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Title: Shocking New IMF Report: The U.S. Dollar Needs To Be Replaced As The World Reserve Currency And SDRs "Could Constitute An Embryo Of Global Currency"
Source:
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URL Source: http://theeconomiccollapseblog.com/ ... e-an-embryo-of-global-currency
Published: Feb 11, 2011
Author: the economic collapse blog
Post Date: 2011-02-11 11:10:26 by Capitalist Eric
Keywords: None
Views: 8479
Comments: 13
CNN clearly understands what the IMF is trying to accomplish with this new report. The following is how CNN's recent story about the new IMF report begins.... "The International Monetary Fund issued a report Thursday on a possible replacement for the dollar as the world's reserve currency." That is exactly what the IMF intends to do. They intend to have SDRs replace the U.S. dollar as the world reserve currency. So exactly what are SDRs? Well, "SDR" is short for Special Drawing Rights. It is a synthetic currency unit that is made up of a basket of currencies. SDRs have actually been around for many years, but now they are being heavily promoted as an alternative to the dollar. The following is how Wikipedia defines SDRs.... Special Drawing Rights (SDRs) are international foreign exchange reserve assets. Allocated to nations by the International Monetary Fund (IMF), a SDR represents a claim to foreign currencies for which it may be exchanged in times of need. The SDR is a hybrid. SDRs are part U.S. dollar, part euro, part yen and part British pound. In particular, the following is how each SDR currently breaks down.... U.S. Dollar: 41.9% Euro: 37.4% Yen: 9.4% British Pound: 11.3% Now there are calls for other national currencies to be included in the basket. Russian President Dmitry Medvedev has publicly called for the national currencies of Brazil, Russia, India and China to be included in the SDR. In January, the Obama administration said that it fully supports the eventual inclusion of the yuan in the SDR. So yes, it looks like we are definitely moving in the direction of the SDR becoming a true global currency. But is this a good idea? Globalist organizations such as the IMF say that having a true global currency would facilitate world trade, it would make currency wars less likely, it would stabilize the global economy and it would make the rest of the globe less reliant on what is going on in the United States. In fact, there is a lot of discussion in international financial circles that oil should be traded in SDRs rather than in U.S. dollars. In a recent interview, IMF Deputy Managing Director Naoyuki Shinohara even suggested that the IMF may actually consider issuing bonds that are denominated in SDRs. Apparently the goal would be to promote the use of the new "currency". But once again, it is important to remember that the IMF does not see SDRs lasting forever either. Rather, the IMF considers the SDR to be an "embryo" from which a true global currency could emerge. An IMF paper entitled "Reserve Accumulation and International Monetary Stability" that was published last year even proposed that a future global currency be called the "Bancor" and that a future global central bank could be put in charge of issuing it.... "A global currency, bancor, issued by a global central bank (see Supplement 1, section V) would be designed as a stable store of value that is not tied exclusively to the conditions of any particular economy. As trade and finance continue to grow rapidly and global integration increases, the importance of this broader perspective is expected to continue growing." In fact, at one point the IMF report from last year specifically compares the proposed global central bank to the Federal Reserve.... "The global central bank could serve as a lender of last resort, providing needed systemic liquidity in the event of adverse shocks and more automatically than at present. Such liquidity was provided in the most recent crisis mainly by the U.S. Federal Reserve, which however may not always provide such liquidity." Yes, unfortunately this is what the IMF really has in mind for all of us. A one-world economic system with a one-world currency and a one-world central bank. Is that what we really need? A "global Federal Reserve" that dominates the currency and the economy of the entire planet? At least with the U.S. Federal Reserve there is hope that someday the American people can convince Congress to shut it down. A "global Federal Reserve" would not answer to anyone. Individual nations could attempt to pull out, but then they would potentially be isolated from the rest of the globe and potentially cut off from world trade. That may sound very far-fetched now, but that is the direction we are headed. And shifting away from the U.S. dollar as the reserve currency of the world would be disastrous for the U.S. economy. Right now the fact that the U.S. dollar is the primary reserve currency of the world is one of the only things holding it up. If you took that support away the U.S. dollar could end up collapsing quite quickly. Let us hope that the American people wake up and start insisting that we have no part in a global currency. If we ever allow a world currency to start replacing the U.S. dollar to a large extent, we will lose a great deal of our economic sovereignty. Not that we haven't lost most of it already, but at least if we are still using our own national currency there is a greater chance that we can reclaim it. What the IMF is proposing right now may seem very innocent, but the long-term consequences of going down the road they want to put us on could potentially be absolutely catastrophic. The American people need to send a very clear message to their representatives in Washington D.C..... #1 We do not want a one-world economy. #2 We do not want a one-world currency. #3 We do not want a one-world central bank. [Posters' Comment: It gives me no satisfaction to say "I told you so." I suggest you prepare. Read No Way of Avoiding Financial Armageddon" and Ferfals' blog about life in a hyper-inflationary environment to get an idea of what to do. Those of you that think I'm crazy, that the nanny-state will save you (like go56, lucysmom, godwinson, war and the rest), don't bother to attack. I'm not posting this for you, but for those who can see and understand what's going on around them.
The IMF is trying to move the world away from the U.S. dollar and towards a global currency once again. In a new report entitled "Enhancing International Monetary Stability—A Role for the SDR", the IMF details the "problems" with having the U.S. dollar as the reserve currency of the globe and the IMF discusses the potential for a larger role for SDRs (Special Drawing Rights). But the IMF certainly does not view SDRs as the "final solution" to global currency problems. Rather, the IMF considers SDRs to be a transitional phase between what we have now and a new world currency. In this newly published report, the IMF makes this point very clearly: "In the even longer run, if there were political willingness to do so, these securities could constitute an embryo of global currency." Yes, you read that correctly. The SDR is supposed to be "an embryo" from which a global currency will one day develop. So what about the U.S. dollar and other national currencies? Well, they would just end up fading away.
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#1. To: Capitalist Eric (#0)
Its a manipulated scenario with a global currency as its ultimate goal for control. It always has been.
Well, [war's] got to do something for attention, his multiple personalities aren't speaking to him any more, and his imaginary friends keep finding excuses not to come over.
You called?
Yes. But for that to happen, they have to financially CRUSH the U.S.A. That's also part of their plan.
Socialist ass-hats think "There will be no more money when the U.S. dollar has no value, until that time we can keep printing more." And yes, that IS from LF's answer to Ben Bernanke, go65, leading disfunctional and delusional socialist of the forum. "You want me to kill THE ENEMIES of Jappos, I'll kill THE ENEMIES of Jappos, Rebs, or Sioux, or Cheyenne... For 500 bucks a month I'll kill whoever you want. But keep one thing in mind: I'd happily kill you for free." Algren, "The Last Samurai" Yeah, I knew you idiot socialists would show up fast.
Socialist ass-hats think "There will be no more money when the U.S. dollar has no value, until that time we can keep printing more." And yes, that IS from LF's answer to Ben Bernanke, go65, leading disfunctional and delusional socialist of the forum. "You want me to kill THE ENEMIES of Jappos, I'll kill THE ENEMIES of Jappos, Rebs, or Sioux, or Cheyenne... For 500 bucks a month I'll kill whoever you want. But keep one thing in mind: I'd happily kill you for free." Algren, "The Last Samurai" Is your answer to global climate change to currency reserves always built around some conspiracy?
"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
You call everyone who doesn't like or agree with you a socialist. That's a pretty good clue as to your supposed intellect. Show me a socialist thing I've ever said.
You said you support social security.
I don't think i did. Maybe.
A commie discussing treason is about as funny as a commie discussing currency valuation. Bug off, pest. Grab a can of Raid and self-medicate.
Well, [war's] got to do something for attention, his multiple personalities aren't speaking to him any more, and his imaginary friends keep finding excuses not to come over.
We need to take Hayek's advice and privatize money. My guess is that the market would quickly evolve to a system of electronic money using smart cards or cell phones, backed by gold. Only 8% of money today is cash. It could easily be replaced. The dollar is backed by nothing except the poor character of politicians. Since the Federal Reserve was formed, the dollar has lost 92% of its value.
No. JUST the socialists. Don't like it? Then bozo me, and have done with it. Try to imagine how little I care about you.
Socialist ass-hats think "There will be no more money when the U.S. dollar has no value, until that time we can keep printing more." And yes, that IS from LF's answer to Ben Bernanke, go65, leading disfunctional and delusional socialist of the forum. "You want me to kill THE ENEMIES of Jappos, I'll kill THE ENEMIES of Jappos, Rebs, or Sioux, or Cheyenne... For 500 bucks a month I'll kill whoever you want. But keep one thing in mind: I'd happily kill you for free." Algren, "The Last Samurai" Only 8% of money today is cash. It could easily be replaced. The dollar is backed by nothing except the poor character of politicians. Since the Federal Reserve was formed, the dollar has lost 92% of its value. Agreed. One scenario that I came up with, that would let the FED as well as the government parasites off the hook, would be to introduce a virus that kills the records of how much electronic money is out there... That is, if the electronic "money" simply disappeared, along with electronic "debts," all that would be left, is the 8% of money that is physical cash... The banks (and everyone who has their "money" stored in it, electronically), would all be SOL. But the government would come out smelling like a rose... Interesting, eh? They could sell it as part of the "War on Terra..."
Socialist ass-hats think "There will be no more money when the U.S. dollar has no value, until that time we can keep printing more." And yes, that IS from LF's answer to Ben Bernanke, go65, leading disfunctional and delusional socialist of the forum. "You want me to kill THE ENEMIES of Jappos, I'll kill THE ENEMIES of Jappos, Rebs, or Sioux, or Cheyenne... For 500 bucks a month I'll kill whoever you want. But keep one thing in mind: I'd happily kill you for free." Algren, "The Last Samurai" Oh swell, another fake currency to temporarily stand in, until they come up with the REAL fake money. Who's on first?
#2. To: Capitalist Eric (#0)
Those of you that think I'm crazy
#3. To: Rudgear (#1)
#4. To: Abu el Banat (#2)
You called?
#5. To: Rudgear, Capitalist Eric (#1)
Its a manipulated scenario with a global currency as its ultimate goal for control. It always has been.
#6. To: Capitalist Eric (#4)
#7. To: Abu el Banat (#6)
Show me a socialist thing I've ever said.
#8. To: A K A Stone (#7)
#9. To: Godwinson (#5)
#10. To: Capitalist Eric (#0)
(Edited)
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#11. To: Abu el Banat (#6)
You call everyone who doesn't like or agree with you a socialist.
#12. To: jwpegler (#10)
We need to take Hayek's advice and privatize money. My guess is that the market would quickly evolve to a system of electronic money using smart cards or cell phones, backed by gold.
#13. To: Capitalist Eric (#0)
(Edited)
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