A World Currency Has EmergedSubmitted by Permaculture Re... on Tue, 11/10/2009 - 18:19
For many people a Special Drawing Right (SDR) is another inconceivable word thrown about as if it is necessary for the vitality of the world economy. These same people forgo an extremely important factor when trying to make since of macro economics variables on such a large scale.
The SDR is used like the U.S. dollar in our federal reserve bank. Our Federal Reserve loans U.S. dollars out to elite banks at interest. Like the dollar, the IMF loans out each member nation’s currency at interest. However, there is a catch. The IMF wants to be paid the interest in SDR’s and rewards countries that pays SDR’s over those that choose to pay interest in their own currency. By doing this the IMF can use the general allocation of SDR’s to consolidate all of the currencies in the world into one, the SDR. Up until now there have been three separate installments to supplement existing reserve assets with SDR’s.
The first allocation was right after the Bretton Woods agreement failed in 1971. This allocation amounted to 9.3 billion SDR’s. The second allocation was distributed during 1979-1981 which amounted to 12.1 billion SDR’s. Before listing the third allocation I want to make it clear that the IMF, through their federal open market committees (installed in every Federal Reserve Bank world-wide) were able to slowly crash the U.S. dollar, the yen, the euro, and the pound sterling to make way for the SDR. Globalist financier George Soros even commented in a recent article “The dollar no longer enjoys the trust and confidence that it once did... The US ought not to shy away from wider use of IMF Special Drawing Rights. Because SDRs are denominated in several national currencies, no single currency would enjoy an unfair advantage.”
Finally, the third allocation of SDR’s came as recent as August 7th, 2009 in the amount of 161.2 billion SDR’s. This allocation increased simultaneously members’ SDR holdings and their cumulative SDR allocations by about 74.13 percent of their quota. To put it in laymen’s terms, they are taking over the economies of the world by issuing their own floatable currency, the SDR.
The definition of socialism is “the nationalization of the means of production of any private entity.” as quoted by F.A. Hayek. Because the means of production for the Federal Reserve was nationalized by congress in 1913, the Federal Reserve became a monopoly over all other banks by using their powers within the legislation to stamp out all non cooperating banks. Through fractional reserve banking the Federal Reserve has stamped out all competition in the finance sector and every industry following from real estate to retail and beyond.
The IMF’s next meeting is in late 2010, most likely this meeting will be another acceleration of policy brought about by IMF managers to control the world’s money supply. If we the people want to have the most impact we have to educate others on not only what is going on, but how to stop it. We have to destroy the collectivist approach socialists use to exploit the populace. To free ourselves we must study sustainable approaches and detach ourselves from the welfare of the system without relying on government stimulus or private employment, because both are effectively designed for failure. Unlike many other articles who point out only the issue, I will leave you with one specific field of ecology that will save your life from socialism. This is called permaculture. Study it!
Author: Tony R. Elswick