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  • UN to produce bullion coins as world currency

    This is bullshit right? I mean, there is NO WAY that this is for real, right?

    (I am posting this so that someone here will SHOW me that this is a total false hope, so please don't hold back, okay?)

    Pie in the sky right?!?:eek:



    http://74.125.153.132/search?q=cache...&gl=au&strip=0





    The announcement by the United Nations this week that it will license the minting of silver and gold bullion coins bearing the UN logo may be the button that launches metal prices into orbit.

    In its wide-ranging report this fall, the UN Conference on Trade and Development (UNCTAD) stated that the system of currencies and international banking practices within today’s economies were inadequate, and responsible for the present economic crisis. The report advocates that the present monetary system, wherein the dollar acts as the global reserve currency be re-examined “with urgency”.

    The UNCTAD Report was the first time a major multinational institution had forwarded such a suggestion or measure, although a number of countries, including Russia and Brazil have supported replacing the dollar as the world's reserve currency. China's central bank chief Zhou Xiaochuan has mentioned that the dollar could become a basket of currencies instead.

    The UN commission dismissed such a widening, saying a multiple-country system "may be equally unstable, and not transparent."

    The panel is seeking more monetary balance for developing countries, and a means for them to retain their reserves and domestic savings independent of foreign agencies and arrangements.

    Panel Chair US economist Joseph Stiglitz, a Nobel economics laureate, has made plain that there was "a growing consensus that there are problems with the dollar reserve system. Developing countries are lending the United States trillions dollars at almost zero interest rates when they have huge needs themselves," Stiglitz stated.

    "It's indicative of the nature of the problem. It's a net transfer, in a sense, to the United States, a form of foreign aid."

    A report contributor, Detlef Koffe, concluded that "Replacing the dollar with a bullion currency would solve some of the problems related to the potential of countries running large deficits and would help stability,"

    US Fed spokesperson Patrick Paulsen acknowledged that there could be some strong reaction in the US to the global currency, and that it would “…be viewed as a step toward a New World Order. But those same people have probably lost patience with the money-changers as well.”

    He clarified that he would “…nonetheless anticipate that the western currencies will continue to depreciate, given Asia’s ascendancy in trade and manufacturing, to find their own value and enable their economies to compete. This is a UN perogrative we cannot and should not control, it’s returning to what we had with Bretton-Woods.”

    The UN decided to provide a “public option” savings currency, whereby currency mints will be licensed to mint two kinds of bullion coins the size of the 1€ coin - the Uno (silver ~$5) and the Oro (gold, ~$500). The names were adopted from the book “The Humanist”, which foresees the UN being better funded by 2015 via its licensing fees, expected to be 10-15%.

    The coins have a marker chemical in them that enables their authentication and processing by modified retail ATM and exchange machines in Europe, which will be distributed globally. Any licensee, public or private, can produce such bullion coinage under contract. The United Nations is doing no more than what most countries do already, except that the value of its coins will reflect their bullion weight.

    Armand Dufour of the European Bank welcomes their introduction. “People have enough Fiat currency options, government and banks cannot intrude on bullion coins – they will have their own inviolable value.”

    He does have one concern, however. “If we see a dismounting from the US dollar, as is inevitable in the main view, there will be a strong move to the Oro, which may drive its price up to the point where governments will not allow its circulation; they will try to isolate it.”

    “That’s when the fun begins.” he said.

  • #2
    Re: UN to produce bullion coins as world currency

    Unity in Diversity?

    It is obviously a hoax. No one outside of American Academia seriously believes in "diversity" anymore, least of all any of the delegates to the United Nations.

    Comment


    • #3
      Re: UN to produce bullion coins as world currency

      Originally posted by Serge_Tomiko View Post
      Unity in Diversity?

      It is obviously a hoax. No one outside of American Academia seriously believes in "diversity" anymore, least of all any of the delegates to the United Nations.
      No, the coin is real, I've seen it before, here:

      http://www.bloomberg.com/apps/news?p...d=aeFVNYQpByU4

      Comment


      • #4
        Re: UN to produce bullion coins as world currency

        Originally posted by jtabeb View Post
        This is bullshit right? I mean, there is NO WAY that this is for real, right?

        (I am posting this so that someone here will SHOW me that this is a total false hope, so please don't hold back, okay?)

        Pie in the sky right?!?:eek:



        http://74.125.153.132/search?q=cache:TtY2TpKXC1QJ:www.examiner.com/x-32916-Vancouver-Humanism-Examiner~y2009m12d15-UN-to-produce-bullion-coins-as-world-currency+vancouver+examiner.com+gold+coins&hl=en&gl=au&strip=0





        The announcement by the United Nations this week that it will license the minting of silver and gold bullion coins bearing the UN logo may be the button that launches metal prices into orbit.

        In its wide-ranging report this fall, the UN Conference on Trade and Development (UNCTAD) stated that the system of currencies and international banking practices within today’s economies were inadequate, and responsible for the present economic crisis. The report advocates that the present monetary system, wherein the dollar acts as the global reserve currency be re-examined “with urgency”.

        The UNCTAD Report was the first time a major multinational institution had forwarded such a suggestion or measure, although a number of countries, including Russia and Brazil have supported replacing the dollar as the world's reserve currency. China's central bank chief Zhou Xiaochuan has mentioned that the dollar could become a basket of currencies instead.

        The UN commission dismissed such a widening, saying a multiple-country system "may be equally unstable, and not transparent."

        The panel is seeking more monetary balance for developing countries, and a means for them to retain their reserves and domestic savings independent of foreign agencies and arrangements.

        Panel Chair US economist Joseph Stiglitz, a Nobel economics laureate, has made plain that there was "a growing consensus that there are problems with the dollar reserve system. Developing countries are lending the United States trillions dollars at almost zero interest rates when they have huge needs themselves," Stiglitz stated.

        "It's indicative of the nature of the problem. It's a net transfer, in a sense, to the United States, a form of foreign aid."

        A report contributor, Detlef Koffe, concluded that "Replacing the dollar with a bullion currency would solve some of the problems related to the potential of countries running large deficits and would help stability,"

        US Fed spokesperson Patrick Paulsen acknowledged that there could be some strong reaction in the US to the global currency, and that it would “…be viewed as a step toward a New World Order. But those same people have probably lost patience with the money-changers as well.”

        He clarified that he would “…nonetheless anticipate that the western currencies will continue to depreciate, given Asia’s ascendancy in trade and manufacturing, to find their own value and enable their economies to compete. This is a UN perogrative we cannot and should not control, it’s returning to what we had with Bretton-Woods.”

        The UN decided to provide a “public option” savings currency, whereby currency mints will be licensed to mint two kinds of bullion coins the size of the 1€ coin - the Uno (silver ~$5) and the Oro (gold, ~$500). The names were adopted from the book “The Humanist”, which foresees the UN being better funded by 2015 via its licensing fees, expected to be 10-15%.

        The coins have a marker chemical in them that enables their authentication and processing by modified retail ATM and exchange machines in Europe, which will be distributed globally. Any licensee, public or private, can produce such bullion coinage under contract. The United Nations is doing no more than what most countries do already, except that the value of its coins will reflect their bullion weight.

        Armand Dufour of the European Bank welcomes their introduction. “People have enough Fiat currency options, government and banks cannot intrude on bullion coins – they will have their own inviolable value.”

        He does have one concern, however. “If we see a dismounting from the US dollar, as is inevitable in the main view, there will be a strong move to the Oro, which may drive its price up to the point where governments will not allow its circulation; they will try to isolate it.”

        “That’s when the fun begins.” he said.
        Originally posted by jtabeb
        No, the coin is real, I've seen it before, here:
        http://www.bloomberg.com/apps/news?p...d=aeFVNYQpByU4
        The coin appears to be a real "sample coin", but the article is a hoax. Look at the quotes from the Fed's Patrick Paulsen and the EB's Armand Dufour. First, a quick Google search indicates these people do not actually exist outside of the many reproductions of this article. Secondly, the tone of their comments is anti-fiat, which is unrealistic given their supposed positions at the two largest central banks. It reads like propaganda.

        Jimmy

        Comment


        • #5
          Re: UN to produce bullion coins as world currency

          I'd say it's BS based on the fact that a search of the website you linked too doesn't turn up any mention of that coin plus my comments below. I briefly reviewed the last two monthly reports that organization puts out and didn't see any mention of it either.
          It'd be a game changer and totally against all central bank policy. Mainly because it allows the value of the coin to be determined by it's weight instead of a stamped value like our eagles, for instance ($50 stamped value, circa $1100 price to buy). Should this go forward as I understand the article, ATM's would allow for the UN coins to be used as CURRENCY and be valued at current spot pricing on their weight (assuming here that the ATM is being updated electronically with spot pricing, certainly doable)
          Anyway, this totally circumvents the debasement practices that are part and parcel of why the gov't allows central banks/fiat currency to exist, which is to extract a hidden tax to keep them in power. This is why everyone gets to study Keynesian theory in high school and college econ courses (so everyone understands how good it is for gov't to spend more than it takes in order to control the business cycle).
          Gold is taxed as a collectible right now and kept out of the currency world because of this and legal tender laws. You buy a coin for 1K and sell it for 2k after a few years of dollar debasement, you are taxed at your highest marginal tax rate on the 1K gain, IIRC. This new coin would circumvent that because the ATM is giving you spot and allowing the coin to be used as currency (thus no collectible tax). The whole world would suck up these coins like no tomorrow because they would keep their purchasing power relative to fiat currencys. For this reason it's my opinion that this article is BS and won't happen on the watch of the current pirates at the helm.

          Comment


          • #6
            Re: UN to produce bullion coins as world currency

            The coins have a chemical marker in them. I wonder what that means for existing non-UN issue bullion. They may attempt to limit price increases in the spot gold price by taxation, confiscation, etc. and make their monetary version the only "official" currency. Not that they can keep the market at bay forever, of course.

            Comment


            • #7
              Re: UN to produce bullion coins as world currency

              Not sure if this is a hoax or not. The World Gold Council apparently carried the story:
              http://www.gold.org/news/2009/12/16/...r_the_un_logo/

              One interpretation is that the UN simply wants to sell "decorative medallions" for some profit. May be a trial balloon for something.

              Caveat emptor...

              Comment


              • #8
                Re: UN to produce bullion coins as world currency

                Originally posted by jimmygu3 View Post
                The coin appears to be a real "sample coin", but the article is a hoax. Look at the quotes from the Fed's Patrick Paulsen and the EB's Armand Dufour. First, a quick Google search indicates these people do not actually exist outside of the many reproductions of this article. Secondly, the tone of their comments is anti-fiat, which is unrealistic given their supposed positions at the two largest central banks. It reads like propaganda.

                Jimmy
                Yeah but I find some others in the article:

                Detlef Kotte of UNCTAD

                http://www.un.org/webcast/unctad/xii...sp?go=02080422

                Comment


                • #9
                  Re: UN to produce bullion coins as world currency

                  Originally posted by krakknisse View Post
                  Not sure if this is a hoax or not. The World Gold Council apparently carried the story:
                  http://www.gold.org/news/2009/12/16/...r_the_un_logo/

                  One interpretation is that the UN simply wants to sell "decorative medallions" for some profit. May be a trial balloon for something.

                  Caveat emptor...
                  This is strange for sure.

                  Here is the actual UN report:

                  http://www.unctad.org/en/docs/tdr2009_en.pdf

                  Found this article too.

                  http://blogs.telegraph.co.uk/finance...come-too-late/

                  "In a few columns over the past year or so I have tried to make the point that although we frequently fixate on bonuses, on banks’ behaviour and on the regulators failings, the real cause for the financial crisis was something else: the broad-based failure of the international monetary system. In other words the rules and mechanisms which tie countries together, the way exchange rates interact and capital markets behave, failed to prevent one half of the world generating deficits of massive proportions (no prizes for guessing who) and the other racking up surpluses of savings. This skewing of economic equilibrium across the world was what caused the boom in asset prices (and financial engineering), after all the money had to go somewhere. It was this – not the pay structure for one banker or another – that is primarily responsible for the mess we’re in now.
                  And yet, policymakers – whether from the G20 grouping of leading nations or the IMF or indeed elsewhere – have failed to face up to this, concentrating on tackling bankers’ bonuses and financial regulation instead of the rot in the economic foundations. Perhaps the prospect of trying to create a new Bretton Woods really was too big a political ask (though I fear Barack Obama may look back in decades hence and rue his failure to do so).
                  A very senior policymaker told me a few months ago that although many of the world’s leading politicians and central bankers privately recognised that such an overhaul was what was needed, no-one had come forward with any decent suggestions about how to actually go about changing the system.
                  Well, at last, now someone has. UNCTAD’s latest Trade and Development Report packs a major punch. First it correctly diagnoses one much underappreciated issue for the world economy – that, as my colleague Ambrose Evans-Pritchard has repeatedly warned - the real risk is not one of inflation but deflation.
                  As the report, which can be found here, says:

                  “In the present situation, with capacity utilization at historic lows and unemployment rising at a dramatic rate, there is little danger of either overheating or wage inflation for several years to come. It is a matter of years, not months, before economies that are now in deep crisis can be restored to a level of capacity utilization where supply cannot keep up with demand, or to a level of employment that could trigger demand for higher wages. This will allow central banks to gradually withdraw excess liquidity by selling revalued assets and absorbing excess money supply.
                  “Indeed, deflation – not inflation – is the real danger. Wage deflation is the imminent and most dangerous threat in many countries today, because governments will find it much more difficult to stabilize a tumbling economy when there is a large-scale fall in wages and consumption.”
                  But even more interesting is what it has to say about remodelling the world’s monetary system.
                  Here perhaps it’s best for me to point you towards my news story and to paste in part of the press release (long, but really worth reading):
                  The TDR 2009 also points to the weakness of an international reserve system that uses a national currency as a reserve asset. Such a system always depends on monetary policy decisions by the central bank that issues that currency, decisions that are taken according to national policy needs and preferences; they do not account for the needs of the international payments system and of the world economy. Another disadvantage of such a system is that at times of current account disequilibria it imposes the entire adjustment burden on deficit countries. The IMF has reinforced this deflationary bias by imposing restrictive policies on deficit countries as part of its loan conditions, rather than pressing surplus countries to carry out more expansionary policies. Only deficit countries that issue a reserve currency, as the United States, are under no obligation to adjust to growing current-account disequilibria.
                  But neither capital account management, nor a new international reserve currency will solve the main problem confronting many countries, in particular emerging-market economies, in a world with a high degree of financial integration: the problem of exchange-rate management. It is not possible for a country to absorb external shocks efficiently by adopting either entirely flexible or rigidly fixed exchange rates, UNCTAD economists argue in the report. They therefore suggest that countries should adopt a system of managed flexible exchange rates. This system would target a real exchange rate that is consistent with a sustainable current-account position. Since the exchange rate is a variable always involving at least two currencies, there is a much better chance of achieving a stable pattern of exchange rates in a multilaterally agreed framework for exchange-rate management.
                  UNCTAD argues that a new monetary system based on multilaterally agreed principles and rules is needed for macroeconomic stability in the globalized economy and for a level playing field for international trade. The report points to the importance of stabilizing real exchange rates at a sustainable level. Such a system would go a long way towards reducing the scope for speculative capital flows that generate volatility in the international financial system and distort the pattern of trade. A stable real exchange rate (RER) at a competitive level would achieve a number of targets simultaneously:
                  * It would curb speculation, because the main trigger for currency speculation is inflation and interest rate differentials, which would be compensated for by changes in nominal exchange rates.
                  * It would prevent currency crises, because the main incentive for speculating in currencies of high-inflation countries would disappear, and overvaluation, one of the main destabilizing factors for developing countries over the past 20 years, would not occur.
                  * It would prevent fundamental and long-lasting global imbalances and avoid subsequent debt traps for developing countries.
                  * It would avoid procyclical conditionality attached to International Monetary Fund (IMF) supported stabilization programmes, such as cutting government expenditures and raising interest rates. Countries facing strong depreciation pressure could automatically receive financial assistance through swap agreements or through symmetric intervention by countries facing the corresponding appreciation pressure.
                  * It would reduce the need to hold international reserves to defend exchange rates and could be combined with a stronger role for special drawing rights (SDR), if allocations are made in light of a country´s need for international liquidity to stabilize its real exchange rate at a multilaterally agreed level.
                  Such a multilateral system would tackle the problem of speculation and destabilizing capital flows at its source, the TDR says.
                  "

                  Comment


                  • #10
                    Re: UN to produce bullion coins as world currency

                    "Pat Paulsen" heh.

                    And as though they would actually stamp it "Future World Currency"....

                    Comment


                    • #11
                      Re: UN to produce bullion coins as world currency

                      Originally posted by jtabeb View Post



                      The UN decided to provide a “public option” savings currency, whereby currency mints will be licensed to mint two kinds of bullion coins the size of the 1€ coin - the Uno (silver ~$5) and the Oro (gold, ~$500). The names were adopted from the book “The Humanist”, which foresees the UN being better funded by 2015 via its licensing fees, expected to be 10-15%.

                      The coins have a marker chemical in them that enables their authentication and processing by modified retail ATM and exchange machines in Europe, which will be distributed globally. Any licensee, public or private, can produce such bullion coinage under contract. The United Nations is doing no more than what most countries do already, except that the value of its coins will reflect their bullion weight.
                      First, this seems like a fake story. But it's interesting to discuss as if it were true.

                      I willingly pay a little extra for national 1 oz coins (eagles, pandas, maple leafs, krugerands...) because I hope to get protection from adulteration. That would be counterfeiting, and the treasury agents of that nation help me trust the 1 oz coins.

                      If this UN coin is real, I wouldn't pay above spot for it because they have no police or courts or prisons - no muscle against counterfeiting.

                      Comment


                      • #12
                        Re: UN to produce bullion coins as world currency

                        I bet they have RFID or transmitters in the coins so that they can find all of the gold hoarders I had to inject some tinfoil humor in!

                        Comment


                        • #13
                          Re: UN to produce bullion coins as world currency

                          Originally posted by thriftyandboringinohio View Post
                          First, this seems like a fake story. But it's interesting to discuss as if it were true.

                          I willingly pay a little extra for national 1 oz coins (eagles, pandas, maple leafs, krugerands...) because I hope to get protection from adulteration. That would be counterfeiting, and the treasury agents of that nation help me trust the 1 oz coins.

                          If this UN coin is real, I wouldn't pay above spot for it because they have no police or courts or prisons - no muscle against counterfeiting.
                          Good point. And the counterfeiters could put the "marker chemical" in gold plated lead coins.

                          Comment


                          • #14
                            Re: UN to produce bullion coins as world currency

                            It is obviously BS. Here's the UN Charter (http://www.un.org/en/documents/charter/chapter1.shtml). Why would the UN be minting money?!

                            Why not give this a sniff test before posting? Did you do mortgage underwriting during the bubble?

                            Comment


                            • #15
                              Re: UN to produce bullion coins as world currency

                              The UN sponsored the issuance of gold commemorative coins between 1979 and 1981, the top of the gold market. Let's hope this is not a repeat. :eek:

                              UNICEF Gold Coin Collection - International Year of the Child
                              In 1979 - 1981, UNICEF (The United Nations Children's Fund) sponsored an international commemorative coin collection, of 12 gold coins from Bolivia, Canada, China, Dominican Republic, Ethiopia, Jordan, Mongolia, Nepal, Thailand, Tunisia, Turkey, & United Arab Emirates.

                              Ed.

                              Comment

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