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Hidden New Currency for The International Community

serfserf Member Posts: 8,864 ✭✭✭✭

It seems the money game is afoot with new channels in of the liquidity game of fiat money.

serf

https://www.omfif.org/2021/03/sdr-proposals-could-reset-international-monetary-system/

The action has wider significance. The US now agrees with using the IMF’s balance sheet to boost world liquidity. One side effect of the pandemic is that the IMF’s accounting unit is advancing beyond its status as an arcane currency basket – and could become an essential part of a future monetary reset.

The G7 decision, already foreshadowed by agreement at G20 level, is likely to more than triple SDR allocations by at least $500bn. This reflects a change in US policy to back measures strongly advocated last year by China as well as leading European and African countries.

The massive increase in SDR reserves – which can be converted into its five constituents: the dollar (42%), euro (31%), renminbi (11%), yen (8%) and sterling (8%) – indirectly boosts the Chinese currency’s international reserve role. As Geoffrey Yu of Bank of New York Mellon wrote in July 2020, ‘China may have an additional interest in pushing for a general [SDR] issue, as it is a shortcut to a significant de jure nominal increase in the global level of renminbi reserves.’

Janet Yellen, US Treasury secretary, has been a key architect of President Joe Biden’s emollient line on the SDR. In a letter to the G20 shortly after her appointment two months ago, she called for more SDR printing in a ‘truly collective and multilateral response’, urging G20 countries ‘to continue to take significant fiscal and financial policy actions.’

The new allocation, the first since 2009, reversed the Trump administration’s rejection last year of calls from European and African leaders for the IMF to create additional reserve assets to help emerging economies hit by the pandemic. German Chancellor Angela Merkel and French President Emmanuel Macron joined Ethiopian Prime Minister Abiy Ahmed and South African President Cyril Ramaphosa to urge an immediate decision on SDRs.

In 2009, the United Nations suggested a new SDR-based ‘global reserve system’ – ‘feasible, non-inflationary, and … easily implemented, including in ways which mitigate the difficulties caused by asymmetric adjustment between surplus and deficit countries.’ That same year, Zhou Xiaochuan, governor of the People’s Bank of China, proposed that the SDR could become the pivotal international reserve currency, disconnected from individual nations, as ‘the light in the tunnel for the reform of the international monetary system’.

Comments

  • mac10mac10 Member Posts: 2,011 ✭✭✭✭
  • BobJudyBobJudy Member Posts: 4,933 ✭✭✭✭

    This is nothing new or hidden. When the U.S. spending and debt is many times what the IMF SDR reserves are it becomes a small blip on the world economy. Basically it is countrywide welfare for the third world. You should be more concerned with our massive debt and the actions of our creditors. China for instance probably won't call in all of our loans at once because that would kill their biggest market and crash their own economy as well as the worlds. However gradually making us more dependent on them has worked wonders for their economy and long term domination goals. They seem to be doing just fine with their own fiat currency so why does the fiat U.S. dollar worry you so much?


    You still have not answered the question of how to get away from fiat currency without depleting any countries commodity reserve that they use to back their currency. How do you back a currency with something like gold without foreign currency holders not exchanging their paper for your gold? Pretty soon they have all the gold and you have all the paper and you have to return to the fiat currency you were trying to get away from. Bob

  • serfserf Member Posts: 8,864 ✭✭✭✭

    The problem Bob is there is no control over how much fiat currency is created to trade with.Gold and silver have to mined and is hard to flood the money supply with it. Saying that fiat money is sound without a back stop is a casino con game brought to you from politicians in all countries,The US will lose it's reserve currency soon unless it can find World Peace after winning a great war again without nuclear weapons.

    Now Hitler boasted the Mark was base on quality goods produced by skilled craftsmanship with innovations after the Wiemar republic debacle and there is where The Chinese have an advantage. They can steal any innovation while promising reform which has not payed off at all in the West.. In fact Russia ,Turkey and China are now forming their own conclave.

    A set gold amount in the total weight of pure gold known and mined in the world set yearly by a gold cyrpto currency is probable what will be set after the Great reset.

    No one is going to buy any other kind of system unless we have renewable cheap energy that does not pollute with A.I. intelligence making all the goods and service to serve mankind for all things in a material world. A utopian trans-humanism space colonizing paradise paradigm with Elon musk types is what they are preaching anyway now.

    serf


  • BobJudyBobJudy Member Posts: 4,933 ✭✭✭✭

    I agree with you on some points but you still have not addressed the point of having a commodity backed currency that will be stable. If the currency is backed by a commodity then that commodity must be surrendered upon demand when the currency holder demands it. That worked o.k. when we did not have the global economy that we have now. Also it works great for the heavily industrialized countries trading globally. At one time the U.S. was the worlds leading exporter and that meant the currency came to us. Now we are an importing nation and that trade deficit will bleed all of the commodity that we back our currency with straight to the rest of the world. If you have a global currency the country that holds all of the commodity backing that currency rules the world. If we went to a gold backed currency then eventually China would rule us economically. What would stop them from controlling the dollar/gold price and totally devaluing the dollar? The only way your gold backed currency could work would be if we had a single government world. Utopians want that but it is a pipe dream that will never work. Human individualism, not to mention greed for wealth and power, will always stand in the way. Bob

  • serfserf Member Posts: 8,864 ✭✭✭✭

    Don't think for a minute that central bankers don't dream about a one world government with one world currency, The United Nations have rules about business standards and they are in use world-wide for trade.Now the money changers are at their end of their rope with printing and holding bonds and running two sets of books,one for lean times and one for prosperity times. It's all a big con.

    serf

    IMF Plan To Replace Bitcoin/Gold/Dollar With Digital SDR!!


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

  • bpostbpost Member Posts: 31,944 ✭✭✭✭

    I ain't worried my money is a Federal Reserve Note, it says so right on the dollar bill! It is backed by the credit and faith in our Government. They promised, when becoming the World Reserve Currency, to never Monetize the debt.

    Where is the green font when it is needed?

  • serfserf Member Posts: 8,864 ✭✭✭✭

    Tell me it's not true! To tax we the people for The NWO currency for the political elite and The United Nations!

    serf

    https://www.aljazeera.com/economy/2021/3/24/yellen-spars-with-gop-senator-on-imf-help-for-poor-countries

    Senator John Kennedy said the extra cash influx by the International Monetary Fund would direct money from US taxpayers to China, Russia and Venezuela.

    “You say you want to help poor countries, but you and I both know that only about 10% of that is going to go to poor countries,” with much of the money being put in the hands of countries the U.S. has deemed bad actors, Kennedy said — without specifying the source of his estimate.

    The fund announced Tuesday it’s aiming for member countries to back $650 billion in additional reserve funds, known as special drawing rights, or SDRs, to help low-income nations cope with the Covid-19 pandemic. Yellen last month reversed a Trump administration stance opposing the new funding, and the Group of Seven nations has already weighed in with their support.

    Kennedy said that American taxpayers will need to pay $180 billion for that increased allocation. Yellen replied that it won’t cost taxpayers that much, though the U.S. may issue Treasuries to fund its support of the IMF measure.

    The senator interrupted, shouting, “I rest my case!” to which Yellen raised her voice and said: “I’m sorry!,” adding that the U.S.’s involvement will be “essentially a wash” because of interest earned on converting the funds for other nations.

    https://www.wsj.com/articles/yellens-strange-budget-math-11616959707

    The Great Re-Set by The Illuminati IMF Bankers?

    At least some Republicans are waking up to the Biden Treasury ploy to skip congressional approval on a new $1 trillion International Monetary Fund foreign-aid package—in the form of “special drawing rights,” or SDRs. At a Senate Banking hearing last week, Secretary Janet Yellen encountered some resistance.

    Pat Toomey (R., Pa.) noted that it is for “Congress to decide whether or not to extend foreign aid,” and he added that in the past Ms. Yellen has considered SDRs “an extremely inefficient way to deliver that aid since the money goes mostly to G20 countries that have no need for this.” Mr. Toomey wanted to know why Ms. Yellen changed her views.

    She answered that “the current crisis has increased the need for global reserves and that is the IMF’s assessment,” which must have pleased the IMF bureaucrats who prepped her. By citing a global need for international reserves, Ms. Yellen was reaching for justification for the new SDR allocation, as stated in the articles of the fund. Yet this is the wrong priority in a world of floating exchange rates, accommodative central banks and excess liquidity.

  • BobJudyBobJudy Member Posts: 4,933 ✭✭✭✭

    Sorry, stopped reading when I saw the term"illuminati". Unless you are talking 18th century Bavaria your use of the term torpedoes any credibility that your post may have had. Individual political desires for power and wealth are bad enough that we don't have to invent a mythical society to take credit for our problems. There is no man or society behind the curtain and we have enough idiot leaders out in the open to worry about.

    I concede it is more fun to subscribe to the theory of mysterious controlling forces than to do actual research, but your findings will not be "illuminating". Bob

  • serfserf Member Posts: 8,864 ✭✭✭✭

    Tell The Big lie over and over is what Hitler preached. But of course you ignore all the think tanks or secret Clubs like The Bohemian Grove,Bilderberg Group,The CFR, TheTrilateral Commission and TheClub of Rome.

    It's all a figment of our collective imagination there Bob. Right? Don't get hoodwinked there for money and power is not neglected in this world and people will kill for it.The puppets are just here for you visual pleasure and it's called politics.

    Of course The Ivy leagues have their own list here https://www.crimsoneducation.org/us/blog/campus-life-more/sinister-secret-societies/

    serf

    https://www.bibliotecapleyades.net/sociopolitica/esp_sociopol_cfr_10.htm

  • hillbillehillbille Member Posts: 12,761 ✭✭✭✭

    serf I hope I never have to live in your world........

  • BobJudyBobJudy Member Posts: 4,933 ✭✭✭✭

    If all of these groups were totally nefarious then wouldn't they spend all their time in conflict with each other? I don't see an overabundance of bodies lying around that were members of the Bilderbergs, illumatti, or even the the skull and bones society. Would they be inclined to share their spoils with each other? Are all of their goals the same? Next you will be warning us about Specter, Smersh and that most nefarious of all KAOS! Where is Maxwell Smart when we need him? Bob

  • serfserf Member Posts: 8,864 ✭✭✭✭
    edited March 2021

    Rank

    Rank has it privileges and lately here in The USA it's been a catch-22 situation with polarization and divisiveness where elected officials have become more hostile to our Constitutions and Bill of Rights. They make laws and misconstrue what is right and what is wrong in our judicial system. The organize always use the disorganized and America is becoming amoral and not moral. Governments makes a poor religion but it's more of a religion like then it's ever been in my judgement.

    They should just come clean and Remove In God We trust from our preambles in government.

    serf

    For instance: https://wtop.com/baltimore/2021/03/baltimore-will-no-longer-prosecute-drug-possession-prostitution-and-other-low-level-offenses/ Mosby said her office will no longer prosecute the following offenses: drug and drug paraphernalia possession, prostitution, trespassing, minor traffic offense, open container violations, and urinating and defecating in public.

    *************************************************************************************************

    No state shall enter into any treaty, alliance, or confederation; grant letters of marque and reprisal; coin money; emit bills of credit; make anything but gold and silver coin a tender in payment of debts; pass any bill of attainder, ex post facto law, or law impairing the obligation of contracts, or grant any title of nobility.

  • serfserf Member Posts: 8,864 ✭✭✭✭

    Treasury Dept. side step the road block and another 650 billion in debt is going on the ledger! Inflation is heating up and it's not going to be transitory as The Federal Reserve contends.And the kicker is this The United States retains the right to refuse to purchase SDRs from any country whose policies run counter to U.S. interests," Now how does that work? Can't they just sell their allotment to buy dollars with their SDR's somewhere else?

    serf

    https://finance.yahoo.com/news/1-imfs-650-bln-liquidity-165614432.html

    A $650 billion increase in International Monetary Fund reserves could be distributed to member countries in August, but only a small portion is likely to be converted to hard currency by poor countries, U.S. Treasury officials said on Thursday.

    The Treasury has formally notified Congress of its plans for the new allocation of IMF Special Drawing Rights, starting a 90-day consultation process that will be completed in early July, officials told reporters on a conference call.

    While the amount is below the threshold requiring approval by Congress, the $650 billion SDR allocation must be approved by the IMF's Board of Governors, made up of the institution's 190 member countries. Treasury said the expansion aims to provide providing additional liquidity to countries struggling with the coronavirus pandemic, helping to avoid debt problems.

    And the kicker is this The United States retains the right to refuse to purchase SDRs from any country whose policies run counter to U.S. interests,"

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