The International Monetary Fund has issued a report on a possible replacement for the dollar as the world's reserve currency.
The IMF said Special Drawing Rights, or SDRs, could help stabilize the global financial system.
There is one thing going on here, and one thing only, the banksters know the dollar is on its death bed, as far as being a global reserve currency, and they truly fear that China's yuan, or even gold, may naturally evolve as a replacment. Either option would mean the end of Western bankster control of money. And so they drag out that old hag, Special Drawing Rights, that only a bankster could love, to save the day.
SDRs were first created in 1969 to save the Bretton Woods fixed exchange rate system. The old hag, even in her prime, couldn't do a damn thing. Bretton Woods collapsed when Nixon closed the gold window in 1971. Only a half-blind and deaf bankster would even remember SDR and trot it out at this hour. The banksters are truly running scared.
Do you have a link to the report?
ReplyDeleteBob,
ReplyDeleteHere's the report link, where IMF talks about monetary stability. Its a year old, so the problems with world reserve currency are well-recognized.
http://www.imf.org/external/np/pp/eng/2010/041310a.pdf
Here's the report:
ReplyDeleteEnhancing International Monetary Stability--A Role for the SDR?
http://www.imf.org/external/pp/longres.aspx?id=4523
There's also another paper released the same day answering the question: is creating SDR's out of thin air inflationary? The answer: possibly, but not likely, if everything plays out exactly as the IMF forecasts. Did you really expect anything different?
http://www.imf.org/external/pp/longres.aspx?id=4524
What's happened is a number of people have made themselves rich beyond imagining but have destroyed money in the process. It's rapidly becoming no good for anything. We need a new money now, new currencies.
ReplyDeleteBB