New IMF Strategy Document Charts Launch Of “Bancor” Global Currency
Highlights “potential resistance” on road from “voluntary multilateral framework” to full blown global currency
Wednesday, Aug 4th, 2010
A newly published IMF strategy document calls for the implementation of a global currency, called the “bancor”, to stabilise the international monetary system, while acknowledging that only a monumental shift toward acceptance of globalism will make it possible in the short term.
The IMF blueprint, authored by Reza Moghadam, director of the IMF’s strategy, policy and review department, has stayed under the radar for three months.
However, an article on the Financial Times blog alphaville, entitled IMF blueprint for a global currency – yes really, today highlights the document and the clear strategy of the global financial body.
“…in the eyes of the IMF at least, the best way to ensure the stability of the international monetary system (post crisis) is actually by launching a global currency.” Izabella Kaminska notes.
“And that, the IMF says, is largely because sovereigns — as they stand — cannot be trusted to redistribute surplus reserves, or battle their deficits, themselves.”
A chart within the document, innocuously titled Reserve Accumulation and International Monetary Stability (PDF link), presents a stepping stone system toward a fully fledged global currency.