Dollar Falling Apart? You bet! [this news item was leaked intentionally...but you wouldn't know that]

So this one didn't make the evening news...nor the front pages of your local newspaper...but wake up people it's the news you ought to be paying attention to! As you know I've been warning you about various attempts to get rid of the dollar (to be replaced by the Amero or some global currency discussed at the G20 Summit) and this is just one of those news items that are intentionally leaked by the powers to be that precedes the bigger decision as to just when the time is ripe to make the change-over. And look who they used to release the news! Non-other than CFR (Council on Foreign Relations) member and United Nations supporter of the New World Order, Joseph Stiglitz [former chairman of Council of Economic Advisors (1995-1997)]. ~ Norman E. Hooben

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Stiglitz: Dollar Reserve System Falling Apart

BANGKOK -- A new global reserve system is needed after the global financial crisis exposed the U.S. dollar-based system as flawed and risky, Nobel Prize-winning economist Joseph Stiglitz said on Friday.

The "dollar now is yielding almost zero return," Stiglitz said in a speech at the United Nations regional headquarters in Bangkok. "The current global reserve system is fraying. It's falling apart. The issue isn't whether we go to a new system. The question is do we do so in an orderly or disorderly way."

The build up of the U.S. deficit, debt and "the boiling up of the balance sheet" is cause for anxiety, he said.

Stiglitz urged rich nations to provide funds to help poorer countries avoid a steep crash during the financial crisis.

The group has called for global coordination to avoid competition to cut taxes, and for a worldwide increase in tax on high earners. Dubbing itself the "Shadow GN", the group has urged governments to opt for bank nationalisations rather than bailouts in order to drive the pace of fresh lending.

Stiglitz said a new global reserve system would be good for global aggregate demand, global stability and global equity.

"It's very hard to have a globally integrated financial system based on a single currency when there's such uncertainties about the economic fortunes of that particular country," he said.

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