Last week, the United Nations Conference on Trade and Development (UNCTAD) issued a report calling for sweeping changes in the international financial and monetary order.

Arguing for a reduced role for the dollar, the report advocated for a global reserve bank with the power to issue its own currency, to monitor its members?? national exchange rates, and to prop up or push down their currencies. In other words, UNCTAD is making the case for a global central bank.

The U.N. is not alone in calling for such a move. Since the eruption of the global financial crisis last fall and the accompanying loss of confidence in the U.S. economy, Russia and China have each called for the creation of a global currency in order to facilitate a transition away from the dollar as the world??s primary reserve currency.

Setting aside the economics of the debate, what is the political feasibility of these proposals? History may help to answer this question.

The idea of creating a global central bank that can print its own currency is not new. In fact, the idea has come in and out of vogue several times since World War II.

here's the link:
Alex Jones?? Prison Planet.com » The ??Global Central Bank?? Pipe Dream

and if you think this is a joke, check this out, the russian president has already shown off a coin that's been struck.

By Lyubov Pronina

July 10 (Bloomberg) -- Russian President Dmitry Medvedev illustrated his call for a supranational currency to replace the dollar by pulling from his pocket a sample coin of a ??united future world currency.?

??Here it is,? Medvedev told reporters today in L??Aquila, Italy, after a summit of the Group of Eight nations. ??You can see it and touch it.?

The coin, which bears the words ??unity in diversity,? was minted in Belgium and presented to the heads of G-8 delegations, Medvedev said.

The question of a supranational currency ??concerns everyone now, even the mints,? Medvedev said. The test coin ??means they??re getting ready. I think it??s a good sign that we understand how interdependent we are.?

Medvedev has repeatedly called for creating a mix of regional reserve currencies as part of the drive to address the global financial crisis, while questioning the U.S. dollar??s future as a global reserve currency. Russia??s proposals for the G-20 meeting in London in April included the creation of a supranational currency.

here's the link:
Medvedev Shows Off Sample Coin of New â??World Currencyâ?? at G-8 - Bloomberg.com


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headshake Reviewed by headshake on . The ??Global Central Bank?? Pipe Dream Last week, the United Nations Conference on Trade and Development (UNCTAD) issued a report calling for sweeping changes in the international financial and monetary order. Arguing for a reduced role for the dollar, the report advocated for a global reserve bank with the power to issue its own currency, to monitor its members?? national exchange rates, and to prop up or push down their currencies. In other words, UNCTAD is making the case for a global central bank. The U.N. is not alone in Rating: 5