IMF Chief Wants Global Currency

IMFThose on the lookout for signs of a one world government/new world order will be all over this, as reported by ABC News/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…

[continues at ABC News/AP]


Majestic is gadfly emeritus.

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6 Comments on "IMF Chief Wants Global Currency"

  1. will never happen, too many people make too much money playing currencies off one another

  2. I can't say I mind the idea of a global currency (though it takes much of the fun out of collecting foreign notes, which are often more colorful and even beautiful works of art).

    What I mind is the notion of a group of arrogant, unfeeling jerks like the IMF (who've basically said to Third World countries, “We don't care if your kids die of starvation, pay us our loans”, with explosive interest that would shame any self-respecting loan shark wearing a shiny suit in the meat market district of NYC.) administering any of it.

    I simply don't trust them as far as I can throw them.

  3. tonyviner | Feb 27, 2010 at 7:25 pm |

    Does anyone remember when gold and spices were international currencies?

  4. Anonymous | Feb 28, 2010 at 2:01 am |

    Remember it like it was yesterday…

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