The current system is clearly designed to plunder national wealth of other nations causing widespread poverty and underdevelopment amongst so many countries in the world.

Hamsayeh.Net - Iran’s President Mahmoud Ahmadinejad warned the international community over destruction of the global economic order due to unwise monetary policies of the United States government and its affiliated financial bodies.

The Iranian chief executive raised the alarm on overprinted paper dollar destroying the world economy. US Federal Reserve has inundated the world financial markets with excess of 32 trillion dollars, the kind of paper money that has been printed out thin air, warned Ahmadinejd in an address to the Fourth UN Conference on the Least Developed Countries in Istanbul, Turkey.

‘…This is while the US budget deficit for the 2011 fiscal year is expected to reach a figure above USD 1.6 trillion,’ Ahmadinejad added. The Iranian President noted that most underdeveloped/poor economies almost always end up paying a heavy price for Western financial negligence.  ‘Most of international economic organizations either defend the existing situation or serve the interests of certain states,’ said Ahmadinejad.

Indeed the US economy with its massive printing of unsupported paper dollar relies heavily on the flow and control of oil and gas for which must constantly project its military might around the world. For this reason it is essential that all countries use the US dollar as the world’s main reserve currency to make payments in US dollar for their oil and gas transactions.

The Iranian President stated that the current system is clearly designed to plunder national wealth of other nations causing widespread poverty and underdevelopment amongst so many countries in the world.

He ultimately proposed the formation of an independent commission to assess the extent of damage inflicted on oppressed nations during the era of colonialism and press former colonialist powers to pay long overdue reparations.