Wednesday, August 11, 2010
Oh, I thought this was some crazy conspiracy theory...
IMF Report Promotes World Currency
An April report from the International Monetary Fund promoting a world central bank and a global fiat currency went totally undetected by the global press for months, but after a blog post earlier this month on the Financial Times’ website, it is now in the media spotlight.
As the effects of the economic crisis continue to pile up, increasingly significant calls for a global monetary system administered by some world authority have been issued by world leaders, the United Nations, the media, and numerous economists. But the IMF report, entitled “Reserve Accumulation and International Monetary Stability,” offers very specific proposals which — not surprisingly — would involve handing it massive new powers over the global economy.
According to the paper, published by the IMF’s strategy, policy and review department, growing hoarding of reserves by various governments and monetary authorities are leading to “unsustainable” imbalances and other problems. The IMF says the figure is around 13 percent of global GDP.