President Barack Obama Monday asked Congress to back an expansion of an IMF emergency fund by 500 billion dollars.
Obama also asked lawmakers to approve a US contribution to the fund to 100 billion dollars, as part of the plan agreed to at this month's Group of 20 summit in London.
The president sent several letters to Democratic and Republican congressional leaders on Monday.
Obama argues that the funds do not require an extra financial outlay from the United States, because when Washington transfers funds to the IMF under the program, known as an expansion of the New Arrangements to Borrow (NAB), it would receive interest bearing assets in return, backed up by IMF resources including gold stocks.
"Our proposal to increase US participation in the NAB by up to 100 billion as part of an overall increase of 500 billion dollars was warmly endorsed by the G20 Leaders," the letters said.
"I am asking for your help to deliver on that commitment by supporting inclusion of the NAB and related IMF proposals in the most timely legislative vehicle that will enable the United States to act quickly," Obama wrote.
"Rapid progress is essential to the restoration of confidence in the global economy and financial system so that the global economy can emerge from recession to recovery and to sustained growth.
Obama made the request in letters to two Democrats: House of Representatives speaker Nancy Pelosi and Senate Majority leader Harry Reid; and Republican House leader John Boehner and Senate Minority leader Mitch McConnell.
Bottom line, the move to a new international reserve currency is well underway. My reporting on this, however, now appears to be just touching the surface of what is in the works.
This now appears to be an aggressive bizarre world domination plan. There is simply no other way to explain these rapidly moving developments.
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