A United Nations report calls for a new world currency to replace the US dollar as the world’s reserve currency, threatening to displace the US as the primary economic superpower. Citing the current worldwide economic turmoil and rising US debt, the United Nations Conference on Trade and Development (UNCTAD) report claims that a “profound overhaul” must be made to the world monetary system to bring stability back to the world. It blames free markets and the world’s dependence on the US dollar for the current economic crisis.

The UN is not the first to call for an internationally regulated currency. Russia and China both want to move away from the US dollar, and Pope Benedict XVI has called for a global authority to regulate the global markets.

China is rapidly developing while the US slips further into debt (with much of it to China), and the EU is forming a powerful economic coalition. The US position as the lone superpower is waning, and the UN report is another blow against her strength. —LONDON TELEGRAPH