New UN Report Recommends Ditching The Dollar

From the Business Insider

The United Nations has slammed the U.S. dollar in a new report called Retooling Global Development. They're recommending an end to the dollar's role as dominant reserve currency, and pushing for a new global reserve regime based on a supranational currency made up of a basket of developed nation currencies.

While we've heard this kind of recommendation before, the UN is re-energizing its push. For example, they blame the financial crisis squarely on the dollar system:

UN:

The 2008-2009 global economic crisis

demonstrates that the accumulation of deficits by the reserve-currency country, sustained by other countries because of their national policy objectives, is not self-correcting and leads to a crisis of global proportions whose costs are incurred by many innocent parties.

Thing is, they also admit that the dollar remains immensely popular as a reserve asset, despite its problems and track record. They even predict that it could become more entrenched as a reserve asset going forward:

Read the rest here.