IMF Wants Global Currency

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.

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.”

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.

In Full the IMF Chief isn’t the only one either Soro’s wants it too and one of his Aides just took over in Brazil….

More credible banker?

Mr Fraga was international affairs director at the central bank between 1991 and 1992 under former President Collor de Mello, before joining the Soros Fund in 1993.

He has now severed all his links with Mr Soros and “there is no relation between his opinions and those of his former boss,” according to Brazil’s Finance Minister Pedro Malan. Mr Soros has been advocating some sort of international currency coordination recently.