US Dollar Unreliable Global Reserve Currency — UN

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The United Nations Department of Economic and Social Affairs slammed the US dollar in a new report, saying it is an unreliable international currency and should be replaced.

The UN body recommends the US currency be replaced with a new global reserve regime based on a new supranational currency comprised of a mix of currencies from developed nations.

“People jumped out of the Euro and into the Dollar. That’s like leaving the Titanic to take a ride on Lusitania. They’re both going down. There’s a global financial crisis going on,” said Gerald Celente of the Trends Research Institute.

Celente argued that this is nothing new; it’s “just another scheme in trying to salvage a situation that’s ruin out of control.”

The US currency will soon be worth even less, argued Celente. The US is almost $14 trillion in debt and may take on more debt through bailouts. He said the Dollar and the Euro are both unreliable, but that gold has increased in value.

“It’s not working. Today we’re looking at a Dow that closed at roughly at 9774 points; you know what levels that is? That’s 1999 March. Now let’s look at gold. Back then gold was trading at roughly $250 an ounce, so gold has gone up $1000 an ounce and look at the real numbers of the US economy via the Dow and it’s at 1999 levels, that’s what we’re looking at,” said Celente.

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© 2010 Russia Today

Gerald Celente is founder and director of The Trends Research Institute, author of Trends 2000 and Trend Tracking (Warner Books), and publisher of The Trends Journal. He has been forecasting trends since 1980, and recently called “The Collapse of ’09.”

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