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So, nations of the world will buy IMF bonds using their own fiat currencies ...?,
WTF kind of hide-the-ball charade will they think up next.
If they ever succeed with getting an only one global fiat currency established along with legal tender laws requiring acceptance, the world can print all it wants and never have hyperinflation. The feudal lords will secure their reign for a very long time.:eek:
Of course the FOREX traders won't like it ....;)
July 1 (Bloomberg) -- The International Monetary Fund’s board of directors plans to approve authorization to issue as much as $150 billion of bonds for the first time as it seeks new sources of funds, an IMF official said.
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Leaders from the Group of 20 industrial and emerging nations agreed in April to boost IMF coffers by $750 billion to help the Washington-based agency shore up nations roiled by the credit crunch. The U.S. last month agreed to boost its contribution for the IMF by more than $100 billion.
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The IMF is also considering making them tradable between all central banks from countries that are IMF members, said a G- 8 official, who spoke on condition of anonymity. It would stop short of allowing them to trade on the open market, he said.
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China’s central bank last month renewed its call for a new global currency and said the IMF should manage more of members’ foreign-exchange reserves, triggering a decline in the U.S. dollar. IMF First Deputy Managing Director John Lipsky said on June 6 it’s possible some day to take the “revolutionary” step of making SDRs a reserve currency.
SDRs were created by the IMF in 1969 to support the Bretton Woods exchange-rate system that collapsed in 1971. They act as a unit of account rather than a currency. The cash is disbursed in proportion to the money each member nation pays into the fund.
http://www.bloomberg.com/apps/news?p...d=aICtTde_qKVA
WTF kind of hide-the-ball charade will they think up next.
If they ever succeed with getting an only one global fiat currency established along with legal tender laws requiring acceptance, the world can print all it wants and never have hyperinflation. The feudal lords will secure their reign for a very long time.:eek:
Of course the FOREX traders won't like it ....;)
July 1 (Bloomberg) -- The International Monetary Fund’s board of directors plans to approve authorization to issue as much as $150 billion of bonds for the first time as it seeks new sources of funds, an IMF official said.
...
...
Leaders from the Group of 20 industrial and emerging nations agreed in April to boost IMF coffers by $750 billion to help the Washington-based agency shore up nations roiled by the credit crunch. The U.S. last month agreed to boost its contribution for the IMF by more than $100 billion.
...
...
The IMF is also considering making them tradable between all central banks from countries that are IMF members, said a G- 8 official, who spoke on condition of anonymity. It would stop short of allowing them to trade on the open market, he said.
...
...
China’s central bank last month renewed its call for a new global currency and said the IMF should manage more of members’ foreign-exchange reserves, triggering a decline in the U.S. dollar. IMF First Deputy Managing Director John Lipsky said on June 6 it’s possible some day to take the “revolutionary” step of making SDRs a reserve currency.
SDRs were created by the IMF in 1969 to support the Bretton Woods exchange-rate system that collapsed in 1971. They act as a unit of account rather than a currency. The cash is disbursed in proportion to the money each member nation pays into the fund.
http://www.bloomberg.com/apps/news?p...d=aICtTde_qKVA
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