IMF Proposing New World Currency to Replace U.S. Dollar and Other National Currencies!

[yota691]

IMF Proposing New World Currency to Replace U.S. Dollar and Other National Currencies!

 

Over the past few years, there have been many rumors about a coming global currency, but at times it has been difficult to pin down evidence that plans for such a currency are actually in the works but not anymore.  A shocking new report by the IMF is proposing just that – a global currency beyond national control! Words: 820

Goodby dollar/euro/yen/pound – hello world currency!

 

So says an article* on theeconomiccollapseblog.com which Lorimer Wilson, editor of www.munKNEE.com, has reformatted into edited [...] excerpts below for the sake of clarity and brevity to ensure a fast and easy read. (Please note that this paragraph must be included in any article re-posting to avoid copyright infringement.) The article goes on to say:

More on the Proposed New Global Currency

The IMF recommended on April 13, 2010 that the world adopt a global currency called the “Bancor” and that a global central bank be established to administer that currency. This is not hype and it is not a rumor. This is a very serious proposal in an official document from one of the mega-powerful institutions that is actually running the world economy. Anyone who follows the IMF knows that what the IMF wants, the IMF usually gets. So could a global currency known as the “Bancor” be on the horizon? That is now a legitimate question.

 

So where in the world did the name “Bancor” for a global currency come from? Well, it turns out that “Bancor” is the name of a hypothetical world currency unit once suggested by John Maynard Keynes. Keynes was a world famous British economist who headed the World Banking Commission that created the IMF during the Breton Woods negotiations and the IMF report referenced above proposed naming the coming world currency unit the “Bancor” in honor of Keynes.

So what about Special Drawing Rights (SDRs)? Over the past couple of years, SDRs have been touted as the coming global currency. Well, the report does envision making SDRs “the principal reserve asset” as we move towards a global currency unit….However, the report also acknowledges that SDRs do have some serious limitations. Since the value of SDRs are made up of a basket of currencies – U.S. dollar (44%); Euro (34%);  Yen (11%); Pound (11%) – so anything affecting those currencies will affect SDRs as well.

The IMF report recognizes that moving to SDRs is only a partial move away from the U.S. dollar as the world reserve currency and urges the adoption of a currency unit that would be truly international. The truth is that SDRs are clumsy and cumbersome. For now, SDRs must still be reconverted back into a national currency before they can be used, and that really limits their usefulness according to the report….so the IMF report believes that the adoption of a true global currency administered by a global central bank is the answer [to the shortcomings of the SDRs].

The authors of the report believe that it would be ideal if the “Bancor” would immediately be used as currency by many nations throughout the world, but they also acknowledge that a more “realistic” approach would be for the “Bancor” to circulate alongside national currencies at first.

A global central bank would print and administer the “Bancor”. It would be something like the Federal Reserve, only completely outside the control of any particular national government.

Is that what we really need – a world currency administered by an international central bank modeled after the Federal Reserve? Not at all! The Federal Reserve has devalued the U.S. dollar by over 95 percent since it was created and the U.S. government has accumulated the largest debt in the history of the world under this system – so now we want to impose such a system on the entire globe?  Considering how disastrous the Federal Reserve system and other central banking systems around the world have been, why would anyone suggest that we go to a global central banking system modeled after the Federal Reserve?

Conclusion

A global currency (whether it be called the “Bancor” or given a different name entirely) would be a major blow to national sovereignty and would represent a major move towards global government. The truth is, however, that there are some very powerful interests that are absolutely determined to create a global currency and a global central bank for the global economy that we now live in.

It would be a major mistake to think a global currency can’t happen

Edited June 1, 2013 by yota691

[Acepup]

"It would be a major mistake to think a global currency can’t happen"
Thanks again Yota... First thing I read this morning. Happy Saturday morning.

 

The Dude Abides...
 

[fib1618]

This is the truth. It is coming.

[SamDinar]

Well this would be very interesting, if it was from an International accredited source! Something taken off a blog is not, since blogs are written by any Tom, **** and Harry and whatever is expressed on a blog is the writers/editors personal opinion.

 

However, thank you for posting it Yota!

[Acepup]

This is the truth. It is coming.

Morning fib!

 

The Dude Abides...

[yota691]

 

Well this would be very interesting, if it was from an International accredited source! Something taken off a blog is not, since blogs are written by any Tom, **** and Harry and whatever is expressed on a blog is the writers/editors personal opinion.

 

However, thank you for posting it Yota!

Have at it...

INTERNATIONAL MONETARY FUND 

Reserve Accumulation and International Monetary Stability 

Prepared by the Strategy, Policy and Review Department 

In collaboration with the Finance, Legal, Monetary and Capital Markets, Research and 

Statistics Departments, and consultation with the Area Departments

[puckster_guy]

Sounds scarey to me

[yota691]

Bancor

From Wikipedia, the free encyclopedia

 

 

This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged andremoved. (March 2009) Wikinews has related news:Asian countries call for global currency

John Maynard Keynes

The bancor was a supranational currency that John Maynard Keynes and E. F. Schumacher^[1] conceptualised in the years 1940-42 and which the United Kingdom proposed to introduce after the Second World War. This newly created supranational currency would then be used in international trade as a unit of account within a multilateral clearing system – the International Clearing Union – which would also have to be founded.

John Maynard Keynes proposed an explanation for the ineffectiveness of monetary policy to stem the depression, as well as a nonmonetary interpretation of the depression, and finally an alternative to a monetary policy for meeting the depression. Keynes believed that in times of heavy unemployment, interest rates could not be lowered by monetary policies. The ability for wealth to move between countries seeking the highest interest rate frustrated Keynesian policies. By closer government control of international trade and the movement of wealth, Keynesian policy would be more effective in stimulating individual economies.

Bancor would not be an international currency. It would rather be a unit of account used to track international flows of wealth. Gold could be exchanged for bancors, but bancors could not be exchanged for gold. Individuals could not hold or trade in bancor. All international trade would be valued and cleared in bancor.

Keynes was able to make his proposal the official British proposal at the Bretton Woods conference. But it was not accepted. Rather than a supranational currency, the conference adopted a system of pegged exchange rates ultimately tied to physical gold in a system managed by the World Bank and IMF. In practice, the system implicitly established the U.S. dollar as a reserve currency convertable to gold at a fixed price on demand by other governments. The dollar was implicitly established as the reserve by the large trade surplus and gold reserves held by the US at the time of the conferenece.

Since the outbreak of the financial crisis in 2008 Keynes's proposal has been revived: In a speech delivered in March 2009 entitled Reform the International Monetary System, Zhou Xiaochuan, the governor of the People's Bank of China called Keynes's bancor approach "farsighted" and proposed the adoption of International Monetary Fund (IMF) special drawing rights(SDRs) as a global reserve currency as a response to the financial crisis of 2007–2010. He argued that a national currency was unsuitable as a global reserve currency because of theTriffin dilemma - the difficulty faced by reserve currency issuers in trying to simultaneously achieve their domestic monetary policy goals and meet other countries' demand for reserve currency.^[2][3] A similar analysis can be found in the Report of the United Nation's "Experts on reforms of the international monetary and financial system" ^[4] as well as in the IMF's study published on April 13, 2010 [1]^[5]

[rockfl9]

With the experience of the ECB and the EURO..  I don't think this is practical these days.... Russia and China would have to be included and it is unlikely they would agree.

[waterman13]

Oh, IT IS coming! You can believe that. It will be seen as the "savior" of the world! It is part of the "antichrist system", "anti" actually means "in place of" not against as many people believe. What will happen is that people will put their "faith" in the "system" instead of Christ. It will be seen as the savior of the world, to fix all the (financial) problems. It's already started, "mystery Babylon", "Babylon the great".

 

Be ready folks, we are near. JMHO

Wash yourself with the "Water of the Word".

WM13

[fib1618]

Oh, IT IS coming! You can believe that. It will be seen as the "savior" of the world! It is part of the "antichrist system", "anti" actually means "in place of" not against as many people believe. What will happen is that people will put their "faith" in the "system" instead of Christ. It will be seen as the savior of the world, to fix all the (financial) problems. It's already started, "mystery Babylon", "Babylon the great".

Be ready folks, we are near. JMHO

Wash yourself with the "Water of the Word".

WM13

Agreed

[MyLadiesDaddy]

Lets see, It has taken Iraq over ten yrs to bring there currency back 

 

up to par. Assuming that there about to do what they say this next wk. 

 

So do you recon that the IMF just announced there ten yr plan? 

 

Better by Gold and Silver, and water and foodstuff. But most importantly

 

Better think about getting right with Jesus, cause this was absolutely and

 

clearly stated in the bible.  

 

   

[Dinar Buddy]

THIS POST WAS FROM THREES AGO...  OAKIE DOAKIE MUST HAVE BEEN AUTHOR OF THE IDEA...

[Nadita]

Lets see, It has taken Iraq over ten yrs to bring there currency back 

 

up to par. Assuming that there about to do what they say this next wk. 

 

So do you recon that the IMF just announced there ten yr plan? 

 

Better by Gold and Silver, and water and foodstuff. But most importantly

 

Better think about getting right with Jesus, cause this was absolutely and

 

clearly stated in the bible.  

 

   

Fulfillment of end times.. one world government and everything is one world and that's how they are going to control for the mark of the beast because no one can buy or sell without the mark.  I believe God has a better plan too

[waterman13]

Fulfillment of end times.. one world government and everything is one world and that's how they are going to control for the mark of the beast because no one can buy or sell without the mark.  I believe God has a better plan too

 

Nadita, and to everyone else interested, I want to explain what God has shown me about the "mark of the beast". It may not be something physical, I believe it is more of a spiritual aspect, in giving "authority" to the beast. In Revelation 13:17 the words (Strong's #'s 2192 / 5480) in the Greek (2192) is really to give authority to, to hold to, to bear within, entangle, etc. it's a real long definition.  (5480) is etching, stamp (as a badge of servitude) graven, mark. And they receive it on the right hand, or on the forehead, (right hand (5495 - means or instrument 1188 - "right hand of fellowship") - what (most people) sign there name with, or in your forehead (3259 - the face) or (brain?)) So in summation: I believe it won't be a "mark" on the skin, (or an implant) it will be that they "believe" this is the way, the only way to "do business" / to buy or sell. Thus giving into the authority of the antichrist system.

 

Very interesting studying the Greek and the Hebrew word meanings.

WM13

Edited June 1, 2013 by waterman13

[lakedreamer]

I think, though, that people all over the world are waking up and realizing that decentralization of banks is what is needed globally.  But can it be done in time?

[sandfly]

I HOP I'M DEAD AND GONE BEFORE THAT