SDR to replace gold franc at the BIS (2003)
Obviously SDR as the world reserve currency has been planned for a long time (the BIS is the central banker's bank) --
http://www.bis.org/press/p030311d.htm
SDR to replace gold franc at the BIS
10 March 2003The Bank for International Settlements (BIS) today announced that the Special Drawing Right (SDR) would replace the gold franc as the Bank's unit of account as from 1 April 2003. This decision was made today at an Extraordinary General Meeting of member central banks of the BIS. The Bank also decided to take steps towards modernising its financial accounting and reporting practices.
Used by a number of international organisations, the SDR is an international unit of account defined by the IMF and based on a basket of major currencies. The gold franc has served as the unit of account for the BIS since its establishment in 1930.
Commenting on the change, Andrew Crockett, General Manager of the BIS, said: "I welcome the introduction of the SDR. Along with a strengthened accounting framework, it will assist in managing the Bank's operations and economic capital more efficiently and enhance the transparency of its accounts."
Mr Crockett added that the changes would not affect the fundamental nature of the BIS's banking activities and would not have any implication for its policy towards its holdings of gold.
Now "UN calls for new reserve currency," ..SDR's
UN calls for new reserve currency
(AFP) – 7 hours ago 10/6/09 2:25 pm EDT
ISTANBUL — The United Nations called on Tuesday for a new global reserve currency to end dollar supremacy which has allowed the United States the "privilege" of building a huge trade deficit.
"Important progress in managing imbalances can be made by reducing the reserve currency country?s 'privilege' to run external deficits in order to provide international liquidity," UN undersecretary-general for economic and social affairs, Sha Zukang, said.
Speaking at the annual meetings of the International Monetary Fund and World Bank in Istanbul, he said: "It is timely to emphasise that such a system also creates a more equitable method of sharing the seigniorage derived from providing global liquidity."
He said: "Greater use of a truly global reserve currency, such as the IMF?s special drawing rights (SDRs), enables the seigniorage gained to be deployed for development purposes," he said.
The SDRs are the asset used in IMF transactions and are based on a basket of four currencies -- the dollar, euro, yen and pound -- which is calculated daily.
China had called in March for a new dominant world reserve currency instead of the dollar, in a system within the framework of the Washington-based IMF
http://www.google.com/hostednews/afp/article/ALeqM5gIxkD4gVq...
Carbon based economy
http://timun.net/blog/
WE ARE GOING TO WIN!
___.---.___
.' ( ) '.
) /)' '( )
',_( ';-;'\_,'
|-|
(")
Single Global Currency Association
Also interesting is the Single Global Currency Association. They have a proposed time line for the next 70 years regarding a global currency.
It says that 2009 is the year Richard Cooper predicated (in Foreign Affairs, 1984) that a single currency among democratic nations would be implemented.
Future-
http://www.singleglobalcurrency.org/proposed_to_goal.html
Past-
http://www.singleglobalcurrency.org/past_to_present.html