IMF Continues Call For Global Currency

Dominique Strauss-Kahn, the head of the International Monetary Fund (IMF), announced last week that the IMF is preparing to one day heed the call for a global reserve currency to take the place of the dollar.  This is worrisome considering that the Euro, which used to do better than the dollar, is tanking in Europe.  Strauss-Kahn in a speech said, “That day has not yet come, but I think it is intellectually healthy to explore these kinds of ideas now.”  The IMF has already moved to using a basket of currencies and plans to use that same method of special drawing rights to set up a global currency.  Last year, both China and Russia called for a move away from the dollar and Vladimir Putin even carried around a coin that he referred to as a new global currency. 

The nations of the world were locked together in a global economy after World War II to prevent a future world war.  Thus, whenever one country starts to falter, every country is affected.  The IMF was formed in 1944 at this time to oversee this global financial system. The IMF has grown from 45 original members to 186 countries.  One person’s idea of a global system to prevent war is another person’s way of implementing a new world order after a global economic collapse.

If you think that a global currency is far off in the distant future, than it is time to wake up.  There are organizations like the Single Global Currency Organization that are already pushing for a global currency to meet the demands of a global economy.  Their website states, ” The Single Global Currency Association was incorporated in June, 2003 in the U.S. State of Maine.  Morrison Bonpasse is the first President of the Association, with his term running through 2015.   He publicly declared his support for the Single Global Currency during his campaign for State Representative in 2002.” 

Paul Volcker, former Federal Reserve Chairman, actually made that statement for the need of a global currency.  Keep in mind that Volcker is the Chariman of President Obama’s Economic Recovery Advisory Board.  The systematic dismantling of America’s free market system by the government makes it very apparent that there is an effort to push the world into an economic emergency that would birth a new global currency.  And what better to run a global currency, than a global government?

8 responses to “IMF Continues Call For Global Currency

  1. The call by IMF Managing Director Dominique Strauss-Kahn for exploring new currency alternatives to the U.S. is a welcome step. What is needed is a Single Global Currency, managed by a Global Central Bank within a Global Monetary Union. (See http://www.singleglobalcurrency.org)
    The benefits of a Single Global Currency are staggering, and the world should begin now to plan for a Global Monetary Union. Regional monetary unions, such as in Europe, the Caribbean and West Africa, are also beneficial, but their biggest problem is that they necessarily exist in a multi-currency world and their currencies fluctuate unpredictably.
    The world needs a Single Global Currency and the sooner, the better. We have the dollar and the euro and credit cards, but citizens of the U.N’s 192 countries still use about 141 currencies and pay about $400 billion for transaction costs annually to buy and sell other currencies when they are needed for conducting international transactions. There are surely better uses in the world for that $400 billion.
    1. The existence of the 16-nation eurozone shows that monetary union can be successful. The eurozone is expanding because the people of the Europe want stable money. They don’t want money the value of which fluctuates unpredictably. The best long term solution for stable money is the Single Global Currency.
    2. The Single Global Currency will eliminate currency risk and the risk of currency crises and almost all concern about balance of payments or the current account.
    3. The goal of the Single Global Currency Assn. (www.singleglobalcurrency.org) is a Single Global Currency by 2024, to be managed by a Global Central Bank which would operate in a manner similar to the European Central Bank or the Eastern Caribbean Monetary Union Central Bank. The governance of the Global Central Bank should be representative of ALL the people of the world, and their respective governments and financial institutions.
    4. In the meantime, other regions are exploring the creation and expansion of monetary unions in Latin America, West, South and East Africa, the Arabian Gulf and South and East Asia. A key value of a monetary union is that the value of its money does not depend upon any particular national government, but upon the management of a central bank, the primary goal of which is stable money.
    5. Implementing a Single Global Currency within a Global Monetary Union will take time. What is needed now is more research and writing about the prospects and planning. Is the claim of $400 billion in potential savings from the avoidance of foreign exchange transaction costs a reasonable estimate? If not, what IS the total value of the cost of exchanging $3.2 trillion every working day? (Travelers pay between 1-2% to exchange money, so try applying that percentage to the $3.2 trillion daily exchange. Most currency exchange transactions are at a much lower rate, but these numbers give a sense of the sheer scale involved.)
    6. It is true that within a monetary union, individual countries no longer control their monetary policy, but in return they get more stable money and lower inflation and lower interest rates. The power to control monetary policy often meant the power to inflate a currency to please the exporters, but those policies came at a cost to importers and to those whose assets were denominated in the inflating currency. The costs and benefits of inflating a currency work out to about a zero sum game.
    7. From underdeveloped countries, much of the wealth is sent to safe financial centers to avoid the risks of currency failure. With a Single Global Currency, that incentive to send money out of a country would no longer exist. To be sure, other risks will remain, but not currency risk.
    8. The value of assets in countries with risky currencies is depressed due to that risk. When those countries move, perhaps in an intermediate step, to a regional monetary union currency, and then to a Single Global Currency, the value of those assets will increase dramatically, approximately by $36 trillion, due to the elimination of currency risk.
    9. To some, the implementation of a Single Global Currency seems unrealistic, but consider how realistic the euro looked in 1995 when it only had a name and the deutschmark was supreme, and the French had their francs and the drachma was one of the oldest continuously used currencies in the world. The Single Global Currency is not a panacea, and it will not eliminate global inequalities of wealth and income, but it will provide vast benefits to the world.
    It’s time to start planning now for a Single Global Currency. For more information, see the website, http://www.singleglobalcurrency.org and/or the book, “The Single Global Currency – Common Cents for the World.”

  2. All those who run in the right circles know ‘where’ this is going, ‘what’ it is *really* for, ‘how’ it will end by ‘who’ and ‘why’?

  3. Randall Scott

    Why is it that to conservatives global currency is automatically a bad word? Does it stem from false beliefs that a global currency is somehow evil, that it relates to the Anti-christ and end times prophecy? And you wonder why most people are wising up. We the people are tired of religious loonies trying to direct the world when they can’t even direct their own lives without believing in lies.

  4. Yea, what he said!

  5. I think that if people looked at global events honestly and objectively and weighed them vs Biblical prophesy they might have a different perspective.

  6. Global currency is another step into Marxism, which ends with global Communism. Countries should decouple their currencies as much as possible so that they can retain some control of their own economies. When the economies are linked, corrupt leaders can cause global problems. Look what they are doing right now! When there is only 1 currency, corrupt leaders can directly impact the entire planet of people, or any division thereof. Even in a best case scenario, where morons, instead of intelligent Marxists, are in charge, once screw-up becomes global. As a proud American, I am not interested in my economy being merged with the unsuccessful economies around the world, and then being “managed” by some global governance. The is NO BENEFIT to a global currency, except to centralize global power. Think about it.

  7. Because, Randall Scott and Mark Sayre things to date HAVE been going PRECISELY as God revealed in prophecy making your assertions that they are “false beliefs” null, void and baseless.

    Do try to research the subject matter in greater depth before regurgitating knee-jerk sentiments of ignorance please?

  8. The global currency currently forming in concept as a “basket of interdependent” currencies (SDR) is indeed modeled upon the concept of the currently failing Euro and the disastrous regional experiment of the European Monetary Union, a.k.a. the “one fails, we all fail” doctrine of interdependence under a central economic authority, as the IMF is currently positioned.

    Globalists do indeed aspire to the idea of a central economic authority, and they are certainly the byproduct of many billions of stolen tax dollars being diverted into progressive think tanks, universities, centers and foundations from which the brainwashing of a culture takes place.

    But the problem of centralization of authority lies in the corrupting influence of POWER, a human failing which no reasonable person can logically argue against, and which is clearly proven in the most powerful and corrupt economic authority on the planet, the FEDERAL RESERVE BANK of the nation which issues the global reserve currency today.

    The TREASONOUS secret bailout of 3.3 trillion to the international banking cartel, also known as the Bailout Queens, Too Big To Fails or whatever else you want to call the members of CLUB FED, SHOULD BE FRONT PAGE NEWS ALL OVER THE WORLD EVERY DAY, and yet we still have people claiming that TARP, the theatrical trailer, was “a good deal” because “taxpayers got paid back”. They got paid back pocket change compared to what is being extorted in the form of inflation, taxation, reduced services and general austerity.

    FURTHER consolidating the current global economic dictatorship into an interpendent Global Monetary Union under a global central banking authority further consolidates the power of a corrupt cartel, devoted to public larceny through the tremendous advantage of a system of captured governments back-stopping monetary expansion with public revenues.

    The proof of this is all around you. You merely need to open your mind and your eyes to it. Its been going on for a LONG time.
    http://letthemfail.us/archives/8405

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s