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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”

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.

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 want 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.

  • DC

    There’s been talk of a one-world currency for decades. Science fiction dating back to at least the 1950’s generally depicts the future as having a unified currency, usually called the “Credit.” Either that, or no money at all (Star Trek).

    I have to wonder if the viability of a unified currency is about as likely as a flying car. Not that it will stop the IMF from dreaming, but think of the Euro as a trial run. How’s that going? Oh yeah, it’s causing lots of stress for the poorer EU countries that no longer have their own currency to devalue.

    Just imagine what a world currency would do. it would probably tear itself apart in a few years.

  • Lennie Pike

    The American People have no representatives in Washington D.C.. The people behind the IMF are represented there because of their control over the fiat dollar. They will use that control to gain control over the world fiat currency if they can convince the BRIC countries to join them. If they can not there will be WW III.

    Any individual can refuse to use their world currency and tell them to go f&&*&k themselves.

  • Faux Gary

    Can we tax the rich if they’re using SDRs? We can only solve all of the world’s problems if we tax the rich and give the money to those who haven’t earned it.

  • http://www.planorperish.com/ Gutter Economist

    “And shifting away from the U.S. dollar as the reserve currency of the world would be disastrous for the U.S. economy.”

    This would definitely end the party – Americans could no longer steal from the rest of the world by using their monopoly money.

    Who needs a reserve currency or the IMF? Currencies of major nations can be directly exchanged without using the US dollar. Apparently, none of our politicians have heard of FOREX.

    Our own politicians are corrupt or dumb enough to give the IMF control of the United States. Most other countries, however, would only support the IMF long enough to destroy the United States. In the long run, the IMF could only exist with the backing of a military organization. Get ready for World War III.

  • http://lnx-bsp.net/ Tel

    This isn’t really all that new, the US has been talking about SDR stuff for years. Thing is all that seigniorage that the USA has been collecting for years printing the “world reserve currency”, well the UN would be just as happy to collect on that if they could. And why shouldn’t we all have dreams?

    Of course, a real currency needs something backing it, the US dollar has oil and guns to back it up (although neither of them are quite what they used to be), the UN has what exactly? If the BRIC group really pull together and get behind the UN currency then it might go somewhere.

    If that flops, I guess we will be back to gold, silver and industrial metals. How the Keynesians will wring hands when that happens.

  • Hans Meier

    The author says:
    “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”

    Appealing to a ludicrous patriotism you are heading nowhere. The American populace is so ignorant about the mechanics of monetary policy and the upcoming changes are IRREVERSIBLE -meaning the demise of the US Dollar is just around the corner. Americans in the end won’t do anything about this, since they are easy to manipulate and subdue.

  • D Rumsfeld

    It is almost certainly too late for the US Dollar to remain the reserve currency anyway. The world is looking East and the march is probably unstoppable. A world reserve currency for commodities is a real possibility.

  • Richard

    You destroyed your credibility by using wikipedia as a source. Clearly you are a yahoo!

  • Liberte

    The IMF has presided over poverty striken nations for half a century. They have watched, mutely, while famines have destroyed countries within their aura of control. They are not only incapable of bring prosperity, They are not interested in doing so.

    These people are pure evil.

    Take a look at the striking resemblance between the hanging gardens of Babylon and the hanging gardens of the IMF atrium.

  • Dave

    I disagree with the above statement that, “At least with the U.S. Federal Reserve there is hope that someday the American people can convince Congress to shut it down.”

    Politicians know how destructive the Federal Reserve is to our economy and how they have fleeced the American people since 1913. Those in Washington for the most part have been in collusion with the central bankers for generations.

    The FED will dissolve when an economic collapse occurs and they no longer have their hooks in our economic system!

  • Josey Wales

    A one world currency will lead to a one world government. We already have lost most of or independence, “Big Brother Protect Me” Is taking our rights to privacy. Obama signed a Bill back in December of 09, giving the U.N. the right to come to American soil and take out personal weapons. This world is a changing, with out a population that is willing to die for their freedom, their God given rights, we no longer have a Country. We as a nation are giving away our childrens future, (Little Debt Slaves we are making them) Most everyone is America is so selfish, that as long as the current government gives them the illusion of security, none of them, not one of us, will do anything against that government. We are sitting here watching history unfold before our very eyes and doing nothing!~ By the time our people wake up, our country will be controled by a one world currency, a one world government.
    Great article, and this is a Great site, Keep up the Great work Economic Collapse! Maybe one day the people will take you serious, we can only pray that they do before it’s to late. Maybe you could give some instruction on how the people can help themselves against this government. Thats what we need is instruction, no one can think for themselves any more. Remember we are sheople, following the herd. Thanks E.C.

  • Tom Brown

    Still a fiat currency.

  • Lennie Pike

    Just as the Dollar has been intentionally destroyed to arrive at a one world fiat currency, the Euro was created to intentionally destroy the currencies of Sovereign European countries with the knowledge that the Euro would (logically) self destruct so as to facilitate the implementation of a one world fiat currency.

    Soon, (if not already) the planers of this take over of the world will be able to say to the BRIC countries: You should join us in a one world currency and government because you know that the alternative will be very bad for everyone, and we leaders are all kindred spirits anyway – what do you say? – we can have the entire planet for our class and enslave the rest.

    It seems that this alliance already exists. We hear reports from the MSM of friction between economically powerful countries – even between China and the U.S., but with all of the U.S. corporations operating in China and the massive immigration of Chinese to the U.S., how can that be believable? The MSM reports are deception and misdirection to buy more time. If the process is pushed to quickly, the masses will notice and resist. We are frogs in a boiling pot with the heat slowly being turned up.

    As far as actions are concerned and not words, nothing but co-operation can be seen between the big economies, almost to the point to where we can already be considered one country. The Elite band together and work together – they always have and borders don’t interfere in their allegiance to one another. They are a pack of wolves and we are the sheep.

    These bankers are not idiots and are directed by the power of evil which is very powerful in worldly terms but they will lose in the end because their power runs a distant second to the most powerful force in the universe – Love.

  • TK

    There will be a one world currency in the next 10 years for sure.

    Lennie, you are correct. People can refuse to use it, however, there will be severe consequences. Such as:

    #1 Not being able to buy or sell, unless you live with the Amish, you are out of luck

    #2 Not being able to get health care, they will be forced to convert to the new currency

    #3 Not being able to get car insurance, they will be forced to convert to the new currency

    #4 Not being able to have a bank account, they will be forced to convert to the new currency

    #5 Not being able to live a normal life

    As you can see, it is out of our hands and many people will be forced to make hard decisions.

    I thank God for sending Jesus to save us from our sins. It is a blessing to know that everything that is happening is in God’s hands.

  • Michael2

    There is nothing new about the global currency or one world government movements. These plans and the architects have been around for a long time. What is significant now is that it is being alleged that they now think technology and science will enable them to seize the long sought goals of control and power over the globe.

    Technology, science, the WAR machine and police state has enabled the upper echelon of power to convince themselves they can take total control of earth and all of humanity faster than originally planned. In large part the earth is totally controlled already by a few, all the natural resources, etc. What appears to be happening now is the plans to take control of humanity have been accelerated. This is in direct correlation to the rapid development of technology like the now global surveillance and computer grid. Manipulating people has become a lot easier now, technology allows for the creation of very convincing illusions, problems, i.e. a crisis, something to be terribly afraid of can be manufactured and solved for us. So incrementally we loose our ability to solve our problems and rely on the conventional power structure to control our lives. To look for validation of this see Naomi Klein’s, Shock Doctrine, http://www.naomiklein.org/shock-doctrine or read about the Economic Hit men http://en.wikipedia.org/wiki/Confessions_of_an_Economic_Hit_Man

    Again, look at this infamous quote of Paul Warburg, “We shall have World Government, whether or not we like it. The only question is whether World Government will be achieved by conquest or consent.”

    In further support of this Rahm Israel Emanuel, former Chief of Staff of the White House also infamously said the following that candidly reveals how the elite really think, “You never let a serious crisis go to waste. And what I mean by that it’s an opportunity to do things you think you could not do before.”

    Once, not long ago anyone who spoke of global currencies or governance openly like this was attacked as conspiracy cooks, tin foil hat loonies, etc. BUT those in power have been saying and mostly secretly executing plans all along that reveal what they intend. Now plans like a global currency are openly and boldly revealed and are DIRECT and UNDENIABLE. This is possible because most nations of the world have been brought to their knees, manipulated into debt and are now at the mercy of forces which for now remain unseen and unknown.

    Again, Thomas Jefferson (whom some say was Illuminatis) said this, “If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them (around the banks), will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered.” http://quotes.liberty-tree.ca/quote_blog/Thomas.Jefferson.Quote.CA94
    I will assert again the evil that is happening on earth has nothing to do with the Illuminati that I have come to know of. What is going on and those pulling the strings are actually what the Illuminati were set up to fight. This has been the truth about the Illuminati from the beginning, until now. That is why the Illuminati has been attacked and maligned. The truth is already more available than ever and once fully revealed will certainly shock most of the world. Thomas Jefferson had this to say about the known Illuminatis Adam Wishaupt,

    “Wishaupt seems to be an enthusiastic philanthropist. He is among those… who believe in the infinite perfectibility of man. He thinks he may in time be rendered so perfect that he will be able to govern himself in every circumstance, so as to injure none, to do all the good he can, to leave government no occasion to exercise their powers over him, and, of course, to render political government useless… Wishaupt believes that to promote this perfection of the human character was the object of Jesus Christ”.

    Not many know for sure exactly what the truth is behind the events going on in the world. But it is undeniable many people are very concerned, worried and fearful. That is because events are clearly alarming. The debate is who is causing the trouble and what the agenda is. Increasingly those who deny and seek down to play what is happening on earth are considered to be the loonies and tin foil hatters, imagine that!!

    p.s. I highly suspect Julian Assange maybe Illuminati.

  • Dan Yancy

    It sounds like an attempt to concentrate power and wealth among an elitist group. (An international version of the Federal Reserve.) What is the real purpose of the Federal Reserve? Enrich the few and oppress the people. What would be the real purpose of the IMF’s one world currency? Enrich a few more and oppress more people.

  • Me

    Global currency: The mark of the Beast?

    http://www.spychips.com/

  • Johny5

    Hey DC, You may need to pick another analogy. Seems they have a flying car already…

    http://buzz.yahoo.com/buzzlog/93804?fp=1

    I think we are for sure headed into a global currency.

    Kind Regards,

  • Sunil K Kumbhat

    GLOBAL CURRENCY
    By: Sunil K Kumbhat

    It looks like the US dollar is going to lose its status as the world’s reserve currency. There has been talk of the need for a new reserve currency abandoning the dollar and instead putting in place a basket of currencies as world reserve.

    Whether dollar is abandoned in favour of a new currency reserve, world’s oldest currency, gold will continue to reign supreme..

    For many decades, the US dollar has been the world’s reserve currency, the one by which all others are measured, and the currency most used for international trade. Over the past six to nine months, as the worldwide recession has deepened, the US Dollar or the ‘greenback’ has been the currency of last resort and has therefore maintained more than its value. However, there are several reasons that may lead to the decline of the greenback.

    Today, there are almost 190 different currencies being used in the world. On a daily basis, $1.2 trillion worth of currency is traded, at the cost of billions of dollars to consumers, corporations, and governments struggling to keep their currency strong and above others. Because currency values are measured relative to other currencies, all currencies are at risk of currency fluctuations and the currency crises that often accompany radical changes in currency value. Many nations in recent history have faced these problems, currency fluctuations that have devastated their nations’ economies. Key examples are Mexico, Argentina, Russia, and Thailand.. As the world economy becomes more and more globalized, with corporations increasingly doing business in other nations, currency fluctuations become more and more influential in daily business. With this globalized world economy, the question arises; do we need a global currency? The idea of a single currency taking the place of all other currencies has been a persistent idea for years. Economists have theorized and postulated writing papers and holding discussions on the feasibility, benefits, and shortcomings of a global currency. Many steps have been taken towards that goal, most notably in Europe where the European Union has for the most part replaced individual nations’ currencies with the new Euro. Looking at the progress of the Euro, dipping below and then surging above the dollar to where it is now, one realizes the strength in the Euro and the economic clout it has given to European nations with formerly weak currencies. The question now is where do we go?
    The Russian President, has been saying for some time that the world should abandon the US dollar as a global reserve currency since its fluctuations tend to harm everyone who uses it for trade or as store of value. OPEC calls the US dollar a worthless piece of paper. Argentina, Cuba, Iran, Iraq and Venezuela have already said “no” to the dollar.
    The fact that the Keynesian system held up the US dollar as virtually the global currency put an enormous responsibility on essentially a national institution. What was the role of the US Federal Reserve (Fed) in the train of events that resulted in the current crisis? What was the responsibility of the Fed in causing the consumer boom that resulted in the sub-prime lending in the US?
    At present, the US government is primarily interested in rescuing Wall Street and the banking institutions by throwing hundreds of billions of dollars in the pit without knowing its precise dimensions.
    The American tax payer, already deeply concerned about unprecedented deficits, huge expenses required for the restoration of infrastructure and the two wars, may not be fully sympathetic to the efforts of the government to save the banks without any attempt to save the economy.
    The rest of the world faces problems that are far more serious than those faced by the US. The essential functions of the central bank of any country are to raise money within the national boundaries and fix its price i.e. the rates of interest.
    It is well-known that the Federal Reserve is not only the central bank of the US but also the de facto central bank of all the national central banks in the free world whose reserves comprise predominantly dollars. Furthermore, the Fed, as the central bank of all the nations, decides at what rate it will lend dollars to national central banks.
    After the first Gulf War, dollar printing became the most profitable business for the US. The dollars, as global tender, was in perpetual demand by other nations as the Bretton Woods system was based on US dollars and gold.
    The cataclysmic developments in the financial and banking sectors in the US and other industrial countries would not have sprung an ugly surprise on the world had the countries woken up sufficiently early to the plenty of alarm signals that showed that a devastating crisis was in the making.
    Recently a UN panel of expert economists pressed for a new global Currency Reserve scheme to replace the volatile, dollar-based system and for coordinated steps by rich countries to stimulate economies.

    “A new Global Reserve System — what may be viewed as a greatly expanded SDR (Special Drawing Rights), with regular or cyclically adjusted emissions calibrated to the size of reserve accumulations, could contribute to global stability, economic Strength and Global equity, the panel said.

    Special Drawing Rights (SDRs)

    One solution China is offering to reduce currency-value uncertainty is expanding the use of an instrument called Special Drawing Rights (SDRs). These were devised by the International Monetary Fund about half a century ago.

    They are based on a basket of currencies widespread use of SDRs never really caught on because the system continued to work fairly well with the greenback at the top of the heap. But now, with greater financial sector regulation in the air and an overhaul of world financial markets likely upcoming, there are starting to be some calls for a re-examination of currency markets as well. SDR is a combination of the U.S Dollar, Yen, Euro, and the British Pound i.e. currencies of different nations.

    “As we are all aware, each of the economies whose currencies are mentioned above is going through equally difficult times as the United States. Then, how their combination would be different from the U.S dollar. It still is a paper bag of paper currencies which is just the problem we all suffer from. There seems to be no practical solution. With paper currencies and the power to print it at will, inflation is inevitable. The only super rescuer out of this financial mess and the coming inflation is Gold,” . The commission, led by US economist Joseph Stiglitz, 2001 Nobel economics laureate, a frequent critic of globalization and unbridled free markets,
    said there is “a growing consensus that there are problems with the dollar reserve system.

    He noted that such a system was “relatively volatile, deflationary, unstable and (had) inequity associated with it.
    “Developing countries are lending the United States trillion dollars at almost zero interest rates when they have huge needs themselves,” Stieglitz noted. “It’s indicative of the nature of the problem. It’s a net transfer, in a sense, to the United States, a form of foreign aid.” Recently China’s central bank chief Zhou Xiaochuan suggested the dollar could be replaced as a reserve currency by an International Monetary Fund (IMF) basket comprising dollars, euros, sterling and yen, saying it would not be easily influenced by individual countries.

    UN Panel said a new Global Reserve “is feasible, non-inflationary and could be easily implemented, including in ways which mitigate the difficulties caused by asymmetric adjustment between surplus and deficit countries.”
    China is calling for a new global currency to replace the dominant dollar, showing a growing assertiveness on revamping the world economy.
    The world economic crisis shows the “inherent vulnerabilities and systemic risks in the existing international monetary system,” Gov. Zhou Xiaochuan recommended creating a currency made up a basket of global currencies and controlled by the International Monetary Fund which would help “to achieve the objective of safeguarding global economic and financial stability.”
    China has long been uneasy about relying on the dollar for the bulk of its trade and to store foreign reserves.
    Top officials from China used strong language as to enforce the fact that they would want to see a new world reserve currency replacing the dollar. They said: “The global financial crisis reveals flaws in the international monetary system”. “An international reserve currency should not be tied to the interests and economic conditions of any one country”.

    People’s Bank of China Governor Zhou Xiaochuan suggested the IMF’s Special Drawing Rights, a currency basket comprising dollars, euros, sterling and yen, could serve as a super-sovereign reserve currency, saying it would not be easily influenced by the policies of individual countries.

    Some analysts say the move demonstrates China’s growing discontent with American dominance of the world economy.

    Russia is also planning to propose the creation of a new reserve currency, to be issued by international financial institutions. IMF managing director Dominique Strauss-Kahn said that talks on a new world reserve currency to replace the US dollar were “legitimate” and could take place “in the coming month.

    For decades, the dollar has been the world’s most widely used currency. Many governments hold a large portion of their reserves in dollars. Crude oil and many commodities are priced in dollars. Business deals around the world are done in dollars.
    But the financial crisis has highlighted how America’s economic problems _ and by extension the dollar _ can wreak havoc on nations around the world. China is in a bind. To keep the value of its currency steady _ some say undervalued _ the Chinese government has to recycle its huge trade surpluses, and the biggest, most liquid option for investing them is U.S. government debt.
    The recent financial crisis has shown the need for a new international monetary system and creating a global currency should be the main priority as this would prevent “excessive” money printing by any single nation posing a risk to inflation worldwide.
    To better insulate countries from the ills of one country or one currency, Zhou said the IMF should create a “reserve currency” based on shares in the body held by its 185 member nations, known as special drawing rights, or SDRs.
    -The U.S Government is piling up loads of debt in an effort to bail out the economy out of deepening recession. This increasing debt would surely put downward pressure on a nation’s currency value.

    -The U.S government has opted for printing (more) money, a time-honoured means to relieve some of the debt problems. However, this always leads to an inflation problem in the long term, which again places a declining bias on a nation’s monetary unit.
    -US. Interest rates are at exceptionally low levels. This will reduce the appeal for international investors of holding Treasury Bills, bonds and notes once the need for “safety” starts dissipating.

    What is clear, however, is that the economy of the reserve currency of the world is currently facing structural problems, which have been described as serious and unsustainable, and are causing worldwide concern, particularly at the policy level. The low savings rate, the large current account deficit and now also the large budget deficit are the familiar issues, and associated with these is the question of how willing are those economies with surplus savings to continue financing those deficits.

    The world has been relying on the dollar as a reserve currency which has to preserve its value, but America, in order to solve its own economic problems, has to now print (more) money, which will devalue the currency in the long term. So there is an essential contradiction there. There’s some light in the tunnel.
    Is it the end of the long tunnel or a train fast approaching?
    China’s call for a global reserve currency to take the place of the dollar has won the support of central bank chiefs in Indonesia, Malaysia and Thailand, who argue it would help curb volatility and foster trade. According to Governor of Bank Indonesia “We need a currency that is stable by volume and value so that world trade and investment can be more stable,” “Trade transactions using one currency that’s dependent on the condition of a single country’s economy is dangerous.”
    The idea is that the IMF should activate its dormant powers to issue Special Drawing Rights. These SDRs would expand their role over time, becoming a widely-accepted means of payments.

    The issue of the world currency reserve is being strongly backed strong forces like China and Russia. China called for a replacement of the dollar, installed as the reserve currency after World War II, with a different standard run by the International Monetary Fund. China and Russia are calling for the creation of a new world reserve currency amid fears that the Federal Reserve’s quantitative easing policy (printing additional money) might cause hyperinflation, leading to the eventual collapse of the economy.

    We have had a long history of reserve currencies which reflects an interesting fact that the position of a country as a super power of the world (whose currency acts as a reserve currency) tends to rotate in a natural cycle of around 100 years Will History repeat itself?

    What History indicates..?

    History shows that currencies had world supremacy over a 100 years but was soon replaced with some other currency to become world’s reserve. From 1450-1530 it was Portuguese (80 years), from 1530 to 1640 it was Spanish (110 years), from 1640-1720 (80 years) it was Dutch, 1720-1815 French (95 years) , 1815 to 1920 British Pound (105 years) and later on dollar dominated the scene till 2009 for 89 years

    Historically, as other currencies have dominated as a reserve currency for a cycle of nearly 100 years, it could be true for the dollar too.

    S K Kumbhat,India.

  • http://endtimeinfo.com Doe

    There will be a global currency. Anyone who is familiar with Bible prophecy knows the endgame of the global elite. They need it to accomplish their purpose.
    http://endtimeinfo.com/2011/01/the-coming-economic-crash/
    But they will only have their way for a little while…

  • mondobeyondo

    If the U.S. dollar ever loses its status as a reserve currency, the party is over.

    For the longest time, we’ve “had a ticket to ride, and we didn’t care” (a little nod to a Lennon-McCartney classic!). Being the world’s reserve currency, the U.S. could print as many dollars as it wanted, whenever it wanted to. Economy going downhill? Just print up a STIMULUS and prop up the economy!! Nothing happens? Then print more stimulus cash! If the dollar loses reserve currency status, we won’t be able to do that anymore. Congress won’t be able to raise its debt ceiling to infinity. No more stimuluses (stimuli??) No more bailouts. No more government assistance. Some other currency would now have that priviledge. The U.S. would be in a world of hurt.

    Turn out the lights, the party’s over. They say that all, good things must end….(everyone, hum along!)

    Lose reserve currency status, and perhaps the STF basket will pick up the priviledge of being the world’s reserve currency… won’t matter though. It’s still a fiat currency, destined to fail like all of the others.

  • lostinmissouri

    One World, One Currency! Hurray!

    That will work great…just like the U.N. All the world’s problems will now be fixed.

    Do all these “One World Currency idiots” get up every morning and eat the same bowl of STUPID, everyday?

  • impeachRonPaul

    Cristians insist on putting religous messages on currency. They will not accept a free society. If one world currency will end the forced religion, I am for it.

    Freedom = One Currency!

  • DC

    Hi Johny5,

    Yes, and we’ve seen those kinds of press releases before. Flying cars are like practical fusion power — it’s always just around the corner.

    No one has made a truly practical flying car yet, and inventors have been trying since the Wright brothers. The autogyro was going to be car of the future, back in the 1940’s. I’ll believe it when it hits the market. :)

  • PATRICK O’SULLIVAN

    what would happen to the price of gold and silver,if we had a global currency and one central bank.

  • Kevin

    Patrick

    My assumption is that it like corn, oil and hog bellies would just be priced in the new currency. I suspect an underground economy would pop up in many places that would favor traditional gold and silver as a medium of exchange. That being said I don’t think your going to buy a home with Morgan Silver Dollars and Double Eagles but maybe some groceries.

  • DeathSpiral

    This is way too much conspiracy theory that we would have a one world currency.

    The closest we have to a one world currency is the Euro. And they’re having a world of problems right now. I don’t see where other countries are watching the Euro and saying ‘Wow!! Great idea! Lets do the same to the entire world..’

  • Maria

    What do you mean?

    “Let us hope that the American people wake up and start insisting that we have no part in a global currency.”

    You mean something OTHER than the US dollar global reserve currency? We’ve had it easy because of that “privilege” for a LONG time. Now we are about to find out how good.

    WHY?

    BECAUSE…”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.”

    That is exactly what is happening. The support is gone. We are witnessing the collapse of the dollar and all fiat currncies. As a result, everything we buy will soon cost more than we ever imagined possible.

    Truth is, the “Elite” have planned this for a long time. The banks and corporations involved in that planning have “bought off” or “planted” politicians in all of the worldwide “governments” for years. All of it to create a split world…one for the slaves…and one for the Elite…parallel, but separate.

    But too many of the slaves have now become educated. They now see this charade for what it is. So the gig is up. The fiat economies are deliberately being imploded by the central and Elite banks. The fiat currencies are now being called to consolidate to the “global” fiat currency, SDRs. The once sovereign nations are enslaved to their debt masters, the banking Elite. The Elite have already become the global government.

  • mondobeyondo

    I’d like to personally thank George W. Bush, for the $300 “stimulus” check he sent me back in 2005 or 2006, or whenever it was. (You got one of those checks too, I’m sure. If you were married with a family, it was up to $1200.) It helped my personal economy immensely! Bought some soap, a few T-shirts, and the rest went to silver buillion.

  • Lennie Pike

    TK,

    I think you are right about those 5 consequences if you choose to make no changes. But nowadays with the tools that are available, equipment, technology, and knowledge found on the internet covering everything from distilling ethanol for your vehicle’s fuel, to generating electricity and raising meat and crops – with a Pirate’s mentality (being civilly disobedient to every oppressive regulation you can get away with), an individual, family or group can live a great self sufficient life in the country with out the use of money.

    I am not doing that yet, but am very close to almost completing the preparations needed to begin living that way, and I am not going to give a cr**p whether I am insured to drive or not after the one world currency is in effect.

    There will be many who refuse to use a world currency because there are many Christians who will refuse to use it and they will be able to survive for a while helping one another using bartering or their chosen currency whatever it may be.

    But they will be few in numbers and soon they will be prevented through force and the threat of death (threat?) from living the way they have chosen.

    The moral of the story is you keep fighting and evading these S.O.B.’s until the last breath you take right up until they kill you.

  • Kevin

    If the international currency exchange rates were frozen and one XYZ equals 3 ABCs you have your global currency.

    Just because your nation has a picture of your specific historical leader and another nation has a different picture of a different leader from a different land if the relative value between currencies were fixed you have a global currency. For the system to function the quantity of currency and currency credits in circulation would have to have a fixed source of authorization.

    The majority of the worlds body politic is historically very ignorant and would feel more comfortable with a familiar picture and phrase on a piece of fiat paper in their hand. They could very easily have a global currency in exchange and not truly realize it. When the Federal Reserve note replaced the Silver Certificate they looked too close and were accepted as equals. Both bought a six pack of beer.

  • The Unicorn

    SDR’s as the “Embryo of Global Currency” would be a disaster for the USA economy.It doesn’t matter how its divided up it would be manipulated.The currency would divide and conquer all nations using or tied to the currency by default.The political fallout would allow any liberties we have left to be taken away at will.This is a direct attack.They have us with our backs to a wall and are going straight for the juglar.

    The language used “Embryo” scares me! What is this, some flesh and bone creature? Are they playing GOD.Is this a symbolic reference? And the birthing pains.What happens when this creature matures will we be forced into its complete submission?

    The nightmare continues.

  • Bob Horak

    A global currency may work if you can get every country in the world to agree to it. Slim chance that will ever happen. It will probably lead to world war 3.

  • The Unicorn

    Me
    Find a microwave in some public place and nuke your clothes that should short circuit the RFID chip.

  • John

    Basically everybody wants to get out of the dollar but doesn’t want to “lose” their hair in the process. The IMF as others have suggested has to convince the BRIC block to play along.
    To me the million dollar question is the Chinese.You would have to increase their voting rights at the IMF.
    Also how to pay their debt as you “shift away” from the dollar. The gov wouldn’t be able to shift away from the current economic structure and build a new one in even say 6 years time, plus those controlling it don’t want too.
    Like others, maybe I’m stupid but it seems to be shaping up for WWIII.

  • Kevin

    In times long ago something like this could lead to war as creditors decide to take the assets of debtors if they refuse to pay up. The globalist agenda with interdependence and the nature of weapons (nuclear) make this more unlikely. Impossible no, but improbable.

    The USD being the reserve currency is one great leap in a single currency. The second is freezing the exchange rates with a single body authorizing issuance.

    What would have to happen first to be the catalyst is a global economic collapse. Not the 1/2 collapse we seen but a full blown collapse. When the path of least resistance is global then global it will be. It looks like the economic groundwork is being laid for that collapse.

  • Lennie Pike

    The Unicorn:

    The only problem with that is – the RFID chip won’t be in your clothes, it will be either implanted on your forehead or your right hand.

    If it is in your right hand, even the correct advise of cutting it off, will by then be a moot point, and sticking your head in there has it’s own different set of parameters.

  • Promised Land JD

    “The American people need to send a very clear message to their representatives in Washington D.C…..” and if we were able to do this, what would happen? If other countries around the world decided that they no longer wanted the US $, China and the oil producing nations would only have to say they are no longer accepting the $, they want XYZ currency, and what would we do? Nothing. We would use our devalued $’s to get what we could.

  • dodiligence

    The SDR sytem is “antiquated”. Thats why the IMF created the “WOCU” world currency unit ( just research it and you’ll hopefully understand what is really going on) They already have this in place and have been testing it for 10 years to make sure it is stable. Giving them time for a “controlled crash” of national currencies. The wocu is based on a basket of the G20 currencies. The leaders of the nations have already agreeded to this. The Bancor was JUST A TYPE of system needed not the very thing. The WOCU is the realization of that system. People we are father down that road than what is being realized.

  • James

    Globalization is a farce. After the price of oil rises to the point where it isn’t even going to be discussed as a fuel. Globalization will die a fast and painful death. Globalization needs an energy source to hold it up. After Peak Oil is fully engaged, what are they going to use for an energy source to run aircraft which is the main vehicle for globalization? Boats can be run on steam or wind.

    • denny

      This is the best comment! When the oil runs out everything comes to a halt. There will be wars, and famine until earths population comes back down to around 3 billion. Then the world will be stabilized again, and populations will live in harmony, and cooperation like never before. Unfortunely the path to this harmony will be horrible for the human animal, and many other species on this planet. Hopefully we can become eco mature gradually over the next couple of decades, and voluntarily live responsibly toward the whole planet.

  • http://lsminsurance.ca Lorne Marr

    dodiligence,
    I have never heard of WOCU before. I checked it out and it really seems that the IMF devised a world currency that will be acceptable even for the emerging China, India, etc. We will maybe see a very quiet transition from SDR soon. IMO, a SDR has a very short life in the current form.

  • The Unicorn

    James
    Actually in the 80’s Allison Engines were
    able to run jet and turbine engines very effectively on coal.

  • Richard

    It is the individual currencies that are causing the problem. More so, Greed is the biggest cause of poverty. With no base standard to say that one item in particular is worth x amount, there is nothing to prevent financial bubbles, like the tulip mania for example. It is greed that prevents a starving person from getting food when the food owner wants an excessive amount for it. I am concerned about handing over the reigns to a global bank, but the alternative is even scarier. Believe me, The USA is not immune to the problems of hyperinflation. It has happened to every major power in history. When the US dollar devalues, and it will, and the price of milk, food, gas, and every other necessity becomes too expensive for the average American citizen, those same citizens will be dreaming of a global currency using a standard for the price of every commodity essential to our existence. Once that standard is implemented, countries such as Zimbabwe, and eventually the USA too will be able to import and export items easily, providing essential items for the countries citizen. There would be no need for cheap labor, manufacturing would cost the same no matter what country so that employment would increase. The fact is, a global currency and central bank is essential to the continuing development of humanity. At present the price of goods are set by companies who exploit cheap labor in one country at the expense of employment in another. Why would it be so bad for a consortium of world finance ministers dictating what the price of those same items should be? It would, possibly, be beneficial to the people to have stability this way and would eventually be the end of for profit everything. Greed is the enemy of world peace and stability.

  • John

    Yes, it’s clear that the IMF has big plans, and would love to broker this systemic change that is coming whether we want it or not, but what the IMF wants and what the Chinese and the Russians, Brazilians, and Indians want are not necessarily the same thing.

    See this pathetic attempt at propaganda from Bloomberg on Friday’s G-20 summit for perspective

    http://www.bloomberg.com/news/2011-02-19/g-20-agree-to-closer-monitoring-of-economic-imbalances-to-prevent-crises.html

    Bloomberg’s editors did their best, I suppose, to make it sound like the U.S. actually had any say so over what went on in that meeting. If you read it the way I did the clear impression is that the Chinese are dictating terms here. It’s notable that there wasn’t any discussion of the Yuan becoming part of the SDR. With good reason. The IMF says that in order for this to occur the Yuan would have to be freely convertible. The Chinese aren’t about to be told when they need to make the Yuan convertible apparently.

    I think the SDR proposal is a last ditch attempt by the Anglo-American elites to retain control over the world’s monetary system, and Russians into playing ball. But unless they’re granted controlling authority over the IMF I don’t think it’s going to work.

    Oh, we’ll get a new currency that will be replace the dollar in international trade, but it will be one worked out by the new economic powers of the world, not the has beens at the IMF who sold their own economies and populations out years ago.

  • http://google julia

    Revelations is happening before our eyes. One world currency will accelerate it. This is something that we should avoid. The mark of the beast will be able to occur as soon as the beast controls the world’s currencies. Then the battle of Armageddon will happen shortly thereafter. The U.S. citizens need to recognize what is happening and revolt against it. On the other hand maybe we should just let things happen so that we Christians can meet our Maker. That will occur during the great battle when our Lord returns to get us.

  • http://nil Oswald Brunner

    I think of a small example of the pooling of currencies. Before Federation, each
    Australian State was an idividual, independent sovereign power under the umbrella of then existing British Empire.
    Each State treated every other State as a foreign country. Had import duties against each other, separate armies and navies, postal servies and individual currencies.
    At federation a common currency, among other things, was instituted.
    It worked well and has done so ever since, possibly becasue the States retained residual powers that left each of them with an effective indpendence in most other areas of govnernance, apart from foreign relations and trade and a common communication system.
    A world Standard curr3necy, indeoendent of any one country is is inevitable, following the development of global Trade.

  • dizzyfingers

    Mark Steyn asks “What country today has half its population under the age of 15 (those who constitute the productiveness of countries tomorrows)”.

    Spain and Germany: 14%
    United Kingdom: 18% (this is NOT England, but all the UK)
    United states: 21%
    Saudi Arabia: 39%
    Pakistan: 40%
    Yemen: 47%

    Steyn: “Cultural reletivists who sneer at the idea of English civilization should try to imagine what the world (will) be like if the U.S. Supreme Court and the Indian parliament and the Australian legal system, not to mention Harvard and Yale, Oxford and Cambridge, had been built on Yemen values.”

    Change is not just on its way, but is here.

    Europeans, Russians, Scandinavians, Britons, even the US…none reproduce at the rate that people do in the Islamic world, which now includes Scandinavia, Europe, Russia, Canada, Great Britain, Germany, France, Russia, and etc.

    The majority of the world’s young people are Islamic.

    Steyn: “For a stable population — i.e., no growth, no decline, just a million solks in 1950, a million in 1980, a million in 2010 — you need a total fertility rate of 2.1 live birth PER WOMAN. That’s what America has: 2.1, give or take. Canada has 1.48. … Europe as a whole has 1.38; Japan, 1.32 (that was before the March 2011 earthquake and tsunami); Russia 1.14. These countries — or, more precisely, these people –are going out of business.

  • vj9vr

    hope we dont use gold and silver as currency.

    it would be a 2 font pebble sized piece of lead plated in gold with how devaluated all currencies are getting -nevermind how bad its going to get.

    lets just keep calling a dollar a dollar instead of a dime through the magic of substanceless faith until the chinese and the other rising powers get so sick of it we got to war over it. then as we are all one armed and eyed we can all agree well okay – a buck isnt a buck – lets add 1 billion or so folks relaint on it entirely to the exploding african belly pool.

  • xeven

    666

  • Juan Reynoso

    We can ignore reality, but we can not ignore the consequences of reality.
    The dollar collapse will end the ability of the average American to deny their active or passive participation in the dominance of the world by spreading debt and death. When people’s entire life’s savings are wiped away, they will wonder what their life has been all about. All of the missed times with their family and connections with others has been stained by the pursuit of material gains. Only when everything is taken from them, will they start to see the real importance of life. Many will not be able to come to terms with this coming reality. Those that are aware and prepared stand a great chance of making it through this paradigm shift and thrive.
    The American riots will be the worst the word has seen, because our nation is sick enough of this culture of corruption to unleash their anger and spread violence in most of America. This anger will not last long and will not happen in every part of America, but will shake the faith of the American people. Those that betray us, will die by the sword, they will be either killed or brought to justice, by those that were ill prepared for the collapse; they will blame the Elite that created, perpetuated and profited off of this paradigm. It will be nice to have consumerism, militarism and narcissism flushed away.
    I am hopeful that this collapse will actually be the beginning of something really great for the American people. A new ideology will be born, base on honesty, values and responsibility, not based on corruption, debt and death. This is a very real outcome of this collapse; The reclamation of our Constitution and our American values, honesty and integrity; with the collapse of the dollar, those that were lured into a senseless narcissistic consumer lifestyle will be forced to come to the understanding that instant gratification is not why we are put on this earth.
    In God we trust, our country will be re-born after the collapse.

  • Ed

    I am an American. I love the precepts upon which my country was founded. In another time, I would have been called a patriot.

    Having said this, I do not see how the rest of the world can allow us to continue to print money to get ourselves out of debt. If I were in the leadership of almost any other country, I would scream, cry and demand for a global currency. America should not have expected it’s currency to remain the world standard in ANY scenario. By doing so we set ourselves up for eventual failure, guaranteed.

    Left wing, Right wing or in the Middle has almost NO bearing on the most dangerous situation our country faces. All of the ideological concerns of both sides in the two party system will seem like fruit flies on a bull’s *ss in comparison to this rhinoceros headed our way. We live in a nation of the “can’t happen here” mentality. We all love to think that we are beyond such concerns and hard times; that we are too advanced and civilized for all of that.

    I have never been a doomsday crier in my 46.5 years. 1984 and Y2K came and went, as I was sure they would. There has been no “Zombie Apocalypse”. This however, is a different matter. We are facing something we haven’t seen since the Great Depression. As Americans we do not, no, cannot relate to post WWI Germany because our nation has never faced such a crisis. This is it. I pray that we do not end up like the German people did. It has been nice, being the super-power for this long, but nothing lasts forever. Ask England. Ask The USSR…

    I fear it is now too late to wake up and smell what is burning. Most of us are in denial and wouldn’t, anyway.

  • Juan Reynoso

    FREEDOM IS BASE ON TRUST – TRUST IS BASE ON TRUTH
    LATINOS FOR HONEST GOVERNMENT
    interdependence is great, but we alone are responsible for our future
    Do not ask what your country can do for you, but ask what you can do for your country
    http://www.usconstitution.net/constquick.html
    http://www.cinemalibrestore.com/sf_series.html
    http://www.gopetition.com/
    http://www.ronpaul2012.com/
    Help us to spread the truth, pass this on and help us to take our country back.
    The secret of freedom lies in educating people, whereas the secret of tyranny is in keeping them ignorant. (Maximilien Robespierre)
    http://www.westernjournalism.com/

    The world is waiting for China as the world power.

    China has become the new economic power house of the world economy. The increased US dependence on China had made China the acting as largest bank for the US economy. Almost on every variable of Chinese competitiveness is considerable higher than US, and it will even continue to increase in the future. In the current scenario, China has remained the only competitor to US for the leadership of IMS, after the rising economy problems in the Euro zone. Although China has supported US in the past to strengthen the current IMS, but economic conflicts between China and US are rising continuously. As a last weapon to control the situation, Obama is continuing the devaluation of dollar, to reduce the debt burden and promote exports to flourish the US economy. Obama is also pressing China to increase domestic spending instead of their export, but China’s concern over the devaluation of US dollar is increasing, because China is the largest owner of US national debt. According to US treasury China sold some US debt at the end of 2011, this is why the US government believe Chinese increasing world economic power is a threat for the US economic.
    A continued stream of research work is underway to stop the continue global financial crises. And China may be able to capture the IMS leadership in the future. G-20 meetings have been held on this
    issue. Considerable good suggestions have been generated for IMS reform, but implementation of these suggestions is not easy. The US was favorable for US economy but mostly not very much favorable for the world. Because of poor performance of US economy in the past, US leadership in the IMS is under threat. The nation having the largest GDP can qualify for the leadership, the current share of US in the world GDP is less than 20% and it is further declining. Contrary, Chinese GDP has been increased from 293 billion USD in 1981 to 10163 billion USD in 2010, approximately 35 times
    more in 29 years. In 2020, Chinese GDP is expected to surpass the US GDP, by increasing up to 27144 billion USD. Chinese real GDP growth was 9.7% in 2010, compared to US real GDP growth of only 2.9% (including stimulus package effect). Chinese per head GDP has also been increased from 254 USD in 1981 to 7740 in 2010, and also estimated to become 38800 USD in 2020. Although US GDP per head has also increased but its growth was very less compared to that of Chinese. Chinese economy is estimated to get early maturity in 2020 but even in 2020, its growth rate of GDP will be approximately twice than that of US. Chinese GDP structure (47% industry, 43% services, 10% agriculture) seems to be more stable that US GDP structure (76% services, 23% industry, 1% agriculture), and also contains more potential for growth. The balanced structure of Chinese GDP, High GDP growth and estimated crossing of nominal GDP of US in 2020 makes China more potential candidate for the leadership of IMS. US trade deficit and current US national debt are increasing with high speed. The US Dollar, Being a reserve issuing currency, medium amount of trade deficit is inevitable but, US economy is bearing very high trade deficit that will also continue in future. This continuous high trade deficit is more than the capacity of US economy. Every year US has to finance this trade deficit through interest bearing debt, and that multiplies the problems. On the other hand, China is consistently enjoying the export led growth with a medium trade surplus that is giving stability to Chinese economy. Because of trade deficits, US competitiveness is declining while that of China
    is increasing, because of its surplus trade.

    US competitiveness for the IMS leadership is declining at a fast speed. The imbalances between the external debt of US and surpluses of other countries have got to the peak of breaking point. The fiscal problems that faced the Euro zone in the last few years, made it nearly impossible for Euro to give support to US in the stability of current IMS leader, rising oil prices due to the Dollar devaluation are worsening the situation, by disturbing the economies of net oil importing countries; compelling them to seek the help from other countries and IMF. It has become difficult for the US to continue its leadership in IMS. US either shall have to share or to shift the leadership of IMS to China, but who will bear the cost of this sharing or shift? The sharing or shifting
    of IMS leadership will badly affect the US economy. US will be willing to share the IMS leadership with China, through changing the status of US in the IMS. China has got the strongest competitiveness for the leadership of IMS. Sooner or later, the US will have to share the leading position in the IMS
    with China, as this is the only option for the current IMS to work or progress. This shift of leading position will cause to solve most of the problems of IMS, and will make it stable for a long time; but on the contrary it will also give birth to some new problems. The issues that need to be pay attention by the IMS authorities and economic researchers are: “how this sharing will be executed?”, “either it will be a slow, more cooperative or fast,more aggressive change?”, “who will bear the cost of this change?”, and “how the problems will be tackled that will emerge in the wake of this very crucial change,Sino-US joint leadership of the IMS?” With a large economy and consistent strong economic performance,

    The Fredom Movement – posted by Juan Reynoso – *********************
    http://www.usconstitution.net/consttop_reli.html

  • james

    most of you have little idea what you are talking about. I will give it to you simple

    1) China is in on it
    2) Chinese are smart but not so smart they dont see (or maybe they do) that once their currency in included with other SDR exchange currencies (Yen, Pound, Euro, Dollar) that it will be complete and in turn the IMF will sooner or later retain control over all world currencies.
    3) the removal of the dollar is the only logical option for the United States. UNLESS! the US decides to go back to goal cut allot of its spending and change up alot of things but even than the US dollar will always be at risk of depreciating once again and would still run the risk of being replaced by another currency by another nation.
    4) The removal of the US dollar and the SDR holding all currencies and being controlled by the IMF means in turn the IMF and the board members and countries with highest voting % (US, France, UK) etc will all benefit the most. Think of it like this the US and other countries want to keep spending but they cant do that unless they have control of all world currencies. Once they have that they can do as they want money will never be an issue the IMF will retain all the control.
    5) Look who run’s the IMF all the board members and all top people are from western countries, educated in western schools and hold the power. Their influenced greatly by politicans from Washington and influenced heavily by the US treasury department and US federal reserve (for many reasons to many to explain) they also are educated from western schools. In addition the US holds over 15% of the voting power and 85% is needed in order approve anything so the US alone can stop anything the IMF proposes unless the US is on board with it.
    6) I say this to american’s who want to retain your US dollar as the world reserve currency. If you do that its great and its a way of national Pride but keep in mind drastic changes would need to occur becaus without the SDR replacing the US dollar the US economy will fail badly. You see once the dollar is removed the US economy will hurt and the Chinese economy will hurt badly but it wont be nearly as bad as if the US economy failed and there was no control of a “currency” like the sdr for example. the sdr is a way for western governmetns to rule the world and spend without issue they can control the economy pretty much. While it would be great to retain the US dollar as the world reserve currency its not a logical option unless drastic changes are made and even than you’d always run the risk (in the future) of going under and having your currency removed or being surpassed by another.

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