UN Warns On US Dollar Devaluation

[Brooklyn Red Leg]

Sunday, 29 May 2011 10:33

The US is taking advantage of other nations resources and productivity to employ itself as a white-collar worker with a divine capability to print money.

Hamsayeh.Net - The United Nations issued a statement warning of a possible devaluation and subsequent collapse of the US dollar in near future thus undermining the entire global financial system.

The report titled ‘World Economic Situation and Prospects 2011’ expressed concerns over continued devaluation of the US dollar against other major currencies.

‘As a result, further (expected) losses of the book value of the vast foreign reserve holdings could trigger a crisis of confidence in the reserve currency, which would put the entire global financial system at risk,’ the report stated.

Of major concern is the fact that foreigners holding vast amounts of US treasury holdings may soon discover the inherent worthlessness of the US dollar and therefore decide to change their current financial policies.

Rob Vos, an expert familiar with the dangers of dollar devaluation told Reuters, ‘ the report referred at another point to the ‘still looming risk of a collapse of the United States dollar,’ and if emerging markets "massively start selling off dollars, then you can have this risk of a slide in the dollar.’

http://hamsayeh.net/world/753-un-warns-on-us-dollar-devaluation.html

So, wanna again tell me WHY we need The Federal Reserve?

 

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