Shocking New IMF Report: The U.S. Dollar Needs To Be Replaced As The World Reserve Currency And That SDRs “Could Constitute An Embryo Of Global Currency”

Thursday, February 10, 2011
By Paul Martin

EconomicCollapseBlog.com

The IMF is trying to move the world away from the U.S. dollar and towards a global currency once again. In a new report entitled “Enhancing International Monetary Stability—A Role for the SDR”, the IMF details the “problems” with having the U.S. dollar as the reserve currency of the globe and the IMF discusses the potential for a larger role for SDRs (Special Drawing Rights). But the IMF certainly does not view SDRs as the “final solution” to global currency problems. Rather, the IMF considers SDRs to be a transitional phase between what we have now and a new world currency. In this newly published report, the IMF makes this point very clearly: “In the even longer run, if there were political willingness to do so, these securities could constitute an embryo of global currency.” Yes, you read that correctly. The SDR is supposed to be “an embryo” from which a global currency will one day develop. So what about the U.S. dollar and other national currencies? Well, they would just end up fading away.

CNN clearly understands what the IMF is trying to accomplish with this new report. The following is how CNN’s recent story about the new IMF report begins….

“The International Monetary Fund issued a report Thursday on a possible replacement for the dollar as the world’s reserve currency.”
That is exactly what the IMF intends to do.

They intend to have SDRs replace the U.S. dollar as the world reserve currency.

So exactly what are SDRs?

Well, “SDR” is short for Special Drawing Rights. It is a synthetic currency unit that is made up of a basket of currencies. SDRs have actually been around for many years, but now they are being heavily promoted as an alternative to the dollar.

The following is how Wikipedia defines SDRs….

Special Drawing Rights (SDRs) are international foreign exchange reserve assets. Allocated to nations by the International Monetary Fund (IMF), a SDR represents a claim to foreign currencies for which it may be exchanged in times of need.
The SDR is a hybrid. SDRs are part U.S. dollar, part euro, part yen and part British pound. In particular, the following is how each SDR currently breaks down….

The Rest…HERE

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