Thread: BREAKING NEWS: IMF Head Proposes New Reserve Currency

BREAKING NEWS: IMF Head Proposes New Reserve Currency

By Jared Law
February 26, 2010

Well, we've heard rumors of this, and enemy nations have proposed this, but now it's official: The head of the IMF has proposed a new reserve currency, other than the U.S. Dollar. This is the boldest attack against the dollar yet.

IMHO, this is nothing less than a declaration of war against the American people, against our nation, against the free world, but sadly, our current "leadership" is more than likely to help with this attack on America than to defend our interests.

This is destructive, and it will be a devastating blow if it happens.

If we had no debt, and our currency were backed by Gold, then I wouldn't be as upset about it progressing this far, but we do, and it isn't, and so it will do some very heavy damage to my beloved America.

Here's the story:

Head of IMF Proposes New Reserve Currency

IMF's Strauss-Kahn suggests IMF may one day provide global reserve asset
By HARRY DUNPHY Associated Press Writer

WASHINGTON February 26, 2010 (AP)

Dominique Strauss-Kahn, the head of the International Monetary Fund, suggested Friday the organization might one day be called on to provide countries with a global reserve currency that would serve as an alternative to the U.S. dollar.

"That day has not yet come, but I think it is intellectually healthy to explore these kinds of ideas now," he said in a speech on the future mandate of the 186-nation Washington-based lending organization.

Strauss-Kahn said such an asset could be similar to but distinctly different from the IMF's special drawing rights, or SDRs, the accounting unit that countries use to hold funds within the IMF. It is based on a basket of major currencies.

He said having other alternatives to the dollar "would limit the extent to which the international monetary system as a whole depends on the policies and conditions of a single, albeit dominant, country."

Strauss-Kahn, a former finance minister of France, said that during the recent global financial crisis, the dollar "played its role as a safe haven" asset, and the current international monetary system demonstrated resilience.

"The challenge ahead is to find ways to limit the tension arising from the high demand for precautionary reserves on the one hand and the narrow supply of reserves on the other," he said.

Several countries, including China and Russia, have called for an alternative to the dollar as a reserve currency and have suggested using the IMF's internal accounting unit.

Strauss-Kahn said the IMF also needs to do a better job of tracing how risk percolates through the global economy.

"Here it will be essential to improve our ability to monitor several dozen large complex financial institutions that make up the `plumbing' through which global capital flows," he said, while leaving national regulators the job of monitoring the solvency of individual institutions.

http://www.the912project.us/forum/topic ... hare_topic

This is a big step toward the New World Order. Once the whole world is on the same reserve currency, we're all done. The global elites will have won, and the wolrd will be theirs. There will be no one rising from poverty to wealth. It will be a new dark age where the wealthy decide who lives and who doesn't. And we will all be serfs to their beck and call.

"And we will all be serfs to their beck and call"

THAT'S IF THE WORLD'S PEOPLE LET THEM!!!!! THEY'RE (THE FEW NWO ELITISTS) GOING TO HAVE A MAJOR WAR ON MANY CONTINENTS TO FIGHT! THEY NEED US TO BUY THEIR SERVICES, HOMES, PRODUCTS, ETC. TO KEEP THEM WEALTHY OR THEY FALL!!!! WHO NEEDS WHO ELITISTS????? THEY WILL NEVER WIN!!!!!!!!!!

This is all gong nuts, as the value of a "basket of currencies" is set by the professional money traders right now for for the free-floating ones, and by the governments of a few (Chinese yuan or remnimbi).
The valuation of currencies is a game, and to base the entire world economy upon that would be a huge disaster.

All the currencies are free floating. Ours became that internationally in 1971 thanks to Tricky Dick. Domestically it did that in 1933 when FDR declared the UNITED STATES (the corporate democracy enacted in 1871 by congress) bankrupt, and took the people off the gold standard. And it hasn't slowed since. The snowball just keeps getting bigger and bigger.

All the currencies are free floating. Ours became that internationally in 1971 thanks to Tricky Dick. Domestically it did that in 1933 when FDR declared the UNITED STATES (the corporate democracy enacted in 1871 by congress) bankrupt, and took the people off the gold standard. And it hasn't slowed since. The snowball just keeps getting bigger and bigger.

Vortex said: This is all gong nuts, as the value of a "basket of currencies" is set by the professional money traders right now for for the free-floating ones, and by the governments of a few (Chinese yuan or remnimbi).
The valuation of currencies is a game, and to base the entire world economy upon that would be a huge disaster.

Hylander said:This is a big step toward the New World Order. Once the whole world is on the same reserve currency, we're all done. The global elites will have won, and the wolrd will be theirs. There will be no one rising from poverty to wealth. It will be a new dark age where the wealthy decide who lives and who doesn't. And we will all be serfs to their beck and call.
________________

I tend to agree with Vortex. None of the world's currencies are backed by anything tangible. The relative value of the dollar, for example, to the British Pound, Euro, French Franc, Japanese Yen, or any other currency, is determined by speculators who trade currencies as commodities. The main reason the US dollar has been used the world's primary reserve currency is because of the stability of the US' political system.

Look at the current situation with the Euro. It was created out of thin air. Now that nearly half of the Eurozone nations are in deep economic trouble with excess debt, the future of the Euro is in doubt. The Euro is backed by a basket of currencies from the member countries. If they are all going belly up, what happens to its value? Likewise, how would a new reserve currency be formed? Another basket of currencies. But whose? The Euro. Not likelys, might not even be around. The British Pound? Not with their debt and economic problems. Chines Yuan? Economists are already predicting China's economy has run its course and could likely stagnate for up to ten years because it depends on massive exports, and their export markets have shrunk significantly.

My opinion is that all of the world currencies are in some form of difficulty due to the current worldwide recession. Some are better off than others, but no basket of currencies used to create a new currency will be any more stable than the US dollar because of the inherent instability of the economies and political systems of the nations forming the basket of currencies. For example, what happens if the basket of currencies is made up of, say 50%, European currencies and the Eurozone & Euro collapse, or if the entire EU falls apart? What happens to the economies of the non-European countries and their currencies in this case?

We have already seen that as soon as the US economy starts south, it takes the world with it. The establishment of a new reserve currency will not change this dynamic.[/quote]