Skip to content

U.S. backs global alternative to dollar

March 19, 2009
World Net Daily
3/19/2009

Increasingly, the International Monetary Fund, with the support of the United States and Russia, appears positioned to launch a one-world currency at the upcoming G-20 meeting in London.

The move is intended to be a last-ditch effort to prevent massive bank failures from occurring throughout the European Union.

The idea is for the IMF to issue at least $250 billion in Special Drawing Rights, or SDRs, to IMF member states as a method of placing a safety net under developing countries that might otherwise have to declare bankruptcy.

The idea gained momentum Tuesday when the Moscow Times published an article revealing that the Kremlin intended to use the G-20 meeting, beginning April 2, to push for the IMF to utilize SDRs as “a super-reserve currency widely accepted by the whole of the international community.”

The story continues …..

No comments yet

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: