Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By John Rolls (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

It Begins: Former UN Under-Secretary-General Calls For One World Currency

% of readers think this story is Fact. Add your two cents.


Authored by José Antonio Ocampo, formerly United Nations Under-Secretary-General for Economic and Social Affairs, via Project Syndicate, ZeroHedge

This year, the world commemorates the anniversaries of two key events in the development of the global monetary system. The first is the creation of the International Monetary Fund at the Bretton Woods conference 75 years ago. The second is the advent, 50 years ago, of the Special Drawing Right (SDR), the IMF’s global reserve asset.

When it introduced the SDR, the Fund hoped to make it “the principal reserve asset in the international monetary system.” This remains an unfulfilled ambition; indeed, the SDR is one of the most underused instruments of international cooperation. Nonetheless, better late than never: turning the SDR into a true global currency would yield several benefits for the world’s economy and monetary system.

The idea of a global currency is not new. Prior to the Bretton Woods negotiations, John Maynard Keynes suggested the “bancor” as the unit of account of his proposed International Clearing Union. In the 1960s, under the leadership of the Belgian-American economist Robert Triffin, other proposals emerged to address the growing problems created by the dual dollar-gold system that had been established at Bretton Woods. The system finally collapsed in 1971. As a result of those discussions, the IMF approved the SDR in 1967, and included it in its Articles of Agreement two years later. 

***Support BeforeItsNews by trying APeX (far superior to colloidal silver) or any of our other great health products at www.mitocopper.com ***


Although the IMF’s issuance of SDRs resembles the creation of national money by central banks, the SDR fulfills only some of the functions of money. True, SDRs are a reserve asset, and thus a store of value. They are also the IMF’s unit of account. But only central banks – mainly in developing countries, though also in developed economies – and a few international institutions use SDRs as a means of exchange to pay each other.

The SDR has a number of basic advantages, not least that the IMF can use it as an instrument of international monetary policy in a global economic crisis. In 2009, for example, the IMF issued $250 billion in SDRs to help combat the downturn, following a proposal by the G20.

Most importantly, SDRs could also become the basic instrument to finance IMF programs. Until now, the Fund has relied mainly on quota (capital) increases and borrowing from member countries. But quotas have tended to lag behind global economic growth; the last increase was approved in 2010, but the US Congress agreed to it only in 2015. And loans from member countries, the IMF’s main source of new funds (particularly during crises), are not true multilateral instruments.

The best alternative would be to turn the IMF into an institution fully financed and managed in its own global currency – a proposal made several decades ago by Jacques Polak, then the Fund’s leading economist. One simple option would be to consider the SDRs that countries hold but have not used as “deposits” at the IMF, which the Fund can use to finance its lending to countries. This would require a change in the Articles of Agreement, because SDRs currently are not held in regular IMF accounts.

The Fund could then issue SDRs regularly or, better still, during crises, as in 2009. In the long term, the amount issued must be related to the demand for foreign-exchange reserves. Various economists and the IMF itself have estimated that the Fund could issue $200-300 billion in SDRs per year. Moreover, this would spread the financial benefits (seigniorage) of issuing the global currency across all countries. At present, these benefits accrue only to issuers of national or regional currencies that are used internationally – particularly the US dollar and the euro.

More active use of SDRs would also make the international monetary system more independent of US monetary policy. One of the major problems of the global monetary system is that the policy objectives of the US, as the issuer of the world’s main reserve currency, are not always consistent with overall stability in the system.

In any case, different national and regional currencies could continue to circulate alongside growing SDR reserves. And a new IMF “substitution account” would allow central banks to exchange their reserves for SDRs, as the US first proposed back in the 1970s.

SDRs could also potentially be used in private transactions and to denominate national bonds. But, as the IMF pointed out in its report to the Board in 2018, these “market SDRs,” which would turn the unit into fully-fledged money, are not essential for the reforms proposed here. Nor would SDRs need to be used as a unit of account outside the Fund.

The anniversaries of the IMF and the SDR in 2019 are causes for celebration. But they also represent an ideal opportunity to transform the SDR into a true global currency that would strengthen the international monetary system. Policymakers should seize it.

*  *  *

We are being primed and propagandized to desire this inevitability! Coming just a day after the Saudis threatened to end the Petrodollar, Ocampo’s op-ed is well-timed to say the least.

As we noted previously, nothing lasts forever.

https://www.zerohedge.com/news/2019-04-05/it-begins-former-un-under-secretary-general-calls-one-world-currency

Read more great articles here: https://www.zerohedge.com



Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Lion’s Mane Mushroom Nootropic

Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, But it benefits growth of Essential Gut Flora, further enhancing your Vitality.


 


Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity.


Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins.


Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system.


Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome.


Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function.


Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.

Report abuse

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    Total 4 comments
    • beLIEve

      NO THANK “yoo$”. :idea:

      I command you THIEVING ZIONI$T…”immigrant$”….. EXTRANEOUS to Earth…..return everything you have….UNLAWFULLY

      “acquired”…..during YOUR….CRIMINAL INFE$TATION of this exclusive Earth.

      *

      SHORT……8 MINUTE video…..out of the WHORE $EZ mouth……Rabbi Michael Laitman. :idea:

      Rabbi Teaches FAKE JEWS Are Dimensional Commandos SENT To Earth TO RULE OVER the MULTITUDE$

      https://www.youtube.com/watch?v=GZiEkZG2S84

      *

      NWO – RABBI ADMITS JEWS ARE HERE TO TAKE OVER EARTH

      https://aladinsmiraclelamp.wordpress.com/2016/03/13/nwo-rabbi-admits-jews-are-here-to-take-over-earth/

      * * *

      The BIGGEST TRUTH Bomb EVER :!:

      https://drive.google.com/file/d/1C9OdDeUdi1B9rjz-2tFQM8v_bn4AfDEA/view

      Thank-you to…..HypothesisFree……for the LINK above.

      * * *

      Holy SERPENT OF the JEW$

      The RABBI$’ SECRET PLAN FOR Satan to Crush Their Enemies and Vault the JEWS TO GLOBAL DOMINION

      by Texe Marrs

      JAW$ of the $ERPENT

      “We JEW$, we the destroyers, WILL REMAIN the DESTROYERS FOREVER.
      Nothing that you do will meet our needs and demands. We will forever destroy, because WE NEED A WORLD of OUR OWN, a God-World, which it is not in your nature to build.” —Maurice Samuel,You Gentiles (p. 155)

      “Ye serpent, ye generation (race or nation) of vipers, how can ye escape thedamnation of hell?” —Matthew 23:3
      AMERICA IS IN DIRE JEOPARDY for we find ourselves now gripped tightly in the jaws of the serpent.
      To explain to you the seriousness of our current terrible dilemma, I declare to you the THREE KEY TRUTHS you and I must acknowledge if we are TO SAVE OURSELVES, our loved ones, and OUR NATION:

      1. Truth—The JEWS and the Jewish Nation ARE IN BONDAGE TO and are under thecontrol of THEIR GOD.
      Their god is, without question, $ATAN, the DEVIL and $ERPENT of PERDITION.

      2. Truth—The JEWS, like TERMITES FROM HELL, have undermined and eventually HAVE DESTROYED EVERY NATION IN WHICH THEY RESIDED and ACQUIRED DOMINANCE.

      3. Truth—The JEWS have NOW GAINED the UPPER-HAND IN AMERICAN POLITICS and CULTURE, and our nation is now suffering the PAINFUL, PARASITIC-INFE$TED PROCESS of UNHOLY DESTRUCTION.
      The history of Great Britain, Germany, Russia, Poland, the former Soviet republics andsatellites, and now the United States, demonstrates that what I declare here is true.
      Never have the JEW$ as a people peaceably assimilated.
      Inevitably, they remain a separate Jewish Nation, a PEOPLE OF the HOLY SERPENT, aLIEn and FOR-REIGN TO the NATION in WHICH THEY RESIDE.

      And wherever they exist, the Jews’ devilish religion, TOXIN-PRODUCING CULTURE, AND HATRED of OTHER RACES and NATIONALITIES drives them to ACT as DESTROYERS.
      The Destroyers Slowly, inexorably, the Jewish minority in America has, through stealth, DECEIT, CUNING, and TREACHERY, …BURROWED LIKE PARASITIC TERMITE$ into THE MUSCLE and SINEW of SOCIETY.
      THEIR lobby and PRESSURE GROUPS —the Anti-Defamation League (ADL), the American Civil Liberties Union (ACLU), the SOUTHERN POVERTY LAW CENTRE (SPLC), the American Jewish Committee (AJC), and many others—have bOUGHT, bribed, threatened or otherwise MANIPULATED our CONGRESS.

      The PRESIDENCY also is now under their bulging influence.
      Our ENTERTAINMENT industry is thoroughly Jewish and SICKENINGLY $ATANIC;
      our MEDIA I$ CONTROLLED by the Jewish elite and USED as A WEAPON TO DESTROY the PATRIOTIC OPPOSITION.

      The ZIONIST-controlled JUDICIARY $PIT$ ON our CONSTITUTION and makes a mockery of ourtraditions.
      The EDUCATION establishment is now under the JEWI$H thumb, and our UNIVERSITIES and PUBLIC SCHOOLS HAVE BECOME SATANIC MILL$, disparaging America’s once illustrious history, desecrating our nation’s Gentile founders by branding them “dead whitemen,” and ridiculing and denigrating our Bill of Rights and our Constitution.
      Even America’s HEALTH SYSTEM I$ being RAVAGED.

      $OCIALIST principles—the JEWI$H DEATH MACHINE —are now to be IMPLEMENTED IN HOSPITALS, MEDICAL CLINICS, and IN DOCTORS’ OFFICES.

      :idea: :arrow: BOOK available on pdf. LINKED below

      http://the-eye.eu/public/concen.org/Texe%20Marrs%20-%20Robot%20Alchemy%20%5Bpack%5D/ebooks/PDF/Holy%20Serpent%20of%20the%20Jews%20-%20Texe%20Marrs.pdf

    • huge_juan

      Has nothing to do with the Jews. The UN hates the Jews.

    • Slimey

      This is not about the unity of the world. This is about the destruction of the West and white people. To make it into a TURD world country. They are doing that right now by flooding the West with illegal immigrants. The WORST kind. But is there any other kind?? :twisted:

    • beLIEve

      The Problem / GLOBAL DOMINATION AGENDA

      WHO is Implementing the Agenda?

      Efforts to conquer and colonize are as old as history, but it was creating the DECEPTION of “MONOPOLIZED CENTRAL BANKING” – where A FEW INDIVIDUAL$ get to just MAKE UP MONEY OUT OF NOTHING – and “fractional reserve” lending – WHERE BANKER$ get to lend and CHARGE INTEREST ON MONEY THEY DON’T ACTUALLY HAVE – that gave the elite the means by which they could hope to actually rule the world.
      The first central bank was the Bank of Amsterdam – founded in 1609 – and then in 1694 King William III teamed up with UK aristocracy to launch the private Bank of England.

      Elite private bankers – including the ROTHSCHILD$…ROCKEFELLER$….and MORGAN$ – and members of such secret societies as the COUNCIL on FOR-REIGN RELATION$……The BILDERBERG GROUP…The TRILATERAL COMMISSION…. and the Royal Institute of Affairs ARE setting and IMPLEMENTING THE current AGENDA.

      *
      CONTROL OF CURRENCIES IS THE CORE OF THEIR POWER METHODOLOGY. :idea:

      The ELITE financed Mussolini and Hitler, PLANNED WWI and II, AND FINANCED ALL SIDES :idea: IN ORDER TO CULL the POPULATION …AND…CONSOLIDATE THEIR POWER.
      FOR MORE THAN A CENTURY, THEIR GOAL HAS BEEN TO CREATE A SINGLE GLOBAL GOVERNMENT. :idea:

      The attempt to create a League of Nations after WWI Was funded by the Rockefellers and the Rothschilds.
      The plan failed, but was revived as the United Nations after WWII on land in New York gifted by the Rockefellers.
      As wonderful as it’s made out to be, with its diversity and “peacekeepers,” :idea: the UN seems to be THE FRONT ORGANIZATION FOR the ONE WORLD AUTHORITY – with NATO as ITS MILITANT ARM…AND…THE WORLD BANK as IT$ FINANCIAL ENFORCER. :idea:
      All the organizations below as well as the World Health Organization, The World Trade Organization were created by the Rockefellers, Rothschilds or Morgans.

      http://www.thrivemovement.com/the_problem-gda

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.