Friday, April 3, 2009

Global Currency?

The G20 moves the world a step closer to a global currency

A single clause in Point 19 of the communiqué issued by the G20 leaders amounts to revolution in the global financial order. "We have agreed to support a general SDR allocation which will inject $250bn (£170bn) into the world economy and increase global liquidity," it said. SDRs are Special Drawing Rights, a synthetic paper currency issued by the International Monetary Fund that has lain dormant for half a century.

Posted by flintster1994 @ 02:26 PM (963 views)
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3 thoughts on “Global Currency?

  • mountain goat says:

    The main component of the SDR will still be dollar reserves. Who has that many? China of course. China wants to lower its exposure to the dollar so will exchange dollar reserves for IMF gold. This is all about China stepping up and flexing its muscles.

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  • good point MG

    I guess this amounts to dumping the dollar back onto the western tax payer.

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  • watchingthewheels2 says:

    whoops…….wrong comment to wrong article….sorry.

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