Chart: IMF Calls For New Global Currency To Replace Dollar

Notice the only 2 in the front row who are not waving...

Speaking yesterday at an IMF conference in Washington, Dominique Strauss-Kahn, Managing Director of the IMF, warned of growing "global imbalances" in currencies and excess reserves.  As a measure to combat these imbalances, he said that the SDR (Special Drawing Right) should begin replacing the dollar as the global reserve currency.  He went further to suggest the benefits of issueing SDR-denominated bonds to replace Treasuries, and in a related report, the IMF even touts the benefits of private trading of SDR-denominated bonds and notes.  You can just imagine the possibilities for creating arbitrage and mayhem under that scenario, especially as the component currencies of the SDR would only be re-balanced on a weekly or daily basis, at best.

This chart shows how the IMF projects the gradual replacement of the dollar with greater holdings of SDR's:

From the IMF press release...

Over time, Mr. Strauss-Kahn said that there may be a greater role for the IMF’s international reserve asset, called the Special Drawing Right, or SDR, to contribute to a more stable monetary system. Although a number of obstacles remain in the way, increasing the global stock of SDRs could help alleviate global imbalances by reducing the need for an excessive buildup of reserves, he said. He added that issuing SDR-denominated bonds could create a potentially new class of reserve assets, and that use of the SDR to price global trade and denominate financial assets would provide a buffer from exchange rate volatility.

Read more here...

• New IMF Report on SDR Replacing the Dollar

• Daily Bail IMF Archive

Dominique Strauss-Kahn Managing Director of the IMF.

Comments

[john]

@DB, Scoop de grais!

[john]

Question..... who is the guy in the middle?

[DailyBail]

in the middle of which photo...i can't tell if you're being sarcastic about obama or you're asking about the group photo from G-20...

[DailyBail]

Dominique Strauss-Kahn, managing director of the International Monetary Fund, has called for a new world currency that would challenge the dominance of the dollar and protect against future financial instability.

http://www.telegraph.co.uk/finance/currency/8316834/International-Monetary-Fund-director-Dominique-Strauss-Kahn-calls-for-new-world-currency.html

[DailyBail]

SDRs are converted, at the request of a borrower, into whatever currency the borrower chooses. The rates are set by the IMF against a basket of other currencies and are, thus, more stable than the U.S. dollar, CNNMoney reported Friday.

IMF Managing Director Dominique Strauss-Kahn said SDRs have a few "technical hurdles" to overcome but that "over time, there may be also a role for the SDR to contribute to a more stable international monetary system," he said.

http://www.upi.com/Business_News/2011/02/11/IMF-suggests-replacement-for-dollar/UPI-45571297457397/#ixzz1DiNJxQiv

[DailyBail]

IMF head urges bigger global role for China's yuan

WASHINGTON (Reuters) – International Monetary Fund chief Dominique Strauss-Kahn said on Thursday the Chinese yuan should be given a greater role within a restructured international monetary system.

Strauss-Kahn, speaking at the IMF's headquarters, said that adding emerging market countries' currencies such as the yuan to a basket of currencies that the IMF administers would benefit the global system and create more stability.

http://news.yahoo.com/s/nm/20110210/bs_nm/us_imf

[S. Gompers]

And there you have it folks, create the problem, to make the pre packaged "solution" more palatable. And the fraud will begin again, on a grander level.

[Doug]

Me thinks we here in the United States should stop doing business with these criminals and stick to our dollar, it may fall,
however, the less business we do with this cabal the better. Doug, A/E 911 truth

[robertsgt40]

There has to be a special place in Hell for these creatures.

[Wellness Guy]

What would be the new global currency? The EURO? Or a completely new currency?

[Tony]

The new currenciy would be called SDR.

[G Street]

The new currency would be the SDR, which stands for the Sodar, short for sodomizer, and will have DSK's face (one of them anyway) on it.

[G Street]

The IMF is currently telling Greece they need to sell off their assets, fire-sale their nation to pay international debt. Those who loaned the money, i.e., took the alleged risk and made stupid investments, are not accountable. It is only a matter of time until the IMF tells us the same and wants us to sell off our assets to global profiteers who grew rich creating these bad debts. The final insult is that we paid to create the IMF that will auction us off.

[AgreeToDisagree]

Who cares about the IMF or who care who heads it? Fiat money is useless, and nations with the will and not run by self interested politicians raiding the country could easily ignore the entire IMF as well. Do such nations with a mind of their own need an IMF or miss the IMF if IMF falls? Just a useless French run (not even EU rotated run) outfit to bully all non-Caucasians with, even as their own bullying of the PIIGS nations is not even succeeding. Who needs IMF anyway?

I heard about the IMF, but what it does only makes politicians between nations collude and eventually come under the globalist hegemonists and plutocrats or the NWO/Illuminati? Even if IMF vanished tomorrow, like so many red-tape structures, it really serves no purpose to the regular citizen, even harms them by inducing into self serving behaviour, collusion between already hated oligarchs and nepotists in nations it corrupts. IMF has accepted the presence of the illegal Federal Reserve, fiat currencies that cause inflation, fractionated banking, monetization of debt, and usury.

IMF will not be missed when it falls. So who cares about who heads this French run dinosaur of the financial world?