I have already reported that G-20 Finance Ministers and Central Bank Governors have been meeting in Chengdu, China (SEE: here
) this weekend.
It is never good news when these one world order technocrats and operatives are in the same room.
The news out of this weekend's meeting is particularly disturbing. A new march appears to be under way for a one world order reserve currency.
A staff note
by the IMF reports that out of the meeting the IMF will study an expanded role for the SDR:
Summary: Following the recent diagnostic of the international monetary system (IMS), the IMF will explore whether a broader role for the SDR could contribute to its smooth functioning. The economic rationale for or against broader use of the SDR will be examined, focusing in particular on identifying any gaps and market failures the SDR could help address in light of the increasingly multi-polar nature of the global economy and growing financial interconnectedness...
While the official SDR under its current framework is not playing a significant role in the IMS, a re-examination of its role is expected to inform whether any specific reform options should be pursued. The evolution of the IMS has given rise to an active debate on how much concern is posed by high rates of reserve accumulation, global imbalances, and rising claims on reserve issuers, and on whether the O-SDR could contribute to addressing these issues.
The SDR (Special Drawing Right
) was created by the IMF in 1969 as a supplementary international reserve asset, in the context of the Bretton Woods fixed exchange rate system.
At the time, a country participating in this system needed official reserves—government or central bank holdings of gold and widely accepted foreign currencies—that could be used to purchase its domestic currency in foreign exchange markets, as required to maintain its exchange rate. But the massive monetary inflation coupled with the fixed exchange rates resulted in governments not having enough official gold in reserve to meet exchange rate obligations.
Enter the one world order technocrats and operatives who created the SDR as an alternative reserve asset, which made it easier for central banks within the system to inflate the money supply, without having to operate under the discipline of a fixed gold supply. (Which is why I prefer to think of SDR as standing for Suspicious Doubtful Reserves)
In the end, the SDR prop did not work. Only a few years after the creation of the SDR, the Bretton Woods system collapsed and the major currencies shifted to floating exchange rate regimes but the SDR survived in sort of a state of near suspended animation.
Then came the 2008 financial crisis. The 2009 SDR allocations totaling SDR 182.6 billion played a critical role in providing manipulated liquidity to the global economic system and supplementing member countries’official reserves amid the global financial crisis. That is, the SDR was used once again to prop up a failing global bankster crony monetary system.
As the IMF notes
The SDR is neither a currency, nor a claim on the IMF. Rather, it is a potential claim on the freely usable currencies of IMF members. Holders of SDRs can obtain these currencies in exchange for their SDRs in two ways: first, through the arrangement of voluntary exchanges between members; and second, by the IMF designating members with strong external positions to purchase SDRs from members with weak external positions.
As I say, one world order bankster manipulation.
The one world order banksters would love nothing more than to have a one world order currency that they would be able to control and manipulate. The IMF study that will result from the Chengdu G-20 meeting is a sign that the one world crowd is ready and anxious to take the next step on the way to a one world currency, controlled by them.
At a minimum, I expect the recommendations from the study will call for a much more significant role for the SDR in central bank reserves.