Sometimes there are things that are so shocking that you just do not want to report them unless they can be completely and totally documented. Over the past few years, there have been many rumors about a coming global currency, but at times it has been difficult to pin down evidence that plans for such a currency are actually in the works. Not anymore. A paper entitled "Reserve Accumulation and International Monetary Stability" by the Strategy, Policy and Review Department of the IMF recommends that the world adopt a global currency called the "Bancor" and that a global central bank be established to administer that currency. The report is dated April 13, 2010 and a full copy can be read here. Unfortunately this is not hype and it is not a rumor. This is a very serious proposal in an official document from one of the mega-powerful institutions that is actually running the world economy. Anyone who follows the IMF knows that what the IMF wants, the IMF usually gets. So could a global currency known as the "Bancor" be on the horizon? That is now a legitimate question.
So where in the world did the name "Bancor" come from? Well, it turns out that "Bancor" is the name of a hypothetical world currency unit once suggested by John Maynard Keynes. Keynes was a world famous British economist who headed the World Banking Commission that created the IMF during the Breton Woods negotiations.
The Wikipedia entry for "Bancor" puts it this way....
The bancor was a World Currency Unit of clearing that was proposed by John Maynard Keynes, as leader of the British delegation and chairman of the World Bank commission, in the negotiations that established the Bretton Woods system, but has not been implemented.
The IMF report referenced above proposed naming the coming world currency unit the "Bancor" in honor of Keynes.
So what about Special Drawing Rights (SDRs)? Over the past couple of years, SDRs have been touted as the coming global currency. Well, the report does envision making SDRs "the principal reserve asset" as we move towards a global currency unit....
"As a complement to a multi-polar system, or even—more ambitiously—its logical end point, a greater role could be considered for the SDR."
However, the report also acknowledges that SDRs do have some serious limitations. Since the value of SDRs are closely tied to national currencies, anything affecting those currencies will affect SDRs as well.
Right now, SDRs are made up of a basket of currencies. The following is a breakdown of the components of an SDR....
*U.S. Dollar (44 percent)
*Euro (34 percent)
*Yen (11 percent)
*Pound (11 percent)
The IMF report recognizes that moving to SDRs is only a partial move away from the U.S. dollar as the world reserve currency and urges the adoption of a currency unit that would be truly international. The truth is that SDRs are clumsy and cumbersome. For now, SDRs must still be reconverted back into a national currency before they can be used, and that really limits their usefulness according to the report....
"A limitation of the SDR as discussed previously is that it is not a currency. Both the SDR and SDR-denominated instruments need to be converted eventually to a national currency for most payments or interventions in foreign exchange markets, which adds to cumbersome use in transactions. And though an SDR-based system would move away from a dominant national currency, the SDR’s value remains heavily linked to the conditions and performance of the major component countries."
So what is the answer?
Well, the IMF report believes that the adoption of a true global currency administered by a global central bank is the answer.
The authors of the report believe that it would be ideal if the "Bancor" would immediately be used as currency by many nations throughout the world, but they also acknowledge that a more "realistic" approach would be for the "Bancor" to circulate alongside national currencies at first....
"One option is for bancor to be adopted by fiat as a common currency (like the euro was), an approach that would result immediately in widespread use and eliminate exchange rate volatility among adopters (comparable, for instance, to Cooper 1984, 2006 and the Economist, 1988). A somewhat less ambitious (and more realistic) option would be for bancor to circulate alongside national currencies, though it would need to be adopted by fiat by at least some (not necessarily systemic) countries in order for an exchange market to develop."
So who would print and administer the "Bancor"?
Well, a global central bank of course. It would be something like the Federal Reserve, only completely outside the control of any particular national government....
"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 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."
So is that what we really need?
A world currency administered by an international central bank modeled after the Federal Reserve?
Not at all.
As I have written about previously, the Federal Reserve has devalued the U.S. dollar by over 95 percent since it was created and the U.S. government has accumulated the largest debt in the history of the world under this system.
So now we want to impose such a system on the entire globe?
The truth is that a global currency (whether it be called the "Bancor" or given a different name entirely) would be a major blow to national sovereignty and would represent a major move towards global government.
Considering how disastrous the Federal Reserve system and other central banking systems around the world have been, why would anyone suggest that we go to a global central banking system modeled after the Federal Reserve?
Let us hope that the "Bancor" never sees the light of day.
However, the truth is that there are some very powerful interests that are absolutely determined to create a global currency and a global central bank for the global economy that we now live in.
It would be a major mistake to think that it can't happen.
And the beast will put under compulsion all persons, the great and the small, the free and the slave, that they may neither buy nor sell without taking the number of the beast.
“….For the traitor appears not traitor, he speaks in the accents familiar to his victims, and he wears their face and their garments, and he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of a city, he infects the body politic so that it can no longer resist. A murderer is less to be feared.” – Cicero, 42 B.C.
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Is that Juan Ramirez of the Federal Reserve Bank of Atlanta?
Juan Ramirez
August 31st, 2010 at 3:43 am
The concept of a unified world currency should NOT be summarily executioned. The current monetary system has a large number of inefficiencies and problems; it indeed is a cultivating medium for a host of criminal activities–among these money laundering from drug-trafficking and similar activities. Before we kill it, let’s hear what it has to offer.
National currency values are one way in which to translate one government’s profligate spending or distastrous economic policies from anothers. Imagine a world in which there was no accountability for government spending run amok.
When I was about 15 I thought a global currency interesting (about 45 years ago). However I turned 16, got responsible and dismissed it. I wish they would too.
Obama’s already sold Arizona down the river with his “human right’s” issue in front of the UN. I am sure he would support this proposal to give up our own sovereingity for the sake of having a bunch of bureaucrats control the productive output–socialism without revolution. I hope the country comes to its senses before he gives up the rest of our rights too.
These communist like the IMF and obama can make whatever they want as currency.That does’nt mean i have to accept it.Theres always trading and bartering.As far as my rights go i intend to keep and pursue them regardless of what the devil in the whitehouse says.
To Wegabalot,
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whatever the ELites want they get they have the money they control the worlds economy its all in the hands of a group of 20 some mean who own everything if you have a room full of 200 some national leaders all relying on money to stay a nation and then you have 25 men in the room who have all the money guess who really runs things shadow government those with the money the elites they run this world and they will get there world currency by purposley bankrupting the american dollar through the abuse of making money with there private bank the federal reserve bank if you didnt know its not an american bank it was set up in 1913 approved by woodrow wilson once re realized what hed done he knew hed sold are country to world bankers its real its happening they dont care about us they want power they want control its not hey lets share the wealth its steal the wealth force the world into a global government and then u are a slave implant micro chips into everyone and if they want money they will take it from you if u refuse it its like being labled a terrost but the bible makes it clear what it is it is the mark of the beast they own u when u take that chip in your right hand or forehead u cant bu y or sell without it thats the final world econmic solution slavery of the people they wil set the seen for the anti christ who will set all this up its not far off people need to get ready its all prophecy open your bible its in there final kingdom mentioned in daniel 2 to reign over earth will be likened to the former which was roman empire and European Union which is the revived roman empire will lead up this global government its all planned get ready
This will totally happen. This is the 3rd stage prior to the antichrist coming, as mentioned by the prophet. First britian was the leading power (pound), then came US (dollar) and while the (SDR) is just a tool, it’s the way to pave the way for 1 world bank and it’ll be the (shiekel)that will take over. Though for a short period, as this 1 world government, will capture the wealth of many, you’ll see more and more range on the streets, as more and more people will become poor.
Then of course we know what the antichirst will offer us? The basics (food) if we follow his way. AND most people will. I give you all 15/20 years. each year becoming harder for people to live.
Hurry Up Lord + Come On Back And Take Us Home
Bancor is an ugly name. A currency for the entire world and they want to name it in homage to one of the most boring, sly and UNTRUSTWORTHY systems in existence, thanks largely (but not solely to) the fractional reserve banking system: BANKS. Ugh! Ugh! UGH! UGH! It’s disgusting. Is it possible to BE ANY LESS IMAGINATIVE??
In theory I am not opposed to a worldwide currency. But does it really need to be administered CENTRALLY? The potential for abuse is rampant in any centrally controlled system. Are there any forms of de-centralised currency? No human being can be totally trusted when money is involved. Make it technologically impossible for people to be ruled by greed.
I would love to see 4square badges-of-honour as the new world currency. Online, paperless and a lot of fun. I’d be e-rich!