U.S. Postal Service Starts Quoting SDR to Dollar Conversion Rates, and IMF Endorses Replacing Dollars with SDRs
by George Washington
→ Washington’s Blog
I have repeatedly pointed out that it is possible that the IMF’s special drawing rights (SDRs) will become the world’s reserve currency.
And as I noted in April 2009, there is some possibility that the “Bancor” will ultimately fill that role:
But you probably have not heard that:
China’s government has floated a variant of this idea, suggesting a currency based on 30 commodities along the lines of the “Bancor” proposed by John Maynard Keynes in 1944.
Indeed, the head of the China’s central bank wrote recently: