Monday, May 30, 2011

UN Says US Dollar Could “Collapse”

A report issued today by the UN says the US dollar could collapse if it continues to lose ground to other currencies. The result says the report, an update of the UN “World Economic Situation and Prospects 2011” issued last December, would be catastrophic for the global financial system.

“We’re not saying the collapse is imminent,” said Rob Vos, a senior UN economist involved with the report, “but the factors are further building up that we could quickly come to that stage if other things are not improving quickly on other fronts â€" like the risk of the U.S. not being able to service its obligations.”

Source: Financial Post

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