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IMF calls for dollar alternative

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posted on Feb, 10 2011 @ 09:23 PM
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At least you'd be able to stop running deficits!




posted on Feb, 10 2011 @ 09:43 PM
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reply to post by stellawayten
 


I think we have reached the point where the world has decided they stripped mom and dads bank account clean, and with nothing left, they are putting them in a "home" while they look for another set of substitute parents they can drain.



posted on Feb, 10 2011 @ 09:57 PM
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reply to post by Xcathdra
 


I'll agree with that, but I dont know about "the world." What used to be corporate America, and is now a bunch of multinational corporations, sure. A bunch of politicians, who sold favor for jobs and other financial gain, sure.

Our country was gutted from the inside. We cant blame the world for what happened to us. The money we spent on foreign policy made certain industries, and corporations, and individuals, crazy wealthy. We couldnt throw our money at them fast enough because we convinced ourselves that people who would be willing to slaughter innocent people around the world to rape their countries and steal their resources would never do that to us.

We were wrong.
edit on 10-2-2011 by Illusionsaregrander because: (no reason given)



posted on Feb, 10 2011 @ 11:34 PM
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You can think of SDRs as an artificial currency used by the IMF and defined as a "basket of national currencies". The IMF uses SDRs for internal accounting purposes. SDRs are allocated by the IMF to its member countries and are backed by the full faith and credit of the member countries' governments.
www.investopedia.com...



The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves. Its value is based on a basket of four key international currencies, and SDRs can be exchanged for freely usable currencies. With a general SDR allocation that took effect on August 28 and a special allocation on September 9, 2009, the amount of SDRs increased from SDR 21.4 billion to SDR 204 billion (equivalent to about $308 billion, converted using the rate of August 31, 2010).
www.imf.org...

SDR started as a way to help international money transactions. It is currently used as a monetary standard for accounting and loans made by the IMF. The IMF currently has about $308 billion USD in it's SDR account.



Fred Bergsten, director of the Peterson Institute for International Economics, said at a conference in Washington that IMF member nations should agree to create $2 trillion worth of SDRs over the next few years.
money.cnn.com...

This will require other nations to put money into the IMF to help top it up as $308 Billion USD will not last long at the rate America goes through money. America is almost bankrupt and other nations are very wary giving more money directly to America as it fails to get its credit problems under control. Direct methods of getting money like asking other nations, printing heaps more cash and raising the debt ceiling are failing to work as the world can see America is a money junkie who is on the war path and is getting sick to death about it.

But in fairness, this article is also about the global economy which is also pretty sick. It sounds like the value of the Yuan, issues of corruption and debt explosion where problems with China working with the IMF. There are different philosophies as work when it comes to national economies and a really complex global scene. There have been some calls just to throw money away as with a 'Resource Based Economy'. This concept is new to me and does warrant further investigation. A few rich people may not like it, but it does sound really positive for the majority of the population and the Earth as many detrimental conflicts of interest are removed. With the technology growing such a plan is feasible.

For the time being is sounds like it is time for America and Europe to learn how to play together with some reports of European interests taking a share of the US stock exchange. Once a few of the problems are sorted China will become more receptive. Another idea I have been playing with for a while is to fix the money supply to the number of people, this will help limit a lot of inflation fluctuations. The debt based financial system has to go, the numbers do not add up and it is crashing.



posted on Feb, 11 2011 @ 01:50 AM
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Dropping the Dollar as the reserve currency and going to the SDR has been underway for several years. However, even though the IMF/Federal Reserve Bank and most of the major countries favor this move, the time was not right to do so. Two major factors that would effect the US immediately would be;

1. Increase in oil price per barrel to the US.
2. Loss of the ability to pass on debt through the advantage of having the reserve currency.

All other countries currently have to exchange their currencies for dollars in order to purchase oil which causes them to pay a premium for their fuel and buy US debt in the process. The US on the other hand pays less for the same fuel (no exchange fees) and passes on debt at the same time.

As for the US being bankrupt or near bankrupt, it was declared bankrupt by Lincoln 1863, FDR 1933 and Nixon in 1973. Actually the US government hasn't been solvent since1863. Its been living on borrowed money for quite some time. Being bankrupt is not the issue, it is the robbing Peter to pay Paul via the reserve currency status. Peter is tired of being robbed!

The proposed SDR is just an interim step until the IMF implements the new reserve currency. This was proposed publicly in 2009, don't remember the exact month though. The new reserve currency was not to be a national currency but a global currency controlled by the IMF alone. All major players have agreed to this plan but the US population, as if they had a choice or say in the decision.

Does this mean the dollar would tank the day after, no. It just means everyday items would go up in price as the dollar looses value and inflation takes hold. Could end up that a can of beans would look like a gourmet meal in the not so distant future.



posted on Feb, 11 2011 @ 02:39 AM
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My Vision: Every Nation Votes on this SDR to be the new Reserve Currency...only the US puts in a Veto
Hows that for a Prediction?



posted on Feb, 11 2011 @ 04:11 AM
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reply to post by Shenon
 


I doubt we will veto it when the time comes, especially considering the influence we have over the IMF.

The world's central banks already use SDRs through the BIS in Switzerland, so its only a matter of time before it is implemented.



posted on Feb, 11 2011 @ 05:57 AM
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Almost everybody here on ATS has known this was coming. I been trying to tell people but they don't listen, some people I know think they will still have food stamps. I tell them no, they don't believe me. I told them to get prepared and now they're on the verge of being too late to do so, because there will be chaos.



posted on Feb, 11 2011 @ 06:03 AM
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reply to post by Mizzijr
 


order out of chaos , never let a good crisis go to waste , im sure they have the "solution" planned and ready , You are right to be pessimistic .

Take care , Peace



posted on Feb, 11 2011 @ 06:06 AM
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This IS the biggest story in the World.

Don’t you just love the way it is down played by the media. As some boring “below the fold” news story.

If the World Central Bank, which is exactly what the International Monetary Fund is, replaces the US Dollar as the World Reserve Currency it will be the DEATH NAIL in the US economy. The US largest export is the Dollar, and by being the World Reserve Currency it is the ONLY reason the US economy has not gone bankrupt.

This is about CONTROL not economic stability.

Right now the Federal Reserve “prints” at will the World Currency. The IMF want to take this privilege for themselves. The SDR will also be a “fiat” currency, but no longer controlled in and by the United States. It will be controlled by a cabal of international bankers. Which will give this cabal power over every country in the world including the United States.

This story is being paraded as a solution for World Economic Stability, where in fact it is just the mechanism for world domination. Control over every nation’s economy.

This is the same as in1913 when the Federal Reserve took over control of the US economy. We all see the end result of that. Now we are witness to a move to place the same power over the entire world.

Woe unto US.



posted on Feb, 11 2011 @ 06:47 AM
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I've said it in previous posts before but this one world currency is potentially already here.


How It Works As a member of Skillsbox, you'll have a particular set of skills and expertise – landscape gardening, for example. A fellow Skillsbox member may 'hire' you to help landscape their garden. You'll earn credits from this job which you're then free to use however you choose. You may want cooking lessons, or perhaps you need that U-bend unblocked. Whatever it is, you'll find a member with the skills to match.


Don't panic - As far as I know it is not some part of a NWO plan, its a genuine attempt to enable people to get things done without having to use cash.

Can someone direct the IMF to Skillsbox.com



posted on Feb, 11 2011 @ 08:26 AM
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reply to post by brokedown
 


Well said. I agree.

The rest of the world has been positioning themselves for the dollar crash which will usher in the change. Its only a matter of time.
edit on 11-2-2011 by liveandletlive because: (no reason given)



posted on Feb, 11 2011 @ 09:36 AM
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reply to post by stellawayten
 

If and when a revolution really encapsulates the World, the private central banks headed by the Rothschilds need to be at the top of the agenda.

The central banking scheme has caused famine, impoverished scores of people and is now bankrupting entire nations.



posted on Feb, 11 2011 @ 09:59 AM
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Originally posted by Aloysius the Gaul

A few years ago there was a lot of speculation that the "real" reason for GW II was that Iraq started selling oil for Euro's, and Iran did - it might have been covered on here - before my time if it was - see en.wikipedia.org...


Saudi Arabia 2 years ago said it was going to cease accepting US dollars for oil...and they were going to start the Gulf Monetary Union.

That's why the CIA/DOD got Barrack elected...to appease the Saud's...gave them their Victory Mosque..paid off all their debts...gave them $60 Billion in new military hardware to deliver their pakistani made nuke's to Israel in the future.



posted on Feb, 11 2011 @ 10:01 AM
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I do not know what this means, but according to wiki, the US holds the biggest largest voting % in the IMF. And guess by who - Timothy F. Geithner and Ben Bernanke. en.wikipedia.org...

Who will determine the value or conversion rate, can we wake up tomorrow and find the Dollar at 25% ?
Will countries now rush to dump their Dollars?
How involved is the UN?
www.prisonplanet.com...



posted on Feb, 11 2011 @ 10:13 AM
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reply to post by stellawayten
 

Right now we are in unchartered territory so there are a lot of pundits out there. But a few things to keep in mind.

It is very likely that the problems at the local and state level will linger on for a long time. However they are not systemic, since by their very nature they are local. They will be resolved via a combination of cuts and taxes. It will take a long time to clean the system and it will result in lower level of services but the US economy is built on private enterprise, not government jobs.

The US is an excellent position to benefit from the growth in the BRIC and the former third world. Wonder why? LAND, LAND, LAND. It has one of the most productive agricultural sector in the world. It has a lot of natural resources which remain untapped since it is cheaper to import them. It has a low population density. So all this talk of the USD collapsing etc has to be taken with a pinch of salt since the US has a LOT of natural resources to back up its currency. Of course having a very stable government and a strong military does not hurt your standing as a reserve currency.

Bernanke is smarter than most give him credit for. He understand the current dynamics in the world. The USD is the one-eyed king of all fiat currencies. He also knows that the Europeans are hiding a lot of dirt under the carpet and one of the beneficiaries of the QE program are actually European banks who are raising debt denominated in USD since it costs less (they hedge the currency risk); bond investors STILL trust the US more than Europe.

It is the stated policy of Ben/Obama to increase US exports. That will happen naturally as more natural resources are exported. It will also happen if the USD weakens. They realize that they are in a world of competitive devaluation but also know that being #1, they can beat anyone else in the game. QE2 was also done to send in a fiscal stimulus to prevent a double dip. Politically it was not tenable to get another stimulus through so the powers decided to use the QE2 method of sending stimulus.

It is true that the excess liquidity is helping push up commodity prices, though the Feds role is overstated. Though over the short term excess liquidity can push up prices, over the longer term it is the supply and demand situation which determines pricing. AND the demand for commodities is soaring; hence their prices.

When it comes to currency wars, the US actually likes soaring commodity prices, since it forces currency manipulators to revalue their currency a value determined by market forces instead of artificial pegs. QE is also a tool to put pressure on China and other countries which undervalue their currency.

There is a chance that the forces unleashed by Ben results in major geo-political uncertainty. The food and inflation driven riots in the Arab countries is a good sign of the things to come. Given the way they have dumped Mubarak, the US may be using commodity inflation as a mechanism to achieve desirable regime changes. Perhaps there is a realization that Islamization can not be rolled back by strong-men alone.



posted on Feb, 11 2011 @ 11:19 AM
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reply to post by stellawayten
 


It is a wishful thinking.

Any IMF currency will once again be subjected to the political will of the dominant members of the "sponsors" just as US held the key to the Gold standard, and Germany holds the key to Euro, the dominant members in an IMF SDR will hold the key and Non-starters.

The rest of the world (precisely 43 "others") agreed to use USD as the reserve currency as the US promised to peg the USD to Gold (@ 35 oz per USD)...In effect what it meant was that a holder of USD could go to Fort Knox and exchange USD for 35 oz of gold. Currency manipulation was identified as one of the main causes of the post WWI economic crises, and Bretton Woods was an attempt to pre-empt it - a dollar peg kind of addressed the issue.

The so called 'gold standard' worked because only foreign govts (not individuals) could supposedly redeem dollars for gold from the US. Of course the catch was that since US is/was THE superpower, any govt that even thought about approaching the US to trade in their dollars for gold would be treated with hostile intent.

Basically the gold standard was a standard in name only. No country could really dare exchange large quantities of dollars for gold unless they wanted to land in trouble with the US for declaring 'economic warfare on the USD'. Eventually the European nations had grown strong enough and did just that to break the dollar's dominance and that signalled an end to the chrade.

Nixon broke the peg in 1971 off because the amount of dollar at Fort Knox was less than a third of the required qty represented by dollars held by non Americans. The system itself thereby collapsed by 1973.

Again, participation in the "gold standard" was voluntary, and the US gave something in return for the USD to be the reserve currency. Even now, USD's status as reserve currency is on account of lots of factors, its not "forced upon" anyone (Saddam Hussein was a different case).



posted on Feb, 11 2011 @ 11:45 AM
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reply to post by MikeboydUS
 





I doubt we will veto it when the time comes, especially considering the influence we have over the IMF.


"WE" as in the people of the USA have no voice but "WE" as in the International Bank Cartel that includes the Rockefeller's and Morgan's and Warburg's.... WILL have the say and THEY want a World Government.

This is just another step forward.

Obama's Three New Economic Advisors are the SAME son's of a
who got us into NAFTA, WTO, brought China into the WTO and help repeal the "the Glass-Steagall Act... causing the financial crisis that brought the economy to its knees.... These are the men who cost the USA millions of jobs while filling their pockets.



posted on Feb, 11 2011 @ 11:56 AM
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Originally posted by crimvelvet
reply to post by Doomzilla
 


OH the RFID implants are on the way. April 2008 Thus far, about 900 hospitals on the East Coast have agreed to participate in the VeriChip system. These hospitals have received RFID interrogators that can be used to read a patient's embedded VeriChip RFID transponder to automatically access that person's medical records.

You can also find the story on the IMF abandoning the US dollar here:
articlesofinterest-kelley.blogspot.com...
More on the overall situation here:
China Plays Europe Card, Ramifications of Chinese Dollar Swap Facility
Which Currency Will Crash First?


uk.finance.yahoo.com... In reference to verichip, this might be of interest to you. I am sorry if it did not come thru as a "link" but I tried. It is from yahoo finance and has to do with insider transactions. They "BAILED" out, and stole from shareholders??



posted on Feb, 11 2011 @ 12:18 PM
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reply to post by G.A.G.
 





It is from yahoo finance and has to do with insider transactions. They "BAILED" out, and stole from shareholders??


Thanks for the info. Here is some background as to why Verichip may have tanked.

The 2005 Draft Strategic Plan by the USDA require ALL livestock in the USA to be RFID chipped by 2009??? Unfortunately for Verichip and the USDA, American Farmers are not as dumb as they thought and put up one heck of a fight. This managed to get Animal Id postponed until the New Food Safety Law was passed December 2010. Verichip, thinking the states would agree one by one and farmers would chip their animals got a rude awakening. I do not expect the new law to be the end of the fight. There are too many very well informed and very angry farmers out there.



The NAIS is a 3 step phased in program

1: Federal Premises Identification Number-PIN
Anyone who houses livestock

2: Animal Identification with ISO RFID 117784/11785 tag or injectable chip-AIN
Any livestock which leaves your property must be identified....

xstatic99645.tripod.com...



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