When US Dollar is REMOVED as worlds reserve currency it is GAME OVER boys and girls.......GAME OVER! The US financial system will NEVER be the same.....get ready! Kurt Nimmo February 15, 2011 http://www.infowars.com/g20-pushes-globalist-sdr-and-chinas-role/ On Monday, French Economy Minister Christine Lagarde said her country will work to realize a planned transition to a global financial system based on several international currencies. France is currently head of the G20. Lagarde and the G20 want to undermine sovereignty of nations by moving away from national reserves into SDRs, or Special Drawing Rights issued by the International Monetary Fund. The G20's mid-February meeting in Paris will concentrate on "reform" of the international monetary system. "Continuing demand for the U.S. dollar as the world's de facto reserve currency, consequently still widening trade imbalances, and ongoing worry over how long the dollar can retain its excessively high value relative to other currencies, are sowing the seeds of renewed global financial instability," warned Robert C. Hockett, an expert on international finance and professor of law at Cornell University. Hockett said the Chinese yuan will likely be added to the dollar, euro, pound, and yen as one of the principal currency components of the Special Drawing Rights. Lagarde and the G20 are currently debating the role of China. She said France favors including the renminbi in the currencies that make up SDRs even before the Chinese currency is fully convertible. In 2009, Zhou Xiaochuan, China's central bank's governor, said he wants a new globalist reserve currency to be controlled by the International Monetary Fund. On Monday, Japan acknowledged that China's economy is now the second-largest. Due to China's furious growth, the country is expected to surpass the United States as the world's largest economy by 2030. China outpaced the United States in manufacturing this year. In 2009, the U.S. created 19.9 per cent of world manufacturing output, compared with 18.6 per cent for China, with the US staying ahead despite a steep fall in factory production due to the global recession, according to Global Insight, a U.S.-based economics consultancy. The G20 is dedicated to transforming the IMF into a globalist version of the Federal Reserve. The authoritarian slave labor nation of China plays an instrumental role in this proposed transformation. During recent G20 meetings, China worked closely with the United Nations to replace the dollar as the world's reserve currency. China's central bank insists the dollar's global role allowed the U.S. to borrow cheaply abroad, fueling the credit boom that led to the financial crisis. "A new world order is emerging," declared former British Prime Minister Gordon Brown at the conclusion of the London G20 summit. Brown later characterized the globalist takeover scheme as the emergence of "one global progressive family." The IMF considers China - with its authoritarian government and a slave labor workforce - as the economic model of the future. "The signals being sent by Brown, Sarkozy, Strauss-Kahn, Geithner, German Chancellor Angela Merkel, and others should be setting off high-decibel alarm bells," William F. Jasper wrote after the London summit in 2009. "We are witnessing the demolition of our constitutional system and the piecemeal replacement of it with world government. Over the coming months, the architects of this new global system intend to wring every opportunity possible out of the current economic crisis to bulldoze through our constitutional checks and balances that stand in the way of empowering the IMF, the WTO, and the United Nations." VIDEOS........ http://www.infowars.com/g20-pushes-globalist-sdr-and-chinas-role/
More than half the US is already shit, the entire system and country will turn into total shit, and US will become one giant piece of crap
I doubt if the amount of SDRs will ever rival the dollar, euro or yen. Far from becoming a separate international currency, the SDR will remain a derivative of the dollar and a few other major national currencies. The IMF has since 1970 issued only 21.4 billion SDRs, worth $32 billion at today's exchange rate. The proposed new issue worth $250 billion will be far larger. Yet, it pales in comparison with trillions of dollars held in forex reserves globally. the SDR is not a currency at all. It is simply a potential claim on four national currencies. The SDR is linked to a basket of currencies with a weight of 44% for the dollar, 34% for the euro, and 11% each for the yen and pound sterling. If India wants to use its SDRs, it will typically ask the IMF for dollars in exchange. The IMF will debit India's SDR account, credit America's SDR account, ask the US for the corresponding dollars, and hand these to India. SDRs will probably be issued to countries in proportion to their IMF quotas. two-thirds of new SDRs will go to rich developed countries. India will get just 2%, China just 3.7%. Hence, SDRs will hardly dent dollar dominance in global reserves or liquidity. Many US and German politicians oppose SDR creation saying it is "funny money" that will ultimately cause inflation. The Wall Street Journal opposes SDR creation because this will benefit political foes like Venezuela . Even if Obama persuades US Congress to approve the proposed $250 billion worth of SDRs, Congress will strongly oppose SDR creation on a scale big enough to rival the dollar as a reserve currency. BTW: There's no doubt that wikipedia and youtube are making the public more dumb.
That was my initial impression too... However, seems this busy body is moving forward with a global clearing system and changing the basis of the SDR so it can be utilized as a globally negotiable and securitized form of scrip. check out www.imsreform.org a new site outlining their plans put up by IMF on 2/11.
WTF If you want $ go to the floor... come with what ever you want and what ever you want will be traded to you... No one needs these low lifes. I repeat for those who have less than a brain behind their eyes... ( you have been hacked ) SDR = .... you know it. Marginal approch is the name of their game... ALWAYS... HELL IS PAVED WITH STEPS...