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Dollar Plunges After UN Call To Ditch Greenback

Posted by Vince Marcantonio in Uncategorized on 7.2.2010

By Paul Joseph Watson

The dollar plunged today following a United Nations report which called for the greenback to be replaced as the global reserve currency by the International Monetary Fund’s special drawing rights (SDRs).

The dollar’s trend of moving inversely to the stock market has seemingly been snapped, with the Dow Jones falling over 100 points at one stage today. However, as soon as markets began to claw back losses, the greenback failed to follow suit, indicating that whichever way markets move, the dollar is in big trouble.

The UN report called for “abandoning the U.S. dollar as the main global reserve currency, saying it has been unable to safeguard value,” according to Reuters.

“A new global reserve system could be created, …