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Head of IMF Proposes New Reserve Currency

Saturday, February 27, 2010 23:19
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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.

This is THE set up, folks. You can bet that plans for this are in full motion behind the scenes. Remember who the IMF is. They are the very same central bankers who run the systems that are now failing in the United States and Europe. They are the very same people who create money from nothing indebting people and countries and taking mostly gold in return as payment. This is how they became the world’s third largest holder of gold.

If a one world currency is put in place, who controls it??? They do? That’s a great status to endow on one’s self, is it not? Take a look at their charter and see who the voting members of the board are, “The governor is appointed by the member country and is usually the minister of finance or the governor of the central bank.”

There is absolutely NO REASON to have a one world currency whatsoever – and for that matter there is no reason to have any “reserve currency” either. The only real reason for doing so is to place more power and control in the hands of the central bankers – they use the power of money creation to get what they want, but the power of money creation does not belong to them, it belongs to the people.

Remember, “It’s WHO controls the quantity” that matters.

People still refuse to admit that there are major changes coming to world of currencies, although more and more people are seeing the bad math and are coming to the same conclusion that I, and others, came to quite some time ago. Now the question is going to become, do we want a world controlled by central bankers or do we want FREEDOM?

With the central bankers in power, you will be forced to make this decision at the height of crisis, I can guarantee you that. This crisis will be one of THEIR making. You are about to be blackmailed AGAIN and this article tells you the direction in which you are being led.

economicedge.blogspot.com/2010/02/head-of-imf-proposing-world-wide.html

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