UN Attacks Capitalism...Global Reserve Bank...Debtor Nations Like the U.S.

[WhiskeyGirl]

The financial crisis “supports the case for a more fundamental rethinking of global financial governance,” claims the report from the United Nations Conference on Trade and Development (UNCTAD). “In the discussion about necessary reforms of the international monetary and financial system, the problem of the United States dollar serving as the main international reserve asset has received renewed attention.”

The solution, according to the report, is the creation of a global reserve bank that would allow countries to deposit their Federal Reserve notes with the International Monetary Fund in exchange for a type of supra-national fiat currency known as "Special Drawing Rights" (SDRs). The SDRs could then be used to settle international payments.

"Replacing the dollar with an artificial currency would solve some of the problems related to the potential of countries running large deficits and would help stability," explained one of the authors of the report, Detlef Kotte.

Hmmm...a global fiat currency?   What's wrong with that idea?
Why isn't the U.S. moving to eliminate the deficit?  Promote America?

Build financial firewalls to protect against collapse in the future?

Hiding behind the passive voice, the report proceeds to promote a sort of global Marxism and further wealth redistribution — for the good of the “global economy,” of course. Instead of SDR distribution being based on member states’ quotas, “it has been suggested that in order for the SDR to become the main form of international liquidity and means of reserve holding, new SDR allocations should be made according to the needs of countries.” It then promotes worldwide central planning to “stabilize global output growth” by issuing more SDRs or retiring them as the emerging global government deems necessary.

The world is right to be angry with the Federal Reserve’s monetary policy, which led to the current crisis more than any other factor. Americans should be mad too. But the solution is obviously not to blame the “free market” or impose a monstrous banking system (essentially a central banking system that is larger and more powerful than the U.S. Federal Reserve) upon the entire world economy at the global level. The United States should abolish the Federal Reserve and halt all funding to the anti-American UN pending a complete withdrawal.

http://www.thenewamerican.com/index.php/economy/economics-mainmenu-44/1841

Will a global central bank serve people or rich global corporations?  Does the U.S. Federal Reserve, serve people/taxpayers/citizens or ????

Who profits from the Federal Reserve?