against police
- NOT GUILTY BUT TORTURED + DEGRADED 15 YEARS FOR PUBLICITY + FUN
- Not nominated for a Nobel so LIE KY gives himself many others
- NOTHING is important
- PROOF LEE KUAN YEW IS A BRAZEN LIAR
- Pt 5: SOME RECENT LIES BY PAP GOVT LED BY LIAR KY OF COURSE
- Public transport another SCAM by LIE KY
- RH Call For Witnesses
- Some Clean Air Ideas for HK Email 1 Plan A
- Some Clean Air Ideas for HK Email 2 Plan B
- Some Clean Air Ideas for HK Email 3 Plan C
- Some Clean Air Ideas for HK Email 4 Plan D
- Still Under Warranty" but Entropy already setting in
- Stupidest govt of all time
- Vote out 21 politicians and transform Singapore
- WHY GOVTS SHOULD ALMOST NEVER BE EFFICIENT or GENERAL THEORY OF ZERO SUM GAME
- Why Singapore has no economy
- Why we should be able to refuse our organs to Ministers PAP
- Write simple English for computer translations