UN Suggests Using A Basket of Currencies for Reserves Instead of Dollars

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Adam Smith's picture
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I actually had no idea about this, but it strikes me as a scary suggestion, both for the US and the World.  You'll note the prime suggestor of this idea is someone who wants to change the reserve currency to the Chinese yuan, which strikes me as catastrophic.  Why would you want to use a totalitarian, opaque societies currency as a reserve?  I'm sure Russia also has a hand in this, with their apparent predictions that the US will frangment into 6 states by the end of 2010.

The impilcations of such a decision I think would be worse for the rest of the world than for the US.