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The outbreak of the current crisis and its spillover in the world have confronted us with a long-existing but still unanswered question,i.e., what kind of international reserve currency do we need to secure global financial stability and facilitate world economic growth, which was one of the purposes for establishing the IMF? There were various institutional arrangements in an attempt to find a solution, including the Silver Standard, the Gold Standard, the Gold Exchange Standard and the Bretton Woods system. The above question, however, as the ongoing financial crisis demonstrates, is far from being solved, and has become even more severe due to the inherent weaknesses of the current international monetary system.
Theoretically, an international reserve currency should first be anchored to a stable benchmark and issued according to a clear set of rules, therefore to ensure orderly supply; second, its supply should be flexible enough to allow timely adjustment according to the changing demand; third, such adjustments should be disconnected from economic conditions and sovereign interests of any single country. The acceptance of credit-based national currencies as major international reserve currencies, as is the case in the current system, is a rare special case in history. The crisis again calls for creative reform of the existing international monetary system towards an international reserve currency with a stable value, rule-based issuance and manageable supply, so as to achieve the objective of safeguarding global economic and financial stability.
The world needs to carry out the Chinese/BRIC plan for a new currency
The US criminal government, of course, rejects this idea. President Obama’s March 24th speech turned out to be a meaningless dud. The new Treasury plan to deal with toxic assets is just a repeat of their lies and wishful thinking from 5 months ago. Even if they goose the stock market with a few more fiat dollars, nobody is being fooled.
Since the United States is helplessly under the grip of a crime syndicate, all the other countries of the world need to go ahead and implement the new plan without US approval. Even the British government and the EU now despise the Federal Reserve Board. If the world took action the Fed would collapse and the American people would be free for the first time in 100 years.