Jared Law BREAKING NEWS: IMF Head Proposes New Reserve Currency

Posted: 02/27/2010 by Lynn Dartez in un

Well, we’ve heard rumors of this, and enemy nations have proposed this, but now it’s official: The head of the IMF has proposed a new reserve currency, other than the U.S. Dollar. This is the boldest attack against the dollar yet.

IMHO, this is nothing less than a declaration of war against the American people, against our nation, against the free world, but sadly, our current “leadership” is more likely to help with this attack on America than to defend our interests.
This is destructive, and it will be a devastating blow if it happens. If we had no debt, and our currency were backed by Gold, then I wouldn’t be as upset about it progressing this far, but we do, and it isn’t, and so it will do some very heavy damage to my beloved America.

Here’s the story:

IMF’s Strauss-Kahn suggests IMF may one day provide global reserve asset

By HARRY DUNPHY Associated Press Writer

WASHINGTON February 26, 2010 (AP)

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.


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Comments
  1. Longknife 21 says:

    What do you expect? The Usurper is creating trillions of new “dollars” are only unsecured debt! Thousands of jobs lost, billions lost on investments and stocks, and he is raising taxes with a shrinking GNP on “incomes” that are losing purchasing power. A recipe for disaster. Expect “Jimmy Carter” inflation, everyone can see it, but the Usurper doesn’t care, he wants his Agenda! Nobody wants to buy a rapidly devaluing currency with no hope of recovery, and the can see the Usurpers Economic plan is mostly lies and doing more of the wrong things!!
    The only reason the dollar looks as good as it does is the Euro is even worse because of the PIIGS!

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