Skip to main content

Dollar should be replaced as international standard, U.N. report says

Awaz Apni The dollar is an unreliable international currency and should be replaced by a more stable system, the United Nations Department of Economic and Social Affairs said in a report released Tuesday.
The use of the dollar for international trade came under increasing scrutiny when the U.S. economy fell into recession. "The dollar has proved not to be a stable store of value, which is a requisite for a stable reserve currency," the report said.
Many countries, in Asia in particular, have been building up massive dollar reserves. As a result, those countries' currencies have become undervalued, decreasing their ability to import goods from abroad.
The World Economic and Social Survey 2010 is supporting a proposal long advocated by the International Monetary Fund to create a standardized international system for liquidity transfer.
Under this proposed system, countries would no longer have to buy up foreign currencies, as China has long done with the U.S. dollar. Rather, they would accumulate the right to claim foreign currencies, or special drawing rights, or SDRs, rather than the currencies themselves.
The special drawing rights would be backed by a basket of currencies, which would make them less susceptible to volatility in any one currency. And because the value of a special drawing right is defined by the IMF, changes in the value of any one currency could be adjusted for.
These initiatives, supported by U.N. Secretary-general Ban Ki-moon, are meant to help sustain the international trade and financial systems that will allow less-developed countries to participate and integrate into the global economy.
In addition to the proposed reforms regarding international currency, the survey also offered guidance on increasing social well-being.
The survey said that "the number of the poor in the world living on less than $1.25 a day decreased from 1.8 billion in 1990 to 1.4 billion in 2005, but nearly all of this reduction was concentrated in China."
The number of poor increased in sub-Saharan Africa and South Asia over the same period. Income inequalities within countries have increased since the early 1980s with few exceptions, the report said.
"There's too little aid being provided, it's too fragmented, and it's too volatile in terms of the resources that are flowing to countries," said Rob Vos, director of the development policy and analysis division of the U.N.
The survey projects that by 2050 the population will be at 9 billion, with 85 percent living in developing countries, and the global economy will have to sustain a system that will allow for "decent living."
By 2050, one of every four people living in a developed country and one in every seven in countries now being developed will be over age 65. The fast ageing of the population will call for proper pension and health care systems that are sustainable.

Facebook

Facebook Recommendations

Followers


Web Designing In Karachi



Haroof.com


Politics blogs

My Zimbio

Email Subscribe

Enter your email address:

Watch online Live TV

Popular posts from this blog

BRITISH FIRM TO INTRODUCE DISSOLVABLE POLYTHENE BAGS IN KARACHI.

CNews Karachi. July 05: A Pakistani Scientist in Britain has invented a new chemical for processing plastic (polythene) bags which has the quality of dissolution after its use in 105 days.A manufacturing unit for these plastic bags was being set up in Turkey while interest has been shown in the setting up of a big unit and manufacturing firm’s head quarter in Karachi which will be used to supply such dissolvable polythene bags to Asian countries. The Director of UK based firm Bio Plast Biodegradable Plastics GL Punn while leading a 15 member delegation called on EDO Municipal Services City Government Masood Alam. The Executive Director of Bio Plast Pakistan Muhammad Hanif Awan and M. Sultan Mehmood Awan was also present on this occasion. The Director of Bio Plast informed the EDO Municipal Services about the characteristics of new chemical. He said that the firm was going to set up its first plant in Turkey which will be operative in next two months. The delegation also praised the vi

Admission Open in Class XI in Pre-Engineering, Pre-Medical, and Commerce Groups at BODMAS MODEL COLLEGE, North Nazimabad, Karachi

  Admission Open in Class XI in Pre-Engineering, Pre-Medical, and Commerce Groups at BODMAS MODEL COLLEGE, North Nazimabad, Karachi.

Matric General Group Result SECONDARY SCHOOL CERTIFICATE (S. S. C.) PART - II CLASS - X - 2010 (www.apnieyesp.com )

PASSED THE SECONDARY SCHOOL CERTIFICATE (S. S. C.) PART - II CLASS - X) ANNUAL EXAMINATION, 2010. ERRORS AND OMISSIONS EXCEPTED, CANDIDATES BEARING THE FOLLOWING ROLL NUMBERS ARE DECLARED TO HAVE PASSED THE SECONDARY SCHOOL CERTIFICATE (S. S. C.) PART - II CLASS - X) ANNUAL EXAMINATION, 2010. ------------------------------------------------- GENERAL GROUP (REG&PVT) --- GRADE..'A-ONE' ---- ----------------------- ( CANDIDATES SECURING TOTAL MARKS 680 AND ABOVE) MARKS SECURED BY THE CANDIDATES OUT OF TOTAL MARKS OF 850 ARE MENTIONED AGAINST EACH ROLL NUMBER IN BRACKET --------------------------------------------------- 601086 (689) XXX (XXX) XXX (XXX) XXX (XXX) XXX (XXX) XXX (XXX) 601327 (681) 363 (684) 364 (719) 407 (685) 664 (682) 788 (687) 601836 (692) 882 (683) XXX (XXX) XXX (XXX) XXX (XXX) XXX (XXX) 602315 (723) 316 (715) 320 (712) 321 (739) 325 (686) 326 (702) 602327 (683) 329 (70

Labels

Show more